Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 30, 2019 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-33519 | ||
Entity Registrant Name | PUBLIC STORAGE | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 95-3551121 | ||
Entity Address, Address Line One | 701 Western Avenue | ||
Entity Address, City or Town | Glendale | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 91201-2349 | ||
City Area Code | 818 | ||
Local Phone Number | 244-8080 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 35,489,494,000 | ||
Entity Common Stock, Shares Outstanding | 174,758,632 | ||
Documents Incorporated by Reference | Portions of the definitive proxy statement to be filed in connection with the Annual Meeting of Shareholders to be held in 2020 are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent described therein. | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001393311 | ||
Common Shares [Member] | |||
Title of 12(b) Security | Common Shares, $0.10 par value | ||
Trading Symbol | PSA | ||
Security Exchange Name | NYSE | ||
Series V Preferred Stock [Member] | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 5.375% Cum Pref Share, Series V, $0.01 par value | ||
Trading Symbol | PSAPrV | ||
Security Exchange Name | NYSE | ||
Series W Preferred Stock [Member] | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 5.200% Cum Pref Share, Series W, $0.01 par value | ||
Trading Symbol | PSAPrW | ||
Security Exchange Name | NYSE | ||
Series X Preferred Stock [Member] | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 5.200% Cum Pref Share, Series X, $0.01 par value | ||
Trading Symbol | PSAPrX | ||
Security Exchange Name | NYSE | ||
Series B Preferred Stock [Member] | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 5.400% Cum Pref Share, Series B, $0.01 par value | ||
Trading Symbol | PSAPrB | ||
Security Exchange Name | NYSE | ||
Series C Preferred Stock [Member] | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 5.125% Cum Pref Share, Series C, $0.01 par value | ||
Trading Symbol | PSAPrC | ||
Security Exchange Name | NYSE | ||
Series D Preferred Stock [Member] | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.950% Cum Pref Share, Series D, $0.01 par value | ||
Trading Symbol | PSAPrD | ||
Security Exchange Name | NYSE | ||
Series E Preferred Stock [Member] | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.900% Cum Pref Share, Series E, $0.01 par value | ||
Trading Symbol | PSAPrE | ||
Security Exchange Name | NYSE | ||
Series F Preferred Stock [Member] | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value | ||
Trading Symbol | PSAPrF | ||
Security Exchange Name | NYSE | ||
Series G Preferred Stock [Member] | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value | ||
Trading Symbol | PSAPrG | ||
Security Exchange Name | NYSE | ||
Series H Preferred Stock [Member] | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value | ||
Trading Symbol | PSAPrH | ||
Security Exchange Name | NYSE | ||
Series I Preferred Stock [Member] | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value | ||
Trading Symbol | PSAPrI | ||
Security Exchange Name | NYSE | ||
Series J Preferred Stock [Member] | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value | ||
Trading Symbol | PSAPrJ | ||
Security Exchange Name | NYSE | ||
Series K Preferred Stock [Member] | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value | ||
Trading Symbol | PSAPrK | ||
Security Exchange Name | NYSE | ||
Notes Due 2032 [Member] | |||
Title of 12(b) Security | 0.875% Senior Notes due 2032 | ||
Trading Symbol | PSA32 | ||
Security Exchange Name | NYSE |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and equivalents | $ 409,743 | $ 361,218 |
Real estate facilities, at cost: | ||
Land | 4,186,873 | 4,047,982 |
Buildings | 12,102,273 | 11,248,862 |
Real estate facilities, gross | 16,289,146 | 15,296,844 |
Accumulated depreciation | (6,623,475) | (6,140,072) |
Real estate facilities, net | 9,665,671 | 9,156,772 |
Construction in process | 141,934 | 285,339 |
Total real estate facilities | 9,807,605 | 9,442,111 |
Investments in unconsolidated real estate entities | 767,816 | 783,988 |
Goodwill and other intangible assets, net | 205,936 | 209,856 |
Other assets | 174,344 | 131,097 |
Total assets | 11,365,444 | 10,928,270 |
LIABILITIES AND EQUITY | ||
Notes payable | 1,902,493 | 1,412,283 |
Accrued and other liabilities | 383,284 | 371,259 |
Total liabilities | 2,285,777 | 1,783,542 |
Commitments and contingencies (Note 13) | ||
Public Storage shareholders' equity: | ||
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 162,600 shares issued (in series) and outstanding, (161,000 at December 31, 2018), at liquidation preference | 4,065,000 | 4,025,000 |
Common Shares, $0.10 par value, 650,000,000 shares authorized, 174,418,615 shares issued and outstanding (174,130,881 shares at December 31, 2018) | 17,442 | 17,413 |
Paid-in capital | 5,710,934 | 5,718,485 |
Accumulated deficit | (665,575) | (577,360) |
Accumulated other comprehensive loss | (64,890) | (64,060) |
Total Public Storage shareholders’ equity | 9,062,911 | 9,119,478 |
Noncontrolling interests | 16,756 | 25,250 |
Total equity | 9,079,667 | 9,144,728 |
Total liabilities and equity | $ 11,365,444 | $ 10,928,270 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
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 | 162,600 | 161,000 |
Preferred stock, shares outstanding | 162,600 | 161,000 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 650,000,000 | 650,000,000 |
Common stock, shares issued | 174,418,615 | 174,130,881 |
Common stock, shares outstanding | 174,418,615 | 174,130,881 |
Statements Of Income
Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||
Revenues | $ 2,846,823 | $ 2,754,280 | $ 2,668,528 |
Expenses: | |||
Self-storage cost of operations | 752,579 | 695,731 | 657,633 |
Ancillary cost of operations | 44,204 | 43,991 | 50,345 |
Depreciation and amortization | 512,918 | 483,646 | 454,526 |
General and administrative | 71,983 | 118,720 | 82,882 |
Interest expense | 45,641 | 32,542 | 12,690 |
Operating expenses | 1,427,325 | 1,374,630 | 1,258,076 |
Other increase (decrease) to net income: | |||
Interest and other income | 28,436 | 26,442 | 18,771 |
Equity in earnings of unconsolidated real estate entities | 69,547 | 103,495 | 75,655 |
Foreign currency exchange gain (loss) | 7,829 | 18,117 | (50,045) |
Casualty loss | (7,789) | ||
Gain on sale of real estate | 341 | 37,903 | 1,421 |
Gain due to Shurgard public offering | 151,616 | ||
Net income | 1,525,651 | 1,717,223 | 1,448,465 |
Allocation to noncontrolling interests | (5,117) | (6,192) | (6,248) |
Net income allocable to Public Storage shareholders | 1,520,534 | 1,711,031 | 1,442,217 |
Allocation of net income to: | |||
Preferred shareholders- distributions | (210,179) | (216,316) | (236,535) |
Preferred shareholders - redemptions (Note 8) | (32,693) | (29,330) | |
Restricted share units | (4,895) | (5,815) | (4,743) |
Net income allocable to common shareholders | $ 1,272,767 | $ 1,488,900 | $ 1,171,609 |
Net income per common share: | |||
Basic | $ 7.30 | $ 8.56 | $ 6.75 |
Diluted | $ 7.29 | $ 8.54 | $ 6.73 |
Basic weighted average common shares outstanding | 174,287 | 173,969 | 173,613 |
Diluted weighted average common shares outstanding | 174,530 | 174,297 | 174,151 |
Self-Storage Operations [Member] | |||
Revenues: | |||
Revenues | $ 2,684,552 | $ 2,597,607 | $ 2,512,433 |
Ancillary Operations [Member] | |||
Revenues: | |||
Revenues | $ 162,271 | $ 156,673 | $ 156,095 |
Statements Of Comprehensive Inc
Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statements Of Comprehensive Income [Abstract] | |||
Net income | $ 1,525,651 | $ 1,717,223 | $ 1,448,465 |
Other comprehensive income (loss): | |||
Aggregate foreign currency exchange gain (loss) | 6,999 | 1,914 | (30,003) |
Adjust for foreign currency exchange loss reflected in gain on sale of real estate and gain on Shurgard public offering | 27,207 | ||
Adjust for aggregate foreign currency exchange (gain) loss included in net income | (7,829) | (18,117) | 50,045 |
Other comprehensive (loss) income | (830) | 11,004 | 20,042 |
Total comprehensive income | 1,524,821 | 1,728,227 | 1,468,507 |
Allocation to noncontrolling interests | (5,117) | (6,192) | (6,248) |
Comprehensive income allocable to Public Storage shareholders | $ 1,519,704 | $ 1,722,035 | $ 1,462,259 |
Statements Of Equity
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, 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 | 561,177 | 561,177 | |||||
Issuance of preferred shares (Note 8), adjustment to APIC | (18,823) | |||||||
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 shareholders and restricted share unitholders ($8.00 per share) | (1,393,812) | (1,393,812) | (1,393,812) | |||||
Other comprehensive (loss) income (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 shareholders and restricted share unitholders ($8.00 per share) | (1,396,364) | (1,396,364) | (1,396,364) | |||||
Other comprehensive (loss) income (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 |
Issuance of preferred shares (Note 8) | 1,090,000 | 1,059,156 | 1,059,156 | |||||
Issuance of preferred shares (Note 8), adjustment to APIC | (30,844) | |||||||
Redemption of preferred shares (Note 8) | (1,050,000) | (1,050,000) | (1,050,000) | |||||
Issuance of common shares in connection with share-based compensation (Note 10) | 29 | 33,535 | 33,564 | 33,564 | ||||
Share-based compensation expense, net of cash paid in lieu of common shares (Note 10) | 13,671 | 13,671 | 13,671 | |||||
Acquisition of noncontrolling interests | (23,913) | (23,913) | (11,087) | (35,000) | ||||
Contributions by noncontrolling interests | 4,148 | 4,148 | ||||||
Net income | 1,525,651 | 1,525,651 | 1,525,651 | |||||
Net income allocated to noncontrolling interests | (5,117) | (5,117) | 5,117 | (5,117) | ||||
Distributions to equity holders: | ||||||||
Preferred shares (Note 8) | (210,179) | (210,179) | (210,179) | |||||
Noncontrolling interests | (6,672) | (6,672) | ||||||
Common shareholders and restricted share unitholders ($8.00 per share) | (1,398,570) | (1,398,570) | (1,398,570) | |||||
Other comprehensive (loss) income (Note 2) | (830) | (830) | (830) | |||||
Balances at Dec. 31, 2019 | $ 4,065,000 | $ 17,442 | $ 5,710,934 | $ (665,575) | $ (64,890) | $ 9,062,911 | $ 16,756 | $ 9,079,667 |
Statements Of Equity (Parenthet
Statements Of Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2017 | |
Statements Of Equity [Abstract] | ||
Issuance of preferred shares, shares | 43,600 | 23,200 |
Redemption of preferred shares, shares | 42,000 | 36,900 |
Issuance of common shares in connection with share-based compensation, shares | 287,734 | 564,583 |
Common shareholders and restricted share unitholders, per share distribution | $ 8 | $ 8 |
Statements Of Cash Flows
Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 1,525,651 | $ 1,717,223 | $ 1,448,465 |
Adjustments to reconcile net income to net cash flows from operating activities: | |||
Gain due to Shurgard public offering | (151,616) | ||
Gain on real estate investment sales | (341) | (37,903) | (1,421) |
Assets damaged due to hurricanes | 3,286 | ||
Depreciation and amortization | 512,918 | 483,646 | 454,526 |
Equity in earnings of unconsolidated real estate entities | (69,547) | (103,495) | (75,655) |
Distributions from retained earnings of unconsolidated real estate entities | 73,259 | 109,754 | 53,749 |
Adjust for foreign currency exchange loss reflected | (7,829) | (18,117) | 50,045 |
Share-based compensation expense | 25,833 | 69,936 | 37,548 |
Other | 7,699 | (5,791) | 2,346 |
Total adjustments | 541,992 | 346,414 | 524,424 |
Net cash flows from operating activities | 2,067,643 | 2,063,637 | 1,972,889 |
Cash flows from investing activities: | |||
Payments for capital expenditures to maintain real estate facilities for: Costs incurred during the period | (175,981) | (127,966) | (111,631) |
Payments for capital expenditures to maintain real estate facilities for: Costs incurred in previous periods | (11,331) | (13,005) | (8,964) |
Payments for development and expansion of real estate facilities for: Costs incurred during the period | (203,331) | (281,240) | (289,238) |
Payments for development and expansion of real estate facilities for: Costs incurred in previous periods | (81,351) | (58,792) | (48,055) |
Acquisition of real estate facilities and intangible assets | (437,758) | (181,020) | (285,279) |
Distributions in excess of retained earnings from unconsolidated real estate entities | 11,630 | 91,927 | |
Proceeds from sale of real estate investments | 762 | 54,184 | 6,103 |
Net cash flows used in investing activities | (897,360) | (515,912) | (737,064) |
Cash flows from financing activities: | |||
Repayments on notes payable | (1,920) | (1,784) | (1,701) |
Issuance of notes payable, net of issuance costs | 496,900 | 992,077 | |
Issuance of preferred shares | 1,059,156 | 561,177 | |
Issuance of common shares | 33,564 | 12,525 | 42,500 |
Redemption of preferred shares | (1,050,000) | (922,500) | |
Cash paid upon vesting of restricted share units | (12,162) | (12,347) | (14,092) |
Acquisition of noncontrolling interests | (35,000) | (14,425) | |
Contributions by noncontrolling interests | 4,148 | 1,720 | 2,484 |
Distributions paid to preferred shareholders, common shareholders and restricted share unitholders | (1,608,749) | (1,612,680) | (1,630,347) |
Distributions paid to noncontrolling interests | (6,672) | (7,022) | (7,392) |
Net cash flows used in financing activities | (1,120,735) | (1,619,588) | (992,219) |
Net cash flows from operating, investing and financing activities | 49,548 | (71,863) | 243,606 |
Net effect of foreign exchange translation | (13) | (171) | (126) |
Increase (decrease) in cash and equivalents, including restricted cash | 49,535 | (72,034) | 243,480 |
Cash and equivalents, including restricted cash at beginning 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 |
Cash and equivalents, including restricted cash at end of the period: | |||
Cash and equivalents | 409,743 | 361,218 | 433,376 |
Restricted cash included in other assets | 23,811 | 22,801 | 22,677 |
Cash, equivalents, and restricted cash | 433,554 | 384,019 | 456,053 |
Costs incurred during the period remaining unpaid at period end for: | |||
Capital expenditures to maintain real estate facilities | (16,558) | (11,431) | (13,149) |
Construction or expansion of real estate facilities | (32,356) | (81,157) | (60,474) |
Accrued and other liabilities | 48,914 | 92,588 | 73,623 |
Real estate acquired in exchange for assumption of notes payable | (1,817) | ||
Notes payable assumed in connection with acquisition of real estate | 1,817 | ||
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 | ||
Foreign currency translation adjustment: | |||
Real estate facilities, net of accumulated depreciation | 203 | (659) | |
Investments in unconsolidated real estate entities | 830 | 15,997 | (19,370) |
Notes payable | (7,842) | (18,285) | 49,906 |
Accumulated other comprehensive gain (loss) | $ 6,999 | $ 1,914 | $ (30,003) |
Description Of The Business
Description Of The Business | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019, we have direct and indirect equity interests in 2,483 self-storage facilities (with approximately 169 million net rentable square feet) located in 38 states in the United States (“U.S.”) operating under the “Public Storage” name, and 0.9 million net rentable square feet of commercial and retail space. We own 31.3 million common shares (an approximate 35 % interest) of Shurgard Self Storage SA (“Shurgard”) a public company traded on Euronext Brussels under the “SHUR” symbol, which owns 234 self-storage facilities (with approximately 13 million net rentable square feet) located in seven Western European countries, all operating under the “Shurgard” name. We also own an aggregate approximate 42 % common equity interest in PS Business Parks, Inc. (“PSB”), a REIT traded on the New York Stock Exchange under the “PSB” symbol, which owns 27.6 million aggregate net rentable square feet of commercial properties, primarily multi-tenant industrial, flex, and office space, located in six states. Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 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 Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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”). Certain amounts previously reported in our December 31, 2018 and 2017 financial statements have been reclassified to conform to the December 31, 2019 presentation, including separate presentation on our Statements of Cash Flows of our cash payments for real estate investments between cash paid for amounts incurred during the current period and amounts incurred during previous periods. 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, 2019, the Company and the Subsidiaries own 2,483 self-storage facilities and four commercial facilities in the U.S. At December 31, 2019, the Unconsolidated Real Estate Entities are comprised of PSB and Shurgard. Use of Estimates The financial statements and accompanying notes reflect our estimates and assumptions. Actual results could differ from those estimates and assumptions. Income Taxes We have elected to be treated as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, we do not incur federal income tax if we distribute 100 % of our REIT taxable income each year, and if we meet certain organizational and operational rules. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no federal income tax expense related to our REIT taxable income. Our merchandise and tenant reinsurance operations are subject to corporate income tax and such taxes are included in ancillary cost of operations. We also incur income and other taxes in certain states, which are included in general and administrative expense. We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of December 31, 2019, we had no tax benefits that were not recognized. Real Estate Facilities Real estate facilities are recorded at cost. We capitalize all costs incurred to acquire, develop, construct, renovate and improve facilities, including interest and property taxes incurred during the construction period. We allocate the net acquisition cost of acquired real estate facilities to the underlying land, buildings, and identified intangible assets based upon their respective individual estimated fair values. Costs associated with dispositions of real estate, as well as repairs and maintenance costs, are expensed as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years. When we sell a full or partial interest in a real estate facility without retaining a controlling interest following sale, we recognize a gain or loss on sale as if 100 % of the property was sold at fair value. If we retain a controlling interest following the sale, we record a noncontrolling interest for the book value of the partial interest sold, and recognize additional paid-in capital for the difference between the consideration received and the partial interest at book value. Other Assets Other assets primarily consist of rents receivable from our tenants, prepaid expenses, restricted cash and right-to-use assets (Note 12). Accrued and Other Liabilities Accrued and other liabilities consist primarily of rents prepaid by our tenants, trade payables, property tax accruals, accrued payroll, accrued tenant reinsurance losses, lease liabilities (Note 12), and contingent loss accruals when probable and estimable. We believe the fair value of our accrued and other liabilities approximates book value, due primarily to the short period until repayment. We disclose the nature of significant unaccrued losses that are reasonably possible of occurring and, if estimable, a range of exposure. Cash Equivalents, Restricted Cash, Marketable Securities and Other Financial Instruments Cash equivalents represent highly liquid financial instruments such as money market funds with daily liquidity or short-term commercial paper or treasury securities maturing within three months of acquisition. Cash and equivalents which are restricted from general corporate use are included in other assets. We believe that the book value of all such financial instruments for all periods presented approximates fair value, due to the short period to maturity. Fair Value As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Our estimates of fair value involve considerable judgment and are not necessarily indicative of the amounts that could be realized in current market exchanges. We estimate the fair value of our cash and equivalents, marketable securities, other assets, debt, and other liabilities by discounting the related future cash flows at a rate based upon quoted interest rates for securities that have similar characteristics such as credit quality and time to maturity. Such quoted interest rates are referred to generally as “Level 2” inputs. We use significant judgment to estimate fair values of investments in real estate, goodwill, and other intangible assets. In estimating their values, we consider significant unobservable inputs such as market prices of land, market capitalization rates, expected returns, earnings multiples, projected levels of earnings, costs of construction, and functional depreciation. These inputs are referred to generally as “Level 3” inputs. Currency and Credit Risk Financial instruments that are exposed to credit risk consist primarily of cash and equivalents, certain portions of other assets including rents receivable from our tenants 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, 2019, due primarily to our investment in Shurgard (Note 4) and our notes payable denominated in Euros (Note 6), our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar. Goodwill and Other Intangible Assets Intangible assets are comprised of goodwill, the “Shurgard” trade name and acquired customers in place. Goodwill totaled $ 174.6 million at December 31, 2019 and 2018. The “Shurgard” trade name, which is used by Shurgard pursuant to a fee-based licensing agreement, has a book value of $ 18.8 million at December 31, 2019 and 2018. Goodwill and the “Shurgard” trade name have indefinite lives and are not amortized. Our finite-lived assets are comprised primarily of acquired customers in place and are amortized relative to the benefit of the customers in place to each period. At December 31, 2019, these intangibles had a net book value of $ 12.5 million ($ 16.5 million at December 31, 2018). Accumulated amortization totaled $ 27.5 million at December 31, 2019 ($ 29.6 million at December 31, 2018), and amortization expense of $ 16.8 million, $ 16.6 million and $ 15.0 million was recorded in 2019, 2018 and 2017, respectively. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2019 is approximately $ 10.8 million in 2020, $ 1.3 million in 2021 and $ 0.4 million thereafter. During 2019, 2018 and 2017, intangibles increased $ 18.5 million, $ 11.6 million and $ 17.2 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 1.122 U.S. Dollars per Euro at December 31, 2019 ( 1.144 at December 31, 2018), and average exchange rates of 1.120 , 1.181 and 1.129 for the years ended December 31, 2019, 2018 and 2017, respectively. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in equity as a component of accumulated other comprehensive income (loss). Comprehensive Income Total comprehensive income represents net income, adjusted for changes in other comprehensive income (loss) for the applicable period. The aggregate foreign currency exchange gains and losses reflected on our statements of comprehensive income are comprised primarily of foreign currency exchange gains and losses on our investment in Shurgard and our unsecured notes denominated in Euros. 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 common 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, 2019 2018 2017 Weighted average common shares and equivalents outstanding: Basic weighted average common shares outstanding 174,287 173,969 173,613 Net effect of dilutive stock options - based on treasury stock method 243 328 538 Diluted weighted average common shares outstanding 174,530 174,297 174,151 |
Real Estate Facilities
Real Estate Facilities | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate Facilities [Abstract] | |
Real Estate Facilities | 3. Real Estate Facilities Activity in real estate facilities during 2019, 2018 and 2017 is as follows: For the Years Ended December 31, 2019 2018 2017 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 15,296,844 $ 14,665,989 $ 13,963,229 Costs incurred for capital expenditures to maintain real estate facilities 192,539 139,397 124,780 Acquisitions 421,097 169,436 274,115 Dispositions ( 426 ) ( 25,633 ) ( 1,092 ) Hurricane damage - - ( 8,226 ) Developed or expanded facilities opened for operation 379,092 348,270 311,559 Impact of foreign exchange rate changes - ( 615 ) 1,624 Ending balance 16,289,146 15,296,844 14,665,989 Accumulated depreciation: Beginning balance ( 6,140,072 ) ( 5,700,331 ) ( 5,270,963 ) Depreciation expense ( 483,408 ) ( 457,029 ) ( 433,466 ) Dispositions 5 16,876 123 Hurricane damage - - 4,940 Impact of foreign exchange rate changes - 412 ( 965 ) Ending balance ( 6,623,475 ) ( 6,140,072 ) ( 5,700,331 ) Construction in process: Beginning balance 285,339 264,441 230,310 Costs incurred for development and expansion of real estate facilities 235,687 362,397 349,712 Developed or expanded facilities opened for operation ( 379,092 ) ( 348,270 ) ( 311,559 ) Dispositions - ( 2,698 ) ( 4,022 ) Transfer from other assets - 9,469 - Ending balance 141,934 285,339 264,441 Total real estate facilities at December 31, $ 9,807,605 $ 9,442,111 $ 9,230,099 During 2019, we acquired 44 self-storage facilities and one commercial facility ( 3,133,000 net rentable square feet of storage space and 46,000 net rentable square feet of commercial space), for a total cost of $ 439.6 million, consisting of $ 437.8 million in cash and the assumption of $ 1.8 million in mortgage notes. Approximately $ 18.5 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $ 379.1 million during 2019, adding 3.7 million net rentable square feet of self-storage space. Construction in process at December 31, 2019 consists of projects to develop new self-storage facilities and expand existing self-storage facilities. During 2019, we paid a total of $ 284.7 million with respect to the development and expansion of real estate facilities, including $ 81.4 million to repay amounts accrued at December 31, 2018. Of the $ 235.7 million in costs incurred during 2019, $ 32.4 million remains unpaid at December 31, 2019. During 2019, we paid a total of $ 187.3 million with respect to capital expenditures to maintain real estate facilities, including $ 11.3 million to repay amounts accrued at December 31, 2018. Of the $ 192.5 million in costs incurred during 2019, $ 16.6 million remains unpaid at December 31, 2019. 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 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 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 2018, we paid a total of $ 340.0 million with respect to the development and expansion of real estate facilities, including $ 58.8 million to repay amounts accrued at December 31, 2017. Of the $ 362.4 million in costs incurred during 2018, $ 81.2 million remained unpaid at December 31, 2018. During 2018, we paid a total of $ 141.0 million with respect to capital expenditures to maintain real estate facilities, including $ 13.0 million to repay amounts accrued at December 31, 2017. Of the $ 139.4 million in costs incurred during 2018, $ 11.4 million remained unpaid at December 31, 2018. 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 2017, we paid a total of $ 337.3 million with respect to the development and expansion of real estate facilities, including $ 48.1 million to repay amounts accrued at December 31, 2016. Of the $ 349.7 million in costs incurred during 2017, $ 60.5 million remained unpaid at December 31, 2017. During 2017, we paid a total of $ 120.6 million with respect to capital expenditures to maintain real estate facilities, including $ 9.0 million to repay amounts accrued at December 31, 2016. Of the $ 124.8 million in costs incurred during 2017, $ 13.1 million remained unpaid at December 31, 2017. At December 31, 2019, the adjusted basis of real estate facilities for U.S. federal tax purposes was approximately $ 10.6 billion (unaudited). |
Investments In Unconsolidated R
Investments In Unconsolidated Real Estate Entities | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2019 2018 2017 PSB $ 427,875 $ 434,533 $ 54,090 $ 89,362 $ 46,544 Shurgard 339,941 349,455 15,457 14,133 25,948 Other Investments - - - - 3,163 Total $ 767,816 $ 783,988 $ 69,547 $ 103,495 $ 75,655 Investment in PSB Throughout all periods presented, we owned 7,158,354 shares of PSB’s common stock and 7,305,355 limited partnership units in an operating partnership controlled by PSB, representing an aggregate approximately 42 % common equity interest. The limited partnership units are convertible at our option, subject to certain conditions, on a one -for-one basis into PSB common stock. Based upon the closing price at December 31, 2019 ($ 164.87 per share of PSB common stock), the shares and units we owned had a market value of approximately $ 2.4 billion. Our equity in earnings of PSB is comprised of our equity share of PSB’s net income, less amortization of the PSB Basis Differential (defined below). During 2019, 2018, and 2017, we received cash distributions from PSB totaling $ 60.7 million, $ 55.0 million, and $ 49.2 million, respectively. At December 31, 2019, our pro-rata investment in PSB’s real estate assets included in investment in unconsolidated real estate entities exceeds our pro-rata share of the underlying amounts on PSB’s balance sheet by approximately $ 4.2 million ($ 7.4 million at December 31, 2018). 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 $ 3.2 million, $ 1.8 million, and $ 1.3 million during 2019, 2018, and 2017, respectively. PSB is a publicly held entity traded on the New York Stock Exchange under the symbol “PSB”. Investment in Shurgard Throughout all periods presented, we effectively owned, directly and indirectly 31,268,459 Shurgard common shares. On October 15, 2018, Shurgard completed an initial global offering (the “Offering”), issuing 25.0 million of its common shares to third parties at a price of € 23 per share, reducing our ownership interest to approximately 35 %. Following the Offering, Shurgard’s shares trade on Euronext Brussels under the “SHUR” symbol. We recorded a “Gain due to Shurgard public offering” of $ 151.6 million, as if we had sold a proportionate share of our investment in Shurgard. The gain resulted in a $ 174.0 million increase in our investment in Shurgard and a $ 22.4 million reduction in other comprehensive loss with respect to cumulative foreign currency translation losses for Shurgard. Based upon the closing price at December 31, 2019 ( € 34.00 per share of SHUR common stock, at 1.122 exchange rate of US Dollars to the Euro), the shares we owned had a market value of approximately $ 1.2 billion. Our equity in earnings of Shurgard is comprised of our equity share of Shurgard’s net income, plus $ 1.0 million, $ 1.3 million, and $ 1.3 million for 2019, 2018 and 2017, respectively, representing our equity share of the trademark license fees that Shurgard pays to us for the use of the “Shurgard” trademark. The remaining license fees we receive from Shurgard are classified as interest and other income on our income statement. The dividends we receive from Shurgard, combined with our equity share of trademark license fees collected from Shurgard, are reflected on our statements of cash flows as “distributions from retained earnings of unconsolidated real estate entities” to the extent of our cumulative earnings, with any excess classified as “distributions in excess of retained earnings from unconsolidated real estate entities.” Shurgard paid € 0.67 per share in dividends to its shareholders during 2019, of which our share totaled $ 23.1 million. During 2018, Shurgard paid a cash di vidend to its shareholders at the time, of which our equity share was $ 145.4 million. Changes in foreign currency exchange rates decreased our investment in Shurgard by approximately $ 0.8 million and $ 16.0 million in 2019 and 2018, respectively, and increased it by approximately $ 19.4 million in 2017. Shurgard is a publicly held entity trading on Euronext Brussels under the symbol “SHUR”. Other Investments On December 31, 2017, we acquired the remaining 74.25 % equity interest we did not own in a legacy institutional partnership (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
Credit Facility | 12 Months Ended |
Dec. 31, 2019 | |
Credit Facility [Abstract] | |
Credit Facility | 5. Credit Facility We have a revolving credit agreement (the “Credit Facility”) with a $ 500 million borrowing limit, which was amended on April 19, 2019 to (i) extend the maturity date from March 31, 2020 to April 19, 2024 , (ii) decrease the current effective borrowing spread over LIBOR from 0.850 % to 0.70 %, and (iii) decrease the current effective facility fee from 0.080 % to 0.070 %. All other terms remained substantially the same. Amounts drawn on the Credit Facility bear annual interest at rates ranging from LIBOR plus 0.70 % to LIBOR plus 1.350 % depending upon the ratio of our Total Indebtedness to Gross Asset Value (as defined in the Credit Facility) (LIBOR plus 0.70 % at December 31, 2019). We are also required to pay a quarterly facility fee ranging from 0.070 % per annum to 0.250 % per annum depending upon the ratio of our Total Indebtedness to our Gross Asset Value ( 0.070 % per annum at December 31, 2019). At December 31, 2019 and February 25, 2019, we had no outstanding borrowings under this Credit Facility. We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $ 15.9 million at December 31, 2019 ($ 16.2 million at December 31, 2018). The Credit Facility has various customary restrictive covenants, all of which we were in compliance with at December 31, 2019. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2019 | |
Notes Payable [Abstract] | |
Notes Payable | 6. Notes Payable Our notes payable at December 31, 2019 and 2018 are set forth in the table below: Amounts at December 31, 2019 Coupon Effective Unamortized Book Fair Rate Rate Principal Costs Value Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 2.370 % 2.483 % $ 500,000 $ ( 1,419 ) $ 498,581 $ 505,639 Notes due September 15, 2027 3.094 % 3.218 % 500,000 ( 4,076 ) 495,924 520,694 Notes due May 1, 2029 3.385 % 3.459 % 500,000 ( 2,876 ) 497,124 531,911 1,500,000 ( 8,371 ) 1,491,629 1,558,244 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540 % 1.540 % 112,156 - 112,156 115,932 Notes due November 3, 2025 2.175 % 2.175 % 271,433 - 271,433 298,398 383,589 - 383,589 414,330 Mortgage Debt , secured by 27 real estate facilities with a net book value of $ 105.7 million 4.025 % 3.995 % 27,275 - 27,275 28,506 $ 1,910,864 $ ( 8,371 ) $ 1,902,493 $ 2,001,080 Amounts at December 31, 2018 Book Fair Value Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 $ 498,053 $ 482,017 Notes due September 15, 2027 495,396 469,055 Notes due May 1, 2029 - - 993,449 951,072 Euro Denominated Unsecured Debt Notes due April 12, 2024 114,449 115,964 Notes due November 3, 2025 276,982 286,078 391,431 402,042 Mortgage Debt 27,403 27,613 $ 1,412,283 $ 1,380,727 U.S. Dollar Denominated Unsecured Notes On September 18, 2017 , we issued, in a public offering, two tranches each totaling $ 500.0 million of U.S. Dollar denominated unsecured notes. In connection with the offering, we incurred a total of $ 7.9 million in costs, 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 such notes is payable semi-annually on March 15 and September 15 of each year, commencing March 15, 2018. On April 12, 2019 , we completed a public offering of $ 500 million in aggregate principal amount of senior notes bearing interest at an annual rate of 3.385 % maturing on May 1, 2029 . In connection with the offering, we incurred a total of $ 3.1 million in costs. The notes issued on April 12, 2019 and on September 18, 2017 are referred to hereinafter as the “U.S. Dollar Notes.” The U.S. Dollar Notes have various financial covenants, all of which we were in compliance with at December 31, 2019. Included in these covenants are (a) a maximum Debt to Total Assets of 65 % (approximately 5 % at December 31, 2019) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5 x (approximately 47 x for the twelve months ended December 31, 2019) as well as covenants limiting the amount we can encumber our properties with mortgage debt. Euro Denominated Unsecured Notes Our euro denominated unsecured notes (the “Euro Notes”) are payable to institutional investors. The Euro Notes consist of two tranches, (i) € 242.0 million 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 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, 2019. 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 gain (loss)” on our income statement (gains of $ 7.8 million and $ 18.1 million for 2019 and 2018, respectively, as compared to a loss of $ 50.0 million for 2017). Mortgage Notes Our non-recourse mortgage debt was assumed in connection with property acquisitions, and recorded at fair value with any premium or discount to the stated note balance amortized using the effective interest method. During 2019 , we assumed a mortgage note with a contractual value of $ 1.8 million and an interest rate of 3.9 %, which approximated market rate, in connection with the acquisition of a real estate facility. At December 31, 2019, the related contractual interest rates are fixed, ranging between 3.2 % and 7.1 %, and mature between January 1, 20 22 and July 1, 20 30 . At December 31, 2019, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Mortgage Debt Debt Total 2020 $ - $ 2,015 $ 2,015 2021 - 1,871 1,871 2022 500,000 2,584 502,584 2023 - 19,219 19,219 2024 112,156 124 112,280 Thereafter 1,271,433 1,462 1,272,895 $ 1,883,589 $ 27,275 $ 1,910,864 Weighted average effective rate 2.8 % 4.0 % 2.9 % Cash paid for interest totaled $ 48.3 million, $ 36.3 million and $ 16.8 million for 2019, 2018 and 2017, respectively. Interest capitalized as real estate totaled $ 3.9 million, $ 4.8 million and $ 4.4 million for 2019, 2018 and 2017, respectively. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interests [Abstract] | |
Noncontrolling Interests | 7. Noncontrolling Interests At December 31, 2019, the noncontrolling interests represent (i) third-party equity interests in subsidiaries owning 18 operating self-storage facilities and seven 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, 2019, the Noncontrolling Interests cannot require us to redeem their interests, other than pursuant to a liquidation of the subsidiary. During 2019, 2018 and 2017, we allocated a total of $ 5.1 million, $ 6.2 million and $ 6.2 million, respectively, of income to these interests; and we paid $ 6.7 million, $ 7.0 million and $ 7.4 million, respectively, in distributions to these interests. During 2019, we acquired noncontrolling interests for an aggregate of $ 35.0 million (none for 2018) in cash, of which $ 11.1 million was allocated to Noncontrolling Interests, with the remainder allocated to Paid-in Capital. During 2017, we acquired Noncontrolling Interests for $ 14.4 million in cash, of which $ 7.7 million was allocated to Paid-in capital and $ 6.7 million as a reduction to Noncontrolling Interests. During 2019, 2018 and 2017, Noncontrolling Interests contributed $ 4.1 million, $ 1.7 million and $ 2.5 million, respectively, to our subsidiaries. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Shareholders’ Equity [Abstract] | |
Shareholders' Equity | 8. Shareholders’ Equity Preferred Shares At December 31, 2019 and 2018, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At December 31, 2019 At December 31, 2018 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference 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 19,800 495,000 Series W 1/16/2018 5.200 % 20,000 500,000 20,000 500,000 Series X 3/13/2018 5.200 % 9,000 225,000 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 12,000 300,000 Series C 5/17/2021 5.125 % 8,000 200,000 8,000 200,000 Series D 7/20/2021 4.950 % 13,000 325,000 13,000 325,000 Series E 10/14/2021 4.900 % 14,000 350,000 14,000 350,000 Series F 6/2/2022 5.150 % 11,200 280,000 11,200 280,000 Series G 8/9/2022 5.050 % 12,000 300,000 12,000 300,000 Series H 3/11/2024 5.600 % 11,400 285,000 - - Series I 9/12/2024 4.875 % 12,650 316,250 - - Series J 11/15/2024 4.700 % 10,350 258,750 - - Series K 12/20/2024 4.750 % 9,200 230,000 - - Total Preferred Shares 162,600 $ 4,065,000 161,000 $ 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 as noted below, holders of the Preferred Shares do not have voting rights. In the event of a cumulative arrearage equal to six quarterly dividends, holders of all outstanding series of preferred shares (voting as a single class without regard to series) will have the right to elect two additional members to serve on our board of trustees (our “Board”) until the arrearage has been cured. At December 31, 2019, there were no dividends in arrears. The affirmative vote of at least 66.67 % of the outstanding shares of a series of Preferred Shares is required for any material and adverse amendment to the terms of such series. The affirmative vote of at least 66.67 % of the outstanding shares of all of our Preferred Shares, voting as a single class, is required to issue shares ranking senior to our Preferred Shares. Except under certain conditions relating to the Company’s qualification as a REIT, the Preferred Shares are not redeemable prior to the dates indicated on the table above. On or after the respective dates, each of the series of Preferred Shares is redeemable at our option, in whole or in part, at $ 25.00 per depositary share, plus accrued and unpaid dividends. Holders of the Preferred Shares cannot require us to redeem such shares. Upon issuance of our Preferred Shares, we classify the liquidation value as preferred equity on our balance sheet with any issuance costs recorded as a reduction to Paid-in capital. In 2019, we redeemed our Series U, Series Y, Series Z and Series A Preferred Shares, at par, for a total of $ 1.05 billion in cash, before payment of accrued dividends. In 2019, we issued an aggregate 43.6 million depositary shares, each representing 0.001 of a share of our Series H, Series I, Series J and Series K Preferred Shares, at an issuance price of $ 25.00 per depositary share, for a total of $ 1.09 billion in gross proceeds, and we incurred $ 30.8 million in issuance costs. 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 0.001 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 2019 and 2017, we recorded $ 32.7 million and $ 29.3 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 2019, 2018 and 2017, activity with respect to the issuance of our common shares was as follows (dollar amounts in thousands): 2019 2018 2017 Shares Amount Shares Amount Shares Amount Employee stock-based compensation and exercise of stock options (Note 10) 287,734 $ 33,564 277,511 $ 12,525 564,583 $ 42,500 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, 2019, we repurchased approximately 23.7 million shares pursuant to this authorization; none of which were repurchased during the three years ended December 31, 2019. At December 31, 2019 and 2018, we had 2,958,817 and 3,138,618 , 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 restricted share unitholders totaled $ 1.399 billion ($ 8.00 per share), $ 1.396 billion ($ 8.00 per share) and $ 1.394 billion ($ 8.00 per share) for the years ended December 31, 2019, 2018 and 2017, respectively. Preferred share dividends totaled $ 210.2 million, $ 216.3 million and $ 236.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. For the tax year ended December 31, 2019, distributions for the common shares and all the various series of preferred shares were classified as follows: 2019 (unaudited) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Ordinary Income 100.00 % 100.00 % 100.00 % 100.00 % Long-Term Capital Gain 0.00 % 0.00 % 0.00 % 0.00 % Total 100.00 % 100.00 % 100.00 % 100.00 % The ordinary income dividends distributed for the tax year ended December 31, 2019 are not qualified dividends under the Internal Revenue Code, however, they are subject to the 20% deduction under IRS Section 199A. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 9. Related Party Transactions B. Wayne Hughes, our former Chairman and his family, including his daughter Tamara Hughes Gustavson and his son B. Wayne Hughes, Jr., who are both members of our Board, collectively own approximately 14.1 % of our common shares outstanding at December 31, 2019. At December 31, 2019, Tamara Hughes Gustavson owned and controlled 63 self-storage facilities in Canada. These facilities operate under the “Public Storage” tradename, which we license to the owners of these facilities for use in Canada on a royalty-free, non-exclusive basis. We have no ownership interest in these facilities and we do not own or operate any facilities in Canada. If we chose to acquire or develop our own facilities in Canada, we would have to share the use of the “Public Storage” name in Canada. We have a right of first refusal, subject to limitations, to acquire the stock or assets of the corporation engaged in the operation of these facilities if their owners agree to sell them. Our subsidiaries reinsure risks relating to loss of goods stored by customers in these facilities, and have received approximately $ 1.5 million, $ 1.3 million and $ 1.1 million for the years ended December 31, 2019, 2018 and 2017, respectively. Our right to continue receiving these premiums may be qualified. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | 10. Share-Based Compensation Under various share-based compensation plans and under terms established by our Board or a committee thereof, we grant non-qualified options to purchase the Company’s common shares, as well as restricted share units (“RSUs”), to trustees, officers, and key employees. Stock options and RSUs are considered “granted” and “outstanding” as the terms are used herein, when (i) the Company and the recipient reach a mutual understanding of the key terms of the award, (ii) the award has been authorized, (iii) the recipient is affected by changes in the market price of our stock, and (iv) it is probable that any performance conditions will be met. We amortize the grant-date fair value of awards as compensation expense over the service period, which begins on the grant date and ends generally on the vesting date. For awards that are earned solely upon the passage of time and continued service, the entire cost of the award is amortized on a straight-line basis over the service period. For awards with performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method). The Codification previously stipulated that grants to nonemployee service providers (other than to trustees, where equity method treatment was permitted) were accounted for on the liability method, with expenses adjusted each period based upon changes in fair value. Recent changes in the Codification allows such grants to be accounted for on the equity award method, with compensation expense based upon grant date fair value. While we have no such grants to any such individuals for any periods presented, we will account for any future grants to nonemployee service providers based upon the equity award method. In amortizing share-based compensation expense, we do not estimate future forfeitures in advance. Instead, we reverse previously amortized share-based compensation expense with respect to grants that are forfeited in the period the employee terminates employment. In February 2018, we announced that our Chief Executive Officer and Chief Financial Officer 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 3 to 5 years, expire ten years after the grant date, and the exercise price is equal to the closing trading price of our common shares on the grant date. Employees cannot require the Company to settle their award in cash. We use the Black-Scholes option valuation model to estimate the fair value of our stock options. Outstanding stock option grants are included on a one-for-one basis in our diluted weighted average shares, to the extent dilutive, after applying the treasury stock method (based upon the average common share price during the period) to assumed exercise proceeds and measured but unrecognized compensation. The stock options outstanding at December 31, 2019 have an aggregate intrinsic value (the excess, if any, of each option’s market value over the exercise price) of approximately $ 38.6 million and remaining average contractual lives of approximately six years . The aggregate intrinsic value of exercisable stock options at December 31, 2019 amounted to approximately $ 35.6 million. Approximately 1,360,000 of the stock options outstanding at December 31, 2019, have an exercise price of more than $ 200 . Included in our stock options exercisable at December 31, 2019, are 39,667 stock options which expire through June 30, 20 21 , with an average exercise price per share of $ 106.91 . Additional information with respect to stock options during 2019, 2018 and 2017 is as follows: 2019 2018 2017 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, 2,420,922 $ 201.31 2,408,917 $ 192.12 1,995,440 $ 150.83 Granted 120,000 221.12 200,000 194.29 1,096,000 223.58 Exercised ( 191,255 ) 174.55 ( 179,995 ) 69.53 ( 482,523 ) 88.07 Cancelled ( 10,000 ) 197.90 ( 8,000 ) 223.50 ( 200,000 ) 203.64 Options outstanding December 31, 2,339,667 $ 204.53 2,420,922 $ 201.31 2,408,917 $ 192.12 Options exercisable at December 31, 1,501,667 $ 196.37 1,147,122 $ 178.31 848,250 $ 143.55 2019 2018 2017 Stock option expense for the year (in 000's) (a) $ 4,950 $ 17,162 $ 8,707 Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 11,848 $ 25,117 $ 61,334 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 2.3 % 2.7 % 1.9 % Expected volatility, based upon historical volatility 8.9 % 12.5 % 17.9 % Expected dividend yield 3.6 % 4.1 % 3.6 % Average estimated value of options granted during the year $ 9.61 $ 13.09 $ 23.49 (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 5 to 8 years from the grant date. The grantee receives dividends for each outstanding RSU equal to the per-share dividends received by our common shareholders. We expense any dividends previously paid upon forfeiture of the related RSU. Upon vesting, the grantee receives common shares equal to the number of vested RSUs, less common shares withheld in exchange for tax deposits made by the Company to satisfy the grantee’s statutory tax liabilities arising from the vesting. The fair value of our RSUs is determined based upon the applicable closing trading price of our common shares. The fair value of our RSUs outstanding at December 31, 2019 was approximately $ 131.9 million. Remaining compensation expense related to RSUs outstanding at December 31, 2019 totals approximately $ 85.1 million and is expected to be recognized as compensation expense over the next 4.6 years on average. The following tables set forth relevant information with respect to restricted shares (dollar amounts in thousands): 2019 2018 2017 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, 717,696 $ 151,212 799,129 $ 166,144 696,641 $ 136,905 Granted 97,140 21,113 138,567 27,733 340,957 73,953 Vested ( 160,329 ) ( 32,714 ) ( 164,104 ) ( 30,717 ) ( 144,473 ) ( 25,305 ) Forfeited ( 35,357 ) ( 7,553 ) ( 55,896 ) ( 11,948 ) ( 93,996 ) ( 19,409 ) Restricted share units outstanding December 31, 619,150 $ 132,058 717,696 $ 151,212 799,129 $ 166,144 2019 2018 2017 Amounts for the year (in 000's, except number of shares): Fair value of vested shares on vesting date $ 33,769 $ 32,317 $ 31,962 Cash paid for taxes upon vesting in lieu of issuing common shares $ 12,162 $ 12,347 $ 14,092 Common shares issued upon vesting 96,479 97,516 82,060 Restricted share unit expense (a) $ 21,662 $ 53,869 $ 28,841 (a) Amounts for 2019, 2018 and 2017 include approximately $ 1.2 million, $ 1.1 million and $ 0.7 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
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
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 table 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 and board of directors that makes its financing, capital allocation, and other significant decisions. In making resource allocation decisions with respect to our investment in PSB, the CODM reviews PSB’s net income, which is detailed in PSB’s periodic filings with the SEC. The segment presentation in the tables below includes our equity earnings from PSB. Investment in Shurgard This segment represents our equity interest in Shurgard, a publicly held company which owns and operates self-storage facilities located in seven countries in Western Europe. Shurgard has a separate management team and board of trustees that makes its financing, capital allocation, and other significant decisions. In making resource allocation decisions with respect to our investment in Shurgard, the CODM reviews Shurgard’s net income. The segment presentation below includes our equity earnings from Shurgard. Presentation of Segment Information The following tables reconcile NOI (as applicable) and net income of each segment to our consolidated net income (amounts in thousands): For the Years Ended December 31, 2019 2018 2017 Self-Storage Segment Revenue $ 2,684,552 $ 2,597,607 $ 2,512,433 Cost of operations ( 752,579 ) ( 695,731 ) ( 657,633 ) Net operating income 1,931,973 1,901,876 1,854,800 Depreciation and amortization ( 512,918 ) ( 483,646 ) ( 454,526 ) Net income 1,419,055 1,418,230 1,400,274 Ancillary Segment Revenue 162,271 156,673 156,095 Cost of operations ( 44,204 ) ( 43,991 ) ( 50,345 ) Net operating income 118,067 112,682 105,750 Investment in PSB Segment Equity in earnings of unconsolidated real estate entities (a) 54,090 89,362 46,544 Investment in Shurgard Segment Equity in earnings of unconsolidated real estate entities (a) 15,457 14,133 25,948 Gain due to Shurgard public offering - 151,616 - Net income from Investment in Shurgard Segment 15,457 165,749 25,948 Total net income allocated to segments 1,606,669 1,786,023 1,578,516 Other items not allocated to segments: General and administrative ( 71,983 ) ( 118,720 ) ( 82,882 ) Interest and other income 28,436 26,442 18,771 Equity in earnings of unconsolidated real estate entities - Other Investments (a) - - 3,163 Interest expense ( 45,641 ) ( 32,542 ) ( 12,690 ) Foreign currency exchange gain (loss) 7,829 18,117 ( 50,045 ) Casualty loss - - ( 7,789 ) Gain on sale of real estate 341 37,903 1,421 Net income $ 1,525,651 $ 1,717,223 $ 1,448,465 (a) See Note 4 for a reconciliation of these amounts to our total Equity in Earnings of Unconsolidated Real Estate Entities on our income statements. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements And Guidance | 12 Months Ended |
Dec. 31, 2019 | |
Recent Accounting Pronouncements And Guidance [Abstract] | |
Recent Accounting Pronouncements And Guidance | 12. Recent Accounting Pronouncements and Guidance 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 requires a modified-retrospective approach to adoption and became effective for interim and annual periods beginning on January 1, 2019. In July 2018, the FASB further amended this standard to allow for a new transition method that offers the option to use the effective date as the date of initial application and not adjust the comparative-period financial information. We adopted the new standard effective January 1, 2019, using the new transition method, recording a total of $ 38.7 million in right of use assets, reflected in other assets, and substantially the same amount in lease liabilities, reflected in accrued and other liabilities, for leases where we are the lessee (principally ground leases and office leases) . We also reclassified related intangible assets totaling $ 5.6 million to other assets. The lease liabilities are recognized based on the present value of the remaining lease payments for each operating lease using each respective remaining lease term and a corresponding estimated incremental borrowing rate. We estimated the incremental borrowing rate primarily by reference to average yield spread on debt issuances by companies of a similar credit rating as us, and the treasury yields as of January 1, 2019. We had no material amount of leases covered by the standard where we are the lessor (principally our storage leases) because substantially all of such leases are month to month. For leases where we are the lessee or the lessor, we applied (i) the package of practical expedients to not reassess prior conclusions related to contracts that are or that contain leases, lease classification and initial direct costs, (ii) the hindsight practical expedient to determine the lease term and in assessing impairment of the right of use assets, and (iii) the easement practical expedient to not assess whether existing or expired land easements that were not previously accounted for as leases under ASC 840 are or contain a lease under this new standard. In addition, for leases where we are the lessee, we also elected to (a) not apply the new standard to our leases with an original term of 12 months or less, and (b) not separate lease and associated non-lease components. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019, there were approximately 935,000 certificates held by our self-storage customers, representing aggregate coverage of approximately $ 3.2 billion. Construction Commitments We have construction commitments representing future expected payments for construction under contract totaling $ 77.2 million at December 31, 2019. We expect to pay approximately $ 69.7 million in 2020 and $ 7.5 million in 2021 for these construction commitments. |
Supplementary Quarterly Financi
Supplementary Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2019 2019 2019 (Amounts in thousands, except per share data) Self-storage and ancillary revenues $ 689,038 $ 710,950 $ 729,336 $ 717,499 Self-storage and ancillary cost of operations $ 204,201 $ 207,736 $ 212,262 $ 172,584 Depreciation and amortization $ 121,941 $ 126,859 $ 129,233 $ 134,885 Net Income $ 367,678 $ 371,456 $ 399,420 $ 387,097 Per Common Share Net income - Basic $ 1.73 $ 1.76 $ 1.94 $ 1.88 Net income - Diluted $ 1.73 $ 1.76 $ 1.93 $ 1.87 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 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events Subsequent to December 31, 2019, we acquired or were under contract to acquire 14 self-storage facilities ( four in Ohio, three in California, two each in New York and Tennessee and one each in Indiana , Massachusetts, and Nebraska) with 1.1 million net rentable square feet, for $ 245.3 million. On January 24, 2020, we completed a public offering of € 500 million ($ 551.6 million) aggregate principal amount of senior notes bearing interest at an annual rate of 0.875 % and maturing on January 24, 2032 . Interest on the senior notes is payable annually, commencing January 24, 2021. In connection with the offering, we incurred a total of $ 6.4 million in costs. As we reported in an SEC form 8-K on February 14, 2020, we submitted a non-binding proposal to acquire 100 % of the issued stapled securities of National Storage REIT (“NSR”), an Australia-based publicly-traded REIT (ASX:NSR) that owns and operates 167 self-storage facilities in Australia and New Zealand, for a cash purchase price of A$ 2.40 per share. Our proposal was subject to a number of conditions, including due diligence. Any transaction would be subject to processes for acquisition of widely held entities under Australian law, including securityholder approval. There is no assurance that Public Storage will reach a definitive agreement or consummate a transaction with NSR or that if such an agreement is reached, it will be on terms consistent with our non-binding proposal. |
Schedule III - Real Estate And
Schedule III - Real Estate And Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
Schedule III - Real Estate And Accumulated Depreciation [Abstract] | |
Schedule III - Real Estate And Accumulated Depreciation | Self-storage facilities by market: Los Angeles 224 16,168 498 510,249 924,346 336,653 507,863 1,263,385 1,771,248 737,208 Houston 127 10,426 - 186,320 467,084 216,915 185,781 684,538 870,319 287,542 San Francisco 138 8,982 - 241,791 527,127 211,251 254,541 725,628 980,169 456,544 Dallas/Ft. Worth 124 8,991 - 176,962 437,884 129,900 178,562 566,184 744,746 281,717 Chicago 130 8,172 - 137,165 352,595 128,165 140,002 477,923 617,925 361,662 New York 94 6,939 - 250,900 548,541 190,536 257,237 732,740 989,977 418,570 Atlanta 104 6,982 1,771 132,631 345,587 86,379 132,993 431,604 564,597 261,138 Seattle/Tacoma 97 6,794 - 198,063 531,742 104,116 198,710 635,211 833,921 324,181 Miami 94 6,726 - 239,291 497,380 105,510 241,184 600,997 842,181 307,964 Washington DC 91 5,648 - 233,905 406,769 116,974 239,059 518,589 757,648 306,497 Orlando/Daytona 72 4,550 11,886 140,411 253,375 57,731 145,892 305,625 451,517 154,128 Denver 61 4,531 9,299 95,009 226,499 92,835 95,730 318,613 414,343 143,582 Charlotte 56 4,354 - 80,253 205,370 76,528 88,116 274,035 362,151 118,762 Minneapolis/St. Paul 57 4,237 2,905 111,507 233,259 66,017 111,672 299,111 410,783 117,375 Tampa 54 3,682 - 88,919 181,402 47,994 91,681 226,634 318,315 122,703 Philadelphia 56 3,546 - 51,682 152,406 56,991 50,703 210,376 261,079 160,000 West Palm Beach 46 3,721 - 156,788 221,479 60,557 157,496 281,328 438,824 120,954 Detroit 42 2,950 - 63,804 168,897 37,770 64,654 205,817 270,471 111,495 Phoenix 40 2,664 - 65,718 185,117 27,224 65,709 212,350 278,059 103,146 Austin 32 2,447 - 56,918 127,011 43,766 58,940 168,755 227,695 83,512 Portland 43 2,256 - 51,182 126,464 27,536 51,840 153,342 205,182 101,422 Sacramento 34 1,959 - 25,141 69,409 28,184 25,646 97,088 122,734 76,661 Raleigh 28 1,975 - 50,348 99,583 38,195 51,479 136,647 188,126 60,484 San Diego 20 1,816 - 47,884 108,911 40,724 50,394 147,125 197,519 86,884 San Antonio 28 1,791 - 27,566 76,028 27,030 27,524 103,100 130,624 66,131 Norfolk 36 2,215 - 47,728 128,986 22,398 46,843 152,269 199,112 63,430 Boston 27 1,864 - 70,261 194,588 24,287 70,827 218,309 289,136 91,348 Columbus 22 1,629 - 25,341 64,746 27,256 25,448 91,895 117,343 44,934 Oklahoma City 22 1,531 - 35,704 68,360 13,470 35,704 81,830 117,534 23,568 Baltimore 23 1,472 - 25,176 79,734 19,078 25,300 98,688 123,988 70,717 Indianapolis 25 1,580 - 25,752 69,619 13,511 26,752 82,130 108,882 45,217 St. Louis 26 1,443 - 20,037 56,237 21,854 20,680 77,448 98,128 63,361 Kansas City 24 1,461 - 14,225 43,732 28,126 14,425 71,658 86,083 59,666 Columbia 23 1,331 - 20,169 57,131 19,882 20,928 76,254 97,182 35,292 Las Vegas 20 1,259 - 23,168 52,723 10,296 22,417 63,770 86,187 48,404 Milwaukee 15 964 916 13,189 32,071 10,104 13,158 42,206 55,364 33,057 Cincinnati 17 947 - 15,023 32,351 22,874 14,941 55,307 70,248 30,007 Louisville 15 916 - 23,563 46,108 7,523 23,562 53,632 77,194 13,630 Jacksonville 14 841 - 11,252 27,714 11,820 11,301 39,485 50,786 32,215 Nashville/Bowling Green 17 1,108 - 18,787 35,425 30,356 18,785 65,783 84,568 28,543 Honolulu 11 807 - 54,184 106,299 12,703 55,101 118,085 173,186 63,344 Greensboro 14 845 - 13,413 35,326 13,644 15,502 46,881 62,383 25,853 Colorado Springs 14 992 - 10,588 38,237 22,069 10,584 60,310 70,894 28,108 Chattanooga 10 695 - 6,569 26,045 7,500 6,371 33,743 40,114 14,691 Hartford/New Haven 11 693 - 6,778 19,959 21,850 8,443 40,144 48,587 31,810 Savannah 12 686 - 33,094 42,465 2,576 31,766 46,369 78,135 15,910 Charleston 14 950 - 16,947 56,793 17,256 17,923 73,073 90,996 23,801 Fort Myers/Naples 10 770 - 21,522 46,395 5,352 21,757 51,512 73,269 17,493 New Orleans 9 627 - 9,205 30,832 6,254 9,373 36,918 46,291 24,916 Greensville/Spartanburg/Asheville 11 623 - 9,036 20,767 10,051 9,965 29,889 39,854 20,324 Reno 7 559 - 5,487 18,704 4,058 5,487 22,762 28,249 12,110 Birmingham 14 538 - 5,229 17,835 13,326 5,117 31,273 36,390 27,335 Salt Lake City 8 517 - 7,846 15,947 4,860 7,495 21,158 28,653 14,506 Memphis 9 510 - 7,962 21,981 9,049 9,315 29,677 38,992 20,278 Buffalo/Rochester 9 462 - 6,785 17,954 3,836 6,783 21,792 28,575 13,589 Richmond 13 652 - 18,092 40,160 5,172 17,897 45,527 63,424 18,118 Tucson 7 439 - 9,403 25,491 5,734 9,884 30,744 40,628 19,101 Cleveland/Akron 7 433 - 4,070 16,139 5,483 4,463 21,229 25,692 11,954 Wichita 7 433 - 2,017 6,691 7,265 2,130 13,843 15,973 11,755 Mobile 10 452 - 4,688 21,170 4,906 4,515 26,249 30,764 12,900 Omaha 4 377 - 7,491 20,930 3,019 7,491 23,949 31,440 3,189 Monterey/Salinas 7 329 - 8,465 24,151 4,170 8,455 28,331 36,786 21,033 Palm Springs 3 242 - 8,309 18,065 1,286 8,309 19,351 27,660 10,356 Evansville 5 326 - 2,340 14,316 1,192 2,312 15,536 17,848 3,577 Dayton 5 230 - 1,074 8,975 4,817 1,073 13,793 14,866 7,066 Augusta 6 345 - 4,984 13,120 3,633 4,984 16,753 21,737 5,939 Fort Wayne 3 168 - 349 3,594 3,126 349 6,720 7,069 5,802 Providence 3 155 - 995 11,206 2,957 995 14,163 15,158 6,295 Huntsville/Decatur 3 153 - 1,024 3,321 3,029 971 6,403 7,374 5,963 Shreveport 2 150 - 817 3,030 2,254 741 5,360 6,101 4,678 Springfield/Holyoke 2 144 - 1,428 3,380 1,815 1,427 5,196 6,623 4,671 Rochester 2 99 - 1,047 2,246 2,090 980 4,403 5,383 3,931 Santa Barbara 2 98 - 5,733 9,106 452 5,733 9,558 15,291 5,417 Topeka 2 94 - 225 1,419 2,067 225 3,486 3,711 2,966 Lansing 2 88 - 556 2,882 891 556 3,773 4,329 2,239 Roanoke 3 159 - 2,147 13,801 842 2,147 14,643 16,790 2,523 Flint 1 56 - 543 3,068 242 542 3,311 3,853 1,826 Joplin 1 56 - 264 904 1,012 264 1,916 2,180 1,579 Syracuse 1 55 - 545 1,279 820 545 2,099 2,644 1,976 Modesto/Fresno/Stockton 1 33 - 44 206 968 193 1,025 1,218 795 Commercial and non-operating real estate - 13,194 26,143 28,811 14,231 53,917 68,148 40,107 2,483 168,908 $ 27,275 $ 4,124,271 $ 9,274,122 $ 2,890,753 $ 4,186,873 $ 12,102,273 $ 16,289,146 $ 6,623,475 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 Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of Presentation | 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”). Certain amounts previously reported in our December 31, 2018 and 2017 financial statements have been reclassified to conform to the December 31, 2019 presentation, including separate presentation on our Statements of Cash Flows of our cash payments for real estate investments between cash paid for amounts incurred during the current period and amounts incurred during previous periods. |
Consolidation and Equity Method of Accounting | Consolidation and Equity Method of Accounting We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or the equity holders as a group do not have a controlling financial interest. We consolidate VIEs when we have (i) the power to direct the activities most significantly impacting economic performance, and (ii) either the obligation to absorb losses or the right to receive benefits from the VIE. We have no involvement with any material VIEs. We consolidate all other entities when we control them through voting shares or contractual rights. The entities we consolidate, for the period in which the reference applies, are referred to collectively as the “Subsidiaries,” and we eliminate intercompany transactions and balances. We account for our investments in entities that we do not consolidate but have significant influence over using the equity method of accounting. These entities, for the periods in which the reference applies, are referred to collectively as the “Unconsolidated Real Estate Entities,” eliminating intra-entity profits and losses and amortizing any differences between the cost of our investment and the underlying equity in net assets against equity in earnings as if the Unconsolidated Real Estate Entity were a consolidated subsidiary. Equity in earnings of unconsolidated real estate entities 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, 2019, the Company and the Subsidiaries own 2,483 self-storage facilities and four commercial facilities in the U.S. At December 31, 2019, the Unconsolidated Real Estate Entities are comprised of PSB and Shurgard. |
Use of Estimates | Use of Estimates The financial statements and accompanying notes reflect our estimates and assumptions. Actual results could differ from those estimates and assumptions. |
Income Taxes | Income Taxes We have elected to be treated as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, we do not incur federal income tax if we distribute 100 % of our REIT taxable income each year, and if we meet certain organizational and operational rules. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no federal income tax expense related to our REIT taxable income. Our merchandise and tenant reinsurance operations are subject to corporate income tax and such taxes are included in ancillary cost of operations. We also incur income and other taxes in certain states, which are included in general and administrative expense. We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of December 31, 2019, we had no tax benefits that were not recognized. |
Real Estate Facilities | Real Estate Facilities Real estate facilities are recorded at cost. We capitalize all costs incurred to acquire, develop, construct, renovate and improve facilities, including interest and property taxes incurred during the construction period. We allocate the net acquisition cost of acquired real estate facilities to the underlying land, buildings, and identified intangible assets based upon their respective individual estimated fair values. Costs associated with dispositions of real estate, as well as repairs and maintenance costs, are expensed as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years. When we sell a full or partial interest in a real estate facility without retaining a controlling interest following sale, we recognize a gain or loss on sale as if 100 % of the property was sold at fair value. If we retain a controlling interest following the sale, we record a noncontrolling interest for the book value of the partial interest sold, and recognize additional paid-in capital for the difference between the consideration received and the partial interest at book value. |
Other Assets | Other Assets Other assets primarily consist of rents receivable from our tenants, prepaid expenses, restricted cash and right-to-use assets (Note 12). |
Accrued and Other Liabilities | Accrued and Other Liabilities Accrued and other liabilities consist primarily of rents prepaid by our tenants, trade payables, property tax accruals, accrued payroll, accrued tenant reinsurance losses, lease liabilities (Note 12), and contingent loss accruals when probable and estimable. We believe the fair value of our accrued and other liabilities approximates book value, due primarily to the short period until repayment. We disclose the nature of significant unaccrued losses that are reasonably possible of occurring and, if estimable, a range of exposure. |
Cash Equivalents, Restricted Cash, Marketable Securities and Other Financial Instruments | Cash Equivalents, 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 | 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 | 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, 2019, due primarily to our investment in Shurgard (Note 4) and our notes payable denominated in Euros (Note 6), our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Intangible assets are comprised of goodwill, the “Shurgard” trade name and acquired customers in place. Goodwill totaled $ 174.6 million at December 31, 2019 and 2018. The “Shurgard” trade name, which is used by Shurgard pursuant to a fee-based licensing agreement, has a book value of $ 18.8 million at December 31, 2019 and 2018. Goodwill and the “Shurgard” trade name have indefinite lives and are not amortized. Our finite-lived assets are comprised primarily of acquired customers in place and are amortized relative to the benefit of the customers in place to each period. At December 31, 2019, these intangibles had a net book value of $ 12.5 million ($ 16.5 million at December 31, 2018). Accumulated amortization totaled $ 27.5 million at December 31, 2019 ($ 29.6 million at December 31, 2018), and amortization expense of $ 16.8 million, $ 16.6 million and $ 15.0 million was recorded in 2019, 2018 and 2017, respectively. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2019 is approximately $ 10.8 million in 2020, $ 1.3 million in 2021 and $ 0.4 million thereafter. During 2019, 2018 and 2017, intangibles increased $ 18.5 million, $ 11.6 million and $ 17.2 million, respectively, in connection with the acquisition of self-storage facilities (Note 3). |
Evaluation of Asset Impairment | Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate other indefinite-lived intangible assets, such as the “Shurgard” trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for any period presented herein. |
Casualty Loss | 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 | 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 | 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 1.122 U.S. Dollars per Euro at December 31, 2019 ( 1.144 at December 31, 2018), and average exchange rates of 1.120 , 1.181 and 1.129 for the years ended December 31, 2019, 2018 and 2017, 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 | Comprehensive Income Total comprehensive income represents net income, adjusted for changes in other comprehensive income (loss) for the applicable period. The aggregate foreign currency exchange gains and losses reflected on our statements of comprehensive income are comprised primarily of foreign currency exchange gains and losses on our investment in Shurgard and our unsecured notes denominated in Euros. |
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 common 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, 2019 2018 2017 Weighted average common shares and equivalents outstanding: Basic weighted average common shares outstanding 174,287 173,969 173,613 Net effect of dilutive stock options - based on treasury stock method 243 328 538 Diluted weighted average common shares outstanding 174,530 174,297 174,151 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Net Income Per Common Share | For the Years Ended December 31, 2019 2018 2017 Weighted average common shares and equivalents outstanding: Basic weighted average common shares outstanding 174,287 173,969 173,613 Net effect of dilutive stock options - based on treasury stock method 243 328 538 Diluted weighted average common shares outstanding 174,530 174,297 174,151 |
Real Estate Facilities (Tables)
Real Estate Facilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate Facilities [Abstract] | |
Schedule Of Real Estate Activities | For the Years Ended December 31, 2019 2018 2017 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 15,296,844 $ 14,665,989 $ 13,963,229 Costs incurred for capital expenditures to maintain real estate facilities 192,539 139,397 124,780 Acquisitions 421,097 169,436 274,115 Dispositions ( 426 ) ( 25,633 ) ( 1,092 ) Hurricane damage - - ( 8,226 ) Developed or expanded facilities opened for operation 379,092 348,270 311,559 Impact of foreign exchange rate changes - ( 615 ) 1,624 Ending balance 16,289,146 15,296,844 14,665,989 Accumulated depreciation: Beginning balance ( 6,140,072 ) ( 5,700,331 ) ( 5,270,963 ) Depreciation expense ( 483,408 ) ( 457,029 ) ( 433,466 ) Dispositions 5 16,876 123 Hurricane damage - - 4,940 Impact of foreign exchange rate changes - 412 ( 965 ) Ending balance ( 6,623,475 ) ( 6,140,072 ) ( 5,700,331 ) Construction in process: Beginning balance 285,339 264,441 230,310 Costs incurred for development and expansion of real estate facilities 235,687 362,397 349,712 Developed or expanded facilities opened for operation ( 379,092 ) ( 348,270 ) ( 311,559 ) Dispositions - ( 2,698 ) ( 4,022 ) Transfer from other assets - 9,469 - Ending balance 141,934 285,339 264,441 Total real estate facilities at December 31, $ 9,807,605 $ 9,442,111 $ 9,230,099 |
Investments In Unconsolidated_2
Investments In Unconsolidated Real Estate Entities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments In Unconsolidated Real Estate Entities [Abstract] | |
Schedule Of Investments In Real Estate Entities And Equity In Earnings Of Real Estate Entities | Investments in Unconsolidated Real Estate Equity in Earnings of Unconsolidated Real Estate Entities at December 31, Entities for the Year Ended December 31, 2019 2018 2019 2018 2017 PSB $ 427,875 $ 434,533 $ 54,090 $ 89,362 $ 46,544 Shurgard 339,941 349,455 15,457 14,133 25,948 Other Investments - - - - 3,163 Total $ 767,816 $ 783,988 $ 69,547 $ 103,495 $ 75,655 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Payable [Abstract] | |
Notes Payable | Amounts at December 31, 2019 Coupon Effective Unamortized Book Fair Rate Rate Principal Costs Value Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 2.370 % 2.483 % $ 500,000 $ ( 1,419 ) $ 498,581 $ 505,639 Notes due September 15, 2027 3.094 % 3.218 % 500,000 ( 4,076 ) 495,924 520,694 Notes due May 1, 2029 3.385 % 3.459 % 500,000 ( 2,876 ) 497,124 531,911 1,500,000 ( 8,371 ) 1,491,629 1,558,244 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540 % 1.540 % 112,156 - 112,156 115,932 Notes due November 3, 2025 2.175 % 2.175 % 271,433 - 271,433 298,398 383,589 - 383,589 414,330 Mortgage Debt , secured by 27 real estate facilities with a net book value of $ 105.7 million 4.025 % 3.995 % 27,275 - 27,275 28,506 $ 1,910,864 $ ( 8,371 ) $ 1,902,493 $ 2,001,080 Amounts at December 31, 2018 Book Fair Value Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 $ 498,053 $ 482,017 Notes due September 15, 2027 495,396 469,055 Notes due May 1, 2029 - - 993,449 951,072 Euro Denominated Unsecured Debt Notes due April 12, 2024 114,449 115,964 Notes due November 3, 2025 276,982 286,078 391,431 402,042 Mortgage Debt 27,403 27,613 $ 1,412,283 $ 1,380,727 |
Maturities Of Notes Payable | Unsecured Mortgage Debt Debt Total 2020 $ - $ 2,015 $ 2,015 2021 - 1,871 1,871 2022 500,000 2,584 502,584 2023 - 19,219 19,219 2024 112,156 124 112,280 Thereafter 1,271,433 1,462 1,272,895 $ 1,883,589 $ 27,275 $ 1,910,864 Weighted average effective rate 2.8 % 4.0 % 2.9 % |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Shareholders’ Equity [Abstract] | |
Preferred Shares Outstanding | At December 31, 2019 At December 31, 2018 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference 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 19,800 495,000 Series W 1/16/2018 5.200 % 20,000 500,000 20,000 500,000 Series X 3/13/2018 5.200 % 9,000 225,000 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 12,000 300,000 Series C 5/17/2021 5.125 % 8,000 200,000 8,000 200,000 Series D 7/20/2021 4.950 % 13,000 325,000 13,000 325,000 Series E 10/14/2021 4.900 % 14,000 350,000 14,000 350,000 Series F 6/2/2022 5.150 % 11,200 280,000 11,200 280,000 Series G 8/9/2022 5.050 % 12,000 300,000 12,000 300,000 Series H 3/11/2024 5.600 % 11,400 285,000 - - Series I 9/12/2024 4.875 % 12,650 316,250 - - Series J 11/15/2024 4.700 % 10,350 258,750 - - Series K 12/20/2024 4.750 % 9,200 230,000 - - Total Preferred Shares 162,600 $ 4,065,000 161,000 $ 4,025,000 |
Schedule Of Issuance And Repurchases Of Common Shares | 2019 2018 2017 Shares Amount Shares Amount Shares Amount Employee stock-based compensation and exercise of stock options (Note 10) 287,734 $ 33,564 277,511 $ 12,525 564,583 $ 42,500 |
Schedule Of Distribution Classification | 2019 (unaudited) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Ordinary Income 100.00 % 100.00 % 100.00 % 100.00 % Long-Term Capital Gain 0.00 % 0.00 % 0.00 % 0.00 % Total 100.00 % 100.00 % 100.00 % 100.00 % |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation Options Outstanding Rollforward | 2019 2018 2017 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, 2,420,922 $ 201.31 2,408,917 $ 192.12 1,995,440 $ 150.83 Granted 120,000 221.12 200,000 194.29 1,096,000 223.58 Exercised ( 191,255 ) 174.55 ( 179,995 ) 69.53 ( 482,523 ) 88.07 Cancelled ( 10,000 ) 197.90 ( 8,000 ) 223.50 ( 200,000 ) 203.64 Options outstanding December 31, 2,339,667 $ 204.53 2,420,922 $ 201.31 2,408,917 $ 192.12 Options exercisable at December 31, 1,501,667 $ 196.37 1,147,122 $ 178.31 848,250 $ 143.55 |
Share-Based Compensation Valuation Assumptions | 2019 2018 2017 Stock option expense for the year (in 000's) (a) $ 4,950 $ 17,162 $ 8,707 Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 11,848 $ 25,117 $ 61,334 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 2.3 % 2.7 % 1.9 % Expected volatility, based upon historical volatility 8.9 % 12.5 % 17.9 % Expected dividend yield 3.6 % 4.1 % 3.6 % Average estimated value of options granted during the year $ 9.61 $ 13.09 $ 23.49 (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 | 2019 2018 2017 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, 717,696 $ 151,212 799,129 $ 166,144 696,641 $ 136,905 Granted 97,140 21,113 138,567 27,733 340,957 73,953 Vested ( 160,329 ) ( 32,714 ) ( 164,104 ) ( 30,717 ) ( 144,473 ) ( 25,305 ) Forfeited ( 35,357 ) ( 7,553 ) ( 55,896 ) ( 11,948 ) ( 93,996 ) ( 19,409 ) Restricted share units outstanding December 31, 619,150 $ 132,058 717,696 $ 151,212 799,129 $ 166,144 |
Share-Based Compensation Shares Vesting During Year | 2019 2018 2017 Amounts for the year (in 000's, except number of shares): Fair value of vested shares on vesting date $ 33,769 $ 32,317 $ 31,962 Cash paid for taxes upon vesting in lieu of issuing common shares $ 12,162 $ 12,347 $ 14,092 Common shares issued upon vesting 96,479 97,516 82,060 Restricted share unit expense (a) $ 21,662 $ 53,869 $ 28,841 (a) Amounts for 2019, 2018 and 2017 include approximately $ 1.2 million, $ 1.1 million and $ 0.7 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)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Information [Abstract] | |
Summary Of Segment Information | For the Years Ended December 31, 2019 2018 2017 Self-Storage Segment Revenue $ 2,684,552 $ 2,597,607 $ 2,512,433 Cost of operations ( 752,579 ) ( 695,731 ) ( 657,633 ) Net operating income 1,931,973 1,901,876 1,854,800 Depreciation and amortization ( 512,918 ) ( 483,646 ) ( 454,526 ) Net income 1,419,055 1,418,230 1,400,274 Ancillary Segment Revenue 162,271 156,673 156,095 Cost of operations ( 44,204 ) ( 43,991 ) ( 50,345 ) Net operating income 118,067 112,682 105,750 Investment in PSB Segment Equity in earnings of unconsolidated real estate entities (a) 54,090 89,362 46,544 Investment in Shurgard Segment Equity in earnings of unconsolidated real estate entities (a) 15,457 14,133 25,948 Gain due to Shurgard public offering - 151,616 - Net income from Investment in Shurgard Segment 15,457 165,749 25,948 Total net income allocated to segments 1,606,669 1,786,023 1,578,516 Other items not allocated to segments: General and administrative ( 71,983 ) ( 118,720 ) ( 82,882 ) Interest and other income 28,436 26,442 18,771 Equity in earnings of unconsolidated real estate entities - Other Investments (a) - - 3,163 Interest expense ( 45,641 ) ( 32,542 ) ( 12,690 ) Foreign currency exchange gain (loss) 7,829 18,117 ( 50,045 ) Casualty loss - - ( 7,789 ) Gain on sale of real estate 341 37,903 1,421 Net income $ 1,525,651 $ 1,717,223 $ 1,448,465 (a) See Note 4 for a reconciliation of these amounts to our total Equity in Earnings of Unconsolidated Real Estate Entities on our income statements. |
Supplementary Quarterly Finan_2
Supplementary Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplementary Quarterly Financial Data [Abstract] | |
Supplementary Quarterly Financial Data | Three Months Ended March 31, June 30, September 30, December 31, 2019 2019 2019 2019 (Amounts in thousands, except per share data) Self-storage and ancillary revenues $ 689,038 $ 710,950 $ 729,336 $ 717,499 Self-storage and ancillary cost of operations $ 204,201 $ 207,736 $ 212,262 $ 172,584 Depreciation and amortization $ 121,941 $ 126,859 $ 129,233 $ 134,885 Net Income $ 367,678 $ 371,456 $ 399,420 $ 387,097 Per Common Share Net income - Basic $ 1.73 $ 1.76 $ 1.94 $ 1.88 Net income - Diluted $ 1.73 $ 1.76 $ 1.93 $ 1.87 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 |
Description Of The Business (Na
Description Of The Business (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2019ft²statecountryitemshares | Dec. 31, 2018shares | Oct. 15, 2018 | Dec. 31, 2017shares | |
Nature Of Business [Line Items] | ||||
Net rentable square feet | 168,908 | |||
Public Storage [Member] | ||||
Nature Of Business [Line Items] | ||||
PSA self-storage facilities | item | 2,483 | |||
Net rentable square feet | 169,000,000 | |||
Number of states with facilities | state | 38 | |||
Public Storage [Member] | Commercial and Retail Space [Member] | ||||
Nature Of Business [Line Items] | ||||
Net rentable square feet | 900,000 | |||
Shurgard [Member] | ||||
Nature Of Business [Line Items] | ||||
Net rentable square feet | 13,000,000 | |||
Shares owned | shares | 31,268,459 | 31,268,459 | 31,268,459 | |
Ownership interest, percentage | 35.00% | 35.00% | ||
Number of facilities owned by Shurgard | item | 234 | |||
Number of countries in which entity operates | country | 7 | |||
PSB [Member] | ||||
Nature Of Business [Line Items] | ||||
Net rentable square feet | 27,600,000 | |||
Number of states with facilities | state | 6 | |||
Ownership interest, percentage | 42.00% |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Consolidation And Equity Method Of Accounting) (Narrative) (Details) - U.S. [Member] | Dec. 31, 2019item |
Summary Of Significant Accounting Policies [Line Items] | |
Number of self-storage facilities owned | 2,483 |
Commercial facilities in U.S. | 4 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Income Taxes) (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Summary Of Significant Accounting Policies [Abstract] | |
Percentage of taxable income distributed for exemption of federal income tax | 100.00% |
Unrecognized tax benefits | $ 0 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Real Estate Facilities) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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 Accoun_7
Summary Of Significant Accounting Policies (Goodwill And Other Intangible Assets) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | 12.5 | 16.5 | |
In-place and leasehold interests in land, accumulated amortization | 27.5 | 29.6 | |
In-place and leasehold interests in land, amortization expense | 16.8 | 16.6 | $ 15 |
Estimated future amortization expense, 2020 | 10.8 | ||
Estimated future amortization expense, 2021 | 1.3 | ||
Estimated future amortization expense, thereafter | 0.4 | ||
Increase in in-place and leasehold interests in land | $ 18.5 | $ 11.6 | $ 17.2 |
Summary Of Significant Accoun_8
Summary Of Significant Accounting Policies (Evaluation Of Asset Impairment) (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Summary Of Significant Accounting Policies [Abstract] | |
Impairments | $ 0 |
Summary Of Significant Accoun_9
Summary Of Significant Accounting Policies (Casualty Loss) (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | |
Loss from catastrophes | $ 7,789 |
Book Value of Assets Damaged [Member] | |
Property, Plant and Equipment [Line Items] | |
Loss from catastrophes | 3,300 |
Repairs And Maintenance [Member] | |
Property, Plant and Equipment [Line Items] | |
Loss from catastrophes | $ 4,500 |
Summary Of Significant Accou_10
Summary Of Significant Accounting Policies (Foreign Currency Exchange Translation) (Narrative) (Details) - $ / € | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Trading Activity, Gains and Losses, Net [Line Items] | |||
Exchange rate translation | 1.122 | 1.144 | |
Weighted Average [Member] | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Exchange rate translation | 1.120 | 1.181 | 1.129 |
Summary Of Significant Accou_11
Summary Of Significant Accounting Policies (Net Income Per Common Share) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Basic weighted average common shares outstanding | 174,287 | 173,969 | 173,613 |
Net effect of dilutive stock options - based on treasury stock method | 243 | 328 | 538 |
Diluted weighted average common shares outstanding | 174,530 | 174,297 | 174,151 |
Real Estate Facilities (Narrati
Real Estate Facilities (Narrative) (Details) $ in Thousands | Oct. 25, 2018USD ($) | Oct. 18, 2018USD ($) | Dec. 31, 2017USD ($)ft²item | Dec. 31, 2019USD ($)ft²item | Dec. 31, 2018USD ($)ft²item | Dec. 31, 2017USD ($)ft²item | Dec. 31, 2016USD ($) |
Schedule Of Real Estate Facilities [Line Items] | |||||||
Net rentable square feet | ft² | 168,908 | ||||||
Cash to acquire self-storage facilities | $ 437,758 | $ 181,020 | $ 285,279 | ||||
Gain on real estate sales | 341 | 37,903 | 1,421 | ||||
Other assets | 174,344 | 131,097 | |||||
Cash proceeds from sale of real estate facilities | 6,400 | $ 300 | |||||
Payments for development and expansion of real estate facilities | 284,700 | 340,000 | 337,300 | ||||
Payments for development and expansion of real estate facilities for: Costs incurred in previous periods | 81,351 | 58,792 | 48,055 | ||||
Costs incurred for development and expansion of real estate facilities | 235,687 | 362,397 | 349,712 | ||||
Unpaid costs incurred for development and expansion of real estate facilities | 32,400 | 81,200 | 60,500 | ||||
Payments for capital expenditures to maintain real estate facilities | 187,300 | 141,000 | 120,600 | ||||
Payments for capital expenditures to maintain real estate facilities for: Costs incurred in previous periods | 11,331 | 13,005 | 8,964 | ||||
Costs incurred for capital expenditures to maintain real estate facilities | 192,539 | 139,397 | 124,780 | ||||
Unpaid costs incurred for capital expenditures to maintain real estate facilities | 16,600 | 11,400 | 13,100 | ||||
Transfer from other assets | 9,469 | ||||||
Real estate facilities for federal tax purposes | $ 10,600,000 | ||||||
Development and Redevelopment [Member] | |||||||
Schedule Of Real Estate Facilities [Line Items] | |||||||
Aggregate costs to develop and expand | $ 348,300 | $ 311,600 | |||||
Addtional net rentable square feet | ft² | 3,000,000 | 2,700,000 | |||||
Disposal Of Commercial Facility [Member] | |||||||
Schedule Of Real Estate Facilities [Line Items] | |||||||
Gain on real estate sales | $ 4,600 | ||||||
Cash proceeds from sale of real estate facilities | $ 8,700 | ||||||
Disposal Of Real Estate Facilities [Member] | |||||||
Schedule Of Real Estate Facilities [Line Items] | |||||||
Gain on real estate sales | $ 1,800 | ||||||
Cash proceeds from sale of real estate facilities | $ 3,400 | ||||||
Acquisition Of Self-Storage Facilities Other Investments [Member] | |||||||
Schedule Of Real Estate Facilities [Line Items] | |||||||
Number of operating self-storage facilities | item | 12 | 44 | 25 | ||||
Net rentable square feet | ft² | 749,000 | 3,133,000 | 1,600,000 | ||||
Total cost of acquisition | $ 141,800 | $ 439,600 | |||||
Cash to acquire self-storage facilities | $ 135,500 | 437,800 | $ 181,000 | ||||
Ownership interest, percentage | 74.25% | 74.25% | |||||
Mortgage debt assumed | 1,800 | ||||||
Allocated to intangible assets | $ 9,000 | $ 18,500 | $ 11,600 | $ 9,000 | |||
Other assets | 300 | $ 300 | |||||
Value of existing investment | 6,300 | ||||||
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 | |||||
Acquisition Of Commercial Facility [Member] | |||||||
Schedule Of Real Estate Facilities [Line Items] | |||||||
Number of operating self-storage facilities | item | 1 | ||||||
Net rentable square feet | ft² | 46,000 | ||||||
Newly Developed and Expansion Projects [Member] | Completed Developed and Expansion Project [Member] | |||||||
Schedule Of Real Estate Facilities [Line Items] | |||||||
Aggregate costs to develop and expand | $ 379,100 | ||||||
Addtional net rentable square feet | ft² | 3,700,000 | ||||||
West London [Member] | Disposal Of Real Estate [Member] | |||||||
Schedule Of Real Estate Facilities [Line Items] | |||||||
Gain on real estate sales | $ 31,500 | ||||||
Cash proceeds from sale of real estate facilities | 42,100 | ||||||
Cumulative other comprehensive loss, foreign currency translation | $ 4,800 |
Real Estate Facilities (Schedul
Real Estate Facilities (Schedule Of Real Estate Activities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate Facilities [Abstract] | |||
Beginning balance (Operating facilities, at cost) | $ 15,296,844 | $ 14,665,989 | $ 13,963,229 |
Costs incurred for capital expenditures to maintain real estate facilities | 192,539 | 139,397 | 124,780 |
Acquisitions | 421,097 | 169,436 | 274,115 |
Dispositions | (426) | (25,633) | (1,092) |
Hurricane damage | (8,226) | ||
Developed or expanded facilities opened for operation | 379,092 | 348,270 | 311,559 |
Impact of foreign exchange rate changes | (615) | 1,624 | |
Ending balance (Operating facilities, at cost) | 16,289,146 | 15,296,844 | 14,665,989 |
Beginning balance (Accumulated depreciation) | (6,140,072) | (5,700,331) | (5,270,963) |
Depreciation expense | (483,408) | (457,029) | (433,466) |
Dispositions | 5 | 16,876 | 123 |
Hurricane damage | 4,940 | ||
Impact of foreign exchange rate changes | 412 | (965) | |
Ending balance (Accumulated depreciation) | (6,623,475) | (6,140,072) | (5,700,331) |
Beginning balance (Construction in process) | 285,339 | 264,441 | 230,310 |
Costs incurred for development and expansion of real estate facilities | 235,687 | 362,397 | 349,712 |
Developed or expanded facilities opened for operations | (379,092) | (348,270) | (311,559) |
Dispositions | (2,698) | (4,022) | |
Transfer from other assets | 9,469 | ||
Ending balance (Construction in process) | 141,934 | 285,339 | 264,441 |
Total real estate facilities | $ 9,807,605 | $ 9,442,111 | $ 9,230,099 |
Investments In Unconsolidated_3
Investments In Unconsolidated Real Estate Entities (Investment in PSB) (Narrative) (Details) - PSB [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Common stock owned of PSB | 7,158,354 | 7,158,354 | 7,158,354 |
Limited partnership units in PSB | 7,305,355 | 7,305,355 | 7,305,355 |
Ownership interest, percentage | 42.00% | ||
Limited partnership units option to convert to common stock, conversion basis. | 1 | ||
Closing price per share | $ 164.87 | ||
Market value | $ 2,400 | ||
Cash distribution received | 60.7 | $ 55 | $ 49.2 |
Basis differential | 4.2 | 7.4 | |
Amortization of basis differential | $ 3.2 | $ 1.8 | $ 1.3 |
Investments In Unconsolidated_4
Investments In Unconsolidated Real Estate Entities (Investment In Shurgard) (Narrative) (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019USD ($)$ / €shares | Dec. 31, 2019USD ($)€ / shares$ / €shares | Dec. 31, 2018USD ($)$ / €shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2019€ / shares | Oct. 15, 2018€ / sharesshares | |
Schedule of Equity Method Investments [Line Items] | ||||||
Gain due to Shurgard Europe public offering | $ 151,616 | |||||
Exchange rate translation | $ / € | 1.122 | 1.122 | 1.144 | |||
Shurgard [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Shares owned | shares | 31,268,459 | 31,268,459 | 31,268,459 | 31,268,459 | ||
Shares issued | shares | 25,000,000 | |||||
Ownership interest, percentage | 35.00% | 35.00% | 35.00% | |||
Price per share | € / shares | € 23 | |||||
Gain due to Shurgard Europe public offering | $ 151,600 | |||||
Increase in investment | 174,000 | |||||
Reduction to other comprehensive loss, foreign currency translation | 22,400 | |||||
Closing price per share | € / shares | € 34 | |||||
Exchange rate translation | $ / € | 1.122 | 1.122 | ||||
Market value | $ 1,200,000 | $ 1,200,000 | ||||
Common stock dividends paid per share | € / shares | $ 0.67 | |||||
Cash distribution received | 23,100 | 145,400 | ||||
Change in investment from foreign currency exchange rates | (800) | (16,000) | $ 19,400 | |||
Trademark License [Member] | Shurgard [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Cash distribution received | $ 1,000 | $ 1,300 | $ 1,300 |
Investments In Unconsolidated_5
Investments In Unconsolidated Real Estate Entities (Other Investments) (Narrative) (Details) $ in Thousands | Dec. 31, 2017USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Cash to acquire self-storage facilities | $ 437,758 | $ 181,020 | $ 285,279 | |
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_6
Investments In Unconsolidated Real Estate Entities (Schedule Of Investments In Real Estate Entities And Equity In Earnings Of Real Estate Entities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||
Investments in Unconsolidated Real Estate Entities | $ 767,816 | $ 783,988 | |
Equity in Earnings of Unconsolidated Real Estate Entities | 69,547 | 103,495 | $ 75,655 |
Other Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in Earnings of Unconsolidated Real Estate Entities | 3,163 | ||
PSB [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in Unconsolidated Real Estate Entities | 427,875 | 434,533 | |
Equity in Earnings of Unconsolidated Real Estate Entities | 54,090 | 89,362 | 46,544 |
Shurgard [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in Unconsolidated Real Estate Entities | 339,941 | 349,455 | |
Equity in Earnings of Unconsolidated Real Estate Entities | $ 15,457 | $ 14,133 | $ 25,948 |
Credit Facility (Narrative) (De
Credit Facility (Narrative) (Details) - Credit Facility [Member] - USD ($) | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Apr. 18, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 25, 2020 | |
Schedule Of Debt [Line Items] | |||||
Credit Facility borrowing capacity | $ 500,000,000 | $ 500,000,000 | |||
Expiration of Credit Facility | Mar. 31, 2020 | Apr. 19, 2024 | |||
Interest rate spread (LIBOR) | 0.85% | 0.70% | 0.70% | ||
Frequency of commitment fee | quarterly | ||||
Commitment fee percentage | 0.08% | 0.07% | 0.07% | ||
Outstanding borrowings | $ 0 | $ 0 | |||
Reduction in borrowing capacity to amount of letters of credit | $ 15,900,000 | $ 16,200,000 | |||
Minimum [Member] | |||||
Schedule Of Debt [Line Items] | |||||
Interest rate spread (LIBOR) | 0.70% | ||||
Commitment fee percentage | 0.07% | ||||
Maximum [Member] | |||||
Schedule Of Debt [Line Items] | |||||
Interest rate spread (LIBOR) | 1.35% | ||||
Commitment fee percentage | 0.25% | ||||
Subsequent Event [Member] | |||||
Schedule Of Debt [Line Items] | |||||
Outstanding borrowings | $ 0 |
Notes Payable (Narrative) (Deta
Notes Payable (Narrative) (Details) | Sep. 18, 2017USD ($)item | Apr. 12, 2016USD ($) | Nov. 03, 2015USD ($) | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Apr. 12, 2019USD ($) | Apr. 12, 2016EUR (€) | Nov. 03, 2015EUR (€) |
Debt Instrument [Line Items] | |||||||||
Proceeds from Issuance of Debt | $ 496,900,000 | $ 992,077,000 | |||||||
Foreign currency exchange gain (loss) | 7,829,000 | $ 18,117,000 | (50,045,000) | ||||||
Cash paid for interest expense | 48,300,000 | 36,300,000 | 16,800,000 | ||||||
Interest capitalized as real estate | $ 3,900,000 | $ 4,800,000 | $ 4,400,000 | ||||||
Mortgage Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 3.90% | ||||||||
Mortgage debt assumed | $ 1,800,000 | ||||||||
Mortgage Notes [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 3.20% | ||||||||
Maturity date | Jan. 1, 2022 | ||||||||
Mortgage Notes [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 7.10% | ||||||||
Maturity date | Jul. 1, 2030 | ||||||||
U.S. Dollar Denominated Unsecured Debt [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 | 5.00% | ||||||||
Adjusted EBTIDA to interest Expense ratio | 47 | ||||||||
U.S. Dollar Denominated Unsecured Debt [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Adjusted EBTIDA to interest Expense ratio | 1.5 | ||||||||
U.S. Dollar Denominated Unsecured Debt [Member] | Notes Due May 1, 2029 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Issuance date | Apr. 12, 2019 | ||||||||
Debt issuance amount | $ 500,000,000 | ||||||||
Debt issuance costs | $ 3,100,000 | ||||||||
Interest rate | 3.385% | 3.385% | |||||||
Maturity date | May 1, 2029 | May 1, 2029 | |||||||
U.S. Dollar Denominated Unsecured Debt [Member] | Maximum Covenant [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt to Total Assets ratio | 65.00% | ||||||||
Euro Denominated Unsecured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of tranches | item | 2 | ||||||||
Euro Denominated Unsecured Debt [Member] | Notes Due November 3, 2025 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Issuance date | Nov. 3, 2015 | ||||||||
Debt issuance amount | € | € 242,000,000 | ||||||||
Interest rate | 2.175% | ||||||||
Maturity date | Nov. 3, 2025 | Nov. 3, 2025 | |||||||
Proceeds from Issuance of Debt | $ 264,300,000 | ||||||||
Euro Denominated Unsecured Debt [Member] | Notes Due April 12, 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Issuance date | Apr. 12, 2016 | ||||||||
Debt issuance amount | € | € 100,000,000 | ||||||||
Interest rate | 1.54% | ||||||||
Maturity date | Apr. 12, 2024 | Apr. 12, 2024 | |||||||
Proceeds from Issuance of Debt | $ 113,600,000 |
Notes Payable (Notes Payable) (
Notes Payable (Notes Payable) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Apr. 12, 2019 | |
Principal | $ 1,910,864 | ||
Unamortized Costs | (8,371) | ||
Book Value | 1,902,493 | $ 1,412,283 | |
Fair Value | 2,001,080 | 1,380,727 | |
U.S. Dollar Denominated Unsecured Debt [Member] | |||
Principal | 1,500,000 | ||
Unamortized Costs | (8,371) | ||
Book Value | 1,491,629 | 993,449 | |
Fair Value | $ 1,558,244 | 951,072 | |
U.S. Dollar Denominated Unsecured Debt [Member] | Notes Due September 15, 2022 [Member] | |||
Coupon Rate | 2.37% | ||
Effective Rate | 2.483% | ||
Principal | $ 500,000 | ||
Unamortized Costs | (1,419) | ||
Book Value | 498,581 | 498,053 | |
Fair Value | $ 505,639 | $ 482,017 | |
Maturity date | Sep. 15, 2022 | Sep. 15, 2022 | |
U.S. Dollar Denominated Unsecured Debt [Member] | Notes Due September 15, 2027 [Member] | |||
Coupon Rate | 3.094% | ||
Effective Rate | 3.218% | ||
Principal | $ 500,000 | ||
Unamortized Costs | (4,076) | ||
Book Value | 495,924 | $ 495,396 | |
Fair Value | $ 520,694 | $ 469,055 | |
Maturity date | Sep. 15, 2027 | Sep. 15, 2027 | |
U.S. Dollar Denominated Unsecured Debt [Member] | Notes Due May 1, 2029 [Member] | |||
Coupon Rate | 3.385% | 3.385% | |
Effective Rate | 3.459% | ||
Principal | $ 500,000 | ||
Unamortized Costs | (2,876) | ||
Book Value | 497,124 | ||
Fair Value | $ 531,911 | ||
Maturity date | May 1, 2029 | May 1, 2029 | |
Euro Denominated Unsecured Debt [Member] | |||
Principal | $ 383,589 | ||
Book Value | 383,589 | $ 391,431 | |
Fair Value | $ 414,330 | 402,042 | |
Euro Denominated Unsecured Debt [Member] | Notes Due April 12, 2024 [Member] | |||
Coupon Rate | 1.54% | ||
Effective Rate | 1.54% | ||
Principal | $ 112,156 | ||
Book Value | 112,156 | 114,449 | |
Fair Value | $ 115,932 | $ 115,964 | |
Maturity date | Apr. 12, 2024 | Apr. 12, 2024 | |
Euro Denominated Unsecured Debt [Member] | Notes Due November 3, 2025 [Member] | |||
Coupon Rate | 2.175% | ||
Effective Rate | 2.175% | ||
Principal | $ 271,433 | ||
Book Value | 271,433 | $ 276,982 | |
Fair Value | $ 298,398 | $ 286,078 | |
Maturity date | Nov. 3, 2025 | Nov. 3, 2025 | |
Mortgage Debt [Member] | |||
Coupon Rate | 4.025% | ||
Effective Rate | 3.995% | ||
Principal | $ 27,275 | ||
Book Value | 27,275 | $ 27,403 | |
Fair Value | 28,506 | $ 27,613 | |
Mortgage Debt [Member] | Secured By Real Estate Facilities [Member] | |||
Net book value of real estate facilities securing notes payable | $ 105,700 | ||
Real estate facilities securing debt | item | 27 |
Notes Payable (Maturities Of No
Notes Payable (Maturities Of Notes Payable) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
Total debt | $ 1,910,864 |
Unsecured Debt [Member] | |
Debt Instrument [Line Items] | |
2022 | 500,000 |
2024 | 112,156 |
Thereafter | 1,271,433 |
Total debt | $ 1,883,589 |
Weighted average effective rate | 2.80% |
Mortgage Debt [Member] | |
Debt Instrument [Line Items] | |
2020 | $ 2,015 |
2021 | 1,871 |
2022 | 2,584 |
2023 | 19,219 |
2024 | 124 |
Thereafter | 1,462 |
Total debt | $ 27,275 |
Weighted average effective rate | 4.00% |
Total [Member] | |
Debt Instrument [Line Items] | |
2020 | $ 2,015 |
2021 | 1,871 |
2022 | 502,584 |
2023 | 19,219 |
2024 | 112,280 |
Thereafter | 1,272,895 |
Total debt | $ 1,910,864 |
Weighted average effective rate | 2.90% |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)itemshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Noncontrolling Interest [Line Items] | |||
Distributions paid | $ 6,672 | $ 7,022 | $ 7,392 |
Acquisition of noncontrolling interests | 35,000 | 14,425 | |
Contributions by noncontrolling interests | $ 4,148 | 1,720 | 2,484 |
Noncontrolling Interests [Member] | |||
Noncontrolling Interest [Line Items] | |||
Permanent noncontrolling interest in subsidiaries, number of self-storage facilities | item | 18 | ||
Permanent noncontrolling interest in subsidiaries, number of self-storage facilities under construction | item | 7 | ||
Convertible partnership units | shares | 231,978 | ||
Income allocated to other permanent noncontrolling interest in subsidiaries | $ 5,100 | 6,200 | 6,200 |
Distributions paid | 6,672 | 7,022 | 7,392 |
Acquisition of noncontrolling interests | 11,087 | 6,724 | |
Contributions by noncontrolling interests | 4,148 | $ 1,720 | 2,484 |
Paid-In Capital [Member] | |||
Noncontrolling Interest [Line Items] | |||
Acquisition of noncontrolling interests | $ 23,913 | $ 7,701 |
Shareholders' Equity (Preferred
Shareholders' Equity (Preferred Shares) (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)item$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | |
Class of Stock [Line Items] | ||
Number of quarterly dividends in arrearage before preferred shareholders can elect additional board members | item | 6 | |
Number of additional board members the preferred shareholders can elect in the case of an excess arrearage of quarterly dividends | item | 2 | |
Affirmative vote of outstanding shares of a series of Preferred Shares required for any material and adverse amendment to the terms of series, percent | 66.67% | |
Affirmative vote of outstanding shares of all Preferred Shares, voting as a single class, required to issue shares ranking senior to Preferred Shares, percent | 66.67% | |
Redemption price per share | $ / shares | $ 25 | |
Gross proceeds from issuance of preferred stock | $ 1,059,156 | $ 561,177 |
EITF D-42 allocations | 32,693 | 29,330 |
Series U, Series Y, Series Z and SeriesA Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, redemption amount | $ 1,050,000 | |
Series H, Series I, Series J and Series K Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Shares issued | shares | 43,600,000 | |
Preferred shares per depositary share | shares | 0.001 | |
Shares issued, price per share | $ / shares | $ 25 | |
Gross proceeds from issuance of preferred stock | $ 1,090,000 | |
Original issuance costs on preferred shares redeemed during the period | $ 30,800,000 | |
Series S and Series T Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, redemption amount | $ 922,500 | |
Series F and Series G Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Shares issued | shares | 23,200,000 | |
Preferred shares per depositary share | shares | 0.001 | |
Shares issued, price per share | $ / shares | $ 25 | |
Gross proceeds from issuance of preferred stock | $ 580,000 | |
Original issuance costs on preferred shares redeemed during the period | $ 18,800 |
Shareholders' Equity (Common Sh
Shareholders' Equity (Common Shares) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
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 | |||
Common shares reserved in connection with share-based incentive plan | 2,958,817 | 3,138,618 | 2,958,817 | |
Common shares reserved for conversion of Convertable Partnership Units | 231,978 | 231,978 | 231,978 | |
Common shares and restricted shares, dividends | $ 1,398,570 | $ 1,396,364 | $ 1,393,812 | |
Common shares and restricted shares, dividends per share | $ 8 | $ 8 | $ 8 | |
Preferred shares, dividends | $ 210,179 | $ 216,316 | $ 236,535 |
Shareholders' Equity (Preferr_2
Shareholders' Equity (Preferred Shares Outstanding) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | ||
Preferred stock, shares outstanding | 162,600 | 161,000 |
Liquidation Preference | $ 4,065,000 | $ 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 | 19,800 |
Liquidation Preference | $ 495,000 | $ 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 | 20,000 |
Liquidation Preference | $ 500,000 | $ 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 | 9,000 |
Liquidation Preference | $ 225,000 | $ 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. 4, 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. 2, 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 | 12,000 |
Liquidation Preference | $ 300,000 | $ 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 | 8,000 |
Liquidation Preference | $ 200,000 | $ 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 | 13,000 |
Liquidation Preference | $ 325,000 | $ 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 | 14,000 |
Liquidation Preference | $ 350,000 | $ 350,000 |
Series F Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Jun. 2, 2022 | |
Dividend Rate % | 5.15% | |
Preferred stock, shares outstanding | 11,200 | 11,200 |
Liquidation Preference | $ 280,000 | $ 280,000 |
Series G Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Aug. 9, 2022 | |
Dividend Rate % | 5.05% | |
Preferred stock, shares outstanding | 12,000 | 12,000 |
Liquidation Preference | $ 300,000 | $ 300,000 |
Series H Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Mar. 11, 2024 | |
Dividend Rate % | 5.60% | |
Preferred stock, shares outstanding | 11,400 | |
Liquidation Preference | $ 285,000 | |
Series I Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Sep. 12, 2024 | |
Dividend Rate % | 4.875% | |
Preferred stock, shares outstanding | 12,650 | |
Liquidation Preference | $ 316,250 | |
Series J Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Nov. 15, 2024 | |
Dividend Rate % | 4.70% | |
Preferred stock, shares outstanding | 10,350 | |
Liquidation Preference | $ 258,750 | |
Series K Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Dec. 20, 2024 | |
Dividend Rate % | 4.75% | |
Preferred stock, shares outstanding | 9,200 | |
Liquidation Preference | $ 230,000 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule Of Issuance And Repurchases Of Common Shares) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shareholders’ Equity [Abstract] | |||
Employee stock-based compensation and exercise of stock options (Note 10), Shares | 287,734 | 277,511 | 564,583 |
Employee stock-based compensation and exercise of stock options (Note 10), Amount | $ 33,564 | $ 12,525 | $ 42,500 |
Shareholders' Equity (Schedul_2
Shareholders' Equity (Schedule Of Distribution Classification) (Details) | 3 Months Ended | |||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Shareholders’ Equity [Abstract] | ||||
Ordinary Income | 100.00% | 100.00% | 100.00% | 100.00% |
Long-Term Capital Gain | 0.00% | 0.00% | 0.00% | 0.00% |
Total | 100.00% | 100.00% | 100.00% | 100.00% |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Related Party Transaction [Line Items] | |||
Tenants reinsurance premiums earned by subsidiaries | $ | $ 1.5 | $ 1.3 | $ 1.1 |
Hughes Family [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage ownership of common shares outstanding | 14.10% | ||
Canada [Member] | Hughes Family [Member] | |||
Related Party Transaction [Line Items] | |||
Number of self-storage facilities | item | 63 | ||
Ownership interest | 0.00% |
Share-Based Compensation (Stock
Share-Based Compensation (Stock Options) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options outstanding | 2,339,667 | 2,420,922 | 2,408,917 | 1,995,440 |
Stock options exercisable | 1,501,667 | 1,147,122 | 848,250 | |
Exercisable, average exercise price per share | $ 196.37 | $ 178.31 | $ 143.55 | |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration period, number of years | 10 years | |||
Stock options outstanding, aggregate intrinsic value | $ 38.6 | |||
Average remaining contractual lives | 6 years | |||
Aggregate intrinsic value for stock options exercisable | $ 35.6 | |||
Stock options exercisable | 39,667 | |||
Expiration date | Jun. 30, 2021 | |||
Exercisable, average exercise price per share | $ 106.91 | |||
Minimum [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period, number of years | 3 years | |||
Maximum [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period, number of years | 5 years | |||
Exercise Price Above $200 [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options outstanding | 1,360,000 | |||
Range of exercise prices, upper | $ 200 |
Share-Based Compensation (Restr
Share-Based Compensation (Restricted Share Units) (Narrative) (Details) - Restricted Share Units [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value of restricted stock units outstanding | $ 131.9 |
Restricted stock, compensation expense not yet recognized | $ 85.1 |
Compensation recognition period | 4 years 7 months 6 days |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period, number of years | 5 years |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period, number of years | 8 years |
Share-Based Compensation (Share
Share-Based Compensation (Share-Based Compensation Options Outstanding Rollforward) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-Based Compensation [Abstract] | |||
Options outstanding January 1, Number of Options | 2,420,922 | 2,408,917 | 1,995,440 |
Granted, Number of Options | 120,000 | 200,000 | 1,096,000 |
Exercised, Number of Options | (191,255) | (179,995) | (482,523) |
Cancelled, Number of Options | (10,000) | (8,000) | (200,000) |
Options outstanding December 31, Number of Options | 2,339,667 | 2,420,922 | 2,408,917 |
Options exercisable at December 31, Number of Options | 1,501,667 | 1,147,122 | 848,250 |
Options outstanding January 1, Weighted Average Exercise Price Per Share | $ 201.31 | $ 192.12 | $ 150.83 |
Granted, Weighted Average Exercise Price Per Share | 221.12 | 194.29 | 223.58 |
Exercised. Weighted Average Exercise Price Per Share | 174.55 | 69.53 | 88.07 |
Cancelled, Weighted Average Exercise Price Per Share | 197.90 | 223.50 | 203.64 |
Options outstanding December 31, Weighted Average Exercise Price Per Share | 204.53 | 201.31 | 192.12 |
Options exercisable at December 31, Weighted Average Exercise Price Per Share | $ 196.37 | $ 178.31 | $ 143.55 |
Share-Based Compensation (Sha_2
Share-Based Compensation (Share-Based Compensation Valuation Assumptions) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option expense for the year | $ 4,950 | $ 17,162 | $ 8,707 |
Aggregate exercise date intrinsic value of options exercised during the year | $ 11,848 | $ 25,117 | $ 61,334 |
Expected life of options in years, based upon historical experience | 5 years | 5 years | 5 years |
Risk-free interest rate | 2.30% | 2.70% | 1.90% |
Expected volatility, based upon historical volatility | 8.90% | 12.50% | 17.90% |
Expected dividend yield | 3.60% | 4.10% | 3.60% |
Average estimated value of options granted during the year | $ 9.61 | $ 13.09 | $ 23.49 |
Acceleration of amortization on grants | $ 8,100 | ||
Reduction in compensation expense resulting from forfeitures | $ 800 |
Share-Based Compensation (Sha_3
Share-Based Compensation (Share-Based Compensation Restricted Units) (Details) - Restricted Share Units [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted share units outstanding January 1, Number Of Restricted Share Units | 717,696 | 799,129 | 696,641 |
Granted, Number Of Restricted Share Units | 97,140 | 138,567 | 340,957 |
Vested, Number Of Restricted Share Units | (160,329) | (164,104) | (144,473) |
Forfeited, Number Of Restricted Share Units | (35,357) | (55,896) | (93,996) |
Restricted share units outstanding December 31, Number Of Restricted Share Units | 619,150 | 717,696 | 799,129 |
Restricted share units outstanding January 1, Grant Date Aggregate Fair Value | $ 151,212 | $ 166,144 | $ 136,905 |
Granted, Grant Date Aggregate Fair Value | 21,113 | 27,733 | 73,953 |
Vested, Grant Date Aggregate Fair Value | (32,714) | (30,717) | (25,305) |
Forfeited, Grant Date Aggregate Fair Value | (7,553) | (11,948) | (19,409) |
Restricted share units outstanding December 31, Grant Date Aggregate Fair Value | $ 132,058 | $ 151,212 | $ 166,144 |
Share-Based Compensation (Sha_4
Share-Based Compensation (Share-Based CompensationShares Vesting During Year) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of vested shares on vesting date | $ 33,769 | $ 32,317 | $ 31,962 |
Cash paid for taxes upon vesting in lieu of issuing common shares | $ 12,162 | $ 12,347 | $ 14,092 |
Common shares issued upon vesting | 96,479 | 97,516 | 82,060 |
Restricted share unit expense | $ 21,662 | $ 53,869 | $ 28,841 |
Restricted Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Taxes incurred upon vesting of restricted share units | $ 1,200 | 1,100 | 700 |
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 of amortization on grants | $ 22,600 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) - country | Dec. 31, 2019 | Oct. 15, 2018 |
PSB [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest, percentage | 42.00% | |
Shurgard [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest, percentage | 35.00% | 35.00% |
Number of countries in which entity operates | 7 |
Segment Information (Summary Of
Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 717,499 | $ 729,336 | $ 710,950 | $ 689,038 | $ 692,460 | $ 706,368 | $ 685,528 | $ 669,924 | $ 2,846,823 | $ 2,754,280 | $ 2,668,528 |
Cost of operations | (752,579) | (695,731) | (657,633) | ||||||||
Cost of operations | (44,204) | (43,991) | (50,345) | ||||||||
Depreciation and amortization | (134,885) | (129,233) | (126,859) | (121,941) | (121,374) | (124,516) | (119,777) | (117,979) | (512,918) | (483,646) | (454,526) |
Equity in earnings of unconsolidated real estate entities | 69,547 | 103,495 | 75,655 | ||||||||
Gain due to Shurgard public offering | 151,616 | ||||||||||
General and administrative | (71,983) | (118,720) | (82,882) | ||||||||
Interest and other income | 28,436 | 26,442 | 18,771 | ||||||||
Interest expense | (45,641) | (32,542) | (12,690) | ||||||||
Foreign currency exchange gain (loss) | 7,829 | 18,117 | (50,045) | ||||||||
Casualty loss | (7,789) | ||||||||||
Gain on sale of real estate | 341 | 37,903 | 1,421 | ||||||||
Net income | $ 387,097 | $ 399,420 | $ 371,456 | $ 367,678 | $ 587,906 | $ 379,589 | $ 405,292 | $ 344,436 | 1,525,651 | 1,717,223 | 1,448,465 |
Self-Storage Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 2,684,552 | 2,597,607 | 2,512,433 | ||||||||
Cost of operations | (752,579) | (695,731) | (657,633) | ||||||||
Net operating income | 1,931,973 | 1,901,876 | 1,854,800 | ||||||||
Depreciation and amortization | (512,918) | (483,646) | (454,526) | ||||||||
Net income | 1,419,055 | 1,418,230 | 1,400,274 | ||||||||
Ancillary Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 162,271 | 156,673 | 156,095 | ||||||||
Cost of operations | (44,204) | (43,991) | (50,345) | ||||||||
Net operating income | 118,067 | 112,682 | 105,750 | ||||||||
Invesment in PSB [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Equity in earnings of unconsolidated real estate entities | 54,090 | 89,362 | 46,544 | ||||||||
Investment In Shurgard [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Equity in earnings of unconsolidated real estate entities | 15,457 | 14,133 | 25,948 | ||||||||
Gain due to Shurgard public offering | 151,616 | ||||||||||
Net income | 15,457 | 165,749 | 25,948 | ||||||||
Allocated to Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net income | 1,606,669 | 1,786,023 | 1,578,516 | ||||||||
Other Items Not Allocated To Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Equity in earnings of unconsolidated real estate entities | 3,163 | ||||||||||
General and administrative | (71,983) | (118,720) | (82,882) | ||||||||
Interest and other income | 28,436 | 26,442 | 18,771 | ||||||||
Interest expense | (45,641) | (32,542) | (12,690) | ||||||||
Foreign currency exchange gain (loss) | 7,829 | 18,117 | (50,045) | ||||||||
Casualty loss | (7,789) | ||||||||||
Gain on sale of real estate | $ 341 | $ 37,903 | $ 1,421 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements And Guidance (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Right of use assets | $ 38,700 | ||
Lease liabilities | 38,700 | ||
Other assets | $ 174,344 | $ 131,097 | |
Accounting Standards Update 2016-02 [Member] | |||
Other assets | $ 5,600 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019USD ($)item | |
Commitments And Contingencies [Abstract] | |
Deductible for general liability | $ 2,000,000 |
Deductible for property | 25,000,000 |
Reduced deductible for property | 5,000,000 |
Aggregate maximum losses for property | 35,000,000 |
Aggregate per occurance property coverage | 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 | 935,000 |
Aggregate coverage of tenants participating in insurance program | $ 3,200,000,000 |
Construction commitments | 77,200,000 |
Construction commitments 2020 | 69,700,000 |
Construction commitments 2021 | $ 7,500,000 |
Supplementary Quarterly Finan_3
Supplementary Quarterly Financial Data (Supplementary Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplementary Quarterly Financial Data [Abstract] | |||||||||||
Self-storage and ancillary revenues | $ 717,499 | $ 729,336 | $ 710,950 | $ 689,038 | $ 692,460 | $ 706,368 | $ 685,528 | $ 669,924 | $ 2,846,823 | $ 2,754,280 | $ 2,668,528 |
Self storage and ancillary cost of operations | 172,584 | 212,262 | 207,736 | 204,201 | 160,374 | 195,544 | 190,977 | 192,827 | |||
Depreciation and amortization | 134,885 | 129,233 | 126,859 | 121,941 | 121,374 | 124,516 | 119,777 | 117,979 | 512,918 | 483,646 | 454,526 |
Net income | $ 387,097 | $ 399,420 | $ 371,456 | $ 367,678 | $ 587,906 | $ 379,589 | $ 405,292 | $ 344,436 | $ 1,525,651 | $ 1,717,223 | $ 1,448,465 |
Net income - Basic | $ 1.88 | $ 1.94 | $ 1.76 | $ 1.73 | $ 3.05 | $ 1.85 | $ 2 | $ 1.66 | $ 7.30 | $ 8.56 | $ 6.75 |
Net income - Diluted | $ 1.87 | $ 1.93 | $ 1.76 | $ 1.73 | $ 3.04 | $ 1.85 | $ 2 | $ 1.65 | $ 7.29 | $ 8.54 | $ 6.73 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) | Feb. 14, 2020item$ / shares | Jan. 24, 2020USD ($) | Feb. 25, 2020USD ($)ft²item | Dec. 31, 2019ft² | Jan. 24, 2020EUR (€) |
Subsequent Event [Line Items] | |||||
Net rentable square feet | ft² | 168,908 | ||||
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 | 1,100,000 | ||||
Total cost of acquisition | $ | $ 245,300,000 | ||||
Subsequent Event [Member] | National Storage REIT [Member] | |||||
Subsequent Event [Line Items] | |||||
Percentage of issued stapled securities Public Storage proposed acquiring | 100.00% | ||||
Number of facilities owned | 167 | ||||
Cash price per share | $ / shares | $ 2.40 | ||||
Subsequent Event [Member] | Ohio [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of self-storage facilities acquired or under contract to be acquired | 4 | ||||
Subsequent Event [Member] | California [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of self-storage facilities acquired or under contract to be acquired | 3 | ||||
Subsequent Event [Member] | New York [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of self-storage facilities acquired or under contract to be acquired | 2 | ||||
Subsequent Event [Member] | Tennessee [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of self-storage facilities acquired or under contract to be acquired | 2 | ||||
Subsequent Event [Member] | Indiana [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of self-storage facilities acquired or under contract to be acquired | 1 | ||||
Subsequent Event [Member] | Massachusetts [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of self-storage facilities acquired or under contract to be acquired | 1 | ||||
Subsequent Event [Member] | Nebraska [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of self-storage facilities acquired or under contract to be acquired | 1 | ||||
Senior Notes [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Debt issuance amount | $ 551,600,000 | € 500,000,000 | |||
Interest rate | 0.875% | 0.875% | |||
Maturity date | Jan. 24, 2032 | ||||
Debt issuance costs | $ | $ 6,400,000 |
Schedule III - Real Estate An_2
Schedule III - Real Estate And Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)ft²item | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 2,483 |
Net Rentable Square Feet | ft² | 168,908 |
2019 Encumbrances | $ 27,275 |
Initial Cost, Land | 4,124,271 |
Initial Cost, Buildings & Improvements | 9,274,122 |
Costs Subsequent to Acquisition | 2,890,753 |
Gross Carrying Amount, Land | 4,186,873 |
Gross Carrying Amount, Buildings | 12,102,273 |
Gross Carrying Amount, Total | 16,289,146 |
Accumulated Depreciation | 6,623,475 |
Commercial and Non-Operating Real Estate [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Initial Cost, Land | 13,194 |
Initial Cost, Buildings & Improvements | 26,143 |
Costs Subsequent to Acquisition | 28,811 |
Gross Carrying Amount, Land | 14,231 |
Gross Carrying Amount, Buildings | 53,917 |
Gross Carrying Amount, Total | 68,148 |
Accumulated Depreciation | $ 40,107 |
Minimum [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable life of buildings (years) | 5 years |
Maximum [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable life of buildings (years) | 25 years |
Los Angeles [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 224 |
Net Rentable Square Feet | ft² | 16,168 |
2019 Encumbrances | $ 498 |
Initial Cost, Land | 510,249 |
Initial Cost, Buildings & Improvements | 924,346 |
Costs Subsequent to Acquisition | 336,653 |
Gross Carrying Amount, Land | 507,863 |
Gross Carrying Amount, Buildings | 1,263,385 |
Gross Carrying Amount, Total | 1,771,248 |
Accumulated Depreciation | $ 737,208 |
Houston [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 127 |
Net Rentable Square Feet | ft² | 10,426 |
Initial Cost, Land | $ 186,320 |
Initial Cost, Buildings & Improvements | 467,084 |
Costs Subsequent to Acquisition | 216,915 |
Gross Carrying Amount, Land | 185,781 |
Gross Carrying Amount, Buildings | 684,538 |
Gross Carrying Amount, Total | 870,319 |
Accumulated Depreciation | $ 287,542 |
San Francisco [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 138 |
Net Rentable Square Feet | ft² | 8,982 |
Initial Cost, Land | $ 241,791 |
Initial Cost, Buildings & Improvements | 527,127 |
Costs Subsequent to Acquisition | 211,251 |
Gross Carrying Amount, Land | 254,541 |
Gross Carrying Amount, Buildings | 725,628 |
Gross Carrying Amount, Total | 980,169 |
Accumulated Depreciation | $ 456,544 |
Dallas/Ft. Worth [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 124 |
Net Rentable Square Feet | ft² | 8,991 |
Initial Cost, Land | $ 176,962 |
Initial Cost, Buildings & Improvements | 437,884 |
Costs Subsequent to Acquisition | 129,900 |
Gross Carrying Amount, Land | 178,562 |
Gross Carrying Amount, Buildings | 566,184 |
Gross Carrying Amount, Total | 744,746 |
Accumulated Depreciation | $ 281,717 |
Chicago [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 128,165 |
Gross Carrying Amount, Land | 140,002 |
Gross Carrying Amount, Buildings | 477,923 |
Gross Carrying Amount, Total | 617,925 |
Accumulated Depreciation | $ 361,662 |
New York [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 94 |
Net Rentable Square Feet | ft² | 6,939 |
Initial Cost, Land | $ 250,900 |
Initial Cost, Buildings & Improvements | 548,541 |
Costs Subsequent to Acquisition | 190,536 |
Gross Carrying Amount, Land | 257,237 |
Gross Carrying Amount, Buildings | 732,740 |
Gross Carrying Amount, Total | 989,977 |
Accumulated Depreciation | $ 418,570 |
Atlanta [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 104 |
Net Rentable Square Feet | ft² | 6,982 |
2019 Encumbrances | $ 1,771 |
Initial Cost, Land | 132,631 |
Initial Cost, Buildings & Improvements | 345,587 |
Costs Subsequent to Acquisition | 86,379 |
Gross Carrying Amount, Land | 132,993 |
Gross Carrying Amount, Buildings | 431,604 |
Gross Carrying Amount, Total | 564,597 |
Accumulated Depreciation | $ 261,138 |
Seattle/Tacoma [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 97 |
Net Rentable Square Feet | ft² | 6,794 |
Initial Cost, Land | $ 198,063 |
Initial Cost, Buildings & Improvements | 531,742 |
Costs Subsequent to Acquisition | 104,116 |
Gross Carrying Amount, Land | 198,710 |
Gross Carrying Amount, Buildings | 635,211 |
Gross Carrying Amount, Total | 833,921 |
Accumulated Depreciation | $ 324,181 |
Miami [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 94 |
Net Rentable Square Feet | ft² | 6,726 |
Initial Cost, Land | $ 239,291 |
Initial Cost, Buildings & Improvements | 497,380 |
Costs Subsequent to Acquisition | 105,510 |
Gross Carrying Amount, Land | 241,184 |
Gross Carrying Amount, Buildings | 600,997 |
Gross Carrying Amount, Total | 842,181 |
Accumulated Depreciation | $ 307,964 |
Washington DC [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 116,974 |
Gross Carrying Amount, Land | 239,059 |
Gross Carrying Amount, Buildings | 518,589 |
Gross Carrying Amount, Total | 757,648 |
Accumulated Depreciation | $ 306,497 |
Orlando/Daytona [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 72 |
Net Rentable Square Feet | ft² | 4,550 |
2019 Encumbrances | $ 11,886 |
Initial Cost, Land | 140,411 |
Initial Cost, Buildings & Improvements | 253,375 |
Costs Subsequent to Acquisition | 57,731 |
Gross Carrying Amount, Land | 145,892 |
Gross Carrying Amount, Buildings | 305,625 |
Gross Carrying Amount, Total | 451,517 |
Accumulated Depreciation | $ 154,128 |
Denver [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 61 |
Net Rentable Square Feet | ft² | 4,531 |
2019 Encumbrances | $ 9,299 |
Initial Cost, Land | 95,009 |
Initial Cost, Buildings & Improvements | 226,499 |
Costs Subsequent to Acquisition | 92,835 |
Gross Carrying Amount, Land | 95,730 |
Gross Carrying Amount, Buildings | 318,613 |
Gross Carrying Amount, Total | 414,343 |
Accumulated Depreciation | $ 143,582 |
Charlotte [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 56 |
Net Rentable Square Feet | ft² | 4,354 |
Initial Cost, Land | $ 80,253 |
Initial Cost, Buildings & Improvements | 205,370 |
Costs Subsequent to Acquisition | 76,528 |
Gross Carrying Amount, Land | 88,116 |
Gross Carrying Amount, Buildings | 274,035 |
Gross Carrying Amount, Total | 362,151 |
Accumulated Depreciation | $ 118,762 |
Minneapolis/St. Paul [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 57 |
Net Rentable Square Feet | ft² | 4,237 |
2019 Encumbrances | $ 2,905 |
Initial Cost, Land | 111,507 |
Initial Cost, Buildings & Improvements | 233,259 |
Costs Subsequent to Acquisition | 66,017 |
Gross Carrying Amount, Land | 111,672 |
Gross Carrying Amount, Buildings | 299,111 |
Gross Carrying Amount, Total | 410,783 |
Accumulated Depreciation | $ 117,375 |
Tampa [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 54 |
Net Rentable Square Feet | ft² | 3,682 |
Initial Cost, Land | $ 88,919 |
Initial Cost, Buildings & Improvements | 181,402 |
Costs Subsequent to Acquisition | 47,994 |
Gross Carrying Amount, Land | 91,681 |
Gross Carrying Amount, Buildings | 226,634 |
Gross Carrying Amount, Total | 318,315 |
Accumulated Depreciation | $ 122,703 |
Philadelphia [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 56 |
Net Rentable Square Feet | ft² | 3,546 |
Initial Cost, Land | $ 51,682 |
Initial Cost, Buildings & Improvements | 152,406 |
Costs Subsequent to Acquisition | 56,991 |
Gross Carrying Amount, Land | 50,703 |
Gross Carrying Amount, Buildings | 210,376 |
Gross Carrying Amount, Total | 261,079 |
Accumulated Depreciation | $ 160,000 |
West Palm Beach [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 46 |
Net Rentable Square Feet | ft² | 3,721 |
Initial Cost, Land | $ 156,788 |
Initial Cost, Buildings & Improvements | 221,479 |
Costs Subsequent to Acquisition | 60,557 |
Gross Carrying Amount, Land | 157,496 |
Gross Carrying Amount, Buildings | 281,328 |
Gross Carrying Amount, Total | 438,824 |
Accumulated Depreciation | $ 120,954 |
Detroit [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 42 |
Net Rentable Square Feet | ft² | 2,950 |
Initial Cost, Land | $ 63,804 |
Initial Cost, Buildings & Improvements | 168,897 |
Costs Subsequent to Acquisition | 37,770 |
Gross Carrying Amount, Land | 64,654 |
Gross Carrying Amount, Buildings | 205,817 |
Gross Carrying Amount, Total | 270,471 |
Accumulated Depreciation | $ 111,495 |
Phoenix [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 40 |
Net Rentable Square Feet | ft² | 2,664 |
Initial Cost, Land | $ 65,718 |
Initial Cost, Buildings & Improvements | 185,117 |
Costs Subsequent to Acquisition | 27,224 |
Gross Carrying Amount, Land | 65,709 |
Gross Carrying Amount, Buildings | 212,350 |
Gross Carrying Amount, Total | 278,059 |
Accumulated Depreciation | $ 103,146 |
Austin [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 32 |
Net Rentable Square Feet | ft² | 2,447 |
Initial Cost, Land | $ 56,918 |
Initial Cost, Buildings & Improvements | 127,011 |
Costs Subsequent to Acquisition | 43,766 |
Gross Carrying Amount, Land | 58,940 |
Gross Carrying Amount, Buildings | 168,755 |
Gross Carrying Amount, Total | 227,695 |
Accumulated Depreciation | $ 83,512 |
Portland [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 27,536 |
Gross Carrying Amount, Land | 51,840 |
Gross Carrying Amount, Buildings | 153,342 |
Gross Carrying Amount, Total | 205,182 |
Accumulated Depreciation | $ 101,422 |
Sacramento [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 28,184 |
Gross Carrying Amount, Land | 25,646 |
Gross Carrying Amount, Buildings | 97,088 |
Gross Carrying Amount, Total | 122,734 |
Accumulated Depreciation | $ 76,661 |
Raleigh [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 28 |
Net Rentable Square Feet | ft² | 1,975 |
Initial Cost, Land | $ 50,348 |
Initial Cost, Buildings & Improvements | 99,583 |
Costs Subsequent to Acquisition | 38,195 |
Gross Carrying Amount, Land | 51,479 |
Gross Carrying Amount, Buildings | 136,647 |
Gross Carrying Amount, Total | 188,126 |
Accumulated Depreciation | $ 60,484 |
San Diego [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 20 |
Net Rentable Square Feet | ft² | 1,816 |
Initial Cost, Land | $ 47,884 |
Initial Cost, Buildings & Improvements | 108,911 |
Costs Subsequent to Acquisition | 40,724 |
Gross Carrying Amount, Land | 50,394 |
Gross Carrying Amount, Buildings | 147,125 |
Gross Carrying Amount, Total | 197,519 |
Accumulated Depreciation | $ 86,884 |
San Antonio [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 27,030 |
Gross Carrying Amount, Land | 27,524 |
Gross Carrying Amount, Buildings | 103,100 |
Gross Carrying Amount, Total | 130,624 |
Accumulated Depreciation | $ 66,131 |
Norfolk [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 36 |
Net Rentable Square Feet | ft² | 2,215 |
Initial Cost, Land | $ 47,728 |
Initial Cost, Buildings & Improvements | 128,986 |
Costs Subsequent to Acquisition | 22,398 |
Gross Carrying Amount, Land | 46,843 |
Gross Carrying Amount, Buildings | 152,269 |
Gross Carrying Amount, Total | 199,112 |
Accumulated Depreciation | $ 63,430 |
Boston [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 27 |
Net Rentable Square Feet | ft² | 1,864 |
Initial Cost, Land | $ 70,261 |
Initial Cost, Buildings & Improvements | 194,588 |
Costs Subsequent to Acquisition | 24,287 |
Gross Carrying Amount, Land | 70,827 |
Gross Carrying Amount, Buildings | 218,309 |
Gross Carrying Amount, Total | 289,136 |
Accumulated Depreciation | $ 91,348 |
Columbus [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 27,256 |
Gross Carrying Amount, Land | 25,448 |
Gross Carrying Amount, Buildings | 91,895 |
Gross Carrying Amount, Total | 117,343 |
Accumulated Depreciation | $ 44,934 |
Oaklahoma City [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 22 |
Net Rentable Square Feet | ft² | 1,531 |
Initial Cost, Land | $ 35,704 |
Initial Cost, Buildings & Improvements | 68,360 |
Costs Subsequent to Acquisition | 13,470 |
Gross Carrying Amount, Land | 35,704 |
Gross Carrying Amount, Buildings | 81,830 |
Gross Carrying Amount, Total | 117,534 |
Accumulated Depreciation | $ 23,568 |
Baltimore [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 19,078 |
Gross Carrying Amount, Land | 25,300 |
Gross Carrying Amount, Buildings | 98,688 |
Gross Carrying Amount, Total | 123,988 |
Accumulated Depreciation | $ 70,717 |
Indianapolis [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 25 |
Net Rentable Square Feet | ft² | 1,580 |
Initial Cost, Land | $ 25,752 |
Initial Cost, Buildings & Improvements | 69,619 |
Costs Subsequent to Acquisition | 13,511 |
Gross Carrying Amount, Land | 26,752 |
Gross Carrying Amount, Buildings | 82,130 |
Gross Carrying Amount, Total | 108,882 |
Accumulated Depreciation | $ 45,217 |
St. Louis [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 26 |
Net Rentable Square Feet | ft² | 1,443 |
Initial Cost, Land | $ 20,037 |
Initial Cost, Buildings & Improvements | 56,237 |
Costs Subsequent to Acquisition | 21,854 |
Gross Carrying Amount, Land | 20,680 |
Gross Carrying Amount, Buildings | 77,448 |
Gross Carrying Amount, Total | 98,128 |
Accumulated Depreciation | $ 63,361 |
Kansas City [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 28,126 |
Gross Carrying Amount, Land | 14,425 |
Gross Carrying Amount, Buildings | 71,658 |
Gross Carrying Amount, Total | 86,083 |
Accumulated Depreciation | $ 59,666 |
Columbia [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 19,882 |
Gross Carrying Amount, Land | 20,928 |
Gross Carrying Amount, Buildings | 76,254 |
Gross Carrying Amount, Total | 97,182 |
Accumulated Depreciation | $ 35,292 |
Las Vegas [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 10,296 |
Gross Carrying Amount, Land | 22,417 |
Gross Carrying Amount, Buildings | 63,770 |
Gross Carrying Amount, Total | 86,187 |
Accumulated Depreciation | $ 48,404 |
Milwaukee [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 15 |
Net Rentable Square Feet | ft² | 964 |
2019 Encumbrances | $ 916 |
Initial Cost, Land | 13,189 |
Initial Cost, Buildings & Improvements | 32,071 |
Costs Subsequent to Acquisition | 10,104 |
Gross Carrying Amount, Land | 13,158 |
Gross Carrying Amount, Buildings | 42,206 |
Gross Carrying Amount, Total | 55,364 |
Accumulated Depreciation | $ 33,057 |
Cincinnati [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 22,874 |
Gross Carrying Amount, Land | 14,941 |
Gross Carrying Amount, Buildings | 55,307 |
Gross Carrying Amount, Total | 70,248 |
Accumulated Depreciation | $ 30,007 |
Louisville [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 15 |
Net Rentable Square Feet | ft² | 916 |
Initial Cost, Land | $ 23,563 |
Initial Cost, Buildings & Improvements | 46,108 |
Costs Subsequent to Acquisition | 7,523 |
Gross Carrying Amount, Land | 23,562 |
Gross Carrying Amount, Buildings | 53,632 |
Gross Carrying Amount, Total | 77,194 |
Accumulated Depreciation | $ 13,630 |
Jacksonville [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 11,820 |
Gross Carrying Amount, Land | 11,301 |
Gross Carrying Amount, Buildings | 39,485 |
Gross Carrying Amount, Total | 50,786 |
Accumulated Depreciation | $ 32,215 |
Nashville/Bowling Green [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 17 |
Net Rentable Square Feet | ft² | 1,108 |
Initial Cost, Land | $ 18,787 |
Initial Cost, Buildings & Improvements | 35,425 |
Costs Subsequent to Acquisition | 30,356 |
Gross Carrying Amount, Land | 18,785 |
Gross Carrying Amount, Buildings | 65,783 |
Gross Carrying Amount, Total | 84,568 |
Accumulated Depreciation | $ 28,543 |
Honolulu [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 12,703 |
Gross Carrying Amount, Land | 55,101 |
Gross Carrying Amount, Buildings | 118,085 |
Gross Carrying Amount, Total | 173,186 |
Accumulated Depreciation | $ 63,344 |
Greensboro [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 14 |
Net Rentable Square Feet | ft² | 845 |
Initial Cost, Land | $ 13,413 |
Initial Cost, Buildings & Improvements | 35,326 |
Costs Subsequent to Acquisition | 13,644 |
Gross Carrying Amount, Land | 15,502 |
Gross Carrying Amount, Buildings | 46,881 |
Gross Carrying Amount, Total | 62,383 |
Accumulated Depreciation | $ 25,853 |
Colorado Springs [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 14 |
Net Rentable Square Feet | ft² | 992 |
Initial Cost, Land | $ 10,588 |
Initial Cost, Buildings & Improvements | 38,237 |
Costs Subsequent to Acquisition | 22,069 |
Gross Carrying Amount, Land | 10,584 |
Gross Carrying Amount, Buildings | 60,310 |
Gross Carrying Amount, Total | 70,894 |
Accumulated Depreciation | $ 28,108 |
Chattanooga [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 10 |
Net Rentable Square Feet | ft² | 695 |
Initial Cost, Land | $ 6,569 |
Initial Cost, Buildings & Improvements | 26,045 |
Costs Subsequent to Acquisition | 7,500 |
Gross Carrying Amount, Land | 6,371 |
Gross Carrying Amount, Buildings | 33,743 |
Gross Carrying Amount, Total | 40,114 |
Accumulated Depreciation | $ 14,691 |
Hartford/New Haven [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 21,850 |
Gross Carrying Amount, Land | 8,443 |
Gross Carrying Amount, Buildings | 40,144 |
Gross Carrying Amount, Total | 48,587 |
Accumulated Depreciation | $ 31,810 |
Savannah [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 12 |
Net Rentable Square Feet | ft² | 686 |
Initial Cost, Land | $ 33,094 |
Initial Cost, Buildings & Improvements | 42,465 |
Costs Subsequent to Acquisition | 2,576 |
Gross Carrying Amount, Land | 31,766 |
Gross Carrying Amount, Buildings | 46,369 |
Gross Carrying Amount, Total | 78,135 |
Accumulated Depreciation | $ 15,910 |
Charleston [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 14 |
Net Rentable Square Feet | ft² | 950 |
Initial Cost, Land | $ 16,947 |
Initial Cost, Buildings & Improvements | 56,793 |
Costs Subsequent to Acquisition | 17,256 |
Gross Carrying Amount, Land | 17,923 |
Gross Carrying Amount, Buildings | 73,073 |
Gross Carrying Amount, Total | 90,996 |
Accumulated Depreciation | $ 23,801 |
Fort Myers/Naples [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 10 |
Net Rentable Square Feet | ft² | 770 |
Initial Cost, Land | $ 21,522 |
Initial Cost, Buildings & Improvements | 46,395 |
Costs Subsequent to Acquisition | 5,352 |
Gross Carrying Amount, Land | 21,757 |
Gross Carrying Amount, Buildings | 51,512 |
Gross Carrying Amount, Total | 73,269 |
Accumulated Depreciation | $ 17,493 |
New Orleans [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 6,254 |
Gross Carrying Amount, Land | 9,373 |
Gross Carrying Amount, Buildings | 36,918 |
Gross Carrying Amount, Total | 46,291 |
Accumulated Depreciation | $ 24,916 |
Greensville/Spartanburg/Asheville [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 10,051 |
Gross Carrying Amount, Land | 9,965 |
Gross Carrying Amount, Buildings | 29,889 |
Gross Carrying Amount, Total | 39,854 |
Accumulated Depreciation | $ 20,324 |
Reno [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 4,058 |
Gross Carrying Amount, Land | 5,487 |
Gross Carrying Amount, Buildings | 22,762 |
Gross Carrying Amount, Total | 28,249 |
Accumulated Depreciation | $ 12,110 |
Birmingham [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 13,326 |
Gross Carrying Amount, Land | 5,117 |
Gross Carrying Amount, Buildings | 31,273 |
Gross Carrying Amount, Total | 36,390 |
Accumulated Depreciation | $ 27,335 |
Salt Lake City [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 4,860 |
Gross Carrying Amount, Land | 7,495 |
Gross Carrying Amount, Buildings | 21,158 |
Gross Carrying Amount, Total | 28,653 |
Accumulated Depreciation | $ 14,506 |
Memphis [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 9,049 |
Gross Carrying Amount, Land | 9,315 |
Gross Carrying Amount, Buildings | 29,677 |
Gross Carrying Amount, Total | 38,992 |
Accumulated Depreciation | $ 20,278 |
Buffalo/Rochester [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 3,836 |
Gross Carrying Amount, Land | 6,783 |
Gross Carrying Amount, Buildings | 21,792 |
Gross Carrying Amount, Total | 28,575 |
Accumulated Depreciation | $ 13,589 |
Richmond [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 13 |
Net Rentable Square Feet | ft² | 652 |
Initial Cost, Land | $ 18,092 |
Initial Cost, Buildings & Improvements | 40,160 |
Costs Subsequent to Acquisition | 5,172 |
Gross Carrying Amount, Land | 17,897 |
Gross Carrying Amount, Buildings | 45,527 |
Gross Carrying Amount, Total | 63,424 |
Accumulated Depreciation | $ 18,118 |
Tucson [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 5,734 |
Gross Carrying Amount, Land | 9,884 |
Gross Carrying Amount, Buildings | 30,744 |
Gross Carrying Amount, Total | 40,628 |
Accumulated Depreciation | $ 19,101 |
Cleveland/Akron [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 7 |
Net Rentable Square Feet | ft² | 433 |
Initial Cost, Land | $ 4,070 |
Initial Cost, Buildings & Improvements | 16,139 |
Costs Subsequent to Acquisition | 5,483 |
Gross Carrying Amount, Land | 4,463 |
Gross Carrying Amount, Buildings | 21,229 |
Gross Carrying Amount, Total | 25,692 |
Accumulated Depreciation | $ 11,954 |
Wichita [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 7,265 |
Gross Carrying Amount, Land | 2,130 |
Gross Carrying Amount, Buildings | 13,843 |
Gross Carrying Amount, Total | 15,973 |
Accumulated Depreciation | $ 11,755 |
Mobile [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 10 |
Net Rentable Square Feet | ft² | 452 |
Initial Cost, Land | $ 4,688 |
Initial Cost, Buildings & Improvements | 21,170 |
Costs Subsequent to Acquisition | 4,906 |
Gross Carrying Amount, Land | 4,515 |
Gross Carrying Amount, Buildings | 26,249 |
Gross Carrying Amount, Total | 30,764 |
Accumulated Depreciation | $ 12,900 |
Omaha [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 3,019 |
Gross Carrying Amount, Land | 7,491 |
Gross Carrying Amount, Buildings | 23,949 |
Gross Carrying Amount, Total | 31,440 |
Accumulated Depreciation | $ 3,189 |
Monterey/Salinas [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 4,170 |
Gross Carrying Amount, Land | 8,455 |
Gross Carrying Amount, Buildings | 28,331 |
Gross Carrying Amount, Total | 36,786 |
Accumulated Depreciation | $ 21,033 |
Palm Springs [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 1,286 |
Gross Carrying Amount, Land | 8,309 |
Gross Carrying Amount, Buildings | 19,351 |
Gross Carrying Amount, Total | 27,660 |
Accumulated Depreciation | $ 10,356 |
Evansville [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 5 |
Net Rentable Square Feet | ft² | 326 |
Initial Cost, Land | $ 2,340 |
Initial Cost, Buildings & Improvements | 14,316 |
Costs Subsequent to Acquisition | 1,192 |
Gross Carrying Amount, Land | 2,312 |
Gross Carrying Amount, Buildings | 15,536 |
Gross Carrying Amount, Total | 17,848 |
Accumulated Depreciation | $ 3,577 |
Dayton [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 4,817 |
Gross Carrying Amount, Land | 1,073 |
Gross Carrying Amount, Buildings | 13,793 |
Gross Carrying Amount, Total | 14,866 |
Accumulated Depreciation | $ 7,066 |
Augusta [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 6 |
Net Rentable Square Feet | ft² | 345 |
Initial Cost, Land | $ 4,984 |
Initial Cost, Buildings & Improvements | 13,120 |
Costs Subsequent to Acquisition | 3,633 |
Gross Carrying Amount, Land | 4,984 |
Gross Carrying Amount, Buildings | 16,753 |
Gross Carrying Amount, Total | 21,737 |
Accumulated Depreciation | $ 5,939 |
Fort Wayne [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 3,126 |
Gross Carrying Amount, Land | 349 |
Gross Carrying Amount, Buildings | 6,720 |
Gross Carrying Amount, Total | 7,069 |
Accumulated Depreciation | $ 5,802 |
Providence [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 2,957 |
Gross Carrying Amount, Land | 995 |
Gross Carrying Amount, Buildings | 14,163 |
Gross Carrying Amount, Total | 15,158 |
Accumulated Depreciation | $ 6,295 |
Huntsville/Decatur [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 3,029 |
Gross Carrying Amount, Land | 971 |
Gross Carrying Amount, Buildings | 6,403 |
Gross Carrying Amount, Total | 7,374 |
Accumulated Depreciation | $ 5,963 |
Shreveport [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 2,254 |
Gross Carrying Amount, Land | 741 |
Gross Carrying Amount, Buildings | 5,360 |
Gross Carrying Amount, Total | 6,101 |
Accumulated Depreciation | $ 4,678 |
Springfield/Holyoke [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 1,815 |
Gross Carrying Amount, Land | 1,427 |
Gross Carrying Amount, Buildings | 5,196 |
Gross Carrying Amount, Total | 6,623 |
Accumulated Depreciation | $ 4,671 |
Rochester [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 2,090 |
Gross Carrying Amount, Land | 980 |
Gross Carrying Amount, Buildings | 4,403 |
Gross Carrying Amount, Total | 5,383 |
Accumulated Depreciation | $ 3,931 |
Santa Barbara [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 452 |
Gross Carrying Amount, Land | 5,733 |
Gross Carrying Amount, Buildings | 9,558 |
Gross Carrying Amount, Total | 15,291 |
Accumulated Depreciation | $ 5,417 |
Topeka [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 2,067 |
Gross Carrying Amount, Land | 225 |
Gross Carrying Amount, Buildings | 3,486 |
Gross Carrying Amount, Total | 3,711 |
Accumulated Depreciation | $ 2,966 |
Lansing [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 891 |
Gross Carrying Amount, Land | 556 |
Gross Carrying Amount, Buildings | 3,773 |
Gross Carrying Amount, Total | 4,329 |
Accumulated Depreciation | $ 2,239 |
Roanoke [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 3 |
Net Rentable Square Feet | ft² | 159 |
Initial Cost, Land | $ 2,147 |
Initial Cost, Buildings & Improvements | 13,801 |
Costs Subsequent to Acquisition | 842 |
Gross Carrying Amount, Land | 2,147 |
Gross Carrying Amount, Buildings | 14,643 |
Gross Carrying Amount, Total | 16,790 |
Accumulated Depreciation | $ 2,523 |
Flint [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 242 |
Gross Carrying Amount, Land | 542 |
Gross Carrying Amount, Buildings | 3,311 |
Gross Carrying Amount, Total | 3,853 |
Accumulated Depreciation | $ 1,826 |
Joplin [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 1 |
Net Rentable Square Feet | ft² | 56 |
Initial Cost, Land | $ 264 |
Initial Cost, Buildings & Improvements | 904 |
Costs Subsequent to Acquisition | 1,012 |
Gross Carrying Amount, Land | 264 |
Gross Carrying Amount, Buildings | 1,916 |
Gross Carrying Amount, Total | 2,180 |
Accumulated Depreciation | $ 1,579 |
Syracuse [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
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 | 820 |
Gross Carrying Amount, Land | 545 |
Gross Carrying Amount, Buildings | 2,099 |
Gross Carrying Amount, Total | 2,644 |
Accumulated Depreciation | $ 1,976 |
Modesto/Fresno/Stockton [Member] | Self-Storage Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | item | 1 |
Net Rentable Square Feet | ft² | 33 |
Initial Cost, Land | $ 44 |
Initial Cost, Buildings & Improvements | 206 |
Costs Subsequent to Acquisition | 968 |
Gross Carrying Amount, Land | 193 |
Gross Carrying Amount, Buildings | 1,025 |
Gross Carrying Amount, Total | 1,218 |
Accumulated Depreciation | $ 795 |