Cover Page
Cover Page - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 18, 2022 | Jun. 30, 2021 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-33519 | ||
Entity Registrant Name | PUBLIC STORAGE | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 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 Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 45,156,391 | ||
Entity Common Stock, Shares Outstanding | 175,462,248 | ||
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 2022 are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent described therein. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001393311 | ||
Entity Voluntary Filers | No | ||
Common Shares | |||
Title of 12(b) Security | Common Shares, $0.10 par value | ||
Trading Symbol | PSA | ||
Security Exchange Name | NYSE | ||
Series F Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value | ||
Trading Symbol | PSAPrF | ||
Security Exchange Name | NYSE | ||
Series G Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value | ||
Trading Symbol | PSAPrG | ||
Security Exchange Name | NYSE | ||
Series H Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value | ||
Trading Symbol | PSAPrH | ||
Security Exchange Name | NYSE | ||
Series I Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value | ||
Trading Symbol | PSAPrI | ||
Security Exchange Name | NYSE | ||
Series J Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value | ||
Trading Symbol | PSAPrJ | ||
Security Exchange Name | NYSE | ||
Series K Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value | ||
Trading Symbol | PSAPrK | ||
Security Exchange Name | NYSE | ||
Series L Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value | ||
Trading Symbol | PSAPrL | ||
Security Exchange Name | NYSE | ||
Series M Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value | ||
Trading Symbol | PSAPrM | ||
Security Exchange Name | NYSE | ||
Series N Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value | ||
Trading Symbol | PSAPrN | ||
Security Exchange Name | NYSE | ||
Series O Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value | ||
Trading Symbol | PSAPrO | ||
Security Exchange Name | NYSE | ||
Series P Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value | ||
Trading Symbol | PSAPrP | ||
Security Exchange Name | NYSE | ||
Series Q Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value | ||
Trading Symbol | PSAPrQ | ||
Security Exchange Name | NYSE | ||
Series R Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value | ||
Trading Symbol | PSAPrR | ||
Security Exchange Name | NYSE | ||
Series S Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value | ||
Trading Symbol | PSAPrS | ||
Security Exchange Name | NYSE | ||
Notes Due 2032 | |||
Title of 12(b) Security | 0.875% Senior Notes due 2032 | ||
Trading Symbol | PSA32 | ||
Security Exchange Name | NYSE | ||
Notes Due 2030 | |||
Title of 12(b) Security | 0.500% Senior Notes due 2030 | ||
Trading Symbol | PSA30 | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Firm ID | 42 |
Auditor Location | Los Angeles, California |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and equivalents | $ 734,599 | $ 257,560 |
Real estate facilities, at cost: | ||
Land | 5,134,060 | 4,375,588 |
Buildings | 17,673,773 | 12,997,039 |
Real estate facilities, gross | 22,807,833 | 17,372,627 |
Accumulated depreciation | (7,773,308) | (7,152,135) |
Real estate facilities, net | 15,034,525 | 10,220,492 |
Construction in process | 272,471 | 188,079 |
Total real estate facilities | 15,306,996 | 10,408,571 |
Investments in unconsolidated real estate entities | 828,763 | 773,046 |
Goodwill and other intangible assets, net | 302,894 | 204,654 |
Other assets | 207,656 | 172,715 |
Total assets | 17,380,908 | 11,816,546 |
LIABILITIES AND EQUITY | ||
Notes payable | 7,475,279 | 2,544,992 |
Preferred shares called for redemption (Note 9) | 0 | 300,000 |
Accrued and other liabilities | 482,091 | 394,655 |
Total liabilities | 7,957,370 | 3,239,647 |
Commitments and contingencies (Note 14) | ||
Redeemable noncontrolling interests | 68,249 | 0 |
Public Storage shareholders’ equity: | ||
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 164,000 shares issued (in series) and outstanding, (151,700 at December 31, 2020) at liquidation preference | 4,100,000 | 3,792,500 |
Common Shares, $0.10 par value, 650,000,000 shares authorized, 175,134,455 shares issued and outstanding (174,581,742 shares at December 31, 2020) | 17,513 | 17,458 |
Paid-in capital | 5,821,667 | 5,707,101 |
Accumulated deficit | (550,416) | (914,791) |
Accumulated other comprehensive loss | (53,587) | (43,401) |
Total Public Storage shareholders’ equity | 9,335,177 | 8,558,867 |
Noncontrolling interests | 20,112 | 18,032 |
Total equity | 9,355,289 | 8,576,899 |
Total liabilities, redeemable noncontrolling interests and equity | $ 17,380,908 | $ 11,816,546 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 164,000 | 151,700 |
Preferred stock, shares outstanding (in shares) | 164,000 | 151,700 |
Common stock, par value (in USD per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 650,000,000 | 650,000,000 |
Common stock, shares issued (in shares) | 175,134,455 | 174,581,742 |
Common stock, shares outstanding (in shares) | 175,134,455 | 174,581,742 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | |||
Revenues | $ 3,415,824 | $ 2,915,068 | $ 2,855,108 |
Expenses: | |||
Self-storage cost of operations | 852,030 | 807,543 | 762,416 |
Ancillary cost of operations | 68,568 | 59,919 | 50,736 |
Depreciation and amortization | 713,428 | 553,257 | 512,918 |
General and administrative | 101,254 | 83,199 | 62,146 |
Interest expense | 90,774 | 56,283 | 45,641 |
Operating expenses | 1,826,054 | 1,560,201 | 1,433,857 |
Other increases (decreases) to net income: | |||
Interest and other income | 12,306 | 22,323 | 26,683 |
Equity in earnings of unconsolidated real estate entities | 232,093 | 80,497 | 69,547 |
Foreign currency exchange gain (loss) | 111,787 | (97,953) | 7,829 |
Gain on sale of real estate | 13,683 | 1,493 | 341 |
Net income | 1,959,639 | 1,361,227 | 1,525,651 |
Allocation to noncontrolling interests | (6,376) | (4,014) | (5,117) |
Net income allocable to Public Storage shareholders | 1,953,263 | 1,357,213 | 1,520,534 |
Allocation of net income to: | |||
Preferred shareholders | (186,579) | (207,068) | (210,179) |
Preferred shareholders - redemptions (Note 9) | (28,914) | (48,265) | (32,693) |
Restricted share units | (5,326) | (3,545) | (4,895) |
Net income allocable to common shareholders | $ 1,732,444 | $ 1,098,335 | $ 1,272,767 |
Net income per common share: | |||
Basic (in USD per share) | $ 9.91 | $ 6.29 | $ 7.30 |
Diluted (in USD per share) | $ 9.87 | $ 6.29 | $ 7.29 |
Basic weighted average common shares outstanding (in shares) | 174,858 | 174,494 | 174,287 |
Diluted weighted average common shares outstanding (in shares) | 175,568 | 174,642 | 174,530 |
Self-storage facilities | |||
Revenues: | |||
Revenues | $ 3,203,566 | $ 2,721,630 | $ 2,684,552 |
Ancillary operations | |||
Revenues: | |||
Revenues | $ 212,258 | $ 193,438 | $ 170,556 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 1,959,639 | $ 1,361,227 | $ 1,525,651 |
Foreign currency exchange (loss) gain on investment in Shurgard | (10,186) | 21,489 | (830) |
Total comprehensive income | 1,949,453 | 1,382,716 | 1,524,821 |
Allocation to noncontrolling interests | (6,376) | (4,014) | (5,117) |
Comprehensive income allocable to Public Storage shareholders | $ 1,943,077 | $ 1,378,702 | $ 1,519,704 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($) $ in Thousands | Total | Total Public Storage Shareholders' Equity | Cumulative Preferred Shares | Common Shares | Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Beginning balance at Dec. 31, 2018 | $ 9,144,728 | $ 9,119,478 | $ 4,025,000 | $ 17,413 | $ 5,718,485 | $ (577,360) | $ (64,060) | $ 25,250 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of preferred shares | 1,059,156 | 1,059,156 | 1,090,000 | (30,844) | ||||
Redemption and shares called for redemption of preferred shares | (1,050,000) | (1,050,000) | (1,050,000) | |||||
Issuance of common shares in connection with share-based compensation | 33,564 | 33,564 | 29 | 33,535 | ||||
Share-based compensation expense, net of cash paid in lieu of common shares | 13,671 | 13,671 | 13,671 | |||||
Acquisition of noncontrolling interests | (35,000) | (23,913) | (23,913) | (11,087) | ||||
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: | ||||||||
Preferred shareholders | (210,179) | (210,179) | (210,179) | |||||
Noncontrolling interests | (6,672) | (6,672) | ||||||
Common shareholders and restricted share unitholders | (1,398,570) | (1,398,570) | (1,398,570) | |||||
Other comprehensive income (loss) | (830) | (830) | (830) | |||||
Ending balance at Dec. 31, 2019 | 9,079,667 | 9,062,911 | 4,065,000 | 17,442 | 5,710,934 | (665,575) | (64,890) | 16,756 |
Beginning balance at Dec. 31, 2018 | 0 | |||||||
Ending balance at Dec. 31, 2019 | 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of preferred shares | 1,208,206 | 1,208,206 | 1,247,500 | (39,294) | ||||
Redemption and shares called for redemption of preferred shares | (1,520,000) | (1,520,000) | (1,520,000) | |||||
Issuance of common shares in connection with share-based compensation | 12,664 | 12,664 | 16 | 12,648 | ||||
Share-based compensation expense, net of cash paid in lieu of common shares | 22,845 | 22,845 | 22,845 | |||||
Acquisition of noncontrolling interests | (33) | (32) | (32) | (1) | ||||
Contributions by noncontrolling interests | 2,629 | 2,629 | ||||||
Net income | 1,361,227 | 1,361,227 | 1,361,227 | |||||
Net income allocated to noncontrolling interests | (4,014) | (4,014) | (4,014) | (4,014) | ||||
Distributions to: | ||||||||
Preferred shareholders | (207,068) | (207,068) | (207,068) | |||||
Noncontrolling interests | (5,366) | (5,366) | ||||||
Common shareholders and restricted share unitholders | (1,399,361) | (1,399,361) | (1,399,361) | |||||
Other comprehensive income (loss) | 21,489 | 21,489 | 21,489 | |||||
Ending balance at Dec. 31, 2020 | 8,576,899 | 8,558,867 | 3,792,500 | 17,458 | 5,707,101 | (914,791) | (43,401) | 18,032 |
Ending balance at Dec. 31, 2020 | 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of preferred shares | 1,147,455 | 1,147,455 | 1,182,500 | (35,045) | ||||
Redemption and shares called for redemption of preferred shares | (875,000) | (875,000) | (875,000) | |||||
Issuance of common shares in connection with share-based compensation | 95,860 | 95,860 | 55 | 95,805 | ||||
Share-based compensation expense, net of cash paid in lieu of common shares | 54,492 | 54,492 | 54,492 | |||||
Acquisition of noncontrolling interests | (692) | (686) | (686) | (6) | ||||
Contributions by noncontrolling interests | 2,451 | 2,451 | ||||||
Net income | 1,959,639 | 1,959,639 | 1,959,639 | |||||
Net income allocated to noncontrolling interests | (6,376) | (6,376) | (6,376) | (5,906) | ||||
Distributions to: | ||||||||
Preferred shareholders | (186,579) | (186,579) | (186,579) | |||||
Noncontrolling interests | (6,271) | (6,271) | ||||||
Common shareholders and restricted share unitholders | (1,402,309) | (1,402,309) | (1,402,309) | |||||
Other comprehensive income (loss) | (10,186) | (10,186) | (10,186) | |||||
Ending balance at Dec. 31, 2021 | 9,355,289 | $ 9,335,177 | $ 4,100,000 | $ 17,513 | $ 5,821,667 | $ (550,416) | $ (53,587) | $ 20,112 |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Contributions by noncontrolling interests | 68,170 | |||||||
Net income allocated to noncontrolling interests | 470 | |||||||
Noncontrolling interests | (391) | |||||||
Ending balance at Dec. 31, 2021 | $ 68,249 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Issuance of preferred shares (in shares) | 47,300 | 49,900 | 43,600 |
Redemption and shares called for redemption of preferred shares (in shares) | 35,000 | 60,800 | 42,000 |
Issuance of common shares in connection with share-based compensation (in shares) | 552,713 | 163,127 | 287,734 |
Distributions to common shareholders and restricted share unitholders (in USD per share) | $ 8 | $ 8 | $ 8 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 1,959,639 | $ 1,361,227 | $ 1,525,651 |
Adjustments to reconcile net income to net cash flows from operating activities: | |||
Gain on sale of real estate | (13,683) | (1,493) | (341) |
Depreciation and amortization | 713,428 | 553,257 | 512,918 |
Equity in earnings of unconsolidated real estate entities | (232,093) | (80,497) | (69,547) |
Distributions from cumulative equity in earnings of unconsolidated real estate entities | 150,488 | 72,098 | 73,259 |
Foreign currency exchange (gain) loss | (111,787) | 97,953 | (7,829) |
Share-based compensation expense | 59,815 | 33,363 | 25,833 |
Other | 17,748 | 6,994 | 7,690 |
Total adjustments | 583,916 | 681,675 | 541,983 |
Net cash flows from operating activities | 2,543,555 | 2,042,902 | 2,067,634 |
Cash flows from investing activities: | |||
Capital expenditures to maintain real estate facilities | (270,238) | (169,998) | (187,303) |
Development and expansion of real estate facilities | (281,981) | (189,413) | (284,682) |
Acquisition of real estate facilities and intangible assets | (5,047,106) | (792,266) | (437,758) |
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities | 19,518 | 24,658 | 11,630 |
Repayment of note receivable | 0 | 7,509 | 0 |
Proceeds from sale of real estate investments | 16,296 | 1,796 | 762 |
Net cash flows used in investing activities | (5,563,511) | (1,117,714) | (897,351) |
Cash flows from financing activities: | |||
Repayments on notes payable | (2,218) | (2,020) | (1,920) |
Issuance of notes payable, net of issuance costs | 5,038,904 | 545,151 | 496,900 |
Issuance of preferred shares | 1,147,455 | 1,208,206 | 1,059,156 |
Issuance of common shares in connection with share-based compensation | 95,860 | 12,664 | 33,564 |
Redemption of preferred shares | (1,175,000) | (1,220,000) | (1,050,000) |
Cash paid upon vesting of restricted share units | (13,069) | (10,518) | (12,162) |
Acquisition of noncontrolling interests | (692) | (33) | (35,000) |
Contributions by noncontrolling interests | 2,451 | 2,629 | 4,148 |
Distributions paid to preferred shareholders, common shareholders and restricted share unitholders | (1,588,888) | (1,606,429) | (1,608,749) |
Distributions paid to noncontrolling interests | (6,662) | (5,366) | (6,672) |
Net cash flows provided by (used in) financing activities | 3,498,141 | (1,075,716) | (1,120,735) |
Net cash flows from (used in) operating, investing, and financing activities | 478,185 | (150,528) | 49,548 |
Net effect of foreign exchange impact on cash and equivalents, including restricted cash | 505 | (426) | (13) |
Increase (decrease) in cash and equivalents, including restricted cash | 478,690 | (150,954) | 49,535 |
Cash and equivalents, including restricted cash at beginning of the period: | |||
Cash and equivalents | 257,560 | 409,743 | 361,218 |
Restricted cash included in other assets | 25,040 | 23,811 | 22,801 |
Cash, equivalents, and restricted cash | 282,600 | 433,554 | 384,019 |
Cash and equivalents, including restricted cash at end of the period: | |||
Cash and equivalents | 734,599 | 257,560 | 409,743 |
Restricted cash included in other assets | 26,691 | 25,040 | 23,811 |
Cash, equivalents, and restricted cash | 761,290 | 282,600 | 433,554 |
Costs incurred during the period remaining unpaid at period end for: | |||
Capital expenditures to maintain real estate facilities | (23,398) | (10,359) | (16,558) |
Construction or expansion of real estate facilities | (50,051) | (32,349) | (32,356) |
Real estate acquired in exchange for noncontrolling interests | (68,170) | 0 | 0 |
Real estate acquired in exchange for consideration payable | 0 | (3,799) | (1,817) |
Preferred shares called for redemption and reclassified to liabilities | $ 0 | $ 300,000 | $ 0 |
Description of the Business
Description of the Business | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business | 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 that offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities such as tenant loss reinsurance, merchandise sales, and third party management, as well as the acquisition and development of additional self-storage space. At December 31, 2021, we have direct and indirect equity interests in 2,787 self-storage facilities (with approximately 198.3 million net rentable square feet) located in 39 states in the United States (“U.S.”) operating under the Public Storage® name, and 0.8 million net rentable square feet of commercial and retail space. We own an approximate 35% common equity interest in Shurgard Self Storage SA (“Shurgard”), a public company traded on Euronext Brussels under the “SHUR” symbol, which owns 253 self-storage facilities (with approximately 14 million net rentable square feet) located in seven Western European countries, all operating under the Shurgard® name. We also own an approximate 41% common equity interest in PS Business Parks, Inc. (“PSB”), a REIT traded on the New York Stock Exchange under the “PSB” symbol, which owns 28 million net rentable square feet of commercial properties, primarily multi-tenant industrial, flex, and office space, located in six states. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board (“FASB”), and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). Summary of Significant Accounting Policies Consolidation and Equity Method of Accounting We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or the equity holders as a group do not have a controlling financial interest. In addition, we have general partner interests in limited partnerships along with third-party investors to develop, construct or operate self-storage facilities. As the general partner, we consider the limited partnerships to be VIEs if the limited partners lack both substantive participating rights and substantive kick-out rights. We consolidate VIEs when we have (i) the power to direct the activities most significantly impacting economic performance, and (ii) either the obligation to absorb losses or the right to receive benefits from the VIE. The total assets, primarily real estate assets, and the total liabilities of our consolidated VIEs are not material as of December 31, 2021. We consolidate all other entities when we control them through voting shares or contractual rights. We refer to the entities we consolidate, for the period in which the reference applies, collectively as the “Subsidiaries,” and we eliminate intercompany transactions and balances. We account for our investments in entities that we do not consolidate but over which we have significant influence using the equity method of accounting. We refer to these entities, for the periods in which the reference applies, collectively as the “Unconsolidated Real Estate Entities,” and we eliminate intra-entity profits and losses and amortize any differences between the cost of our investment and the underlying equity in net assets against equity in earnings as if the Unconsolidated Real Estate Entity were a consolidated subsidiary. Equity in earnings of unconsolidated real estate entities presented on our income statements represents our pro-rata share of the earnings of the Unconsolidated Real Estate Entities. The dividends we receive from the Unconsolidated Real Estate Entities are reflected on our consolidated statements of cash flows as “distributions from cumulative equity in earnings of unconsolidated real estate entities” to the extent of our cumulative equity in earnings, with any excess classified as “distributions in excess of cumulative equity in earnings from unconsolidated real estate entities.” Use of Estimates The preparation of consolidated financial statements and accompanying notes in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates and assumptions. Cash Equivalents and Restricted Cash Cash equivalents represent highly liquid financial instruments that mature within three months of acquisition such as money market funds with a rating of at least AAA by Standard & Poor's, commercial paper that is rated A1 by Standard & Poor's or deposits with highly rated commercial banks. Restricted cash, which represent amounts used to collateralize our insurance obligations and are restricted from general corporate use, are included in other assets. Fair Value As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the balance sheet date. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 Significant observable inputs other than Level 1, that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data. Level 3 Unobservable inputs that are supported by little or no market data for the related assets or liabilities. The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Our financial instruments consist of cash and cash equivalents, restricted cash, other assets, other liabilities, and notes payable. Cash equivalents, restricted cash, other assets and other liabilities are stated at book value, which approximates fair value as of the balance sheet date due to the short time period to maturity. We estimate and disclose the fair value of our notes payable using Level 2 inputs by discounting the related future cash flows at a rate based upon quoted interest rates for securities that have similar characteristics such as credit quality and time to maturity. We use significant judgment to estimate fair values of real estate facilities, goodwill, and other intangible assets for the purposes of purchase price allocation or impairment analysis. In estimating their values, we consider Level 3 inputs such as market prices of land, market capitalization rates, expected returns, earnings multiples, projected levels of earnings, costs of construction, and functional depreciation. Real Estate Facilities We record real estate facilities at cost. We capitalize all costs incurred to acquire, develop, construct, renovate and improve facilities as part of major repair and maintenance programs, including interest and property taxes incurred during the construction period. We expense the costs of demolition of existing facilities associated with a renovation as incurred. We allocate the net acquisition cost of acquired real estate facilities to the underlying land, buildings, and identified intangible assets based upon their respective individual estimated fair values. We expense costs associated with dispositions of real estate, as well as routine repairs and maintenance costs, as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 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. Goodwill and Other Intangible Assets Intangible assets consist of goodwill, the Shurgard® trade name, which Shurgard uses pursuant to a fee-based licensing agreement, and finite-lived assets. Goodwill and the Shurgard® trade name have indefinite lives and are not amortized. Our finite-lived assets consist primarily of (i) acquired customers in place amortized relative to the benefit of the customers in place, with such amortization reflected as depreciation and amortization expense on our income statement and (ii) property tax abatements acquired and amortized relative to the reduction in property tax paid, with such amortization reflected as self-storage cost of operations on our income statement. 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 quarterly. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances, and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate other indefinite-lived intangible assets, such as the Shurgard® trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for any period presented herein. Revenue and Expense Recognition We recognize revenues from self-storage facilities, which primarily comprise rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. We recognize ancillary revenues when earned. We accrue for property tax expense based upon actual amounts billed and, in some circumstances, estimates when bills or assessments have not been received from the taxing authorities. If these estimates are incorrect, the timing and amount of expense recognition could be incorrect. We expense cost of operations (including advertising expenditures), general and administrative expense, and interest expense as incurred. Foreign Currency Exchange Translation The local currency (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 consolidated statements of income are translated at the average exchange rates during the respective period. 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). When financial instruments denominated in a currency other than the U.S. Dollar are expected to be settled in cash in the foreseeable future, the impact of changes in the U.S. Dollar equivalent are reflected in current earnings. At December 31, 2021, due primarily to our investment in Shurgard (Note 4) and our notes payable denominated in Euros (Note 7), 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. The Euro was translated at exchange rates of approximately 1.134 U.S. Dollars per Euro at December 31, 2021 (1.226 at December 31, 2020), and average exchange rates of 1.183, 1.141 and 1.120 for the years ended December 31, 2021, 2020, and 2019, respectively. Income Taxes We have elected to be treated as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the “Code”). For each taxable year in which we qualify for taxation as a REIT, we will not be subject to U.S. federal corporate income tax on our “REIT taxable income” (generally, taxable income subject to specified adjustments, including a deduction for dividends paid and excluding our net capital gain) that is distributed to our shareholders. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no U.S. federal corporate income tax expense related to our REIT taxable income. Our tenant reinsurance, merchandise, and third party management operations are subject to corporate income tax and such taxes are included in general and administrative expenses. 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, 2021, we had no tax benefits that were not recognized. Share-Based Compensation We generally estimate the fair value of share-based payment awards on the date of grant. We determine the fair value of restricted share units ("RSUs") based on the closing market price of the Company’s common stock on the date of grant. We value stock options with no market conditions at the grant date using the Black-Scholes option-pricing model. We value stock options with market conditions at the grant date using a Monte-Carlo valuation simulation. Our determination of the fair value of share-based payment awards on the date of grant using an option-pricing model or Monte-Carlo valuation simulation is affected by our stock price as well as assumptions regarding a number of subjective and complex variables. These variables include, but are not limited to, our expected stock price volatility over the expected term of the awards and actual and projected stock option exercise behaviors. For performance-based restricted share units and stock options, we adjust compensation cost each quarter as needed for any changes in the assessment of the probability that the specified performance criteria will be achieved. We amortize the grant-date fair value of awards as compensation expense over the service period, which begins on the grant date and ends on the expected vesting date. For awards that are earned solely upon the passage of time and continued service, the entire cost of the award is amortized on a straight-line basis over the service period. For awards with market and/or performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method). The estimated number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. In amortizing share-based compensation expense, we do not estimate future forfeitures. Instead, we reverse previously amortized share-based compensation expense with respect to grants that are forfeited in the period the employee terminates employment. In July 2020, we modified our share-based compensation plans to allow immediate vesting upon retirement (“Retirement Acceleration”), and to extend the exercisability of outstanding stock options up to a year after retirement, for currently outstanding and future grants. Prior to the modification, unvested awards were forfeited, and outstanding vested stock options were cancelled, upon retirement. Employees are eligible for Retirement Acceleration if they meet certain conditions including length of service, age, notice of intent to retire, and facilitation of succession for their role. This modification results in accelerating amortization of compensation expense for each grant by changing the end of the service period from the original vesting date to the date an employee is expected to be eligible for Retirement Acceleration, if earlier. |
Real Estate Facilities
Real Estate Facilities | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Real Estate Facilities | Real Estate Facilities Activity in real estate facilities during 2021, 2020, and 2019 is as follows: For the Years Ended December 31, 2021 2020 2019 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 17,372,627 $ 16,289,146 $ 15,296,844 Capital expenditures to maintain real estate facilities 284,200 163,834 192,539 Acquisitions 4,940,413 781,219 421,097 Dispositions (7,408) (303) (426) Developed or expanded facilities opened for operation 218,001 138,731 379,092 Ending balance 22,807,833 17,372,627 16,289,146 Accumulated depreciation: Beginning balance (7,152,135) (6,623,475) (6,140,072) Depreciation expense (625,968) (528,660) (483,408) Dispositions 4,795 — 5 Ending balance (7,773,308) (7,152,135) (6,623,475) Construction in process: Beginning balance 188,079 141,934 285,339 Costs incurred to develop and expand real estate facilities 302,393 188,102 235,687 Write-off of cancelled projects — (3,226) — Developed or expanded facilities opened for operation (218,001) (138,731) (379,092) Ending balance 272,471 188,079 141,934 Total real estate facilities at December 31, $ 15,306,996 $ 10,408,571 $ 9,807,605 During 2021, we acquired 232 self-storage facilities (21,830,000 net rentable square feet of storage space), for a total cost of $5.1 billion, consisting $5.0 billion in cash and $68.2 million in partnership units in our subsidiary. Approximately $174.9 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $218.0 million during 2021, adding 1.6 million net rentable square feet of self-storage space. Construction in process at December 31, 2021 consists of projects to develop new self-storage facilities and expand existing self-storage facilities. During 2021, we sold portions of real estate facilities in connection with eminent domain proceedings for $16.3 million in cash proceeds and recorded a related gain on sale of real estate of approximately $13.7 million. During 2020, we acquired 62 self-storage facilities (5.1 million net rentable square feet of storage space), for a total cost of $792.3 million which includes the assumption of a $3.8 million liability. Approximately $14.9 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $138.7 million during 2020, adding 1.1 million net rentable square feet of self-storage space. Included in general and administrative expense in 2020 is $3.2 million in development projects which were cancelled. During 2019, we acquired 44 self-storage facilities and one commercial facility (3.1 million 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. At December 31, 2021, the adjusted basis of real estate facilities for U.S. federal tax purposes was approximately $15.8 billion (unaudited). |
Investments in Unconsolidated R
Investments in Unconsolidated Real Estate Entities | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Real Estate Entities | 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 Entities at December 31, Equity in Earnings of Unconsolidated Real Estate for the Year Ended December 31, 2021 2020 2021 2020 2019 PSB $ 515,312 $ 431,963 $ 207,722 $ 64,835 $ 54,090 Shurgard 313,451 341,083 24,371 15,662 15,457 Total $ 828,763 $ 773,046 $ 232,093 $ 80,497 $ 69,547 The following tables represent summarized financial information for PSB and Shurgard in aggregate derived from their respective reported financial statements prepared under US GAAP before our basis difference adjustments for the years ended December 31, 2021, 2020, and 2019 (amounts in thousands): Year Ended December 31, 2021 2020 2019 Revenues $ 790,461 $ 721,393 $ 713,867 Costs of operations 263,398 242,992 237,586 Operating income 333,624 290,901 288,179 Gain on sale of real estate 359,904 27,234 16,641 Net Income 639,062 275,680 268,054 At December 31, 2021 2020 Real estate assets $ 3,437,115 $ 3,353,862 Other assets 481,403 374,615 Total assets $ 3,918,518 $ 3,728,477 Debt $ 943,276 $ 742,390 Other liabilities 298,787 274,950 Noncontrolling interests 262,243 221,630 Shareholders' equity 2,414,212 2,489,507 Total liabilities and equity $ 3,918,518 $ 3,728,477 Investment in PSB Throughout all periods presented, we owned 7,158,354 shares of PSB’s common stock and 7,305,355 limited partnership units in an operating partnership controlled by PSB, representing an approximate 41% common equity interest as of December 31, 2021 (42% as of December 31, 2020). 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, 2021 ($184.17 per share of PSB common stock), the shares and units we owned had a market value of approximately $2.7 billion. During each of 2021, 2020, and 2019, we received cash distributions from PSB totaling $127.3 million, $60.7 million and $60.7 million, respectively. PSB is a publicly held entity traded on the New York Stock Exchange under the symbol “PSB”. Investment in Shurgard Throughout all periods presented, we effectively owned, directly and indirectly 31,268,459 Shurgard common shares, representing an approximate 35% equity interest in Shurgard. Based upon the closing price at December 31, 2021 (€57.50 per share of Shurgard common stock, at 1.134 exchange rate of US Dollars to the Euro), the shares we owned had a market value of approximately $2.0 billion. Our equity in earnings of Shurgard comprised our equity share of Shurgard’s net income, less amortization of the Shurgard Basis Differential (defined below). We eliminated $1.2 million, $1.1 million and $1.0 million intra-entity profits and losses for 2021, 2020, and 2019, respectively, representing our equity share of the trademark license fees that Shurgard pays to us for the use of the Shurgard® trademark. We classify the remaining license fees we receive from Shurgard as interest and other income on our income statement. During 2021, 2020, and 2019, we received cash dividend distribution from Shurgard totaling $41.5 million, $34.9 million and $23.1 million, respectively. At December 31, 2021, our pro-rata investment in Shurgard’s real estate assets included in investment in unconsolidated real estate entities exceeds our pro-rata share of the underlying amounts on Shurgard’s balance sheet by approximately $74.7 million ($83.1 million at December 31, 2020). This differential (the “Shurgard Basis Differential”) includes our cost basis adjustment in Shurgard’s real estate assets net of related deferred income taxes. The real estate assets basis differential is being amortized as a reduction to equity in earnings of the Unconsolidated Real Estate Entities. Such amortization totaled approximately $8.4 million, $5.8 million and $5.5 million during 2021, 2020, and 2019, respectively. Shurgard is a publicly held entity trading on Euronext Brussels under the symbol “SHUR”. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other intangible assets consisted of the following (amounts in thousands): At December 31, 2021 At December 31, 2020 Gross Book Value Accumulated Amortization Net Book Value Gross Book Value Accumulated Amortization Net Book Value Goodwill $ 165,843 $ — $ 165,843 $ 165,843 $ — $ 165,843 Shurgard® Trade Name 18,824 — 18,824 18,824 — 18,824 Finite-lived intangible assets, subject to amortization 198,180 (79,953) 118,227 47,321 (27,334) 19,987 Total goodwill and other intangible assets $ 382,847 $ (79,953) $ 302,894 $ 231,988 $ (27,334) $ 204,654 Amortization expense related to intangible assets subject to amortization was $76.6 million, $16.1 million and $16.8 million in 2021, 2020, and 2019, respectively. During 2021, 2020, and 2019, intangibles increased $174.9 million, $14.9 million and $18.5 million, respectively, in connection with the acquisition of self-storage facilities (Note 3). The remaining amortization expense will be recognized over a weighted average life of approximately 1.1 years. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2021 is as follows (amounts in thousands): Year Amount 2022 $ 86,759 2023 24,417 Thereafter 7,051 Total $ 118,227 |
Credit Facility
Credit Facility | 12 Months Ended |
Dec. 31, 2021 | |
Line of Credit Facility [Abstract] | |
Credit Facility | Credit FacilityWe have a revolving credit agreement (the “Credit Facility”) with a $500 million borrowing limit that matures on April 19, 2024. Amounts drawn on the Credit Facility bear annual interest at rates ranging from LIBOR plus 0.7% to LIBOR plus 1.350% depending upon the ratio of our Total Indebtedness to Gross Asset Value (as defined in the Credit Facility) (LIBOR plus 0.75% at December 31, 2021). We are also required to pay a quarterly facility fee ranging from 0.07% per annum to 0.25% per annum depending upon the ratio of our Total Indebtedness to our Gross Asset Value (0.10% per annum at December 31, 2021). At December 31, 2021 and February 22, 2022, we had no outstanding borrowings under this Credit Facility. We had undrawn standby letters of credit, which reduces our borrowing capacity, totaling $21.2 million at December 31, 2021 ($24.3 million at December 31, 2020). The Credit Facility has various customary restrictive covenants, with which we were in compliance at December 31, 2021. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2021 | |
Notes Payable [Abstract] | |
Notes Payable | Notes PayableOur notes payable are reflected net of issuance costs (including original issue discounts), which are amortized as interest expense on the effective interest method over the term of each respective note. Our notes payable at December 31, 2021 and 2020 are set forth in the tables below: Amounts at December 31, 2021 Coupon Rate Effective Rate Principal Unamortized Costs Book Fair ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 2.370% 2.483% $ 500,000 $ (363) $ 499,637 $ 506,362 Notes due April 23, 2024 SOFR+0.47% 0.617% 700,000 (1,628) 698,372 700,314 Notes due February 15, 2026 0.875% 1.030% 500,000 (3,061) 496,939 488,141 Notes due November 9, 2026 1.500% 1.640% 650,000 (4,227) 645,773 649,996 Notes due September 15, 2027 3.094% 3.218% 500,000 (3,020) 496,980 535,206 Notes due May 1, 2028 1.850% 1.962% 650,000 (4,276) 645,724 649,221 Notes due November 9, 2028 1.950% 2.044% 550,000 (3,299) 546,701 548,241 Notes due May 1, 2029 3.385% 3.459% 500,000 (2,257) 497,743 545,580 Notes due May 1, 2031 2.300% 2.419% 650,000 (6,383) 643,617 656,546 Notes due November 9, 2031 2.250% 2.322% 550,000 (3,488) 546,512 551,932 5,750,000 (32,002) 5,717,998 5,831,539 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% 113,431 — 113,431 117,526 Notes due November 3, 2025 2.175% 2.175% 274,518 — 274,518 295,256 Notes due September 9, 2030 0.500% 0.640% 794,017 (9,730) 784,287 769,561 Notes due January 24, 2032 0.875% 0.978% 567,155 (5,394) 561,761 551,842 1,749,121 (15,124) 1,733,997 1,734,185 Mortgage Debt , secured by 11 real estate facilities with a net book value of $66.1 million 3.878% 3.897% 23,284 — 23,284 24,208 $ 7,522,405 $ (47,126) $ 7,475,279 $ 7,589,932 Amounts at December 31, 2020 Book Value Fair Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 $ 499,109 $ 517,419 Notes due September 15, 2027 496,452 560,833 Notes due May 1, 2029 497,433 574,833 1,492,994 1,653,085 Euro Denominated Unsecured Debt Notes due April 12, 2024 122,646 129,192 Notes due November 3, 2025 296,821 323,552 Notes due January 24, 2032 607,301 634,389 1,026,768 1,087,133 Mortgage Debt 25,230 26,958 $ 2,544,992 $ 2,767,176 U.S. Dollar Denominated Unsecured Notes On January 19, 2021, we completed a public offering of $500 million aggregate principal amount of senior notes bearing interest at an annual rate of 0.875% and maturing on February 15, 2026. Interest on the senior notes is payable semi-annually, commencing on August 15, 2021. In connection with the offering, we incurred $3.8 million in costs. On April 23, 2021, we completed a public offering of $700 million, $650 million and $650 million aggregate principal amount of senior notes bearing interest at an annual rate of the Compounded Secured Overnight Financing Rate (“SOFR”) plus 0.47% (reset quarterly and at 0.52% as of December 31, 2021), 1.850% and 2.300%, respectively, and maturing on April 23, 2024, May 1, 2028 and May 1, 2031, respectively. Interest on the 2024 notes is payable quarterly, commencing on July 23, 2021. Interest on the 2028 notes and 2031 notes is payable semi-annually, commencing on November 1, 2021. In connection with the offering, we incurred a total of $13.7 million in costs. On November 9, 2021, we completed a public offering of $650 million, $550 million and $550 million aggregate principal amount of senior notes bearing interest at an annual rate of 1.500%, 1.950% and 2.250%, respectively, and maturing on November 9, 2026, November 9, 2028 and November 9, 2031, respectively. Interest on the senior notes is payable semi-annually, commencing on May 9, 2022. In connection with the offering, we incurred a total of $11.3 million in costs. 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 U.S. Dollar Denominated Unsecured Notes have various financial covenants, with which we were in compliance at December 31, 2021. Included in these covenants are (a) a maximum Debt to Total Assets of 65% (approximately 16% at December 31, 2021) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x (approximately 30x for the twelve months ended December 31, 2021) as well as covenants limiting the amount we can encumber our properties with mortgage debt. Euro Denominated Unsecured Notes Our Euro denominated unsecured notes (the “Euro Notes”) consist of four tranches: (i) €242.0 million issued to institutional investors on November 3, 2015 for $264.3 million in net proceeds upon converting the Euros to U.S. Dollars, (ii) €100.0 million issued to institutional investors on April 12, 2016 for $113.6 million in net proceeds upon converting the Euros to U.S. Dollars, (iii) €500.0 million issued in a public offering on January 24, 2020 for $545.2 million in net proceeds upon converting the Euros to U.S. Dollars, and (iv) €700.0 million issued in a public offering on September 9, 2021 for $817.6 million in net proceeds upon converting the Euros to U.S. Dollars. Interest is payable semi-annually on the notes issued November 3, 2015 and April 12, 2016, and annually on the notes issued January 24, 2020 and September 9, 2021. The Euro Notes have financial covenants similar to those of the U.S. Dollar Denominated Unsecured Notes. We reflect changes in the U.S. Dollar equivalent of the amount payable, as a result of changes in foreign exchange rates as “Foreign currency exchange gain (loss)” on our income statement (gains of $111.8 million for 2021, as compared to losses of $98.0 million for 2020 and gains of $7.8 million for 2019). Mortgage Notes We assumed our non-recourse mortgage debt in connection with property acquisitions, and we recorded such debt at fair value with any premium or discount to the stated note balance amortized using the effective interest method. 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, 2021, the related contractual interest rates are fixed, ranging between 3.2% and 7.1%, and mature between November 1, 2022 and July 1, 2030. At December 31, 2021, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total 2022 $ 500,000 $ 2,483 $ 502,483 2023 — 19,219 19,219 2024 813,431 124 813,555 2025 274,518 131 274,649 2026 1,150,000 138 1,150,138 Thereafter 4,761,172 1,189 4,762,361 $ 7,499,121 $ 23,284 $ 7,522,405 Weighted average effective rate 1.8% 3.9% 1.8% Cash paid for interest totaled $77.7 million, $52.7 million and $48.3 million for 2021, 2020, and 2019, respectively. Interest capitalized as real estate totaled $3.5 million, $3.4 million and $3.9 million for 2021, 2020, and 2019, respectively. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2021 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling InterestsWe have noncontrolling interests related to several subsidiaries we consolidate of which we do not own 100% of the equity. At December 31, 2021, certain of these subsidiaries issued 443,970 partnership units to third-parties 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. These include 211,992 partnership units of $68.2 million issued to third-parties in connection with our acquisition of a portfolio of self-storage facilities in the fourth quarter of 2021. The unitholders of these 211,992 partnership units have the right to require us to redeem their partnership units in cash if common shares of the Company are not publicly listed. We classify these noncontrolling interests as redeemable noncontrolling interest outside of total equity in our consolidated balance sheets. At December 31, 2021, these noncontrolling interests are not currently redeemable or probable of becoming redeemable. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Preferred Shares At December 31, 2021 and 2020, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At December 31, 2021 At December 31, 2020 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference (Dollar amounts in thousands) Series C 5/17/2021 5.125 % — $ — 8,000 $ 200,000 Series D 7/20/2021 4.950 % — — 13,000 325,000 Series E 10/14/2021 4.900 % — — 14,000 350,000 Series F 6/2/2022 5.150 % 11,200 280,000 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 11,400 285,000 Series I 9/12/2024 4.875 % 12,650 316,250 12,650 316,250 Series J 11/15/2024 4.700 % 10,350 258,750 10,350 258,750 Series K 12/20/2024 4.750 % 9,200 230,000 9,200 230,000 Series L 6/17/2025 4.625 % 22,600 565,000 22,600 565,000 Series M 8/14/2025 4.125 % 9,200 230,000 9,200 230,000 Series N 10/6/2025 3.875 % 11,300 282,500 11,300 282,500 Series O 11/17/2025 3.900 % 6,800 170,000 6,800 170,000 Series P 6/16/2026 4.000 % 24,150 603,750 — — Series Q 8/17/2026 3.950 % 5,750 143,750 — — Series R 11/19/2026 4.000 % 17,400 435,000 — — Total Preferred Shares 164,000 $ 4,100,000 151,700 $ 3,792,500 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, 2021, there were no dividends in arrears. The affirmative vote of at least 66.67% of the outstanding shares of a series of Preferred Shares is required for any material and adverse amendment to the terms of such series. The affirmative vote of at least 66.67% of the outstanding shares of all of our Preferred Shares, voting as a single class, is required to issue shares ranking senior to our Preferred Shares. Except under certain conditions relating to the Company’s qualification as a REIT, the Preferred Shares are not redeemable prior to the dates indicated on the table above. On or after the respective dates, each of the series of Preferred Shares is redeemable at our option, in whole or in part, at $25.00 per depositary share, plus accrued and unpaid dividends. Holders of the Preferred Shares cannot require us to redeem such shares. Upon issuance of our Preferred Shares, we classify the liquidation value as preferred equity on our consolidated balance sheet with any issuance costs recorded as a reduction to Paid-in capital. During 2021, 2020, and 2019, we issued the following series of Preferred Shares at an issuance price of $25.00 per depository share with each depository share representing 0.001 of a share of Preferred Share (amounts in thousands): Year Series Shares Gross Proceeds Issuance Costs 2021 P, Q and R 47,300 $ 1,182,500 $ 35,045 2020 L, M, N and O 49,900 1,247,500 39,294 2019 H, I, J and K 43,600 1,090,000 30,844 During 2021, 2020, and 2019, we redeemed the following series of Preferred Shares at par (amounts in thousands): Year Series Aggregate Redemption Amount Allocation of Income to Preferred Shares Holders in Connection with Redemption 2021 C, D and E $ 875,000 $ 28,914 2020 (a) V, W, X and B 1,520,000 48,265 2019 Y, Z, U and A 1,050,000 32,693 (a) On December 14, 2020, we called for redemption of, and on January 20, 2021, we redeemed Series B Preferred Shares. The liquidation value (at par) was reclassified as a liability as of December 31, 2020 and we recorded allocation of income to the holders of our Preferred Shares in 2020 in connection with this redemption. Common Shares During 2021, 2020, and 2019, activity with respect to the issuance of our common shares was as follows (dollar amounts in thousands): 2021 2020 2019 Shares Amount Shares Amount Shares Amount Employee stock-based compensation and exercise of stock options (Note 11) 552,713 $ 95,860 163,127 $ 12,664 287,734 $ 33,564 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, 2021, we repurchased approximately 23.7 million shares pursuant to this authorization; none of which were repurchased during the three years ended December 31, 2021. The unaudited characterization of dividends for U.S. federal corporate income tax purposes is made based upon earnings and profits of the Company, as defined by the Code. Common share dividends, including amounts paid to our restricted share unitholders, totaled $1.402 billion ($8.00 per share), $1.399 billion ($8.00 per share) and $1.399 billion ($8.00 per share) for the years ended December 31, 2021, 2020, and 2019, respectively. Preferred share dividends totaled $186.6 million, $207.1 million and $210.2 million for the years ended December 31, 2021, 2020, and 2019, respectively. For the tax year ended December 31, 2021, distributions for the common shares and all the various series of preferred shares were classified as follows: 2021 (unaudited) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Ordinary Dividends 94.55 % 94.54 % 94.55 % 94.57 % Capital Gain Distributions 5.45 % 5.46 % 5.45 % 5.43 % Total 100.00 % 100.00 % 100.00 % 100.00 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsAt December 31, 2021, Tamara Hughes Gustavson, a current member of our Board and her adult children owned and controlled 65 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 premium payments of approximately $2.1 million, $1.6 million and $1.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation Under various share-based compensation plans and under terms established or modified by our Board or a committee thereof, we grant non-qualified options to purchase the Company’s common shares, as well as RSUs, to trustees, officers, and key employees. On April 26, 2021, the Company’s Shareholders approved the 2021 Equity and Performance-Based Incentive Compensation Plan ("2021 Plan"), which authorizes an additional three million shares available for future issuance of equity-based awards. As of December 31, 2021, there were a total of 2,252,321 shares reserved for granting of future options and stock awards under the 2021 plan. We recorded share-based compensation expense associated with stock options and RSUs in the various expense categories in the Consolidated Statements of Income as set forth in the following table. In addition, $3.9 million share-based compensation cost was capitalized as real estate facilities for the year ended December 31, 2021. For Years Ended December 31, 2021 2020 2019 (Amounts in thousands) Self-storage cost of operations $ 20,544 $ 14,904 $ 12,090 Ancillary cost of operations 1,561 — — General and administrative 37,760 18,586 13,871 Total $ 59,865 $ 33,490 $ 25,961 Stock Options Stock options vest over 3 to 5 years, expire 10 years after the grant date, and have an exercise price equal to the closing trading price of our common shares on the grant date. New shares are issued for options exercised. Employees cannot require the Company to settle their award in cash. For the years ended December 31, 2021, 2020, and 2019, we incurred share-based compensation cost for outstanding stock options of $25.1 million, $7.6 million and $5.0 million, respectively. The amounts for the years ended December 31, 2021 and 2020 include $4.5 million and $0.3 million, respectively, in connection with the Retirement Acceleration as discussed in Note 2 (none for 2019). During 2021, we incurred share-based compensation cost of $1.5 million in connection with the initial 15,000 stock option awards issued to each of the five trustees who joined our Board in January 2021. During 2021, 245,000 stock options were awarded where vesting is dependent upon meeting certain performance targets with respect to 2021, 2022, and 2023 and continued service through 2025. These awards contain a relative Total Shareholder Return modifier that will adjust the payout based on relative performance as compared to the market. As of December 31, 2021, these targets are expected to be met at 100% achievement. These options resulted in $8.1 million in related compensation cost during 2021. During 2020, 770,000 stock options were awarded where vesting is dependent upon meeting certain performance targets with respect to 2020, 2021, and 2022 and continued service through 2024. As of December 31, 2021, these targets are expected to be met at 125% achievement, an increase from 100% as of December 31, 2020. $10.9 million and $3.0 million in related compensation cost was recorded during 2021 and 2020, respectively. The stock options outstanding at December 31, 2021 have an aggregate intrinsic value (the excess, if any, of each option’s market value over the exercise price) of approximately $481.9 million and remaining average contractual lives of approximately six years. Total compensation cost related to nonvested stock options that has not yet been recognized is $23.3 million and is expected to be recognized as compensation cost over approximately three years on average. Exercisable stock options have an aggregate intrinsic value of approximately $251.3 million at December 31, 2021 and remaining average contractual lives of approximately four years. Additional information with respect to stock options during 2021, 2020, and 2019 is as follows: Service-Based Performance-Based Total Number Weighted Number Weighted Number Weighted Options outstanding January 1, 2019 2,420,922 $ 201.31 — $ — 2,420,922 $ 201.31 Granted 120,000 — 120,000 Exercised (191,255) — (191,255) Cancelled (10,000) — (10,000) Options outstanding December 31, 2019 2,339,667 $ 204.53 — $ — 2,339,667 $ 204.53 Granted 70,000 770,000 840,000 Exercised (71,500) — (71,500) Cancelled (107,000) (40,000) (147,000) Options outstanding December 31, 2020 2,231,167 $ 204.60 730,000 $ 228.94 2,961,167 $ 210.59 Granted (a) 140,000 420,000 560,000 Exercised (471,216) — (471,216) Cancelled — (10,000) (10,000) Options outstanding December 31, 2021 1,899,951 $ 208.16 1,140,000 $ 229.16 3,039,951 $ 216.04 Options exercisable at December 31, 2021 1,464,411 $ 202.97 — $ — 1,464,411 $ 202.97 2021 2020 2019 Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 44,613 $ 3,433 $ 11,848 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 0.8% 0.4% 2.3% Expected volatility, based upon historical volatility 24.1% 21.6% 8.9% Expected dividend yield 2.9% 3.8% 3.6% Average assumptions used in valuing options with market conditions with the Monte-Carlo simulation method: Expected life of options in years, based upon historical experience 5 Risk-free interest rate 0.9% Expected volatility, based upon historical volatility 26.5% Expected dividend yield 2.9% Average estimated value of options granted during the year $ 62.66 $ 17.79 $ 9.61 (a) Amount granted for performance-based stock options includes performance adjustments above target for options granted in 2020. Restricted Share Units RSUs generally vest over 5 to 8 years from the grant date. The grantee receives dividends for each outstanding RSU equal to the per-share dividends received by our common shareholders. We expense any dividends previously paid upon forfeiture of the related RSU. Upon vesting, the grantee receives new 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. For the years ended December 31, 2021, 2020, and 2019, we incurred share-based compensation cost for RSUs of $38.7 million, $25.9 million and $21.0 million, respectively. The amounts for the years ended December 31, 2021 and 2020 include $11.4 million and $5.4 million, respectively, in connection with the Retirement Acceleration as discussed in Note 2 (none for 2019). During 2021, 37,000 RSUs were awarded where vesting is dependent upon meeting certain performance targets for 2021. As of December 31, 2021, these targets were met at 125% achievement. These RSUs resulted in $6.4 million in related compensation cost during 2021. Remaining compensation cost related to RSUs outstanding at December 31, 2021 totals approximately $94.1 million and is expected to be recognized over the next 3 years on average. The following tables set forth relevant information with respect to restricted shares (dollar amounts in thousands): 2021 2020 2019 Number of Weighted-Average Grant-Date Number of Weighted-Average Grant-Date Number of Weighted-Average Grant-Date Restricted share units outstanding January 1, 552,788 $ 218.11 619,150 $ 213.29 717,696 $ 210.69 Granted (a) 189,318 $ 321.17 110,755 $ 222.27 97,140 $ 217.35 Vested (138,420) $ (216.63) (140,089) $ (200.88) (160,329) $ (204.04) Forfeited (32,864) $ (221.32) (37,028) $ (215.08) (35,357) $ (213.62) Restricted share units outstanding December 31, 570,822 $ 251.95 552,788 $ 218.11 619,150 $ 213.29 2021 2020 2019 Amounts for the year (in 000's, except number of shares): Fair value of vested shares on vesting date $ 37,430 $ 31,076 $ 33,769 Cash paid for taxes upon vesting in lieu of issuing common shares $ 13,069 $ 10,518 $ 12,162 Common shares issued upon vesting 81,325 91,627 96,479 (a) Amount includes adjustments above target for performance-based RSUs granted in fiscal year 2021 based on achievement of performance criteria. |
Net Income per Common Share
Net Income per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share | Net Income per Common Share We allocate net income to (i) noncontrolling interests based upon their contractual rights in the respective subsidiaries or for participating noncontrolling interests based upon their participation in both distributed and undistributed earnings of the Company, (ii) preferred shareholders, for distributions paid or payable, (iii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (an “preferred share redemption charge”) and (iv) restricted share units, for non-forfeitable dividends paid and adjusted for participation rights in undistributed earnings of the Company. We calculate basic and diluted net income per common share based upon net income allocable to common shareholders, divided by (i) weighted average common shares for basic net income per common share, and (ii) weighted average common shares adjusted for the impact of dilutive, of stock options outstanding for diluted net income per common share. The following table reconciles the numerators and denominators of the basic and diluted net income per common shares computation for the year ended December 31, 2021, 2020, and 2019 (in thousands, except per share amounts): For the Years Ended December 31, 2021 2020 2019 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 1,732,444 $ 1,098,335 $ 1,272,767 Denominator for basic net income per share - weighted average common shares outstanding 174,858 174,494 174,287 Net effect of dilutive stock options - based on treasury stock method 710 148 243 Denominator for dilutive net income per share - weighted average common shares outstanding 175,568 174,642 174,530 Net income per common share: Basic $ 9.91 $ 6.29 $ 7.30 Dilutive $ 9.87 $ 6.29 $ 7.29 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Our operating segments reflect the significant components of our operations where discrete financial information is evaluated separately by our chief operating decision maker (“CODM”). Self-Storage Operations The Self-Storage Operations reportable segment reflects the aggregated rental operations from the self-storage facilities we own from (i) Same Store Facilities, (ii) Acquired Facilities, (iii) Developed and Expanded Facilities, and (iv) Other Non-Same Store Facilities. The presentation in the table below sets forth the NOI of this reportable segment, as well as the related depreciation expense. For all periods presented, substantially all of our real estate facilities, goodwill and other intangible assets, other assets, and accrued and other liabilities are associated with the Self-Storage Operations reportable segment. Ancillary Operations The Ancillary Operations reflects the combined operations of our tenant loss reinsurance, merchandise sales, and third party property management operating segments. Presentation of Segment Information The following table reconciles NOI and net income attributable to our reportable segment to our consolidated net income: For the Years Ended December 31, 2021 2020 2019 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 3,203,566 $ 2,721,630 $ 2,684,552 Cost of operations (852,030) (807,543) (762,416) Net operating income 2,351,536 1,914,087 1,922,136 Depreciation and amortization (713,428) (553,257) (512,918) Net income 1,638,108 1,360,830 1,409,218 Ancillary Operations Revenue 212,258 193,438 170,556 Cost of operations (68,568) (59,919) (50,736) Net operating income 143,690 133,519 119,820 Total net income allocated to segments 1,781,798 1,494,349 1,529,038 Other items not allocated to segments: General and administrative (101,254) (83,199) (62,146) Interest and other income 12,306 22,323 26,683 Interest expense (90,774) (56,283) (45,641) Equity in earnings of unconsolidated real estate entities 232,093 80,497 69,547 Foreign currency exchange gain (loss) 111,787 (97,953) 7,829 Gain on sale of real estate 13,683 1,493 341 Net income $ 1,959,639 $ 1,361,227 $ 1,525,651 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies Contingent Losses We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote. Insurance and Loss Exposure We carry property, earthquake, general liability, employee medical insurance, and workers compensation coverage through internationally recognized insurance carriers, subject to deductibles. Our deductible for general liability is $2.0 million per occurrence. Our annual deductible for property loss is $25.0 million per occurrence. This deductible decreases to $5.0 million once we reach $35.0 million in aggregate losses for occurrences that exceed $5.0 million. Insurance carriers’ aggregate limits on these policies of $75.0 million for property losses and $102.0 million for general liability losses are higher than estimates of maximum probable losses that could occur from individual catastrophic events determined in recent engineering and actuarial studies; however, in case of multiple catastrophic events, these limits could be exceeded. We reinsure a program that provides insurance to our customers from an independent third-party insurer. This program covers customer claims for losses to goods stored at our facilities as a result of specific named perils (earthquakes are not covered by this program), up to a maximum limit of $5,000 per storage unit. We reinsure all risks in this program, but purchase insurance to cover this exposure for a limit of $15.0 million for losses in excess of $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, 2021, there were approximately 1.2 million certificates held by our self-storage customers, representing aggregate coverage of approximately $4.9 billion. Commitments We have construction commitments representing future expected payments for construction under contract totaling $166.8 million at December 31, 2021. We expect to pay approximately $142.7 million in 2022, $22.8 million in 2023 and $1.3 million in 2024 for these construction commitments. We have future contractual payments on land, equipment and office space under various lease commitments totaling $66.1 million at December 31, 2021. We expect to pay approximately $3.1 million in 2022, $3.0 million in each of 2023 and 2024, $2.9 million in 2025, $3.0 million in 2026 and $51.1 million thereafter for these commitments. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent to December 31, 2021, we acquired or were under contract to acquire 15 self-storage facilities across 10 states with 1.2 million net rentable square feet, for $212.4 million. On January 13, 2022, we issued 10.0 million depositary shares, each representing 0.001 of a share of our 4.100% Series S Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $250.0 million in gross proceeds, and we incurred $7.2 million in issuance costs. |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | Initial Cost Gross Carrying Amount At December 31, 2021 Description No. of Net 2021 Encum- brances Land Buildings & Costs Land Buildings Total Accumulated Self-storage facilities by market: Los Angeles 228 16,710 409 543,650 981,256 448,343 542,073 1,431,176 1,973,249 859,874 Dallas/Ft. Worth 189 17,017 — 322,316 1,852,445 143,451 323,778 1,994,434 2,318,212 335,716 Houston 142 11,953 — 220,019 620,942 246,434 219,340 868,055 1,087,395 345,675 San Francisco 140 9,196 — 245,623 557,398 266,677 258,373 811,325 1,069,698 521,635 Chicago 136 8,756 — 146,095 428,446 138,390 148,932 563,999 712,931 405,079 Washington DC 117 8,272 — 418,460 1,308,988 143,417 423,614 1,447,251 1,870,865 373,168 Atlanta 111 7,476 1,653 142,553 407,272 95,145 142,915 502,055 644,970 298,833 Seattle/Tacoma 100 6,986 — 211,959 584,089 123,883 212,607 707,324 919,931 379,516 Miami 97 7,223 — 247,807 536,321 145,494 249,700 679,922 929,622 365,471 New York 96 7,053 — 277,121 586,592 223,807 283,458 804,062 1,087,520 494,284 Orlando/Daytona 72 4,628 11,274 140,411 253,375 68,265 145,892 316,159 462,051 179,459 Denver 69 5,197 8,318 117,109 308,922 102,116 117,830 410,317 528,147 171,779 Minneapolis/St. Paul 64 4,937 1,630 118,333 292,465 97,660 118,498 389,960 508,458 148,047 Philadelphia 62 4,041 — 58,824 226,733 62,263 57,845 289,975 347,820 176,981 Charlotte 59 4,604 — 87,349 231,449 84,331 95,212 307,917 403,129 144,670 Tampa 57 3,969 — 93,109 213,546 61,429 96,422 271,662 368,084 142,716 Detroit 48 3,443 — 67,465 225,061 41,894 68,315 266,105 334,420 130,902 Portland 48 2,750 — 60,108 203,107 31,513 60,766 233,962 294,728 114,418 Baltimore 48 3,624 — 134,774 749,058 28,468 134,898 777,402 912,300 97,642 Phoenix 47 3,253 — 92,139 265,783 38,278 92,130 304,070 396,200 124,204 West Palm Beach 46 3,784 — 156,788 221,479 92,351 157,496 313,122 470,618 146,989 San Antonio 39 2,746 — 53,847 215,507 29,301 53,805 244,850 298,655 74,698 Austin 36 2,875 — 67,832 179,672 46,412 69,854 224,062 293,916 99,914 Raleigh 36 2,592 — 82,919 188,198 40,568 83,908 227,777 311,685 73,417 Norfolk 36 2,215 — 47,728 128,986 26,380 46,843 156,251 203,094 77,313 Sacramento 35 2,054 — 26,429 80,391 40,500 26,913 120,407 147,320 84,912 Indianapolis 29 1,889 — 34,678 94,858 18,348 35,678 112,206 147,884 52,872 Kansas City 29 1,893 — 18,965 92,793 36,452 19,165 129,045 148,210 65,887 Boston 28 1,964 — 80,843 209,495 37,378 81,409 246,307 327,716 112,364 St. Louis 28 1,749 — 23,539 89,341 33,541 23,395 123,026 146,421 67,368 Columbus 27 2,015 — 44,983 92,001 28,923 45,090 120,817 165,907 53,150 Columbia 27 1,620 — 27,177 83,532 23,010 27,936 105,783 133,719 43,214 Oklahoma City 26 2,089 — 49,060 130,815 14,475 49,060 145,290 194,350 31,501 San Diego 24 2,183 — 89,782 162,043 50,358 92,292 209,891 302,183 102,116 Las Vegas 23 1,503 — 26,242 90,624 13,313 25,491 104,688 130,179 53,896 Cincinnati 20 1,155 — 19,035 57,775 23,981 18,953 81,838 100,791 34,959 Initial Cost Gross Carrying Amount At December 31, 2021 Description No. of Net 2021 Encum- brances Land Buildings & Costs Land Buildings Total Accumulated Nashville/Bowling Green 18 1,168 — 23,487 45,145 31,187 23,485 76,334 99,819 33,956 Colorado Springs 16 1,115 — 12,320 60,393 22,949 12,317 83,345 95,662 32,637 Milwaukee 15 964 — 13,189 32,071 10,534 13,158 42,636 55,794 35,990 Louisville 15 912 — 23,563 46,108 8,315 23,562 54,424 77,986 18,843 Jacksonville 15 922 — 14,454 47,415 12,466 14,503 59,832 74,335 35,892 Birmingham 15 606 — 6,316 25,567 14,343 6,204 40,022 46,226 29,192 Richmond 15 749 — 20,979 52,239 6,343 20,784 58,777 79,561 22,365 Greensboro 14 845 — 13,413 35,326 14,407 15,502 47,644 63,146 29,562 Charleston 14 943 — 16,947 56,793 18,448 17,923 74,265 92,188 30,179 Fort Myers/Naples 14 1,070 — 29,944 84,343 6,276 30,179 90,384 120,563 23,207 Chattanooga 13 846 — 10,030 45,578 7,832 9,832 53,608 63,440 17,516 Savannah 12 700 — 33,094 42,465 5,271 31,766 49,064 80,830 20,497 Greensville/Spartanburg/Asheville 12 697 — 9,835 30,482 10,542 10,764 40,095 50,859 23,304 Honolulu 11 807 — 54,184 106,299 16,942 55,101 122,324 177,425 73,250 Hartford/New Haven 11 693 — 6,778 19,959 22,722 8,443 41,016 49,459 34,787 New Orleans 11 772 — 13,372 59,382 7,783 13,540 66,997 80,537 28,812 Salt Lake City 11 672 — 15,912 28,117 5,603 15,561 34,071 49,632 16,134 Memphis 11 645 — 19,581 29,852 9,956 20,934 38,455 59,389 23,494 Mobile 11 529 — 8,915 25,223 5,814 8,742 31,210 39,952 15,416 Omaha 10 881 — 17,266 64,969 4,245 17,266 69,214 86,480 7,034 Buffalo/Rochester 9 462 — 6,785 17,954 4,159 6,783 22,115 28,898 15,388 Cleveland/Akron 8 478 — 4,235 18,411 5,730 4,628 23,748 28,376 13,911 Augusta 8 466 — 8,900 20,906 4,497 8,900 25,403 34,303 7,844 Reno 7 559 — 5,487 18,704 4,277 5,487 22,981 28,468 13,707 Tucson 7 439 — 9,403 25,491 6,959 9,884 31,969 41,853 21,627 Wichita 7 433 — 2,017 6,691 7,411 2,130 13,989 16,119 12,367 Monterey/Salinas 7 329 — 8,465 24,151 6,750 8,455 30,911 39,366 23,392 Boise 6 530 — 13,412 55,496 545 13,412 56,041 69,453 1,443 Evansville 5 326 — 2,340 14,316 1,513 2,312 15,857 18,169 4,950 Dayton 5 284 — 1,074 8,975 4,868 1,073 13,844 14,917 7,937 Huntsville/Decatur 5 298 — 9,161 13,481 3,421 9,108 16,955 26,063 6,611 Fort Wayne 4 271 — 3,487 11,003 3,507 3,487 14,510 17,997 6,181 Roanoke 4 224 — 5,093 18,091 973 5,093 19,064 24,157 3,902 Palm Springs 3 242 — 8,309 18,065 2,249 8,309 20,314 28,623 12,060 Providence 3 155 — 995 11,206 3,143 995 14,349 15,344 7,414 Shreveport 2 150 — 817 3,030 2,377 741 5,483 6,224 4,997 Springfield/Holyoke 2 144 — 1,428 3,380 1,952 1,427 5,333 6,760 5,114 Initial Cost Gross Carrying Amount At December 31, 2021 Description No. of Net 2021 Encum- brances Land Buildings & Costs Land Buildings Total Accumulated Rochester 2 99 — 1,047 2,246 2,134 980 4,447 5,427 4,233 Santa Barbara 2 98 — 5,733 9,106 858 5,733 9,964 15,697 6,186 Topeka 2 94 — 225 1,419 2,108 225 3,527 3,752 3,190 Lansing 2 88 — 556 2,882 986 556 3,868 4,424 2,619 Flint 1 56 — 543 3,068 273 542 3,342 3,884 2,110 Joplin 1 56 — 264 904 1,021 264 1,925 2,189 1,672 Syracuse 1 55 — 545 1,279 862 545 2,141 2,686 2,066 Modesto/Fresno/Stockton 1 33 — 44 206 1,324 193 1,381 1,574 942 Commercial and non-operating real estate — 13,194 26,143 48,112 13,346 74,103 87,449 44,739 2,787 198,319 $ 23,284 $ 5,072,209 $ 14,225,088 $ 3,510,536 $ 5,134,060 $ 17,673,773 $ 22,807,833 $ 7,773,308 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. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of PresentationThe consolidated financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board (“FASB”), and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). |
Consolidation and Equity Method of Accounting | Consolidation and Equity Method of Accounting We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or the equity holders as a group do not have a controlling financial interest. In addition, we have general partner interests in limited partnerships along with third-party investors to develop, construct or operate self-storage facilities. As the general partner, we consider the limited partnerships to be VIEs if the limited partners lack both substantive participating rights and substantive kick-out rights. We consolidate VIEs when we have (i) the power to direct the activities most significantly impacting economic performance, and (ii) either the obligation to absorb losses or the right to receive benefits from the VIE. The total assets, primarily real estate assets, and the total liabilities of our consolidated VIEs are not material as of December 31, 2021. We consolidate all other entities when we control them through voting shares or contractual rights. We refer to the entities we consolidate, for the period in which the reference applies, collectively as the “Subsidiaries,” and we eliminate intercompany transactions and balances. We account for our investments in entities that we do not consolidate but over which we have significant influence using the equity method of accounting. We refer to these entities, for the periods in which the reference applies, collectively as the “Unconsolidated Real Estate Entities,” and we eliminate intra-entity profits and losses and amortize any differences between the cost of our investment and the underlying equity in net assets against equity in earnings as if the Unconsolidated Real Estate Entity were a consolidated subsidiary. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements and accompanying notes in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates and assumptions. |
Cash Equivalents, Restricted Cash and Marketable Securities | Cash Equivalents and Restricted Cash Cash equivalents represent highly liquid financial instruments that mature within three months of acquisition such as money market funds with a rating of at least AAA by Standard & Poor's, commercial paper that is rated A1 by Standard & Poor's or deposits with highly rated commercial banks. Restricted cash, which represent amounts used to collateralize our insurance obligations and are restricted from general corporate use, are included in other assets. |
Fair Value | Fair Value As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the balance sheet date. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 Significant observable inputs other than Level 1, that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data. Level 3 Unobservable inputs that are supported by little or no market data for the related assets or liabilities. The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Our financial instruments consist of cash and cash equivalents, restricted cash, other assets, other liabilities, and notes payable. Cash equivalents, restricted cash, other assets and other liabilities are stated at book value, which approximates fair value as of the balance sheet date due to the short time period to maturity. We estimate and disclose the fair value of our notes payable using Level 2 inputs by discounting the related future cash flows at a rate based upon quoted interest rates for securities that have similar characteristics such as credit quality and time to maturity. |
Real Estate Facilities | Real Estate Facilities We record real estate facilities at cost. We capitalize all costs incurred to acquire, develop, construct, renovate and improve facilities as part of major repair and maintenance programs, including interest and property taxes incurred during the construction period. We expense the costs of demolition of existing facilities associated with a renovation as incurred. We allocate the net acquisition cost of acquired real estate facilities to the underlying land, buildings, and identified intangible assets based upon their respective individual estimated fair values. We expense costs associated with dispositions of real estate, as well as routine repairs and maintenance costs, as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 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. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Intangible assets consist of goodwill, the Shurgard® trade name, which Shurgard uses pursuant to a fee-based licensing agreement, and finite-lived assets. Goodwill and the Shurgard® trade name have indefinite lives and are not amortized. Our finite-lived assets consist primarily of (i) acquired customers in place amortized relative to the benefit of the customers in place, with such amortization reflected as depreciation and amortization expense on our income statement and (ii) property tax abatements acquired and amortized relative to the reduction in property tax paid, with such amortization reflected as self-storage cost of operations on our income statement. |
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 quarterly. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances, and other related factors indicate that 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. |
Revenue and Expense Recognition | Revenue and Expense Recognition We recognize revenues from self-storage facilities, which primarily comprise rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, as earned. Promotional discounts |
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 consolidated statements of income are translated at the average exchange rates during the respective period. 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). 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. |
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”). For each taxable year in which we qualify for taxation as a REIT, we will not be subject to U.S. federal corporate income tax on our “REIT taxable income” (generally, taxable income subject to specified adjustments, including a deduction for dividends paid and excluding our net capital gain) that is distributed to our shareholders. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no U.S. federal corporate income tax expense related to our REIT taxable income. Our tenant reinsurance, merchandise, and third party management operations are subject to corporate income tax and such taxes are included in general and administrative expenses. We also incur income and other taxes in certain states, which are included in general and administrative expense. |
Share-Based Compensation | Share-Based Compensation We generally estimate the fair value of share-based payment awards on the date of grant. We determine the fair value of restricted share units ("RSUs") based on the closing market price of the Company’s common stock on the date of grant. We value stock options with no market conditions at the grant date using the Black-Scholes option-pricing model. We value stock options with market conditions at the grant date using a Monte-Carlo valuation simulation. Our determination of the fair value of share-based payment awards on the date of grant using an option-pricing model or Monte-Carlo valuation simulation is affected by our stock price as well as assumptions regarding a number of subjective and complex variables. These variables include, but are not limited to, our expected stock price volatility over the expected term of the awards and actual and projected stock option exercise behaviors. For performance-based restricted share units and stock options, we adjust compensation cost each quarter as needed for any changes in the assessment of the probability that the specified performance criteria will be achieved. We amortize the grant-date fair value of awards as compensation expense over the service period, which begins on the grant date and ends on the expected vesting date. For awards that are earned solely upon the passage of time and continued service, the entire cost of the award is amortized on a straight-line basis over the service period. For awards with market and/or performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method). The estimated number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. In amortizing share-based compensation expense, we do not estimate future forfeitures. Instead, we reverse previously amortized share-based compensation expense with respect to grants that are forfeited in the period the employee terminates employment. In July 2020, we modified our share-based compensation plans to allow immediate vesting upon retirement (“Retirement Acceleration”), and to extend the exercisability of outstanding stock options up to a year after retirement, for currently outstanding and future grants. Prior to the modification, unvested awards were forfeited, and outstanding vested stock options were cancelled, upon retirement. Employees are eligible for Retirement Acceleration if they meet certain conditions including length of service, age, notice of intent to retire, and facilitation of succession for their role. This modification results in accelerating amortization of compensation expense for each grant by changing the end of the service period from the original vesting date to the date an employee is expected to be eligible for Retirement Acceleration, if earlier. |
Real Estate Facilities (Tables)
Real Estate Facilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Schedule Of Real Estate Activities | Activity in real estate facilities during 2021, 2020, and 2019 is as follows: For the Years Ended December 31, 2021 2020 2019 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 17,372,627 $ 16,289,146 $ 15,296,844 Capital expenditures to maintain real estate facilities 284,200 163,834 192,539 Acquisitions 4,940,413 781,219 421,097 Dispositions (7,408) (303) (426) Developed or expanded facilities opened for operation 218,001 138,731 379,092 Ending balance 22,807,833 17,372,627 16,289,146 Accumulated depreciation: Beginning balance (7,152,135) (6,623,475) (6,140,072) Depreciation expense (625,968) (528,660) (483,408) Dispositions 4,795 — 5 Ending balance (7,773,308) (7,152,135) (6,623,475) Construction in process: Beginning balance 188,079 141,934 285,339 Costs incurred to develop and expand real estate facilities 302,393 188,102 235,687 Write-off of cancelled projects — (3,226) — Developed or expanded facilities opened for operation (218,001) (138,731) (379,092) Ending balance 272,471 188,079 141,934 Total real estate facilities at December 31, $ 15,306,996 $ 10,408,571 $ 9,807,605 |
Investments in Unconsolidated_2
Investments in Unconsolidated Real Estate Entities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Investments in Real Estate Entities And Equity in Earnings of 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 Entities at December 31, Equity in Earnings of Unconsolidated Real Estate for the Year Ended December 31, 2021 2020 2021 2020 2019 PSB $ 515,312 $ 431,963 $ 207,722 $ 64,835 $ 54,090 Shurgard 313,451 341,083 24,371 15,662 15,457 Total $ 828,763 $ 773,046 $ 232,093 $ 80,497 $ 69,547 |
Summarized Financial Information of Equity Method Investments | The following tables represent summarized financial information for PSB and Shurgard in aggregate derived from their respective reported financial statements prepared under US GAAP before our basis difference adjustments for the years ended December 31, 2021, 2020, and 2019 (amounts in thousands): Year Ended December 31, 2021 2020 2019 Revenues $ 790,461 $ 721,393 $ 713,867 Costs of operations 263,398 242,992 237,586 Operating income 333,624 290,901 288,179 Gain on sale of real estate 359,904 27,234 16,641 Net Income 639,062 275,680 268,054 At December 31, 2021 2020 Real estate assets $ 3,437,115 $ 3,353,862 Other assets 481,403 374,615 Total assets $ 3,918,518 $ 3,728,477 Debt $ 943,276 $ 742,390 Other liabilities 298,787 274,950 Noncontrolling interests 262,243 221,630 Shareholders' equity 2,414,212 2,489,507 Total liabilities and equity $ 3,918,518 $ 3,728,477 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Goodwill and other intangible assets consisted of the following (amounts in thousands): At December 31, 2021 At December 31, 2020 Gross Book Value Accumulated Amortization Net Book Value Gross Book Value Accumulated Amortization Net Book Value Goodwill $ 165,843 $ — $ 165,843 $ 165,843 $ — $ 165,843 Shurgard® Trade Name 18,824 — 18,824 18,824 — 18,824 Finite-lived intangible assets, subject to amortization 198,180 (79,953) 118,227 47,321 (27,334) 19,987 Total goodwill and other intangible assets $ 382,847 $ (79,953) $ 302,894 $ 231,988 $ (27,334) $ 204,654 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expense for our finite-lived intangible assets at December 31, 2021 is as follows (amounts in thousands): Year Amount 2022 $ 86,759 2023 24,417 Thereafter 7,051 Total $ 118,227 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Payable [Abstract] | |
Notes Payable | Our notes payable at December 31, 2021 and 2020 are set forth in the tables below: Amounts at December 31, 2021 Coupon Rate Effective Rate Principal Unamortized Costs Book Fair ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 2.370% 2.483% $ 500,000 $ (363) $ 499,637 $ 506,362 Notes due April 23, 2024 SOFR+0.47% 0.617% 700,000 (1,628) 698,372 700,314 Notes due February 15, 2026 0.875% 1.030% 500,000 (3,061) 496,939 488,141 Notes due November 9, 2026 1.500% 1.640% 650,000 (4,227) 645,773 649,996 Notes due September 15, 2027 3.094% 3.218% 500,000 (3,020) 496,980 535,206 Notes due May 1, 2028 1.850% 1.962% 650,000 (4,276) 645,724 649,221 Notes due November 9, 2028 1.950% 2.044% 550,000 (3,299) 546,701 548,241 Notes due May 1, 2029 3.385% 3.459% 500,000 (2,257) 497,743 545,580 Notes due May 1, 2031 2.300% 2.419% 650,000 (6,383) 643,617 656,546 Notes due November 9, 2031 2.250% 2.322% 550,000 (3,488) 546,512 551,932 5,750,000 (32,002) 5,717,998 5,831,539 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% 113,431 — 113,431 117,526 Notes due November 3, 2025 2.175% 2.175% 274,518 — 274,518 295,256 Notes due September 9, 2030 0.500% 0.640% 794,017 (9,730) 784,287 769,561 Notes due January 24, 2032 0.875% 0.978% 567,155 (5,394) 561,761 551,842 1,749,121 (15,124) 1,733,997 1,734,185 Mortgage Debt , secured by 11 real estate facilities with a net book value of $66.1 million 3.878% 3.897% 23,284 — 23,284 24,208 $ 7,522,405 $ (47,126) $ 7,475,279 $ 7,589,932 Amounts at December 31, 2020 Book Value Fair Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 $ 499,109 $ 517,419 Notes due September 15, 2027 496,452 560,833 Notes due May 1, 2029 497,433 574,833 1,492,994 1,653,085 Euro Denominated Unsecured Debt Notes due April 12, 2024 122,646 129,192 Notes due November 3, 2025 296,821 323,552 Notes due January 24, 2032 607,301 634,389 1,026,768 1,087,133 Mortgage Debt 25,230 26,958 $ 2,544,992 $ 2,767,176 |
Maturities Of Notes Payable | At December 31, 2021, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total 2022 $ 500,000 $ 2,483 $ 502,483 2023 — 19,219 19,219 2024 813,431 124 813,555 2025 274,518 131 274,649 2026 1,150,000 138 1,150,138 Thereafter 4,761,172 1,189 4,762,361 $ 7,499,121 $ 23,284 $ 7,522,405 Weighted average effective rate 1.8% 3.9% 1.8% |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Preferred Shares | At December 31, 2021 and 2020, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At December 31, 2021 At December 31, 2020 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference (Dollar amounts in thousands) Series C 5/17/2021 5.125 % — $ — 8,000 $ 200,000 Series D 7/20/2021 4.950 % — — 13,000 325,000 Series E 10/14/2021 4.900 % — — 14,000 350,000 Series F 6/2/2022 5.150 % 11,200 280,000 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 11,400 285,000 Series I 9/12/2024 4.875 % 12,650 316,250 12,650 316,250 Series J 11/15/2024 4.700 % 10,350 258,750 10,350 258,750 Series K 12/20/2024 4.750 % 9,200 230,000 9,200 230,000 Series L 6/17/2025 4.625 % 22,600 565,000 22,600 565,000 Series M 8/14/2025 4.125 % 9,200 230,000 9,200 230,000 Series N 10/6/2025 3.875 % 11,300 282,500 11,300 282,500 Series O 11/17/2025 3.900 % 6,800 170,000 6,800 170,000 Series P 6/16/2026 4.000 % 24,150 603,750 — — Series Q 8/17/2026 3.950 % 5,750 143,750 — — Series R 11/19/2026 4.000 % 17,400 435,000 — — Total Preferred Shares 164,000 $ 4,100,000 151,700 $ 3,792,500 During 2021, 2020, and 2019, we issued the following series of Preferred Shares at an issuance price of $25.00 per depository share with each depository share representing 0.001 of a share of Preferred Share (amounts in thousands): Year Series Shares Gross Proceeds Issuance Costs 2021 P, Q and R 47,300 $ 1,182,500 $ 35,045 2020 L, M, N and O 49,900 1,247,500 39,294 2019 H, I, J and K 43,600 1,090,000 30,844 During 2021, 2020, and 2019, we redeemed the following series of Preferred Shares at par (amounts in thousands): Year Series Aggregate Redemption Amount Allocation of Income to Preferred Shares Holders in Connection with Redemption 2021 C, D and E $ 875,000 $ 28,914 2020 (a) V, W, X and B 1,520,000 48,265 2019 Y, Z, U and A 1,050,000 32,693 (a) On December 14, 2020, we called for redemption of, and on January 20, 2021, we redeemed Series B Preferred Shares. The liquidation value (at par) was reclassified as a liability as of December 31, 2020 and we recorded allocation of income to the holders of our Preferred Shares in 2020 in connection with this redemption. |
Schedule of Issuance and Repurchases of Common Shares | During 2021, 2020, and 2019, activity with respect to the issuance of our common shares was as follows (dollar amounts in thousands): 2021 2020 2019 Shares Amount Shares Amount Shares Amount Employee stock-based compensation and exercise of stock options (Note 11) 552,713 $ 95,860 163,127 $ 12,664 287,734 $ 33,564 |
Schedule of Distribution Classification | For the tax year ended December 31, 2021, distributions for the common shares and all the various series of preferred shares were classified as follows: 2021 (unaudited) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Ordinary Dividends 94.55 % 94.54 % 94.55 % 94.57 % Capital Gain Distributions 5.45 % 5.46 % 5.45 % 5.43 % Total 100.00 % 100.00 % 100.00 % 100.00 % |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation Expense | We recorded share-based compensation expense associated with stock options and RSUs in the various expense categories in the Consolidated Statements of Income as set forth in the following table. In addition, $3.9 million share-based compensation cost was capitalized as real estate facilities for the year ended December 31, 2021. For Years Ended December 31, 2021 2020 2019 (Amounts in thousands) Self-storage cost of operations $ 20,544 $ 14,904 $ 12,090 Ancillary cost of operations 1,561 — — General and administrative 37,760 18,586 13,871 Total $ 59,865 $ 33,490 $ 25,961 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Additional information with respect to stock options during 2021, 2020, and 2019 is as follows: Service-Based Performance-Based Total Number Weighted Number Weighted Number Weighted Options outstanding January 1, 2019 2,420,922 $ 201.31 — $ — 2,420,922 $ 201.31 Granted 120,000 — 120,000 Exercised (191,255) — (191,255) Cancelled (10,000) — (10,000) Options outstanding December 31, 2019 2,339,667 $ 204.53 — $ — 2,339,667 $ 204.53 Granted 70,000 770,000 840,000 Exercised (71,500) — (71,500) Cancelled (107,000) (40,000) (147,000) Options outstanding December 31, 2020 2,231,167 $ 204.60 730,000 $ 228.94 2,961,167 $ 210.59 Granted (a) 140,000 420,000 560,000 Exercised (471,216) — (471,216) Cancelled — (10,000) (10,000) Options outstanding December 31, 2021 1,899,951 $ 208.16 1,140,000 $ 229.16 3,039,951 $ 216.04 Options exercisable at December 31, 2021 1,464,411 $ 202.97 — $ — 1,464,411 $ 202.97 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | 2021 2020 2019 Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 44,613 $ 3,433 $ 11,848 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 0.8% 0.4% 2.3% Expected volatility, based upon historical volatility 24.1% 21.6% 8.9% Expected dividend yield 2.9% 3.8% 3.6% Average assumptions used in valuing options with market conditions with the Monte-Carlo simulation method: Expected life of options in years, based upon historical experience 5 Risk-free interest rate 0.9% Expected volatility, based upon historical volatility 26.5% Expected dividend yield 2.9% Average estimated value of options granted during the year $ 62.66 $ 17.79 $ 9.61 (a) Amount granted for performance-based stock options includes performance adjustments above target for options granted in 2020. |
Share-based Payment Arrangement, Restricted Stock Unit, Activity | The following tables set forth relevant information with respect to restricted shares (dollar amounts in thousands): 2021 2020 2019 Number of Weighted-Average Grant-Date Number of Weighted-Average Grant-Date Number of Weighted-Average Grant-Date Restricted share units outstanding January 1, 552,788 $ 218.11 619,150 $ 213.29 717,696 $ 210.69 Granted (a) 189,318 $ 321.17 110,755 $ 222.27 97,140 $ 217.35 Vested (138,420) $ (216.63) (140,089) $ (200.88) (160,329) $ (204.04) Forfeited (32,864) $ (221.32) (37,028) $ (215.08) (35,357) $ (213.62) Restricted share units outstanding December 31, 570,822 $ 251.95 552,788 $ 218.11 619,150 $ 213.29 |
Share Based Compensation Shares Vesting During Year | 2021 2020 2019 Amounts for the year (in 000's, except number of shares): Fair value of vested shares on vesting date $ 37,430 $ 31,076 $ 33,769 Cash paid for taxes upon vesting in lieu of issuing common shares $ 13,069 $ 10,518 $ 12,162 Common shares issued upon vesting 81,325 91,627 96,479 (a) Amount includes adjustments above target for performance-based RSUs granted in fiscal year 2021 based on achievement of performance criteria. |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | The following table reconciles the numerators and denominators of the basic and diluted net income per common shares computation for the year ended December 31, 2021, 2020, and 2019 (in thousands, except per share amounts): For the Years Ended December 31, 2021 2020 2019 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 1,732,444 $ 1,098,335 $ 1,272,767 Denominator for basic net income per share - weighted average common shares outstanding 174,858 174,494 174,287 Net effect of dilutive stock options - based on treasury stock method 710 148 243 Denominator for dilutive net income per share - weighted average common shares outstanding 175,568 174,642 174,530 Net income per common share: Basic $ 9.91 $ 6.29 $ 7.30 Dilutive $ 9.87 $ 6.29 $ 7.29 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary Of Segment Information | The following table reconciles NOI and net income attributable to our reportable segment to our consolidated net income: For the Years Ended December 31, 2021 2020 2019 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 3,203,566 $ 2,721,630 $ 2,684,552 Cost of operations (852,030) (807,543) (762,416) Net operating income 2,351,536 1,914,087 1,922,136 Depreciation and amortization (713,428) (553,257) (512,918) Net income 1,638,108 1,360,830 1,409,218 Ancillary Operations Revenue 212,258 193,438 170,556 Cost of operations (68,568) (59,919) (50,736) Net operating income 143,690 133,519 119,820 Total net income allocated to segments 1,781,798 1,494,349 1,529,038 Other items not allocated to segments: General and administrative (101,254) (83,199) (62,146) Interest and other income 12,306 22,323 26,683 Interest expense (90,774) (56,283) (45,641) Equity in earnings of unconsolidated real estate entities 232,093 80,497 69,547 Foreign currency exchange gain (loss) 111,787 (97,953) 7,829 Gain on sale of real estate 13,683 1,493 341 Net income $ 1,959,639 $ 1,361,227 $ 1,525,651 |
Description of the Business (Na
Description of the Business (Narrative) (Details) ft² in Thousands | Dec. 31, 2021ft²countrystorageFacilitystate | Dec. 31, 2020 |
Nature Of Business [Line Items] | ||
Net rentable area (in square feet) | 198,319 | |
Shurgard | ||
Nature Of Business [Line Items] | ||
Net rentable area (in square feet) | 14,000 | |
Ownership interest (percentage) | 35.00% | 35.00% |
Number of facilities owned by Shurgard | storageFacility | 253 | |
Number of countries in which entity operates | country | 7 | |
PSB | ||
Nature Of Business [Line Items] | ||
Net rentable area (in square feet) | 28,000 | |
Number of states with facilities | state | 6 | |
Ownership interest (percentage) | 41.00% | 42.00% |
Public Storage | ||
Nature Of Business [Line Items] | ||
PSA number of self-storage facilities | storageFacility | 2,787 | |
Net rentable area (in square feet) | 198,300 | |
Number of states with facilities | state | 39 | |
Public Storage | Commercial and Retail Space | ||
Nature Of Business [Line Items] | ||
Net rentable area (in square feet) | 800 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Real Estate Facilities) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | |
Percentage of interest in real estate sold at fair value | 100.00% |
Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful lives of buildings and improvements (in years) | 5 years |
Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful lives of buildings and improvements (in years) | 25 years |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Evaluation Of Asset Impairment) (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Impairments | $ 0 | $ 0 | $ 0 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies (Foreign Currency Exchange Translation) (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Trading Activity, Gains and Losses, Net [Line Items] | |||
Exchange rate translation (percentage) | 1.134 | 1.226 | |
Weighted Average | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Exchange rate | 1.183 | 1.141 | 1.120 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies (Income Taxes) (Narrative) (Details) | Dec. 31, 2021USD ($) |
Accounting Policies [Abstract] | |
Unrecognized tax benefits | $ 0 |
Real Estate Facilities (Schedul
Real Estate Facilities (Schedule Of Real Estate Activities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating facilities, at cost: | |||
Beginning balance (Operating facilities, at cost) | $ 17,372,627 | $ 16,289,146 | $ 15,296,844 |
Capital expenditures to maintain real estate facilities | 284,200 | 163,834 | 192,539 |
Acquisitions | 4,940,413 | 781,219 | 421,097 |
Dispositions | (7,408) | (303) | (426) |
Developed or expanded facilities opened for operation | 218,001 | 138,731 | 379,092 |
Ending balance (Operating facilities, at cost) | 22,807,833 | 17,372,627 | 16,289,146 |
Accumulated depreciation: | |||
Beginning balance (Accumulated depreciation) | (7,152,135) | (6,623,475) | (6,140,072) |
Depreciation expense | (625,968) | (528,660) | (483,408) |
Dispositions | 4,795 | 0 | 5 |
Ending balance (Accumulated depreciation) | (7,773,308) | (7,152,135) | (6,623,475) |
Construction in process: | |||
Beginning balance (Construction in process) | 188,079 | 141,934 | 285,339 |
Costs incurred to develop and expand real estate facilities | 302,393 | 188,102 | 235,687 |
Write-off of cancelled projects | 0 | (3,226) | 0 |
Developed or expanded facilities opened for operation | (218,001) | (138,731) | (379,092) |
Ending balance (Construction in process) | 272,471 | 188,079 | 141,934 |
Total real estate facilities | $ 15,306,996 | $ 10,408,571 | $ 9,807,605 |
Real Estate Facilities (Narrati
Real Estate Facilities (Narrative) (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)ft²storageFacility | Dec. 31, 2020USD ($)ft²storageFacility | Dec. 31, 2019USD ($)ft²storageFacilitycommercialFacility | |
Schedule Of Real Estate Facilities [Line Items] | |||
Payments to acquire real estate | $ 5,047,106 | $ 792,266 | $ 437,758 |
Proceeds from sale of real estate investments | 16,296 | 1,796 | 762 |
Gain on sale of real estate | 13,683 | 1,493 | 341 |
Write-off of cancelled projects | 0 | $ 3,226 | $ 0 |
Adjusted basis of real estate | 15,800,000 | ||
Disposal of Real Estate Facilities | |||
Schedule Of Real Estate Facilities [Line Items] | |||
Gain on sale of real estate | $ 13,700 | ||
Acquisition of Self-Storage Facilities Other Investments | |||
Schedule Of Real Estate Facilities [Line Items] | |||
Number of operating self-storage facilities | storageFacility | 232 | 62 | 44 |
Net rentable area acquired | ft² | 21,830 | 5,100 | 3,100 |
Total cost of acquisition | $ 5,100,000 | $ 792,300 | $ 439,600 |
Payments to acquire real estate | 5,000,000 | 437,800 | |
Issuance of partnership units | 68,200 | ||
Payments to acquire intangible assets | 174,900 | 14,900 | 18,500 |
Liabilities assumed | 3,800 | ||
Mortgage debt assumed | 1,800 | ||
Newly Developed and Expansion Projects | Completed Developed and Expansion Project | |||
Schedule Of Real Estate Facilities [Line Items] | |||
Aggregate costs to develop and expand | $ 218,000 | $ 138,700 | $ 379,100 |
Addtional net rentable square feet | ft² | 1,600 | 1,100 | 3,700 |
Acquisition of Commercial Facility | |||
Schedule Of Real Estate Facilities [Line Items] | |||
Number of operating self-storage facilities | commercialFacility | 1 | ||
Net rentable area acquired | ft² | 46 |
Investments in Unconsolidated_3
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Investments in Unconsolidated Real Estate Entities at December 31, | $ 828,763 | $ 773,046 | |
Equity in Earnings of Unconsolidated Real Estate for the Year Ended December 31, | 232,093 | 80,497 | $ 69,547 |
PSB | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in Unconsolidated Real Estate Entities at December 31, | 515,312 | 431,963 | |
Equity in Earnings of Unconsolidated Real Estate for the Year Ended December 31, | 207,722 | 64,835 | 54,090 |
Shurgard | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in Unconsolidated Real Estate Entities at December 31, | 313,451 | 341,083 | |
Equity in Earnings of Unconsolidated Real Estate for the Year Ended December 31, | $ 24,371 | $ 15,662 | $ 15,457 |
Investments in Unconsolidated_4
Investments in Unconsolidated Real Estate Entities (Summarized Financial Information of Equity Method Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | $ 3,415,824 | $ 2,915,068 | $ 2,855,108 | |
Costs of operations | 1,826,054 | 1,560,201 | 1,433,857 | |
Gain on sale of real estate | 13,683 | 1,493 | 341 | |
Net income | 1,959,639 | 1,361,227 | 1,525,651 | |
Real estate assets | 15,306,996 | 10,408,571 | 9,807,605 | |
Other assets | 207,656 | 172,715 | ||
Total assets | 17,380,908 | 11,816,546 | ||
Noncontrolling interests | 20,112 | 18,032 | ||
Shareholders' equity | 9,355,289 | 8,576,899 | 9,079,667 | $ 9,144,728 |
Total liabilities, redeemable noncontrolling interests and equity | 17,380,908 | 11,816,546 | ||
PSB and Shurgard | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 790,461 | 721,393 | 713,867 | |
Costs of operations | 263,398 | 242,992 | 237,586 | |
Operating income | 333,624 | 290,901 | 288,179 | |
Gain on sale of real estate | 359,904 | 27,234 | 16,641 | |
Net income | 639,062 | 275,680 | $ 268,054 | |
Real estate assets | 3,437,115 | 3,353,862 | ||
Other assets | 481,403 | 374,615 | ||
Total assets | 3,918,518 | 3,728,477 | ||
Debt | 943,276 | 742,390 | ||
Other liabilities | 298,787 | 274,950 | ||
Noncontrolling interests | 262,243 | 221,630 | ||
Shareholders' equity | 2,414,212 | 2,489,507 | ||
Total liabilities, redeemable noncontrolling interests and equity | $ 3,918,518 | $ 3,728,477 |
Investments in Unconsolidated_5
Investments in Unconsolidated Real Estate Entities (Investment in PSB) (Narrative) (Details) - PSB - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Common stock owned of PSB (in shares) | 7,158,354 | 7,158,354 | |
Limited partnership units in PSB (in shares) | 7,305,355 | 7,305,355 | |
Ownership interest (percentage) | 41.00% | 42.00% | |
Limited partnership units option to convert to common stock, conversion basis (in shares) | 1 | ||
Closing price per share (in USD per share) | $ 184.17 | ||
Market value | $ 2,700 | ||
Cash distribution received | $ 127.3 | $ 60.7 | $ 60.7 |
Investments in Unconsolidated_6
Investments in Unconsolidated Real Estate Entities (Investment In Shurgard) (Narrative) (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | Dec. 31, 2021€ / shares | |
Schedule of Equity Method Investments [Line Items] | ||||
Exchange rate translation (percentage) | 1.134 | 1.226 | ||
Shurgard | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Shares owned (in shares) | shares | 31,268,459 | 31,268,459 | ||
Ownership interest (percentage) | 35.00% | 35.00% | ||
Closing price per share (in Euros per share) | € / shares | € 57.50 | |||
Market value | $ 2,000 | |||
Intra-entity profits eliminated | 41.5 | $ 34.9 | $ 23.1 | |
Basis differential | 74.7 | 83.1 | ||
Amortization of basis differential | 8.4 | 5.8 | 5.5 | |
Trademark License | Shurgard | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Intra-entity profits eliminated | $ 1.2 | $ 1.1 | $ 1 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill, gross | $ 165,843 | $ 165,843 |
Goodwill, net | 165,843 | 165,843 |
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Book Value | 198,180 | 47,321 |
Accumulated Amortization | (79,953) | (27,334) |
Total | 118,227 | 19,987 |
Gross Book Value | 382,847 | 231,988 |
Net Book Value | 302,894 | 204,654 |
Trade Names | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 18,824 | $ 18,824 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 76.6 | $ 16.1 | $ 16.8 |
Increase in finite-lived intangible assets | $ 174.9 | $ 14.9 | $ 18.5 |
Finite-lived intangible assets, weighted average useful life | 1 year 1 month 6 days |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Estimated future amortization expense, 2022 | $ 86,759 | |
Estimated future amortization expense, 2023 | 24,417 | |
Estimated future amortization expense, thereafter | 7,051 | |
Total | $ 118,227 | $ 19,987 |
Credit Facility (Narrative) (De
Credit Facility (Narrative) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2021 | Feb. 22, 2022 | Dec. 31, 2020 |
Credit Facility | ||||
Schedule Of Debt [Line Items] | ||||
Credit Facility borrowing capacity | $ 500,000,000 | $ 500,000,000 | ||
Interest rate spread | 0.75% | |||
Facility fee percentage | 0.10% | |||
Outstanding borrowings | $ 0 | 0 | ||
Standby Letters of Credit | ||||
Schedule Of Debt [Line Items] | ||||
Undrawn standby letters of credit | $ 21,200,000 | $ 21,200,000 | $ 24,300,000 | |
Minimum | Credit Facility | ||||
Schedule Of Debt [Line Items] | ||||
Interest rate spread | 0.70% | |||
Facility fee percentage | 0.07% | |||
Maximum | Credit Facility | ||||
Schedule Of Debt [Line Items] | ||||
Interest rate spread | 1.35% | |||
Facility fee percentage | 0.25% | |||
Subsequent Event | Credit Facility | ||||
Schedule Of Debt [Line Items] | ||||
Outstanding borrowings | $ 0 |
Notes Payable (Notes Payable) (
Notes Payable (Notes Payable) (Details) $ in Thousands | Dec. 31, 2021USD ($)company | Apr. 23, 2021 | Nov. 09, 2021 | Jan. 19, 2021 | Dec. 31, 2020USD ($) | Apr. 12, 2019 |
Debt Instrument [Line Items] | ||||||
Principal | $ 7,522,405 | |||||
Unamortized Costs | (47,126) | |||||
Book Value | 7,475,279 | $ 2,544,992 | ||||
Fair Value | 7,589,932 | 2,767,176 | ||||
U.S. Dollar Denominated Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Principal | 5,750,000 | |||||
Unamortized Costs | (32,002) | |||||
Book Value | 5,717,998 | 1,492,994 | ||||
Fair Value | $ 5,831,539 | 1,653,085 | ||||
U.S. Dollar Denominated Unsecured Debt | Notes due September 15, 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Coupon Rate | 2.37% | |||||
Effective Rate | 2.483% | |||||
Principal | $ 500,000 | |||||
Unamortized Costs | (363) | |||||
Book Value | 499,637 | 499,109 | ||||
Fair Value | $ 506,362 | 517,419 | ||||
U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Effective Rate | 0.617% | |||||
Principal | $ 700,000 | |||||
Unamortized Costs | (1,628) | |||||
Book Value | 698,372 | |||||
Fair Value | $ 700,314 | |||||
U.S. Dollar Denominated Unsecured Debt | Notes due February 15, 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Coupon Rate | 0.875% | 0.875% | ||||
Effective Rate | 1.03% | |||||
Principal | $ 500,000 | |||||
Unamortized Costs | (3,061) | |||||
Book Value | 496,939 | |||||
Fair Value | $ 488,141 | |||||
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Coupon Rate | 1.50% | 1.50% | ||||
Effective Rate | 1.64% | |||||
Principal | $ 650,000 | |||||
Unamortized Costs | (4,227) | |||||
Book Value | 645,773 | |||||
Fair Value | $ 649,996 | |||||
U.S. Dollar Denominated Unsecured Debt | Notes due September 15, 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Coupon Rate | 3.094% | |||||
Effective Rate | 3.218% | |||||
Principal | $ 500,000 | |||||
Unamortized Costs | (3,020) | |||||
Book Value | 496,980 | 496,452 | ||||
Fair Value | $ 535,206 | 560,833 | ||||
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Coupon Rate | 1.85% | 1.85% | ||||
Effective Rate | 1.962% | |||||
Principal | $ 650,000 | |||||
Unamortized Costs | (4,276) | |||||
Book Value | 645,724 | |||||
Fair Value | $ 649,221 | |||||
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Coupon Rate | 1.95% | 1.95% | ||||
Effective Rate | 2.044% | |||||
Principal | $ 550,000 | |||||
Unamortized Costs | (3,299) | |||||
Book Value | 546,701 | |||||
Fair Value | $ 548,241 | |||||
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Coupon Rate | 3.385% | 3.385% | ||||
Effective Rate | 3.459% | |||||
Principal | $ 500,000 | |||||
Unamortized Costs | (2,257) | |||||
Book Value | 497,743 | 497,433 | ||||
Fair Value | $ 545,580 | 574,833 | ||||
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Coupon Rate | 2.30% | 2.30% | ||||
Effective Rate | 2.419% | |||||
Principal | $ 650,000 | |||||
Unamortized Costs | (6,383) | |||||
Book Value | 643,617 | |||||
Fair Value | $ 656,546 | |||||
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Coupon Rate | 2.25% | 2.25% | ||||
Effective Rate | 2.322% | |||||
Principal | $ 550,000 | |||||
Unamortized Costs | (3,488) | |||||
Book Value | 546,512 | |||||
Fair Value | 551,932 | |||||
Euro Denominated Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Principal | 1,749,121 | |||||
Unamortized Costs | (15,124) | |||||
Book Value | 1,733,997 | 1,026,768 | ||||
Fair Value | $ 1,734,185 | 1,087,133 | ||||
Euro Denominated Unsecured Debt | Notes due April 12, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Coupon Rate | 1.54% | |||||
Effective Rate | 1.54% | |||||
Principal | $ 113,431 | |||||
Unamortized Costs | 0 | |||||
Book Value | 113,431 | 122,646 | ||||
Fair Value | $ 117,526 | 129,192 | ||||
Euro Denominated Unsecured Debt | Notes due November 3, 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Coupon Rate | 2.175% | |||||
Effective Rate | 2.175% | |||||
Principal | $ 274,518 | |||||
Unamortized Costs | 0 | |||||
Book Value | 274,518 | 296,821 | ||||
Fair Value | $ 295,256 | 323,552 | ||||
Euro Denominated Unsecured Debt | Notes due September 9, 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Coupon Rate | 0.50% | |||||
Effective Rate | 0.64% | |||||
Principal | $ 794,017 | |||||
Unamortized Costs | (9,730) | |||||
Book Value | 784,287 | |||||
Fair Value | $ 769,561 | |||||
Euro Denominated Unsecured Debt | Notes due January 24, 2032 | ||||||
Debt Instrument [Line Items] | ||||||
Coupon Rate | 0.875% | |||||
Effective Rate | 0.978% | |||||
Principal | $ 567,155 | |||||
Unamortized Costs | (5,394) | |||||
Book Value | 561,761 | 607,301 | ||||
Fair Value | $ 551,842 | 634,389 | ||||
Mortgage Debt | ||||||
Debt Instrument [Line Items] | ||||||
Number of real estate facilities securing debt | company | 11 | |||||
Net book value of real estate facilities securing notes payable | $ 66,100 | |||||
Coupon Rate | 3.878% | |||||
Effective Rate | 3.897% | |||||
Principal | $ 23,284 | |||||
Unamortized Costs | 0 | |||||
Book Value | 23,284 | 25,230 | ||||
Fair Value | $ 24,208 | $ 26,958 | ||||
SOFR | U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate spread | 0.47% | 0.47% |
Notes Payable (Narrative) (Deta
Notes Payable (Narrative) (Details) | Dec. 31, 2021tranche | Sep. 09, 2021USD ($) | Apr. 23, 2021USD ($) | Jan. 24, 2020USD ($) | Apr. 12, 2016USD ($) | Nov. 03, 2015USD ($) | Dec. 31, 2021USD ($)tranche | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 09, 2021USD ($) | Sep. 09, 2021EUR (€) | Jan. 19, 2021USD ($) | Jan. 24, 2020EUR (€) | Apr. 12, 2019USD ($) | Apr. 12, 2016EUR (€) | Nov. 03, 2015EUR (€) |
Debt Instrument [Line Items] | ||||||||||||||||
Proceeds from Issuance of Unsecured Debt | $ 5,038,904,000 | $ 545,151,000 | $ 496,900,000 | |||||||||||||
Foreign currency exchange gain (loss) | 111,787,000 | (97,953,000) | 7,829,000 | |||||||||||||
Cash paid for interest expense | 77,700,000 | 52,700,000 | 48,300,000 | |||||||||||||
Interest capitalized as real estate | $ 3,500,000 | $ 3,400,000 | $ 3,900,000 | |||||||||||||
Mortgage Debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 3.90% | |||||||||||||||
Mortgage debt assumed | $ 1,800,000 | |||||||||||||||
Mortgage Debt | Minimum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 3.20% | 3.20% | ||||||||||||||
Mortgage Debt | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 7.10% | 7.10% | ||||||||||||||
U.S. Dollar Denominated Unsecured Debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt to Total Assets ratio | 16.00% | 16.00% | ||||||||||||||
Adjusted EBTIDA to interest Expense ratio | 30 | |||||||||||||||
U.S. Dollar Denominated Unsecured Debt | Minimum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Adjusted EBTIDA to interest Expense ratio | 1.5 | |||||||||||||||
U.S. Dollar Denominated Unsecured Debt | Notes due February 15, 2026 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt issuance amount | $ 500,000,000 | |||||||||||||||
Interest rate | 0.875% | 0.875% | 0.875% | |||||||||||||
Debt issuance costs | $ 3,800,000 | |||||||||||||||
U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024, May 1, 2028 and May 1, 2031 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt issuance costs | $ 13,700,000 | |||||||||||||||
U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt issuance amount | 700,000,000 | |||||||||||||||
Reset quarterly rate | 0.52% | 0.52% | ||||||||||||||
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2028 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt issuance amount | $ 650,000,000 | |||||||||||||||
Interest rate | 1.85% | 1.85% | 1.85% | |||||||||||||
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2031 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt issuance amount | $ 650,000,000 | |||||||||||||||
Interest rate | 2.30% | 2.30% | 2.30% | |||||||||||||
U.S. Dollar Denominated Unsecured Debt | Notes Due November 9, 2026, November 9, 2028 and November 9, 2031 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt issuance costs | $ 11,300,000 | |||||||||||||||
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2026 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt issuance amount | $ 650,000,000 | |||||||||||||||
Interest rate | 1.50% | 1.50% | 1.50% | |||||||||||||
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2028 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt issuance amount | $ 550,000,000 | |||||||||||||||
Interest rate | 1.95% | 1.95% | 1.95% | |||||||||||||
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2031 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt issuance amount | $ 550,000,000 | |||||||||||||||
Interest rate | 2.25% | 2.25% | 2.25% | |||||||||||||
U.S. Dollar Denominated Unsecured Debt | Maximum Covenant | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt to Total Assets ratio | 65.00% | 65.00% | ||||||||||||||
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2029 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt issuance amount | $ 500,000,000 | |||||||||||||||
Interest rate | 3.385% | 3.385% | 3.385% | |||||||||||||
Debt issuance costs | $ 3,100,000 | |||||||||||||||
Euro Denominated Unsecured Debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of tranches | tranche | 4 | 4 | ||||||||||||||
Euro Denominated Unsecured Debt | Notes due November 3, 2025 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt issuance amount | € | € 242,000,000 | |||||||||||||||
Interest rate | 2.175% | 2.175% | ||||||||||||||
Proceeds from Issuance of Unsecured Debt | $ 264,300,000 | |||||||||||||||
Euro Denominated Unsecured Debt | Notes due April 12, 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt issuance amount | € | € 100,000,000 | |||||||||||||||
Interest rate | 1.54% | 1.54% | ||||||||||||||
Proceeds from Issuance of Unsecured Debt | $ 113,600,000 | |||||||||||||||
Euro Denominated Unsecured Debt | Notes due January 24, 2032 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt issuance amount | € | € 500,000,000 | |||||||||||||||
Interest rate | 0.875% | 0.875% | ||||||||||||||
Proceeds from Issuance of Unsecured Debt | $ 545,200,000 | |||||||||||||||
Euro Denominated Unsecured Debt | Notes due September 9, 2030 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt issuance amount | € | € 700,000,000 | |||||||||||||||
Interest rate | 0.50% | 0.50% | ||||||||||||||
Proceeds from Issuance of Unsecured Debt | $ 817,600,000 | |||||||||||||||
SOFR | U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate spread | 0.47% | 0.47% |
Notes Payable (Maturities Of No
Notes Payable (Maturities Of Notes Payable) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Debt Instrument [Line Items] | |
Total debt | $ 7,522,405 |
Unsecured Debt | |
Debt Instrument [Line Items] | |
2022 | 500,000 |
2023 | 0 |
2024 | 813,431 |
2025 | 274,518 |
2026 | 1,150,000 |
Thereafter | 4,761,172 |
Total debt | $ 7,499,121 |
Weighted average effective rate | 1.80% |
Mortgage Debt | |
Debt Instrument [Line Items] | |
2022 | $ 2,483 |
2023 | 19,219 |
2024 | 124 |
2025 | 131 |
2026 | 138 |
Thereafter | 1,189 |
Total debt | $ 23,284 |
Weighted average effective rate | 3.90% |
Total | |
Debt Instrument [Line Items] | |
2022 | $ 502,483 |
2023 | 19,219 |
2024 | 813,555 |
2025 | 274,649 |
2026 | 1,150,138 |
Thereafter | 4,762,361 |
Total debt | $ 7,522,405 |
Weighted average effective rate | 1.80% |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)shares | |
Acquisition of Self-Storage Facilities Other Investments | |
Noncontrolling Interest [Line Items] | |
Issuance of partnership units | $ | $ 68.2 |
Noncontrolling Interests | |
Noncontrolling Interest [Line Items] | |
Convertible partnership units (in shares) | 443,970 |
Partnership units conversion ratio | 1 |
Noncontrolling Interests | Acquisition of Self-Storage Facilities Other Investments | |
Noncontrolling Interest [Line Items] | |
Convertible partnership units (in shares) | 211,992 |
Shareholders' Equity (Preferred
Shareholders' Equity (Preferred Shares Outstanding) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||
Preferred stock, shares outstanding (in shares) | 164,000 | 151,700 |
Liquidation Preference | $ 4,100,000 | $ 3,792,500 |
Series C Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | May 17, 2021 | |
Dividend Rate | 5.125% | |
Preferred stock, shares outstanding (in shares) | 0 | 8,000 |
Liquidation Preference | $ 0 | $ 200,000 |
Series D Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Jul. 20, 2021 | |
Dividend Rate | 4.95% | |
Preferred stock, shares outstanding (in shares) | 0 | 13,000 |
Liquidation Preference | $ 0 | $ 325,000 |
Series E Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Oct. 14, 2021 | |
Dividend Rate | 4.90% | |
Preferred stock, shares outstanding (in shares) | 0 | 14,000 |
Liquidation Preference | $ 0 | $ 350,000 |
Series F Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Jun. 2, 2022 | |
Dividend Rate | 5.15% | |
Preferred stock, shares outstanding (in shares) | 11,200 | 11,200 |
Liquidation Preference | $ 280,000 | $ 280,000 |
Series G Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Aug. 9, 2022 | |
Dividend Rate | 5.05% | |
Preferred stock, shares outstanding (in shares) | 12,000 | 12,000 |
Liquidation Preference | $ 300,000 | $ 300,000 |
Series H Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Mar. 11, 2024 | |
Dividend Rate | 5.60% | |
Preferred stock, shares outstanding (in shares) | 11,400 | 11,400 |
Liquidation Preference | $ 285,000 | $ 285,000 |
Series I Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Sep. 12, 2024 | |
Dividend Rate | 4.875% | |
Preferred stock, shares outstanding (in shares) | 12,650 | 12,650 |
Liquidation Preference | $ 316,250 | $ 316,250 |
Series J Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Nov. 15, 2024 | |
Dividend Rate | 4.70% | |
Preferred stock, shares outstanding (in shares) | 10,350 | 10,350 |
Liquidation Preference | $ 258,750 | $ 258,750 |
Series K Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Dec. 20, 2024 | |
Dividend Rate | 4.75% | |
Preferred stock, shares outstanding (in shares) | 9,200 | 9,200 |
Liquidation Preference | $ 230,000 | $ 230,000 |
Series L Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Jun. 17, 2025 | |
Dividend Rate | 4.625% | |
Preferred stock, shares outstanding (in shares) | 22,600 | 22,600 |
Liquidation Preference | $ 565,000 | $ 565,000 |
Series M Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Aug. 14, 2025 | |
Dividend Rate | 4.125% | |
Preferred stock, shares outstanding (in shares) | 9,200 | 9,200 |
Liquidation Preference | $ 230,000 | $ 230,000 |
Series N Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Oct. 6, 2025 | |
Dividend Rate | 3.875% | |
Preferred stock, shares outstanding (in shares) | 11,300 | 11,300 |
Liquidation Preference | $ 282,500 | $ 282,500 |
Series O Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Nov. 17, 2025 | |
Dividend Rate | 3.90% | |
Preferred stock, shares outstanding (in shares) | 6,800 | 6,800 |
Liquidation Preference | $ 170,000 | $ 170,000 |
Series P Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Jun. 16, 2026 | |
Dividend Rate | 4.00% | |
Preferred stock, shares outstanding (in shares) | 24,150 | |
Liquidation Preference | $ 603,750 | |
Series Q Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Aug. 17, 2026 | |
Dividend Rate | 3.95% | |
Preferred stock, shares outstanding (in shares) | 5,750 | |
Liquidation Preference | $ 143,750 | |
Series R Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Nov. 19, 2026 | |
Dividend Rate | 4.00% | |
Preferred stock, shares outstanding (in shares) | 17,400 | |
Liquidation Preference | $ 435,000 |
Shareholders' Equity (Preferr_2
Shareholders' Equity (Preferred Shares) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021USD ($)boardMemberdividend$ / shares | |
Stockholders' Equity Note [Abstract] | |
Number of quarterly dividends in arrearage before preferred shareholders can elect additional board members | dividend | 6 |
Number of additional board members the preferred shareholders can elect in the case of an excess arrearage of quarterly dividends | boardMember | 2 |
Amount of preferred dividends in arrears | $ | $ 0 |
Affirmative vote of outstanding shares of a series of Preferred Shares required for any material and adverse amendment to the terms of series, percent | 66.67% |
Affirmative vote of outstanding shares of all Preferred Shares, voting as a single class, required to issue shares ranking senior to Preferred Shares, percent | 66.67% |
Redemption price per share (in USD per share) | $ / shares | $ 25 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Issuance and Repurchases of Common Shares) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | |||
Issuance price per share (in USD per share) | $ 25 | $ 25 | $ 25 |
Preferred shares per depositary share (in shares) | 0.001 | 0.001 | 0.001 |
Gross Proceeds | $ 1,147,455 | $ 1,208,206 | $ 1,059,156 |
Allocation of Income to Preferred Shares Holders in Connection with Redemption | $ 28,914 | $ 48,265 | $ 32,693 |
P, Q and R | |||
Class of Stock [Line Items] | |||
Shares issued (in shares) | 47,300 | ||
Gross Proceeds | $ 1,182,500 | ||
Issuance Costs | 35,045 | ||
L, M, N and O | |||
Class of Stock [Line Items] | |||
Shares issued (in shares) | 49,900 | ||
Gross Proceeds | $ 1,247,500 | ||
Issuance Costs | 39,294 | ||
H, I, J and K | |||
Class of Stock [Line Items] | |||
Shares issued (in shares) | 43,600 | ||
Gross Proceeds | $ 1,090,000 | ||
Issuance Costs | 30,844 | ||
C, D and E | |||
Class of Stock [Line Items] | |||
Aggregate Redemption Amount | 875,000 | ||
Allocation of Income to Preferred Shares Holders in Connection with Redemption | $ 28,914 | ||
V, W, X and B | |||
Class of Stock [Line Items] | |||
Aggregate Redemption Amount | 1,520,000 | ||
Allocation of Income to Preferred Shares Holders in Connection with Redemption | $ 48,265 | ||
Y, Z, U and A | |||
Class of Stock [Line Items] | |||
Aggregate Redemption Amount | 1,050,000 | ||
Allocation of Income to Preferred Shares Holders in Connection with Redemption | $ 32,693 |
Shareholders' Equity (Activity
Shareholders' Equity (Activity of Issuance of Common Shares) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | |||
Employee stock-based compensation and exercise of stock options (in shares) | 552,713 | 163,127 | 287,734 |
Employee stock-based compensation and exercise of stock options | $ 95,860 | $ 12,664 | $ 33,564 |
Shareholders' Equity (Common Sh
Shareholders' Equity (Common Shares) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | |||
Number of shares authorized for repurchase (in shares) | 35 | ||
Number of shares repurchased to date | 23.7 | ||
Shares repurchased pursuant to authorization (in shares) | 0 | 0 | 0 |
Common stock dividends paid in aggregate | $ 1,402,000 | $ 1,399,000 | $ 1,399,000 |
Distributions to common shareholders and restricted share unitholders (in USD per share) | $ 8 | $ 8 | $ 8 |
Preferred share dividends | $ 186,579 | $ 207,068 | $ 210,179 |
Shareholders' Equity (Schedul_2
Shareholders' Equity (Schedule Of Distribution Classification) (Details) | 3 Months Ended | |||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Equity [Abstract] | ||||
Ordinary Dividends | 94.57% | 94.55% | 94.54% | 94.55% |
Capital Gain Distributions | 5.43% | 5.45% | 5.46% | 5.45% |
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, 2021USD ($)storageFacility | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Related Party Transaction [Line Items] | |||
Tenants reinsurance premiums earned by subsidiaries | $ | $ 2.1 | $ 1.6 | $ 1.5 |
Canada | Hughes Owned Canadian Facilities | |||
Related Party Transaction [Line Items] | |||
Number of self-storage facilities | storageFacility | 65 | ||
Ownership interest | 0.00% |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - 2021 Equity and Performance-Based Incentive Compensation Plan - shares | Dec. 31, 2021 | Apr. 26, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares authorized (in shares) | 3,000,000,000,000 | |
Number of shares available for grant (in shares) | 2,252,321 |
Share-Based Compensation (Share
Share-Based Compensation (Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Share-based compensation cost capitalized | $ 3,900 | ||
Share-based Payment Arrangement, Expensed, Amount [Line Items] | |||
Share-based compensation expense | 59,865 | $ 33,490 | $ 25,961 |
Self-storage cost of operations | |||
Share-based Payment Arrangement, Expensed, Amount [Line Items] | |||
Share-based compensation expense | 20,544 | 14,904 | 12,090 |
Ancillary cost of operations | |||
Share-based Payment Arrangement, Expensed, Amount [Line Items] | |||
Share-based compensation expense | 1,561 | 0 | 0 |
General and administrative | |||
Share-based Payment Arrangement, Expensed, Amount [Line Items] | |||
Share-based compensation expense | $ 37,760 | $ 18,586 | $ 13,871 |
Share-Based Compensation (Stock
Share-Based Compensation (Stock Options) (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)boardMembershares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of common shares in connection with share-based compensation | $ | $ 95,860 | $ 12,664 | $ 33,564 |
Issuance of common shares in connection with share-based compensation (in shares) | shares | 552,713 | 163,127 | 287,734 |
Stock options granted (in shares) | shares | 560,000 | 840,000 | 120,000 |
Compensation cost not yet recognized | $ | $ 23,300 | ||
Average remaining contractual lives (in years) | 4 years | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period (in years) | 10 years | ||
Share-based compensation expense | $ | $ 25,100 | $ 7,600 | $ 5,000 |
Accelerated compensation expense | $ | 4,500 | 300 | $ 0 |
Stock options outstanding, aggregate intrinsic value | $ | $ 481,900 | ||
Average remaining contractual lives (in years) | 6 years | ||
Compensation recognition period (in years) | 3 years | ||
Aggregate intrinsic value for stock options exercisable | $ | $ 251,300 | ||
Stock Options | Board Members | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of common shares in connection with share-based compensation | $ | $ 1,500 | ||
Number of board members who received award | boardMember | 5 | ||
Stock Options | Board Member 1 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of common shares in connection with share-based compensation (in shares) | shares | 15,000 | ||
Stock Options | Board Member 2 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of common shares in connection with share-based compensation (in shares) | shares | 15,000 | ||
Stock Options | Board Member 3 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of common shares in connection with share-based compensation (in shares) | shares | 15,000 | ||
Stock Options | Board Member 4 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of common shares in connection with share-based compensation (in shares) | shares | 15,000 | ||
Stock Options | Board Member 5 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of common shares in connection with share-based compensation (in shares) | shares | 15,000 | ||
Performance Target, Stock Options | Dependent upon Meeting Certain Performance Targets with Respect to 2021, 2022, and 2023 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ | $ 8,100 | ||
Stock options granted (in shares) | shares | 245,000 | ||
Performance target (percentage) | 100.00% | ||
Performance Target, Stock Options | Dependent upon Meeting Certain Performance Targets with Respect to 2020, 2021, and 2022 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ | $ 10,900 | $ 3,000 | |
Stock options granted (in shares) | shares | 770,000 | ||
Performance target (percentage) | 125.00% | 100.00% | |
Minimum | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Maximum | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 5 years |
Share-Based Compensation (Sha_2
Share-Based Compensation (Share-Based Compensation Options Outstanding Rollforward) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Options | |||
Number of options outstanding, beginning balance (in shares) | 2,961,167 | 2,339,667 | 2,420,922 |
Granted (in shares) | 560,000 | 840,000 | 120,000 |
Exercised (in shares) | (471,216) | (71,500) | (191,255) |
Cancelled (in shares) | (10,000) | (147,000) | (10,000) |
Number of options outstanding, ending balance (in shares) | 3,039,951 | 2,961,167 | 2,339,667 |
Number of options exercisable (in shares) | 1,464,411 | ||
Weighted Average Exercise Price per Share | |||
Number of options outstanding, beginning balance (in USD per share) | $ 210.59 | $ 204.53 | $ 201.31 |
Number of options outstanding, ending balance (in USD per share) | 216.04 | $ 210.59 | $ 204.53 |
Number of options exercisable (in USD per share) | $ 202.97 | ||
Service-Based Stock Options | |||
Number of Options | |||
Number of options outstanding, beginning balance (in shares) | 2,231,167 | 2,339,667 | 2,420,922 |
Granted (in shares) | 140,000 | 70,000 | 120,000 |
Exercised (in shares) | (471,216) | (71,500) | (191,255) |
Cancelled (in shares) | 0 | (107,000) | (10,000) |
Number of options outstanding, ending balance (in shares) | 1,899,951 | 2,231,167 | 2,339,667 |
Number of options exercisable (in shares) | 1,464,411 | ||
Weighted Average Exercise Price per Share | |||
Number of options outstanding, beginning balance (in USD per share) | $ 204.60 | $ 204.53 | $ 201.31 |
Number of options outstanding, ending balance (in USD per share) | 208.16 | $ 204.60 | $ 204.53 |
Number of options exercisable (in USD per share) | $ 202.97 | ||
Performance-Based Stock Options | |||
Number of Options | |||
Number of options outstanding, beginning balance (in shares) | 730,000 | 0 | 0 |
Granted (in shares) | 420,000 | 770,000 | 0 |
Exercised (in shares) | 0 | 0 | 0 |
Cancelled (in shares) | (10,000) | (40,000) | 0 |
Number of options outstanding, ending balance (in shares) | 1,140,000 | 730,000 | 0 |
Number of options exercisable (in shares) | 0 | ||
Weighted Average Exercise Price per Share | |||
Number of options outstanding, beginning balance (in USD per share) | $ 228.94 | $ 0 | $ 0 |
Number of options outstanding, ending balance (in USD per share) | 229.16 | $ 228.94 | $ 0 |
Number of options exercisable (in USD per share) | $ 0 |
Share-Based Compensation (Sha_3
Share-Based Compensation (Share-Based Compensation Valuation Assumptions) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate exercise date intrinsic value of options exercised during the year | $ 44,613 | $ 3,433 | $ 11,848 |
Average estimated value of options granted during the year | $ 62.66 | $ 17.79 | $ 9.61 |
Share-Based Payment Arrangement, Option, Valued With Black-Scholes Method | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life of options in years, based upon historical experience (in years) | 5 years | 5 years | 5 years |
Risk-free interest rate | 0.80% | 0.40% | 2.30% |
Expected volatility, based upon historical volatility | 24.10% | 21.60% | 8.90% |
Expected dividend yield | 2.90% | 3.80% | 3.60% |
Share-Based Payment Arrangement, Option, Valued With Monte-Carlo Simulation Method | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life of options in years, based upon historical experience (in years) | 5 years | ||
Risk-free interest rate | 0.90% | ||
Expected volatility, based upon historical volatility | 26.50% | ||
Expected dividend yield | 2.90% |
Share-Based Compensation (Restr
Share-Based Compensation (Restricted Share Units) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 38.7 | $ 25.9 | $ 21 |
Acceleration of amortization on grants | 11.4 | $ 5.4 | $ 0 |
Restricted stock, compensation expense not yet recognized | $ 94.1 | ||
Compensation recognition period (in years) | 3 years | ||
Performance Target, Restricted Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 6.4 | ||
Grants in period (in shares) | 37,000 | ||
Performance target (percentage) | 125.00% | ||
Minimum | Restricted Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 5 years | ||
Maximum | Restricted Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 8 years |
Share-Based Compensation (Sha_4
Share-Based Compensation (Share-Based Compensation Restricted Units) (Details) - Restricted Share Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Restricted Share Units | |||
Restricted share units outstanding, beginning balance (in shares) | 552,788 | 619,150 | 717,696 |
Granted (in shares) | 189,318 | 110,755 | 97,140 |
Vested (in shares) | (138,420) | (140,089) | (160,329) |
Forfeited (in shares) | (32,864) | (37,028) | (35,357) |
Restricted share units outstanding, ending balance (in shares) | 570,822 | 552,788 | 619,150 |
Weighted-Average Grant-Date Fair Value | |||
Restricted share units outstanding, beginning balance (in USD per share) | $ 218.11 | $ 213.29 | $ 210.69 |
Granted (in USD per share) | 321.17 | 222.27 | 217.35 |
Vested (in USD per share) | (216.63) | (200.88) | (204.04) |
Forfeited (in USD per share) | (221.32) | (215.08) | (213.62) |
Restricted share units outstanding, ending balance (in USD per share) | $ 251.95 | $ 218.11 | $ 213.29 |
Share-Based Compensation (Sha_5
Share-Based Compensation (Share-Based Compensation Shares Vesting During Year) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash paid for taxes upon vesting in lieu of issuing common shares | $ 13,069 | $ 10,518 | $ 12,162 |
Restricted Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of vested shares on vesting date | 37,430 | 31,076 | 33,769 |
Cash paid for taxes upon vesting in lieu of issuing common shares | $ 13,069 | $ 10,518 | $ 12,162 |
Common shares issued upon vesting (in shares) | 81,325 | 91,627 | 96,479 |
Net Income per Common Share (De
Net Income per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders | $ 1,732,444 | $ 1,098,335 | $ 1,272,767 |
Denominator for basic net income per share - weighted average common shares outstanding | 174,858 | 174,494 | 174,287 |
Net effect of dilutive stock options - based on treasury stock method | 710 | 148 | 243 |
Denominator for dilutive net income per share - weighted average common shares outstanding | 175,568 | 174,642 | 174,530 |
Basic (in USD per share) | $ 9.91 | $ 6.29 | $ 7.30 |
Diluted (in USD per share) | $ 9.87 | $ 6.29 | $ 7.29 |
Segment Information (Summary Of
Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 3,415,824 | $ 2,915,068 | $ 2,855,108 |
Cost of operations | (852,030) | (807,543) | (762,416) |
Cost of operations | (68,568) | (59,919) | (50,736) |
Depreciation and amortization | (713,428) | (553,257) | (512,918) |
General and administrative | (101,254) | (83,199) | (62,146) |
Interest and other income | 12,306 | 22,323 | 26,683 |
Interest expense | (90,774) | (56,283) | (45,641) |
Equity in earnings of unconsolidated real estate entities | 232,093 | 80,497 | 69,547 |
Foreign currency exchange gain (loss) | 111,787 | (97,953) | 7,829 |
Gain on sale of real estate | 13,683 | 1,493 | 341 |
Net income | 1,959,639 | 1,361,227 | 1,525,651 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net income | 1,781,798 | 1,494,349 | 1,529,038 |
Segment Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
General and administrative | (101,254) | (83,199) | (62,146) |
Interest and other income | 12,306 | 22,323 | 26,683 |
Interest expense | (90,774) | (56,283) | (45,641) |
Equity in earnings of unconsolidated real estate entities | 232,093 | 80,497 | 69,547 |
Foreign currency exchange gain (loss) | 111,787 | (97,953) | 7,829 |
Gain on sale of real estate | 13,683 | 1,493 | 341 |
Self-Storage Operations Reportable Segment | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue | 3,203,566 | 2,721,630 | 2,684,552 |
Cost of operations | (852,030) | (807,543) | (762,416) |
Net operating income | 2,351,536 | 1,914,087 | 1,922,136 |
Depreciation and amortization | (713,428) | (553,257) | (512,918) |
Net income | 1,638,108 | 1,360,830 | 1,409,218 |
Ancillary Operations | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue | 212,258 | 193,438 | 170,556 |
Cost of operations | (68,568) | (59,919) | (50,736) |
Net operating income | $ 143,690 | $ 133,519 | $ 119,820 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) certificate in Millions | Dec. 31, 2021USD ($)certificate |
Commitments and Contingencies Disclosure [Abstract] | |
Deductible for general liability | $ 2,000,000 |
Deductible for property | 25,000,000 |
Reduced deductible for property | 5,000,000 |
Aggregate loss threshold for reduced deductible for property | 35,000,000 |
Minimum loss per occurrence to reach aggregate loss threshold for reduced deductible for property | 5,000,000 |
Aggregate limit for property coverage | 75,000,000 |
Aggregate limit for general liability coverage | 102,000,000 |
Tenant insurance program against claims, maximum amount | 5,000 |
Third-party insurance coverage for claims paid exceeding amount for individual event | 15,000,000 |
Third-party limit for insurance coverage claims paid for individual event | $ 5,000,000 |
Number of tenant certificate holders participating in insurance program, approximate | certificate | 1.2 |
Aggregate coverage of tenants participating in insurance program | $ 4,900,000,000 |
Construction commitments | 166,800,000 |
Construction commitments 2022 | 142,700,000 |
Construction commitments 2023 | 22,800,000 |
Construction commitments 2024 | 1,300,000 |
Various lease commitments | 66,100,000 |
Various lease commitments 2022 | 3,100,000 |
Various lease commitments 2023 | 3,000,000 |
Various lease commitments 2024 | 3,000,000 |
Various lease commitments 2025 | 2,900,000 |
Various lease commitments 2026 | 3,000,000 |
Various lease commitments thereafter | $ 51,100,000 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) $ / shares in Units, ft² in Thousands, $ in Thousands | Jan. 13, 2022USD ($)$ / sharesshares | Feb. 22, 2022USD ($)ft²storageFacilitystate | Dec. 31, 2021USD ($)ft²$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares |
Subsequent Event [Line Items] | |||||
Net rentable area (in square feet) | ft² | 198,319 | ||||
Preferred shares per depositary share (in shares) | shares | 0.001 | 0.001 | 0.001 | ||
Shares issued (in USD per share) | $ / shares | $ 25 | $ 25 | $ 25 | ||
Gross proceeds | $ 4,100,000 | $ 3,792,500 | |||
Subsequent Event | Series S Preferred Stock | |||||
Subsequent Event [Line Items] | |||||
Stock issued during period (in shares) | shares | 10,000,000 | ||||
Preferred shares per depositary share (in shares) | shares | 0.001 | ||||
Dividend rate percentage | 4.10% | ||||
Shares issued (in USD per share) | $ / shares | $ 25 | ||||
Gross proceeds | $ 250,000 | ||||
Issuance costs | $ 7,200 | ||||
Acquisition of Self-Storage Facilities Other Investments | |||||
Subsequent Event [Line Items] | |||||
Total cost of acquisition | $ 5,100,000 | $ 792,300 | $ 439,600 | ||
Acquisition of Self-Storage Facilities Other Investments | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Number of self-storage facilities acquired or under contract to be acquired | storageFacility | 15 | ||||
Number of states self-storage facilities acquired or under contracts to be acquired | state | 10 | ||||
Net rentable area (in square feet) | ft² | 1,200 | ||||
Total cost of acquisition | $ 212,400 |
SCHEDULE III - REAL ESTATE AN_2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) ft² in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)ft²storageFacility | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 2,787 |
Net Rentable Square Feet | ft² | 198,319 |
2021 Encum- brances | $ 23,284 |
Initial Cost, Land | 5,072,209 |
Initial Cost, Building & Improvements | 14,225,088 |
Costs Subsequent to Acquisition | 3,510,536 |
Gross Carrying Amount, Land | 5,134,060 |
Gross Carrying Amount, Buildings | 17,673,773 |
Gross Carrying Amount, Total | 22,807,833 |
Accumulated Depreciation | 7,773,308 |
Commercial and non-operating real estate | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
2021 Encum- brances | 0 |
Initial Cost, Land | 13,194 |
Initial Cost, Building & Improvements | 26,143 |
Costs Subsequent to Acquisition | 48,112 |
Gross Carrying Amount, Land | 13,346 |
Gross Carrying Amount, Buildings | 74,103 |
Gross Carrying Amount, Total | 87,449 |
Accumulated Depreciation | $ 44,739 |
Los Angeles | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 228 |
Net Rentable Square Feet | ft² | 16,710 |
2021 Encum- brances | $ 409 |
Initial Cost, Land | 543,650 |
Initial Cost, Building & Improvements | 981,256 |
Costs Subsequent to Acquisition | 448,343 |
Gross Carrying Amount, Land | 542,073 |
Gross Carrying Amount, Buildings | 1,431,176 |
Gross Carrying Amount, Total | 1,973,249 |
Accumulated Depreciation | $ 859,874 |
Dallas/Ft. Worth | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 189 |
Net Rentable Square Feet | ft² | 17,017 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 322,316 |
Initial Cost, Building & Improvements | 1,852,445 |
Costs Subsequent to Acquisition | 143,451 |
Gross Carrying Amount, Land | 323,778 |
Gross Carrying Amount, Buildings | 1,994,434 |
Gross Carrying Amount, Total | 2,318,212 |
Accumulated Depreciation | $ 335,716 |
Houston | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 142 |
Net Rentable Square Feet | ft² | 11,953 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 220,019 |
Initial Cost, Building & Improvements | 620,942 |
Costs Subsequent to Acquisition | 246,434 |
Gross Carrying Amount, Land | 219,340 |
Gross Carrying Amount, Buildings | 868,055 |
Gross Carrying Amount, Total | 1,087,395 |
Accumulated Depreciation | $ 345,675 |
San Francisco | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 140 |
Net Rentable Square Feet | ft² | 9,196 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 245,623 |
Initial Cost, Building & Improvements | 557,398 |
Costs Subsequent to Acquisition | 266,677 |
Gross Carrying Amount, Land | 258,373 |
Gross Carrying Amount, Buildings | 811,325 |
Gross Carrying Amount, Total | 1,069,698 |
Accumulated Depreciation | $ 521,635 |
Chicago | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 136 |
Net Rentable Square Feet | ft² | 8,756 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 146,095 |
Initial Cost, Building & Improvements | 428,446 |
Costs Subsequent to Acquisition | 138,390 |
Gross Carrying Amount, Land | 148,932 |
Gross Carrying Amount, Buildings | 563,999 |
Gross Carrying Amount, Total | 712,931 |
Accumulated Depreciation | $ 405,079 |
Washington DC | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 117 |
Net Rentable Square Feet | ft² | 8,272 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 418,460 |
Initial Cost, Building & Improvements | 1,308,988 |
Costs Subsequent to Acquisition | 143,417 |
Gross Carrying Amount, Land | 423,614 |
Gross Carrying Amount, Buildings | 1,447,251 |
Gross Carrying Amount, Total | 1,870,865 |
Accumulated Depreciation | $ 373,168 |
Atlanta | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 111 |
Net Rentable Square Feet | ft² | 7,476 |
2021 Encum- brances | $ 1,653 |
Initial Cost, Land | 142,553 |
Initial Cost, Building & Improvements | 407,272 |
Costs Subsequent to Acquisition | 95,145 |
Gross Carrying Amount, Land | 142,915 |
Gross Carrying Amount, Buildings | 502,055 |
Gross Carrying Amount, Total | 644,970 |
Accumulated Depreciation | $ 298,833 |
Seattle/Tacoma | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 100 |
Net Rentable Square Feet | ft² | 6,986 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 211,959 |
Initial Cost, Building & Improvements | 584,089 |
Costs Subsequent to Acquisition | 123,883 |
Gross Carrying Amount, Land | 212,607 |
Gross Carrying Amount, Buildings | 707,324 |
Gross Carrying Amount, Total | 919,931 |
Accumulated Depreciation | $ 379,516 |
Miami | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 97 |
Net Rentable Square Feet | ft² | 7,223 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 247,807 |
Initial Cost, Building & Improvements | 536,321 |
Costs Subsequent to Acquisition | 145,494 |
Gross Carrying Amount, Land | 249,700 |
Gross Carrying Amount, Buildings | 679,922 |
Gross Carrying Amount, Total | 929,622 |
Accumulated Depreciation | $ 365,471 |
New York | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 96 |
Net Rentable Square Feet | ft² | 7,053 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 277,121 |
Initial Cost, Building & Improvements | 586,592 |
Costs Subsequent to Acquisition | 223,807 |
Gross Carrying Amount, Land | 283,458 |
Gross Carrying Amount, Buildings | 804,062 |
Gross Carrying Amount, Total | 1,087,520 |
Accumulated Depreciation | $ 494,284 |
Orlando/Daytona | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 72 |
Net Rentable Square Feet | ft² | 4,628 |
2021 Encum- brances | $ 11,274 |
Initial Cost, Land | 140,411 |
Initial Cost, Building & Improvements | 253,375 |
Costs Subsequent to Acquisition | 68,265 |
Gross Carrying Amount, Land | 145,892 |
Gross Carrying Amount, Buildings | 316,159 |
Gross Carrying Amount, Total | 462,051 |
Accumulated Depreciation | $ 179,459 |
Denver | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 69 |
Net Rentable Square Feet | ft² | 5,197 |
2021 Encum- brances | $ 8,318 |
Initial Cost, Land | 117,109 |
Initial Cost, Building & Improvements | 308,922 |
Costs Subsequent to Acquisition | 102,116 |
Gross Carrying Amount, Land | 117,830 |
Gross Carrying Amount, Buildings | 410,317 |
Gross Carrying Amount, Total | 528,147 |
Accumulated Depreciation | $ 171,779 |
Minneapolis/St. Paul | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 64 |
Net Rentable Square Feet | ft² | 4,937 |
2021 Encum- brances | $ 1,630 |
Initial Cost, Land | 118,333 |
Initial Cost, Building & Improvements | 292,465 |
Costs Subsequent to Acquisition | 97,660 |
Gross Carrying Amount, Land | 118,498 |
Gross Carrying Amount, Buildings | 389,960 |
Gross Carrying Amount, Total | 508,458 |
Accumulated Depreciation | $ 148,047 |
Philadelphia | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 62 |
Net Rentable Square Feet | ft² | 4,041 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 58,824 |
Initial Cost, Building & Improvements | 226,733 |
Costs Subsequent to Acquisition | 62,263 |
Gross Carrying Amount, Land | 57,845 |
Gross Carrying Amount, Buildings | 289,975 |
Gross Carrying Amount, Total | 347,820 |
Accumulated Depreciation | $ 176,981 |
Charlotte | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 59 |
Net Rentable Square Feet | ft² | 4,604 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 87,349 |
Initial Cost, Building & Improvements | 231,449 |
Costs Subsequent to Acquisition | 84,331 |
Gross Carrying Amount, Land | 95,212 |
Gross Carrying Amount, Buildings | 307,917 |
Gross Carrying Amount, Total | 403,129 |
Accumulated Depreciation | $ 144,670 |
Tampa | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 57 |
Net Rentable Square Feet | ft² | 3,969 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 93,109 |
Initial Cost, Building & Improvements | 213,546 |
Costs Subsequent to Acquisition | 61,429 |
Gross Carrying Amount, Land | 96,422 |
Gross Carrying Amount, Buildings | 271,662 |
Gross Carrying Amount, Total | 368,084 |
Accumulated Depreciation | $ 142,716 |
Detroit | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 48 |
Net Rentable Square Feet | ft² | 3,443 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 67,465 |
Initial Cost, Building & Improvements | 225,061 |
Costs Subsequent to Acquisition | 41,894 |
Gross Carrying Amount, Land | 68,315 |
Gross Carrying Amount, Buildings | 266,105 |
Gross Carrying Amount, Total | 334,420 |
Accumulated Depreciation | $ 130,902 |
Portland | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 48 |
Net Rentable Square Feet | ft² | 2,750 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 60,108 |
Initial Cost, Building & Improvements | 203,107 |
Costs Subsequent to Acquisition | 31,513 |
Gross Carrying Amount, Land | 60,766 |
Gross Carrying Amount, Buildings | 233,962 |
Gross Carrying Amount, Total | 294,728 |
Accumulated Depreciation | $ 114,418 |
Baltimore | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 48 |
Net Rentable Square Feet | ft² | 3,624 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 134,774 |
Initial Cost, Building & Improvements | 749,058 |
Costs Subsequent to Acquisition | 28,468 |
Gross Carrying Amount, Land | 134,898 |
Gross Carrying Amount, Buildings | 777,402 |
Gross Carrying Amount, Total | 912,300 |
Accumulated Depreciation | $ 97,642 |
Phoenix | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 47 |
Net Rentable Square Feet | ft² | 3,253 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 92,139 |
Initial Cost, Building & Improvements | 265,783 |
Costs Subsequent to Acquisition | 38,278 |
Gross Carrying Amount, Land | 92,130 |
Gross Carrying Amount, Buildings | 304,070 |
Gross Carrying Amount, Total | 396,200 |
Accumulated Depreciation | $ 124,204 |
West Palm Beach | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 46 |
Net Rentable Square Feet | ft² | 3,784 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 156,788 |
Initial Cost, Building & Improvements | 221,479 |
Costs Subsequent to Acquisition | 92,351 |
Gross Carrying Amount, Land | 157,496 |
Gross Carrying Amount, Buildings | 313,122 |
Gross Carrying Amount, Total | 470,618 |
Accumulated Depreciation | $ 146,989 |
San Antonio | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 39 |
Net Rentable Square Feet | ft² | 2,746 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 53,847 |
Initial Cost, Building & Improvements | 215,507 |
Costs Subsequent to Acquisition | 29,301 |
Gross Carrying Amount, Land | 53,805 |
Gross Carrying Amount, Buildings | 244,850 |
Gross Carrying Amount, Total | 298,655 |
Accumulated Depreciation | $ 74,698 |
Austin | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 36 |
Net Rentable Square Feet | ft² | 2,875 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 67,832 |
Initial Cost, Building & Improvements | 179,672 |
Costs Subsequent to Acquisition | 46,412 |
Gross Carrying Amount, Land | 69,854 |
Gross Carrying Amount, Buildings | 224,062 |
Gross Carrying Amount, Total | 293,916 |
Accumulated Depreciation | $ 99,914 |
Raleigh | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 36 |
Net Rentable Square Feet | ft² | 2,592 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 82,919 |
Initial Cost, Building & Improvements | 188,198 |
Costs Subsequent to Acquisition | 40,568 |
Gross Carrying Amount, Land | 83,908 |
Gross Carrying Amount, Buildings | 227,777 |
Gross Carrying Amount, Total | 311,685 |
Accumulated Depreciation | $ 73,417 |
Norfolk | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 36 |
Net Rentable Square Feet | ft² | 2,215 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 47,728 |
Initial Cost, Building & Improvements | 128,986 |
Costs Subsequent to Acquisition | 26,380 |
Gross Carrying Amount, Land | 46,843 |
Gross Carrying Amount, Buildings | 156,251 |
Gross Carrying Amount, Total | 203,094 |
Accumulated Depreciation | $ 77,313 |
Sacramento | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 35 |
Net Rentable Square Feet | ft² | 2,054 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 26,429 |
Initial Cost, Building & Improvements | 80,391 |
Costs Subsequent to Acquisition | 40,500 |
Gross Carrying Amount, Land | 26,913 |
Gross Carrying Amount, Buildings | 120,407 |
Gross Carrying Amount, Total | 147,320 |
Accumulated Depreciation | $ 84,912 |
Indianapolis | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 29 |
Net Rentable Square Feet | ft² | 1,889 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 34,678 |
Initial Cost, Building & Improvements | 94,858 |
Costs Subsequent to Acquisition | 18,348 |
Gross Carrying Amount, Land | 35,678 |
Gross Carrying Amount, Buildings | 112,206 |
Gross Carrying Amount, Total | 147,884 |
Accumulated Depreciation | $ 52,872 |
Kansas City | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 29 |
Net Rentable Square Feet | ft² | 1,893 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 18,965 |
Initial Cost, Building & Improvements | 92,793 |
Costs Subsequent to Acquisition | 36,452 |
Gross Carrying Amount, Land | 19,165 |
Gross Carrying Amount, Buildings | 129,045 |
Gross Carrying Amount, Total | 148,210 |
Accumulated Depreciation | $ 65,887 |
Boston | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 28 |
Net Rentable Square Feet | ft² | 1,964 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 80,843 |
Initial Cost, Building & Improvements | 209,495 |
Costs Subsequent to Acquisition | 37,378 |
Gross Carrying Amount, Land | 81,409 |
Gross Carrying Amount, Buildings | 246,307 |
Gross Carrying Amount, Total | 327,716 |
Accumulated Depreciation | $ 112,364 |
St. Louis | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 28 |
Net Rentable Square Feet | ft² | 1,749 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 23,539 |
Initial Cost, Building & Improvements | 89,341 |
Costs Subsequent to Acquisition | 33,541 |
Gross Carrying Amount, Land | 23,395 |
Gross Carrying Amount, Buildings | 123,026 |
Gross Carrying Amount, Total | 146,421 |
Accumulated Depreciation | $ 67,368 |
Columbus | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 27 |
Net Rentable Square Feet | ft² | 2,015 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 44,983 |
Initial Cost, Building & Improvements | 92,001 |
Costs Subsequent to Acquisition | 28,923 |
Gross Carrying Amount, Land | 45,090 |
Gross Carrying Amount, Buildings | 120,817 |
Gross Carrying Amount, Total | 165,907 |
Accumulated Depreciation | $ 53,150 |
Columbia | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 27 |
Net Rentable Square Feet | ft² | 1,620 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 27,177 |
Initial Cost, Building & Improvements | 83,532 |
Costs Subsequent to Acquisition | 23,010 |
Gross Carrying Amount, Land | 27,936 |
Gross Carrying Amount, Buildings | 105,783 |
Gross Carrying Amount, Total | 133,719 |
Accumulated Depreciation | $ 43,214 |
Oklahoma City | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 26 |
Net Rentable Square Feet | ft² | 2,089 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 49,060 |
Initial Cost, Building & Improvements | 130,815 |
Costs Subsequent to Acquisition | 14,475 |
Gross Carrying Amount, Land | 49,060 |
Gross Carrying Amount, Buildings | 145,290 |
Gross Carrying Amount, Total | 194,350 |
Accumulated Depreciation | $ 31,501 |
San Diego | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 24 |
Net Rentable Square Feet | ft² | 2,183 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 89,782 |
Initial Cost, Building & Improvements | 162,043 |
Costs Subsequent to Acquisition | 50,358 |
Gross Carrying Amount, Land | 92,292 |
Gross Carrying Amount, Buildings | 209,891 |
Gross Carrying Amount, Total | 302,183 |
Accumulated Depreciation | $ 102,116 |
Las Vegas | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 23 |
Net Rentable Square Feet | ft² | 1,503 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 26,242 |
Initial Cost, Building & Improvements | 90,624 |
Costs Subsequent to Acquisition | 13,313 |
Gross Carrying Amount, Land | 25,491 |
Gross Carrying Amount, Buildings | 104,688 |
Gross Carrying Amount, Total | 130,179 |
Accumulated Depreciation | $ 53,896 |
Cincinnati | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 20 |
Net Rentable Square Feet | ft² | 1,155 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 19,035 |
Initial Cost, Building & Improvements | 57,775 |
Costs Subsequent to Acquisition | 23,981 |
Gross Carrying Amount, Land | 18,953 |
Gross Carrying Amount, Buildings | 81,838 |
Gross Carrying Amount, Total | 100,791 |
Accumulated Depreciation | $ 34,959 |
Nashville/Bowling Green | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 18 |
Net Rentable Square Feet | ft² | 1,168 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 23,487 |
Initial Cost, Building & Improvements | 45,145 |
Costs Subsequent to Acquisition | 31,187 |
Gross Carrying Amount, Land | 23,485 |
Gross Carrying Amount, Buildings | 76,334 |
Gross Carrying Amount, Total | 99,819 |
Accumulated Depreciation | $ 33,956 |
Colorado Springs | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 16 |
Net Rentable Square Feet | ft² | 1,115 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 12,320 |
Initial Cost, Building & Improvements | 60,393 |
Costs Subsequent to Acquisition | 22,949 |
Gross Carrying Amount, Land | 12,317 |
Gross Carrying Amount, Buildings | 83,345 |
Gross Carrying Amount, Total | 95,662 |
Accumulated Depreciation | $ 32,637 |
Milwaukee | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 15 |
Net Rentable Square Feet | ft² | 964 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 13,189 |
Initial Cost, Building & Improvements | 32,071 |
Costs Subsequent to Acquisition | 10,534 |
Gross Carrying Amount, Land | 13,158 |
Gross Carrying Amount, Buildings | 42,636 |
Gross Carrying Amount, Total | 55,794 |
Accumulated Depreciation | $ 35,990 |
Louisville | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 15 |
Net Rentable Square Feet | ft² | 912 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 23,563 |
Initial Cost, Building & Improvements | 46,108 |
Costs Subsequent to Acquisition | 8,315 |
Gross Carrying Amount, Land | 23,562 |
Gross Carrying Amount, Buildings | 54,424 |
Gross Carrying Amount, Total | 77,986 |
Accumulated Depreciation | $ 18,843 |
Jacksonville | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 15 |
Net Rentable Square Feet | ft² | 922 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 14,454 |
Initial Cost, Building & Improvements | 47,415 |
Costs Subsequent to Acquisition | 12,466 |
Gross Carrying Amount, Land | 14,503 |
Gross Carrying Amount, Buildings | 59,832 |
Gross Carrying Amount, Total | 74,335 |
Accumulated Depreciation | $ 35,892 |
Birmingham | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 15 |
Net Rentable Square Feet | ft² | 606 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 6,316 |
Initial Cost, Building & Improvements | 25,567 |
Costs Subsequent to Acquisition | 14,343 |
Gross Carrying Amount, Land | 6,204 |
Gross Carrying Amount, Buildings | 40,022 |
Gross Carrying Amount, Total | 46,226 |
Accumulated Depreciation | $ 29,192 |
Richmond | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 15 |
Net Rentable Square Feet | ft² | 749 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 20,979 |
Initial Cost, Building & Improvements | 52,239 |
Costs Subsequent to Acquisition | 6,343 |
Gross Carrying Amount, Land | 20,784 |
Gross Carrying Amount, Buildings | 58,777 |
Gross Carrying Amount, Total | 79,561 |
Accumulated Depreciation | $ 22,365 |
Greensboro | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 14 |
Net Rentable Square Feet | ft² | 845 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 13,413 |
Initial Cost, Building & Improvements | 35,326 |
Costs Subsequent to Acquisition | 14,407 |
Gross Carrying Amount, Land | 15,502 |
Gross Carrying Amount, Buildings | 47,644 |
Gross Carrying Amount, Total | 63,146 |
Accumulated Depreciation | $ 29,562 |
Charleston | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 14 |
Net Rentable Square Feet | ft² | 943 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 16,947 |
Initial Cost, Building & Improvements | 56,793 |
Costs Subsequent to Acquisition | 18,448 |
Gross Carrying Amount, Land | 17,923 |
Gross Carrying Amount, Buildings | 74,265 |
Gross Carrying Amount, Total | 92,188 |
Accumulated Depreciation | $ 30,179 |
Fort Myers/Naples | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 14 |
Net Rentable Square Feet | ft² | 1,070 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 29,944 |
Initial Cost, Building & Improvements | 84,343 |
Costs Subsequent to Acquisition | 6,276 |
Gross Carrying Amount, Land | 30,179 |
Gross Carrying Amount, Buildings | 90,384 |
Gross Carrying Amount, Total | 120,563 |
Accumulated Depreciation | $ 23,207 |
Chattanooga | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 13 |
Net Rentable Square Feet | ft² | 846 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 10,030 |
Initial Cost, Building & Improvements | 45,578 |
Costs Subsequent to Acquisition | 7,832 |
Gross Carrying Amount, Land | 9,832 |
Gross Carrying Amount, Buildings | 53,608 |
Gross Carrying Amount, Total | 63,440 |
Accumulated Depreciation | $ 17,516 |
Savannah | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 12 |
Net Rentable Square Feet | ft² | 700 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 33,094 |
Initial Cost, Building & Improvements | 42,465 |
Costs Subsequent to Acquisition | 5,271 |
Gross Carrying Amount, Land | 31,766 |
Gross Carrying Amount, Buildings | 49,064 |
Gross Carrying Amount, Total | 80,830 |
Accumulated Depreciation | $ 20,497 |
Greensville/Spartanburg/Asheville | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 12 |
Net Rentable Square Feet | ft² | 697 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 9,835 |
Initial Cost, Building & Improvements | 30,482 |
Costs Subsequent to Acquisition | 10,542 |
Gross Carrying Amount, Land | 10,764 |
Gross Carrying Amount, Buildings | 40,095 |
Gross Carrying Amount, Total | 50,859 |
Accumulated Depreciation | $ 23,304 |
Honolulu | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 11 |
Net Rentable Square Feet | ft² | 807 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 54,184 |
Initial Cost, Building & Improvements | 106,299 |
Costs Subsequent to Acquisition | 16,942 |
Gross Carrying Amount, Land | 55,101 |
Gross Carrying Amount, Buildings | 122,324 |
Gross Carrying Amount, Total | 177,425 |
Accumulated Depreciation | $ 73,250 |
Hartford/New Haven | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 11 |
Net Rentable Square Feet | ft² | 693 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 6,778 |
Initial Cost, Building & Improvements | 19,959 |
Costs Subsequent to Acquisition | 22,722 |
Gross Carrying Amount, Land | 8,443 |
Gross Carrying Amount, Buildings | 41,016 |
Gross Carrying Amount, Total | 49,459 |
Accumulated Depreciation | $ 34,787 |
New Orleans | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 11 |
Net Rentable Square Feet | ft² | 772 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 13,372 |
Initial Cost, Building & Improvements | 59,382 |
Costs Subsequent to Acquisition | 7,783 |
Gross Carrying Amount, Land | 13,540 |
Gross Carrying Amount, Buildings | 66,997 |
Gross Carrying Amount, Total | 80,537 |
Accumulated Depreciation | $ 28,812 |
Salt Lake City | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 11 |
Net Rentable Square Feet | ft² | 672 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 15,912 |
Initial Cost, Building & Improvements | 28,117 |
Costs Subsequent to Acquisition | 5,603 |
Gross Carrying Amount, Land | 15,561 |
Gross Carrying Amount, Buildings | 34,071 |
Gross Carrying Amount, Total | 49,632 |
Accumulated Depreciation | $ 16,134 |
Memphis | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 11 |
Net Rentable Square Feet | ft² | 645 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 19,581 |
Initial Cost, Building & Improvements | 29,852 |
Costs Subsequent to Acquisition | 9,956 |
Gross Carrying Amount, Land | 20,934 |
Gross Carrying Amount, Buildings | 38,455 |
Gross Carrying Amount, Total | 59,389 |
Accumulated Depreciation | $ 23,494 |
Mobile | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 11 |
Net Rentable Square Feet | ft² | 529 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 8,915 |
Initial Cost, Building & Improvements | 25,223 |
Costs Subsequent to Acquisition | 5,814 |
Gross Carrying Amount, Land | 8,742 |
Gross Carrying Amount, Buildings | 31,210 |
Gross Carrying Amount, Total | 39,952 |
Accumulated Depreciation | $ 15,416 |
Omaha | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 10 |
Net Rentable Square Feet | ft² | 881 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 17,266 |
Initial Cost, Building & Improvements | 64,969 |
Costs Subsequent to Acquisition | 4,245 |
Gross Carrying Amount, Land | 17,266 |
Gross Carrying Amount, Buildings | 69,214 |
Gross Carrying Amount, Total | 86,480 |
Accumulated Depreciation | $ 7,034 |
Buffalo/Rochester | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 9 |
Net Rentable Square Feet | ft² | 462 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 6,785 |
Initial Cost, Building & Improvements | 17,954 |
Costs Subsequent to Acquisition | 4,159 |
Gross Carrying Amount, Land | 6,783 |
Gross Carrying Amount, Buildings | 22,115 |
Gross Carrying Amount, Total | 28,898 |
Accumulated Depreciation | $ 15,388 |
Cleveland/Akron | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 8 |
Net Rentable Square Feet | ft² | 478 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 4,235 |
Initial Cost, Building & Improvements | 18,411 |
Costs Subsequent to Acquisition | 5,730 |
Gross Carrying Amount, Land | 4,628 |
Gross Carrying Amount, Buildings | 23,748 |
Gross Carrying Amount, Total | 28,376 |
Accumulated Depreciation | $ 13,911 |
Augusta | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 8 |
Net Rentable Square Feet | ft² | 466 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 8,900 |
Initial Cost, Building & Improvements | 20,906 |
Costs Subsequent to Acquisition | 4,497 |
Gross Carrying Amount, Land | 8,900 |
Gross Carrying Amount, Buildings | 25,403 |
Gross Carrying Amount, Total | 34,303 |
Accumulated Depreciation | $ 7,844 |
Reno | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 7 |
Net Rentable Square Feet | ft² | 559 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 5,487 |
Initial Cost, Building & Improvements | 18,704 |
Costs Subsequent to Acquisition | 4,277 |
Gross Carrying Amount, Land | 5,487 |
Gross Carrying Amount, Buildings | 22,981 |
Gross Carrying Amount, Total | 28,468 |
Accumulated Depreciation | $ 13,707 |
Tucson | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 7 |
Net Rentable Square Feet | ft² | 439 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 9,403 |
Initial Cost, Building & Improvements | 25,491 |
Costs Subsequent to Acquisition | 6,959 |
Gross Carrying Amount, Land | 9,884 |
Gross Carrying Amount, Buildings | 31,969 |
Gross Carrying Amount, Total | 41,853 |
Accumulated Depreciation | $ 21,627 |
Wichita | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 7 |
Net Rentable Square Feet | ft² | 433 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 2,017 |
Initial Cost, Building & Improvements | 6,691 |
Costs Subsequent to Acquisition | 7,411 |
Gross Carrying Amount, Land | 2,130 |
Gross Carrying Amount, Buildings | 13,989 |
Gross Carrying Amount, Total | 16,119 |
Accumulated Depreciation | $ 12,367 |
Monterey/Salinas | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 7 |
Net Rentable Square Feet | ft² | 329 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 8,465 |
Initial Cost, Building & Improvements | 24,151 |
Costs Subsequent to Acquisition | 6,750 |
Gross Carrying Amount, Land | 8,455 |
Gross Carrying Amount, Buildings | 30,911 |
Gross Carrying Amount, Total | 39,366 |
Accumulated Depreciation | $ 23,392 |
Boise | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 6 |
Net Rentable Square Feet | ft² | 530 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 13,412 |
Initial Cost, Building & Improvements | 55,496 |
Costs Subsequent to Acquisition | 545 |
Gross Carrying Amount, Land | 13,412 |
Gross Carrying Amount, Buildings | 56,041 |
Gross Carrying Amount, Total | 69,453 |
Accumulated Depreciation | $ 1,443 |
Evansville | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 5 |
Net Rentable Square Feet | ft² | 326 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 2,340 |
Initial Cost, Building & Improvements | 14,316 |
Costs Subsequent to Acquisition | 1,513 |
Gross Carrying Amount, Land | 2,312 |
Gross Carrying Amount, Buildings | 15,857 |
Gross Carrying Amount, Total | 18,169 |
Accumulated Depreciation | $ 4,950 |
Dayton | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 5 |
Net Rentable Square Feet | ft² | 284 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 1,074 |
Initial Cost, Building & Improvements | 8,975 |
Costs Subsequent to Acquisition | 4,868 |
Gross Carrying Amount, Land | 1,073 |
Gross Carrying Amount, Buildings | 13,844 |
Gross Carrying Amount, Total | 14,917 |
Accumulated Depreciation | $ 7,937 |
Huntsville/Decatur | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 5 |
Net Rentable Square Feet | ft² | 298 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 9,161 |
Initial Cost, Building & Improvements | 13,481 |
Costs Subsequent to Acquisition | 3,421 |
Gross Carrying Amount, Land | 9,108 |
Gross Carrying Amount, Buildings | 16,955 |
Gross Carrying Amount, Total | 26,063 |
Accumulated Depreciation | $ 6,611 |
Fort Wayne | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 4 |
Net Rentable Square Feet | ft² | 271 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 3,487 |
Initial Cost, Building & Improvements | 11,003 |
Costs Subsequent to Acquisition | 3,507 |
Gross Carrying Amount, Land | 3,487 |
Gross Carrying Amount, Buildings | 14,510 |
Gross Carrying Amount, Total | 17,997 |
Accumulated Depreciation | $ 6,181 |
Roanoke | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 4 |
Net Rentable Square Feet | ft² | 224 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 5,093 |
Initial Cost, Building & Improvements | 18,091 |
Costs Subsequent to Acquisition | 973 |
Gross Carrying Amount, Land | 5,093 |
Gross Carrying Amount, Buildings | 19,064 |
Gross Carrying Amount, Total | 24,157 |
Accumulated Depreciation | $ 3,902 |
Palm Springs | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 3 |
Net Rentable Square Feet | ft² | 242 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 8,309 |
Initial Cost, Building & Improvements | 18,065 |
Costs Subsequent to Acquisition | 2,249 |
Gross Carrying Amount, Land | 8,309 |
Gross Carrying Amount, Buildings | 20,314 |
Gross Carrying Amount, Total | 28,623 |
Accumulated Depreciation | $ 12,060 |
Providence | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 3 |
Net Rentable Square Feet | ft² | 155 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 995 |
Initial Cost, Building & Improvements | 11,206 |
Costs Subsequent to Acquisition | 3,143 |
Gross Carrying Amount, Land | 995 |
Gross Carrying Amount, Buildings | 14,349 |
Gross Carrying Amount, Total | 15,344 |
Accumulated Depreciation | $ 7,414 |
Shreveport | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 2 |
Net Rentable Square Feet | ft² | 150 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 817 |
Initial Cost, Building & Improvements | 3,030 |
Costs Subsequent to Acquisition | 2,377 |
Gross Carrying Amount, Land | 741 |
Gross Carrying Amount, Buildings | 5,483 |
Gross Carrying Amount, Total | 6,224 |
Accumulated Depreciation | $ 4,997 |
Springfield/Holyoke | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 2 |
Net Rentable Square Feet | ft² | 144 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 1,428 |
Initial Cost, Building & Improvements | 3,380 |
Costs Subsequent to Acquisition | 1,952 |
Gross Carrying Amount, Land | 1,427 |
Gross Carrying Amount, Buildings | 5,333 |
Gross Carrying Amount, Total | 6,760 |
Accumulated Depreciation | $ 5,114 |
Rochester | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 2 |
Net Rentable Square Feet | ft² | 99 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 1,047 |
Initial Cost, Building & Improvements | 2,246 |
Costs Subsequent to Acquisition | 2,134 |
Gross Carrying Amount, Land | 980 |
Gross Carrying Amount, Buildings | 4,447 |
Gross Carrying Amount, Total | 5,427 |
Accumulated Depreciation | $ 4,233 |
Santa Barbara | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 2 |
Net Rentable Square Feet | ft² | 98 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 5,733 |
Initial Cost, Building & Improvements | 9,106 |
Costs Subsequent to Acquisition | 858 |
Gross Carrying Amount, Land | 5,733 |
Gross Carrying Amount, Buildings | 9,964 |
Gross Carrying Amount, Total | 15,697 |
Accumulated Depreciation | $ 6,186 |
Topeka | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 2 |
Net Rentable Square Feet | ft² | 94 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 225 |
Initial Cost, Building & Improvements | 1,419 |
Costs Subsequent to Acquisition | 2,108 |
Gross Carrying Amount, Land | 225 |
Gross Carrying Amount, Buildings | 3,527 |
Gross Carrying Amount, Total | 3,752 |
Accumulated Depreciation | $ 3,190 |
Lansing | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 2 |
Net Rentable Square Feet | ft² | 88 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 556 |
Initial Cost, Building & Improvements | 2,882 |
Costs Subsequent to Acquisition | 986 |
Gross Carrying Amount, Land | 556 |
Gross Carrying Amount, Buildings | 3,868 |
Gross Carrying Amount, Total | 4,424 |
Accumulated Depreciation | $ 2,619 |
Flint | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 1 |
Net Rentable Square Feet | ft² | 56 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 543 |
Initial Cost, Building & Improvements | 3,068 |
Costs Subsequent to Acquisition | 273 |
Gross Carrying Amount, Land | 542 |
Gross Carrying Amount, Buildings | 3,342 |
Gross Carrying Amount, Total | 3,884 |
Accumulated Depreciation | $ 2,110 |
Joplin | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 1 |
Net Rentable Square Feet | ft² | 56 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 264 |
Initial Cost, Building & Improvements | 904 |
Costs Subsequent to Acquisition | 1,021 |
Gross Carrying Amount, Land | 264 |
Gross Carrying Amount, Buildings | 1,925 |
Gross Carrying Amount, Total | 2,189 |
Accumulated Depreciation | $ 1,672 |
Syracuse | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 1 |
Net Rentable Square Feet | ft² | 55 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 545 |
Initial Cost, Building & Improvements | 1,279 |
Costs Subsequent to Acquisition | 862 |
Gross Carrying Amount, Land | 545 |
Gross Carrying Amount, Buildings | 2,141 |
Gross Carrying Amount, Total | 2,686 |
Accumulated Depreciation | $ 2,066 |
Modesto/Fresno/Stockton | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storageFacility | 1 |
Net Rentable Square Feet | ft² | 33 |
2021 Encum- brances | $ 0 |
Initial Cost, Land | 44 |
Initial Cost, Building & Improvements | 206 |
Costs Subsequent to Acquisition | 1,324 |
Gross Carrying Amount, Land | 193 |
Gross Carrying Amount, Buildings | 1,381 |
Gross Carrying Amount, Total | 1,574 |
Accumulated Depreciation | $ 942 |
Minimum | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Estimated useful lives of buildings and improvements (in years) | 5 years |
Maximum | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Estimated useful lives of buildings and improvements (in years) | 25 years |