Cover Page
Cover Page - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 16, 2023 | Jun. 30, 2022 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
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 Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 47,054,755 | ||
Entity Common Stock, Shares Outstanding | 175,757,442 | ||
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 2023 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 | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001393311 | ||
Common Shares | |||
Title of 12(b) Security | Common Shares, $0.10 par value | ||
Trading Symbol | PSA | ||
Security Exchange Name | NYSE | ||
Series F Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value | ||
Trading Symbol | PSAPrF | ||
Security Exchange Name | NYSE | ||
Series G Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value | ||
Trading Symbol | PSAPrG | ||
Security Exchange Name | NYSE | ||
Series H Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value | ||
Trading Symbol | PSAPrH | ||
Security Exchange Name | NYSE | ||
Series I Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value | ||
Trading Symbol | PSAPrI | ||
Security Exchange Name | NYSE | ||
Series J Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value | ||
Trading Symbol | PSAPrJ | ||
Security Exchange Name | NYSE | ||
Series K Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value | ||
Trading Symbol | PSAPrK | ||
Security Exchange Name | NYSE | ||
Series L Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value | ||
Trading Symbol | PSAPrL | ||
Security Exchange Name | NYSE | ||
Series M Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value | ||
Trading Symbol | PSAPrM | ||
Security Exchange Name | NYSE | ||
Series N Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value | ||
Trading Symbol | PSAPrN | ||
Security Exchange Name | NYSE | ||
Series O Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value | ||
Trading Symbol | PSAPrO | ||
Security Exchange Name | NYSE | ||
Series P Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value | ||
Trading Symbol | PSAPrP | ||
Security Exchange Name | NYSE | ||
Series Q Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value | ||
Trading Symbol | PSAPrQ | ||
Security Exchange Name | NYSE | ||
Series R Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value | ||
Trading Symbol | PSAPrR | ||
Security Exchange Name | NYSE | ||
Series S Preferred Stock | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value | ||
Trading Symbol | PSAPrS | ||
Security Exchange Name | NYSE | ||
Notes Due 2032 | |||
Title of 12(b) Security | 0.875% Senior Notes due 2032 | ||
Trading Symbol | PSA32 | ||
Security Exchange Name | NYSE | ||
Notes Due 2030 | |||
Title of 12(b) Security | 0.500% Senior Notes due 2030 | ||
Trading Symbol | PSA30 | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Firm ID | 42 |
Auditor Location | Los Angeles, California |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and equivalents | $ 775,253 | $ 734,599 |
Real estate facilities, at cost: | ||
Land | 5,273,073 | 5,134,060 |
Buildings | 18,946,053 | 17,673,773 |
Real estate facilities, gross | 24,219,126 | 22,807,833 |
Accumulated depreciation | (8,554,155) | (7,773,308) |
Real estate facilities, net | 15,664,971 | 15,034,525 |
Construction in process | 372,992 | 272,471 |
Total real estate facilities | 16,037,963 | 15,306,996 |
Investments in unconsolidated real estate entities | 275,752 | 828,763 |
Goodwill and other intangible assets, net | 232,517 | 302,894 |
Other assets | 230,822 | 207,656 |
Total assets | 17,552,307 | 17,380,908 |
LIABILITIES AND EQUITY | ||
Notes payable | 6,870,826 | 7,475,279 |
Accrued and other liabilities | 514,680 | 482,091 |
Total liabilities | 7,385,506 | 7,957,370 |
Commitments and contingencies (Note 14) | ||
Redeemable noncontrolling interests | 0 | 68,249 |
Public Storage shareholders’ equity: | ||
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 174,000 shares issued (in series) and outstanding, (164,000 at December 31, 2021) at liquidation preference | 4,350,000 | 4,100,000 |
Common Shares, $0.10 par value, 650,000,000 shares authorized, 175,265,668 shares issued and outstanding (175,134,455 shares at December 31, 2021) | 17,527 | 17,513 |
Paid-in capital | 5,896,423 | 5,821,667 |
Accumulated deficit | (110,231) | (550,416) |
Accumulated other comprehensive loss | (80,317) | (53,587) |
Total Public Storage shareholders’ equity | 10,073,402 | 9,335,177 |
Noncontrolling interests | 93,399 | 20,112 |
Total equity | 10,166,801 | 9,355,289 |
Total liabilities, redeemable noncontrolling interests and equity | $ 17,552,307 | $ 17,380,908 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 174,000 | 164,000 |
Preferred stock, shares outstanding (in shares) | 174,000 | 164,000 |
Common stock, par value (in USD per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 650,000,000 | 650,000,000 |
Common stock, shares issued (in shares) | 175,265,668 | 175,134,455 |
Common stock, shares outstanding (in shares) | 175,265,668 | 175,134,455 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Revenues | $ 4,182,163 | $ 3,415,824 | $ 2,915,068 |
Expenses: | |||
Depreciation and amortization | 888,146 | 713,428 | 553,257 |
General and administrative | 114,742 | 101,254 | 83,199 |
Interest expense | 136,319 | 90,774 | 56,283 |
Operating expenses | 2,192,114 | 1,826,054 | 1,560,201 |
Other increases (decreases) to net income: | |||
Interest and other income | 40,567 | 12,306 | 22,323 |
Equity in earnings of unconsolidated real estate entities | 106,981 | 232,093 | 80,497 |
Foreign currency exchange gain (loss) | 98,314 | 111,787 | (97,953) |
Gain on sale of real estate | 1,503 | 13,683 | 1,493 |
Gain on sale of equity investment in PS Business Parks, Inc. | 2,128,860 | 0 | 0 |
Net income | 4,366,274 | 1,959,639 | 1,361,227 |
Allocation to noncontrolling interests | (17,127) | (6,376) | (4,014) |
Net income allocable to Public Storage shareholders | 4,349,147 | 1,953,263 | 1,357,213 |
Allocation of net income to: | |||
Preferred shareholders | (194,390) | (186,579) | (207,068) |
Preferred shareholders - redemptions (Note 9) | 0 | (28,914) | (48,265) |
Restricted share units | (12,469) | (5,326) | (3,545) |
Net income allocable to common shareholders | $ 4,142,288 | $ 1,732,444 | $ 1,098,335 |
Net income per common share: | |||
Basic (in USD per share) | $ 23.64 | $ 9.91 | $ 6.29 |
Diluted (in USD per share) | $ 23.50 | $ 9.87 | $ 6.29 |
Basic weighted average common shares outstanding (in shares) | 175,257 | 174,858 | 174,494 |
Diluted weighted average common shares outstanding (in shares) | 176,280 | 175,568 | 174,642 |
Self-storage facilities | |||
Revenues: | |||
Revenues | $ 3,946,028 | $ 3,203,566 | $ 2,721,630 |
Expenses: | |||
Self-storage cost of operations | 980,209 | 852,030 | 807,543 |
Ancillary operations | |||
Revenues: | |||
Revenues | 236,135 | 212,258 | 193,438 |
Expenses: | |||
Ancillary cost of operations | $ 72,698 | $ 68,568 | $ 59,919 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 4,366,274 | $ 1,959,639 | $ 1,361,227 |
Foreign currency exchange (loss) gain on investment in Shurgard | (26,730) | (10,186) | 21,489 |
Total comprehensive income | 4,339,544 | 1,949,453 | 1,382,716 |
Allocation to noncontrolling interests | (17,127) | (6,376) | (4,014) |
Comprehensive income allocable to Public Storage shareholders | $ 4,322,417 | $ 1,943,077 | $ 1,378,702 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($) $ in Thousands | Total | Cumulative Preferred Shares | Common Shares | Total Public Storage Shareholders' Equity | Total Public Storage Shareholders' Equity Cumulative Preferred Shares | Total Public Storage Shareholders' Equity Common Shares | Cumulative Preferred Shares | Cumulative Preferred Shares Cumulative Preferred Shares | Common Shares | Common Shares Common Shares | Paid-in Capital | Paid-in Capital Cumulative Preferred Shares | Paid-in Capital Common Shares | Accumulated Deficit | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Beginning 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 | ||||||||
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 | $ 12,664 | $ 16 | $ 12,648 | |||||||||||
Share-based compensation expense | 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 | ||||||||
Beginning balance at Dec. 31, 2019 | 0 | |||||||||||||||
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 | 95,860 | 55 | 95,805 | |||||||||||
Share-based compensation expense | 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 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Issuance of preferred shares | $ 242,832 | $ 242,832 | $ 250,000 | $ (7,168) | ||||||||||||
Issuance of common shares in connection with share-based compensation | 35,405 | 35,405 | $ 35,405 | 29 | 35,376 | |||||||||||
Retirement of common shares | $ 0 | $ (15) | $ 15 | |||||||||||||
Taxes paid upon net share settlement of restricted share units | (16,827) | (16,827) | (16,827) | |||||||||||||
Share-based compensation expense | 63,360 | 63,360 | 63,360 | |||||||||||||
Contributions by noncontrolling interests | 6,708 | 6,708 | ||||||||||||||
Noncontrolling Interest, Transfer From Redeemable Noncontrolling Interests To Noncontrolling Interests | 83,826 | 83,826 | ||||||||||||||
Net income | 4,366,274 | 4,366,274 | 4,366,274 | |||||||||||||
Net income allocated to noncontrolling interests | (17,127) | (17,127) | (17,127) | 16,467 | ||||||||||||
Distributions to: | ||||||||||||||||
Preferred shareholders | (194,390) | (194,390) | (194,390) | |||||||||||||
Noncontrolling interests | (33,714) | (33,714) | ||||||||||||||
Common shareholders and restricted share unitholders | (3,714,572) | (3,714,572) | (3,714,572) | |||||||||||||
Other comprehensive income (loss) | (26,730) | (26,730) | (26,730) | |||||||||||||
Ending balance at Dec. 31, 2022 | 10,166,801 | $ 10,073,402 | $ 4,350,000 | $ 17,527 | $ 5,896,423 | $ (110,231) | $ (80,317) | $ 93,399 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||
Contributions by noncontrolling interests | 15,426 | |||||||||||||||
Reclassification from redeemable noncontrolling interests to noncontrolling interests | (83,826) | |||||||||||||||
Net income allocated to noncontrolling interests | 660 | |||||||||||||||
Noncontrolling interests | (509) | |||||||||||||||
Ending balance at Dec. 31, 2022 | $ 0 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Issuance of common shares in connection with share-based compensation (in shares) | 283,190 | 552,713 | 163,127 |
Distributions to common shareholders and restricted share unitholders (in USD per share) | $ 21.15 | $ 8 | $ 8 |
Preferred Shares | |||
Issuance of preferred shares (in shares) | 10,000 | 47,300 | 49,900 |
Redemption and shares called for redemption of preferred shares (in shares) | 35,000 | 60,800 | |
Common Shares | |||
Issuance of common shares in connection with share-based compensation (in shares) | 283,190 | 552,713 | 163,127 |
Retirement of common shares (in shares) | 151,977 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 4,366,274 | $ 1,959,639 | $ 1,361,227 |
Adjustments to reconcile net income to net cash flows from operating activities: | |||
Gain on sale of equity investment in PS Business Parks, Inc. | (2,128,860) | 0 | 0 |
Gain on sale of real estate | (1,503) | (13,683) | (1,493) |
Depreciation and amortization | 888,146 | 713,428 | 553,257 |
Equity in earnings of unconsolidated real estate entities | (106,981) | (232,093) | (80,497) |
Distributions from cumulative equity in earnings of unconsolidated real estate entities | 134,769 | 150,488 | 72,098 |
Unrealized foreign currency exchange (gain) loss | (97,563) | (111,787) | 97,953 |
Share-based compensation expense | 56,703 | 59,815 | 33,363 |
Other | 6,156 | 17,748 | 6,994 |
Total adjustments | (1,249,133) | 583,916 | 681,675 |
Net cash flows from operating activities | 3,117,141 | 2,543,555 | 2,042,902 |
Cash flows from investing activities: | |||
Capital expenditures to maintain real estate facilities | (459,773) | (270,238) | (169,998) |
Development and expansion of real estate facilities | (313,511) | (281,981) | (189,413) |
Acquisition of real estate facilities and intangible assets | (757,944) | (5,047,106) | (792,266) |
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities | 13,670 | 19,518 | 24,658 |
Repayment of note receivable | 0 | 0 | 7,509 |
Proceeds from sale of real estate investments | 1,543 | 16,296 | 1,796 |
Proceeds from sale of equity investment in PS Business Parks, Inc. | 2,636,011 | 0 | 0 |
Net cash flows from (used in) investing activities | 1,119,996 | (5,563,511) | (1,117,714) |
Cash flows from financing activities: | |||
Repayments on notes payable | (513,495) | (2,218) | (2,020) |
Issuance of notes payable, net of issuance costs | 0 | 5,038,904 | 545,151 |
Issuance of preferred shares | 242,832 | 1,147,455 | 1,208,206 |
Issuance of common shares in connection with share-based compensation | 35,271 | 95,860 | 12,664 |
Redemption of preferred shares | 0 | (1,175,000) | (1,220,000) |
Taxes paid upon net share settlement of restricted share units | (16,827) | (13,069) | (10,518) |
Acquisition of noncontrolling interests | 0 | (692) | (33) |
Contributions by noncontrolling interests | 1,669 | 2,451 | 2,629 |
Distributions paid to preferred shareholders, common shareholders and restricted share unitholders | (3,908,497) | (1,588,888) | (1,606,429) |
Distributions paid to noncontrolling interests | (34,223) | (6,662) | (5,366) |
Net cash flows (used in) from financing activities | (4,193,270) | 3,498,141 | (1,075,716) |
Net cash flows from operating, investing, and financing activities | 43,867 | 478,185 | (150,528) |
Net effect of foreign exchange impact on cash and equivalents, including restricted cash | 0 | 505 | (426) |
Increase (decrease) in cash and equivalents, including restricted cash | 43,867 | 478,690 | (150,954) |
Cash and equivalents, including restricted cash at beginning 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 |
Cash and equivalents, including restricted cash at end of the period: | |||
Cash and equivalents | 775,253 | 734,599 | 257,560 |
Restricted cash included in other assets | 29,904 | 26,691 | 25,040 |
Cash, equivalents, and restricted cash | 805,157 | 761,290 | 282,600 |
Costs incurred during the period remaining unpaid at period end for: | |||
Capital expenditures to maintain real estate facilities | (15,260) | (23,398) | (10,359) |
Construction or expansion of real estate facilities | (65,650) | (50,051) | (32,349) |
Real estate acquired in exchange for noncontrolling interests | (19,865) | (68,170) | 0 |
Real estate acquired in exchange for consideration payable | 0 | 0 | (3,799) |
Preferred shares called for redemption and reclassified to liabilities | $ 0 | $ 0 | $ 300,000 |
Description of the Business
Description of the Business | 12 Months Ended |
Dec. 31, 2022 | |
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 that has elected to be taxed as a 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 reinsurance, merchandise sales, and third party management, as well as the acquisition and development of additional self-storage space. At December 31, 2022, we had direct and indirect equity interests in 2,869 self-storage facilities (with approximately 204.2 million net rentable square feet) located in 40 states in the United States (“U.S.”) operating under the Public Storage® name, and 1.2 million net rentable square feet of commercial and retail space. At December 31, 2022, we owned a 35% common equity interest in Shurgard Self Storage Limited (“Shurgard”), a public company traded on the Euronext Brussels under the “SHUR” symbol, which owned 266 self-storage facilities (with approximately 15 million net rentable square feet) located in seven Western European countries, all operating under the Shurgard® name. On July 20, 2022, in connection with the closing of the merger of PS Business Parks, Inc. (“PSB”) with affiliates of Blackstone Real Estate (“Blackstone”), we completed the sale of our 41% common equity interest in PSB in its entirety. Prior to the merger transaction, PSB was a REIT traded on the New York Stock Exchange under the “PSB” symbol, which owned commercial properties, primarily multi-tenant industrial, flex, and office space. Refer to Note 4. Investments in Unconsolidated Real Estate Entities for transaction information and our accounting treatment of the sale. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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”). Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 14) are unaudited and outside the scope of our independent registered public accounting firm’s audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.). Summary of Significant Accounting Policies Consolidation and Equity Method of Accounting We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or the equity holders as a group do not have a controlling financial interest. In addition, we have general partner interests in limited partnerships along with third-party investors to develop, construct or operate self-storage facilities. As the general partner, we consider the limited partnerships to be VIEs if the limited partners lack both substantive participating rights and substantive kick-out rights. We consolidate VIEs when we have (i) the power to direct the activities most significantly impacting economic performance, and (ii) either the obligation to absorb losses or the right to receive benefits from the VIE. The total assets, primarily real estate assets, and the total liabilities of our consolidated VIEs are not material as of December 31, 2022. 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 it is more likely than not that the fair value of the related reporting unit is less than the carrying amount. When we conclude that it is not more likely than not that the fair value of the reporting unit is less than the aggregate carrying amount, no impairment charge is recorded and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate other indefinite-lived intangible assets, such as the Shurgard® trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that it is more likely than not that the asset is impaired. When we conclude that it is not more likely than not that the asset is impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. 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, 2022, 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 1.070 U.S. Dollars per Euro at December 31, 2022 (1.134 at December 31, 2021), and average exchange rates of 1.054, 1.183 and 1.141 for the years ended December 31, 2022, 2021, and 2020, 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, 2022, 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”) with no market conditions based on the closing market price of the Company’s common shares on the date of grant. We value stock options with no market conditions at the grant date using the Black-Scholes option-pricing model. We value stock options and RSUs with market conditions at the grant date using a Monte-Carlo valuation simulation. Our determination of the fair value of share-based payment awards on the date of grant using an option-pricing model or Monte-Carlo valuation simulation is affected by our stock price as well as assumptions regarding a number of subjective and complex variables. These variables include, but are not limited to, our expected stock price volatility over the expected term of the awards. For stock options, variables also include actual and projected stock option exercise behaviors. For restricted share units and stock options with performance conditions, we adjust compensation cost each quarter as needed for any changes in the assessment of the probability that the specified performance criteria will be achieved. We amortize the grant-date fair value of awards as compensation expense over the service period, which begins on the grant date and ends on the expected vesting date. For awards that are earned solely upon the passage of time and continued service, the entire cost of the award is amortized on a straight-line basis over the service period. For awards with market and/or performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method). For awards with performance conditions, the estimated number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. In amortizing share-based compensation expense, we do not estimate future forfeitures. Instead, we reverse previously amortized share-based compensation expense with respect to grants that are forfeited in the period the employee terminates employment. 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, 2022 | |
Real Estate [Abstract] | |
Real Estate Facilities | Real Estate Facilities Activity in real estate facilities during 2022, 2021, and 2020 is as follows: For the Years Ended December 31, 2022 2021 2020 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 22,807,833 $ 17,372,627 $ 16,289,146 Capital expenditures to maintain real estate facilities 452,316 284,200 163,834 Acquisitions 733,442 4,940,413 781,219 Dispositions (1,704) (7,408) (303) Developed or expanded facilities opened for operation 227,239 218,001 138,731 Ending balance 24,219,126 22,807,833 17,372,627 Accumulated depreciation: Beginning balance (7,773,308) (7,152,135) (6,623,475) Depreciation expense (781,931) (625,968) (528,660) Dispositions 1,084 4,795 — Ending balance (8,554,155) (7,773,308) (7,152,135) Construction in process: Beginning balance 272,471 188,079 141,934 Costs incurred to develop and expand real estate facilities 336,948 302,393 188,102 Write-off of cancelled projects and transfer to other assets (9,188) — (3,226) Developed or expanded facilities opened for operation (227,239) (218,001) (138,731) Ending balance 372,992 272,471 188,079 Total real estate facilities at December 31, $ 16,037,963 $ 15,306,996 $ 10,408,571 During 2022, we acquired 74 self-storage facilities (4.7 million net rentable square feet of storage space), for a total cost of $730.5 million, consisting of $710.6 million in cash and $19.9 million in partnership units in one of our subsidiaries. Approximately $24.1 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $227.2 million during 2022, adding 1.4 million net rentable square feet of self-storage space. Construction in process at December 31, 2022 consisted of projects to develop new self-storage facilities and expand existing self-storage facilities. During 2022, we wrote off $7.0 million of accumulated development costs for cancelled development and redevelopment projects in construction in process as general and administrative expense. We also transferred $2.2 million of land cost related to a cancelled development project to other assets at December 31, 2022. Additionally, on July 8, 2022, we acquired from PSB the commercial interests in five properties at three sites jointly occupied with certain of our self-storage facilities located in Maryland and Virginia, for $47.3 million. We recognized $27.0 million of real estate assets and $0.7 million of intangibles for the properties acquired, representing the cost of these commercial properties that we did not have interest in through our equity investment in PSB. We recognized the remaining $19.6 million as an increase to our basis in our equity investment in PSB, which represents the elimination of our portion of the gain recorded by PSB. During 2022, we sold portions of real estate facilities in connection with eminent domain proceedings for $1.5 million in cash proceeds and recorded a related gain on sale of real estate of approximately $1.5 million. 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 of $5.0 billion in cash and $68.2 million in partnership units in one of our subsidiaries. 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. 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 that were cancelled. At December 31, 2022, the adjusted basis of real estate facilities for U.S. federal tax purposes was approximately $16.5 billion (unaudited). |
Investments in Unconsolidated R
Investments in Unconsolidated Real Estate Entities | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 2022 2021 2020 PSB $ — $ 515,312 $ 80,596 $ 207,722 $ 64,835 Shurgard 275,752 313,451 26,385 24,371 15,662 Total $ 275,752 $ 828,763 $ 106,981 $ 232,093 $ 80,497 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, 2022, 2021, and 2020 (amounts in thousands). Due to the complete sale of our equity investment in PSB in July 2022, the summarized financial information for 2022 includes PSB's financial activities through June 30, 2022, which represents the most practical date of such reported information prior to the transaction. Year Ended December 31, 2022 2021 2020 Revenues $ 572,192 $ 790,461 $ 721,393 Costs of operations 193,868 263,398 242,992 Operating income 220,948 333,624 290,901 Gain on sale of real estate 128,743 359,904 27,234 Net Income 299,226 639,062 275,680 At December 31, 2022 2021 Real estate assets $ 1,391,806 $ 3,437,115 Other assets 289,420 481,403 Total assets $ 1,681,226 $ 3,918,518 Debt $ 860,977 $ 943,276 Other liabilities 224,701 298,787 Noncontrolling interests 2,659 262,243 Shareholders' equity 592,889 2,414,212 Total liabilities and equity $ 1,681,226 $ 3,918,518 Investment in PSB Prior to the sale of our equity investment in PSB in its entirety on July 20, 2022, 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 a 41% common equity interest in PSB. On April 24, 2022, PSB entered into an Agreement and Plan of Merger whereby affiliates of Blackstone agreed to acquire all outstanding shares of PSB’s common stock for $187.50 per share in cash. On July 20, 2022, PSB announced that it completed the merger transaction with Blackstone. Each share of PSB common stock and each common unit of partnership interest we held in PSB were converted into the right to receive the merger consideration of $187.50 per share or unit, including a $5.25 closing cash dividend per share or unit, and a $0.22 prorated quarterly cash dividend per share or unit, for a total of $187.72 per share or unit. At the close of the merger transaction, we received a total of $2.7 billion of cash proceeds and recognized a gain of $2.1 billion, which was classified within gain on sale of equity investment in PS Business Parks, Inc. in the Consolidated Statement of Income. We classified $2.6 billion of the proceeds from the merger consideration, or $182.25 per share or unit within cash flows from investing activities in the Consolidated Statements of Cash Flows for 2022. During 2022, 2021 and 2020, we received cash distributions from PSB totaling $109.5 million (including the aforementioned $5.25 closing cash dividend per share or unit and the $0.22 prorated quarterly cash dividend per share or unit from the merger transaction), $127.3 million and $60.7 million, respectively, which were classified within cash flows from operating activities in the Consolidated Statements of Cash Flows. Investment in Shurgard Throughout all periods presented, we effectively owned, directly and indirectly 31,268,459 Shurgard common shares, representing a 35% equity interest in Shurgard. Based upon the closing price at December 31, 2022 (€42.85 per share of Shurgard common stock, at 1.070 exchange rate of U.S. Dollars to the Euro), the shares we owned had a market value of approximately $1.4 billion. Our equity in earnings of Shurgard comprised our equity share of Shurgard’s net income, less amortization of the Shurgard Basis Differential (defined below). During 2022, 2021 and 2020, we received $3.5 million, $3.5 million and $3.1 million of trademark license fees that Shurgard pays to us for the use of the Shurgard® trademark, respectively. We eliminated $1.2 million, $1.2 million, and $1.1 million of intra-entity profits and losses for 2022, 2021 and 2020, respectively, representing our equity share of the trademark license fees. We classify the remaining license fees we receive from Shurgard as interest and other income on our income statement. During 2022, 2021, and 2020, we received cash dividends from Shurgard totaling $37.8 million, $41.5 million and $34.9 million, respectively. Approximately $13.7 million, $19.5 million and $24.7 million of total cash distributions from Shurgard during the year ended December 31, 2022, 2021 and 2020, respectively, represented distributions in excess of cumulative equity in earnings from Shurgard, which was classified within cash flows from investing activities in the Consolidated Statements of Cash Flows. At December 31, 2022, our investment in Shurgard’s real estate assets exceeded our pro-rata share of the underlying amounts on Shurgard’s balance sheet by approximately $67.8 million ($74.7 million at December 31, 2021). This differential (the “Shurgard Basis Differential”) includes our basis adjustments in Shurgard’s real estate assets net of related deferred income taxes. The Shurgard Basis Differential is being amortized as a reduction to equity in earnings of the Unconsolidated Real Estate Entities. Such amortization totaled approximately $6.9 million, $8.4 million and $5.8 million during 2022, 2021, and 2020, 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, 2022 | |
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, 2022 At December 31, 2021 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 201,668 (153,818) 47,850 198,180 (79,953) 118,227 Total goodwill and other intangible assets $ 386,335 $ (153,818) $ 232,517 $ 382,847 $ (79,953) $ 302,894 Finite-lived intangible assets consist primarily of acquired customers in place. Amortization expense related to intangible assets subject to amortization was $95.2 million, $76.6 million and $16.1 million in 2022, 2021, and 2020, respectively. During 2022, 2021, and 2020, intangibles increased $24.8 million, $174.9 million, and $14.9 million, respectively, in connection with the acquisition of real estate facilities (Note 3). The remaining amortization expense will be recognized over a weighted average life of approximately 1.3 years. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2022 is as follows (amounts in thousands): Year Amount 2023 $ 36,852 2024 5,746 Thereafter 5,252 Total $ 47,850 |
Credit Facility
Credit Facility | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022). 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, 2022). At December 31, 2022 and February 21, 2023, we had no outstanding borrowings under this Credit Facility. We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $18.6 million at December 31, 2022 ($21.2 million at December 31, 2021). The Credit Facility has various customary restrictive covenants with which we were in compliance at December 31, 2022. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2022 | |
Notes Payable [Abstract] | |
Notes Payable | Notes Payable Our notes payable are reflected net of issuance costs (including original issue discounts), which are amortized as interest expense on the effective interest method over the term of each respective note. Our notes payable at December 31, 2022 and 2021 are set forth in the tables below: Amounts at December 31, 2022 Coupon Rate Effective Rate Principal Unamortized Costs Book Fair ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due April 23, 2024 SOFR+0.47% 2.831% $ 700,000 $ (925) $ 699,075 $ 691,309 Notes due February 15, 2026 0.875% 1.030% 500,000 (2,322) 497,678 441,849 Notes due November 9, 2026 1.500% 1.640% 650,000 (3,357) 646,643 578,899 Notes due September 15, 2027 3.094% 3.218% 500,000 (2,492) 497,508 466,029 Notes due May 1, 2028 1.850% 1.962% 650,000 (3,599) 646,401 558,197 Notes due November 9, 2028 1.950% 2.044% 550,000 (2,818) 547,182 468,509 Notes due May 1, 2029 3.385% 3.459% 500,000 (1,947) 498,053 456,855 Notes due May 1, 2031 2.300% 2.419% 650,000 (5,697) 644,303 530,390 Notes due November 9, 2031 2.250% 2.322% 550,000 (3,134) 546,866 443,514 5,250,000 (26,291) 5,223,709 4,635,551 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% 107,035 — 107,035 104,344 Notes due November 3, 2025 2.175% 2.175% 259,039 — 259,039 246,119 Notes due September 9, 2030 0.500% 0.640% 749,245 (8,611) 740,634 566,204 Notes due January 24, 2032 0.875% 0.978% 535,175 (4,858) 530,317 396,297 1,650,494 (13,469) 1,637,025 1,312,964 Mortgage Debt , secured by 5 real estate facilities with a net book value of $17.0 million 3.410% 3.410% 10,092 — 10,092 9,568 $ 6,910,586 $ (39,760) $ 6,870,826 $ 5,958,083 Amounts at December 31, 2021 Book Value Fair Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 $ 499,637 $ 506,362 Notes due April 23, 2024 698,372 700,314 Notes due February 15, 2026 496,939 488,141 Notes due November 9, 2026 645,773 649,996 Notes due September 15, 2027 496,980 535,206 Notes due May 1, 2028 645,724 649,221 Notes due November 9, 2028 546,701 548,241 Notes due May 1, 2029 497,743 545,580 Notes due May 1, 2031 643,617 656,546 Notes due November 9, 2031 546,512 551,932 5,717,998 5,831,539 Euro Denominated Unsecured Debt Notes due April 12, 2024 113,431 117,526 Notes due November 3, 2025 274,518 295,256 Notes due September 9, 2030 784,287 769,561 Notes due January 24, 2032 561,761 551,842 1,733,997 1,734,185 Mortgage Debt 23,284 24,208 $ 7,475,279 $ 7,589,932 U.S. Dollar Denominated Unsecured Notes On August 15, 2022, the Company redeemed its 2.370% Senior Notes due September 15, 2022, with an aggregate principal amount of $500.0 million. 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 4.36% as of December 31, 2022), 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. The U.S. Dollar denominated unsecured notes (the “U.S. Dollar Denominated Unsecured Notes”) have various financial covenants, with which we were in compliance at December 31, 2022. Included in these covenants are (a) a maximum Debt to Total Assets of 65% (approximately 14% at December 31, 2022) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x (approximately 25x for the twelve months ended December 31, 2022) 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, (ii) €100.0 million issued to institutional investors on April 12, 2016, (iii) €500.0 million issued in a public offering on January 24, 2020, and (iv) €700.0 million issued in a public offering on September 9, 2021. 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 including the associated interest, as a result of changes in foreign exchange rates as “Foreign currency exchange gain (loss)” on our income statement (gains of $99.2 million for 2022, as compared to gains of $111.8 million for 2021 and losses of $98.0 million for 2020). Mortgage Notes We assumed our non-recourse mortgage debt in connection with property acquisitions, and we recorded such debt at fair value with any premium or discount to the stated note balance amortized using the effective interest method. At December 31, 2022, the related contractual interest rates of our mortgage notes are fixed, ranging between 3.2% and 7.1%, and mature between November 1, 2023 and July 1, 2030. At December 31, 2022, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total 2023 $ — $ 8,270 $ 8,270 2024 807,035 124 807,159 2025 259,039 131 259,170 2026 1,150,000 138 1,150,138 2027 500,000 140 500,140 Thereafter 4,184,420 1,289 4,185,709 $ 6,900,494 $ 10,092 $ 6,910,586 Weighted average effective rate 2.0% 3.4% 2.0% Cash paid for interest totaled $133.8 million, $77.7 million, and $52.7 million for 2022, 2021, and 2020, respectively. Interest capitalized as real estate totaled $6.0 million, $3.5 million and $3.4 million for 2022, 2021, and 2020, respectively. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling InterestsThere are noncontrolling interests related to several subsidiaries we consolidate of which we do not own 100% of the equity. At December 31, 2022, certain of these subsidiaries have issued 499,966 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 request of the unitholder. These include a total of 54,137 partnership units of $19.9 million issued to third-parties in connection with our acquisition of self-storage properties in 2022.At March 31, 2022, there were 254,833 partnership units of $83.8 million classified as redeemable noncontrolling interests outside of total equity in our consolidated balance sheets, because the unitholders of these partnership units had the right to require redemption of their partnership units in cash if common shares of the Company were not publicly listed. In the second quarter of 2022, the related partnership agreements were amended with such cash redemption feature removed from these partnership units. We therefore reclassified $83.8 million from redeemable noncontrolling interests to noncontrolling interests in total equity during the three months ended June 30, 2022. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Preferred Shares At December 31, 2022 and 2021, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At December 31, 2022 At December 31, 2021 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference (Dollar amounts in thousands) 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 24,150 603,750 Series Q 8/17/2026 3.950 % 5,750 143,750 5,750 143,750 Series R 11/19/2026 4.000 % 17,400 435,000 17,400 435,000 Series S 1/13/2027 4.100 % 10,000 250,000 — — Total Preferred Shares 174,000 $ 4,350,000 164,000 $ 4,100,000 The holders of our Preferred Shares have general preference rights with respect to liquidation, quarterly distributions, and any accumulated unpaid distributions. Except as noted below, holders of the Preferred Shares do not have voting rights. In the event of a cumulative arrearage equal to six quarterly dividends, holders of all outstanding series of preferred shares (voting as a single class without regard to series) will have the right to elect two additional members to serve on our Board of Trustees (our “Board”) until the arrearage has been cured. At December 31, 2022, 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 2022, 2021, and 2020, 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 2022 S 10,000 $ 250,000 $ 7,168 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 During 2021 and 2020, we redeemed the following series of Preferred Shares at par (none in 2022) (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 (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 2022, 2021, and 2020, activity with respect to the issuance of our common shares was as follows (dollar amounts in thousands): 2022 2021 2020 Shares Amount Shares Amount Shares Amount Employee stock-based compensation and exercise of stock options (Note 11) 283,190 $ 35,405 552,713 $ 95,860 163,127 $ 12,664 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, 2022, we repurchased approximately 23.7 million shares pursuant to this authorization; none of which were repurchased during the three years ended December 31, 2022. 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 paid, including amounts paid to our restricted share unitholders, totaled $3.714 billion ($21.15 per share), $1.402 billion ($8.00 per share), and $1.399 billion ($8.00 per share) for the years ended December 31, 2022, 2021, and 2020, respectively. Included in common share dividends paid during 2022 is $2.3 billion of a special cash dividend (“Special Dividend”) of $13.15 per common share paid on August 4, 2022 in connection with the sale of our equity investment in PSB on July 20, 2022. Preferred share dividends totaled $194.4 million, $186.6 million and $207.1 million for the years ended December 31, 2022, 2021, and 2020, respectively. For the tax year ended December 31, 2022, distributions for the common shares and all the various series of preferred shares were classified as follows: 2022 (unaudited) 1st Quarter 2nd Quarter 8/4/2022 Special 3rd Quarter 4th Quarter Ordinary Dividends 29.61 % 29.61 % 39.66 % — % 100.00 % Capital Gain Distributions 70.39 % 70.39 % 60.34 % 100.00 % 0.00 % Total 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % The ordinary income dividends distributed for the tax year ended December 31, 2022 are not qualified dividends under the Internal Revenue Code; however, they are subject to the 20% deduction under IRS Section 199A. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions At December 31, 2022, Tamara Hughes Gustavson, a current member of our Board, held less than a 0.1% equity interest in, and is a manager of, a limited liability company that owns 65 self-storage facilities in Canada. Two of Ms. Gustavson’s adult children owned the remaining equity interest in the limited liability company. These facilities operate under the Public Storage® tradename, which we license to the owners of these facilities for use in Canada on a royalty-free, non-exclusive basis. We have no ownership interest in these facilities and we do not own or operate any facilities in Canada. If we chose to acquire or develop our own facilities in Canada, we would have to share the use of the Public Storage® name in Canada. We have a right of first refusal, subject to limitations, to acquire the stock or assets of the corporation engaged in the operation of these facilities if their owners agree to sell them. Our subsidiaries reinsure risks relating to loss of goods stored by customers in these facilities, and have received premium payments of approximately $2.2 million, $2.1 million and $1.6 million for 2022, 2021, and 2020, respectively. On July 8, 2022, we acquired from PSB the commercial interests in five properties at three sites jointly occupied with certain of our self-storage facilities located in Maryland and Virginia, for $47.3 million. We recognized $27.0 million of real estate assets and $0.7 million of intangibles for the properties acquired, representing the cost of these commercial properties that we did not have interest in through our equity investment in PSB. We recognized the remaining $19.6 million as an increase in our basis in our equity investment in PSB, which represents the elimination of our portion of the gain recorded by PSB. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation Under various share-based compensation plans and under terms established or modified by our Board or a committee thereof, we grant equity awards to trustees, officers, and key employees, including non-qualified options to purchase the Company’s common shares, RSUs, deferred share units (“DSUs”), and unrestricted common shares issued in lieu of trustee compensation. On April 26, 2021, the Company’s Shareholders approved the 2021 Equity and Performance-Based Incentive Compensation Plan (“2021 Plan”), which authorized an additional three million shares available for future issuance of equity-based awards. As of December 31, 2022, there were a total of 1,724,352 shares reserved for granting of future options and stock awards under the 2021 Plan. We recorded share-based compensation expense associated with our equity awards in the various expense categories in the Consolidated Statements of Income as set forth in the following table. In addition, $4.1 million and $3.9 million share-based compensation cost was capitalized as real estate facilities for the year ended December 31, 2022 and 2021, respectively (none in 2020). For Years Ended December 31, 2022 2021 2020 (Amounts in thousands) Self-storage cost of operations $ 17,950 $ 20,544 $ 14,904 Ancillary cost of operations 888 1,561 — General and administrative 37,865 37,760 18,586 Total $ 56,703 $ 59,865 $ 33,490 Included in share-based compensation is $14.9 million, $15.9 million and $5.7 million for the years ended December 31, 2022, 2021, and 2020, respectively, of retirement acceleration as discussed in Note 2. Stock Options We have service-based and performance-based stock options outstanding. Performance-based stock options outstanding vest upon meeting certain performance conditions or market conditions. Stock options generally 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, 2022, 2021, and 2020, we incurred share-based compensation cost for outstanding stock options of $19.9 million, $25.1 million and $7.6 million, respectively. During 2022, we granted 65,000 stock options in connection with non-management trustee compensation. We also granted 77,683 stock options, of which vesting is dependent upon meeting certain market conditions over the three-year period from January 1, 2022 through December 31, 2024, with continued service-based vesting through the first quarter of 2027. These stock options require relative achievement of the Company’s total shareholder return as compared to the weighted average total shareholder return of specified peer groups and can result in grantees earning up to 200% of the target options originally granted. During 2021, 245,000 stock options were awarded where vesting is dependent upon meeting certain performance targets over the three-year period from January 1, 2021 through December 31, 2023, which are considered performance conditions, with continued service-based vesting through the first quarter of 2026. 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, 2022, these performance targets were expected to be met at 125% achievement, an increase from 100% as of December 31, 2021. During 2020, 770,000 stock options were awarded where vesting is dependent upon meeting certain performance targets over the three-year period from January 1, 2020 through December 31, 2022, which are considered performance conditions, with continued service-based vesting through the first quarter of 2025. These performance targets were met at 125% achievement at December 31, 2022. The stock options outstanding at December 31, 2022 have an aggregate intrinsic value (the excess, if any, of each option’s market value over the exercise price) of approximately $209.8 million and remaining average contractual lives of approximately five years. Total compensation cost related to nonvested stock options that has not yet been recognized is $21.2 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 $128.9 million at December 31, 2022 and remaining average contractual lives of approximately three years. Additional information with respect to stock options during 2022, 2021, and 2020 is as follows: Service-Based Performance-Based Total Number of Options Weighted Average Exercise Price per Share Number of Options Weighted Average Exercise Price per Share Number of Options Weighted Average Exercise Price per Share Options outstanding January 1, 2020 2,339,667 $ 204.53 — $ — 2,339,667 $ 204.53 Granted 70,000 200.61 770,000 228.94 840,000 226.58 Exercised (71,500) (175.16) — — (71,500) (175.16) Cancelled (107,000) (220.33) (40,000) (228.94) (147,000) (222.67) Options outstanding December 31, 2020 2,231,167 $ 204.60 730,000 $ 228.94 2,961,167 $ 210.59 Granted (a) 140,000 248.54 420,000 229.53 560,000 234.29 Exercised (471,216) (203.30) — — (471,216) (203.30) Cancelled — — (10,000) (228.94) (10,000) (228.94) Options outstanding December 31, 2021 1,899,951 $ 208.16 1,140,000 $ 229.16 3,039,951 $ 216.04 Granted (b) 65,000 398.97 138,933 299.88 203,933 331.46 Special dividend adjustment (c) 62,512 N/A 41,836 N/A 104,348 N/A Exercised (173,422) (189.95) (10,327) (221.68) (183,749) (191.74) Cancelled — — — — — — Options outstanding December 31, 2022 (d) 1,854,041 $ 209.53 1,310,442 $ 229.39 3,164,483 $ 217.75 Options exercisable at December 31, 2022 (d) 1,617,555 $ 200.87 10,327 $ 221.68 1,627,882 $ 201.00 2022 2021 2020 Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 27,210 $ 44,613 $ 3,433 Average assumptions used in valuing options with the Black-Scholes method: Expected life of options in years 6 5 5 Risk-free interest rate 2.9% 0.8% 0.4% Expected volatility, based upon historical volatility 22.9% 24.1% 21.6% Expected dividend yield 2.0% 2.9% 3.8% Average assumptions used in valuing options with market conditions with the Monte-Carlo simulation method: Expected life of options in years 7 5 Risk-free interest rate 1.8% 0.9% Expected volatility, based upon historical volatility 22.6% 26.5% Expected dividend yield 2.3% 2.9% Average estimated value of options granted during the year $ 87.57 $ 62.66 $ 17.79 (a) Amount granted for performance-based stock options includes performance adjustments above target for options granted in 2020. (b) Amount granted for performance-based stock options includes performance adjustments above target for options granted in 2021. (c) On August 4, 2022, we paid a Special Dividend of $13.15 per common share to shareholders of record as of August 1, 2022. Stock options that were outstanding at the time of the Special Dividend were adjusted pursuant to the anti-dilution provisions of the Company’s applicable equity and performance-based incentive compensation plans that provide for equitable adjustments in the event of an extraordinary cash dividend. The anti-dilution adjustments proportionately increased the number of outstanding stock options and reduced the exercise prices of outstanding stock options by a conversion rate of 1.03275, resulting in an increase of 104,348 stock options outstanding. The adjustments did not result in incremental share-based compensation expense. (d) The weighted average exercise price of options outstanding and options exercisable at December 31, 2022 reflect the adjusted exercise price post the anti-dilution adjustment on August 3, 2022. Restricted Share Units We have service-based and performance-based RSUs outstanding, which generally vest over 5 to 8 years from the grant date. Performance-based RSUs outstanding vest upon meeting certain performance conditions or market conditions. 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 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, 2022, 2021, and 2020, we incurred share-based compensation cost for RSUs of $39.9 million, $37.6 million, and $25.1 million, respectively. During 2022, 21,985 RSUs were awarded where vesting is dependent upon meeting certain market conditions over a three-year period from January 1, 2022 through December 31, 2024, with continued service-based vesting through the first quarter of 2027. The amount of these RSUs that are earned and vested, if any, will be based, in addition to continued employment requirements, on the Company's relative total shareholder return over the three-year period as compared to the weighted average total shareholder return of the specified peer groups and can result in grantees earning up to 200% of the target RSUs originally granted. During 2021, 37,000 RSUs were awarded where vesting is dependent upon meeting certain performance targets for 2021, which are considered performance conditions, with continued service-based vesting through the first quarter of 2026. As of December 31, 2021, these targets were met at 125% achievement. Remaining compensation cost related to RSUs outstanding at December 31, 2022 totals approximately $74.3 million and is expected to be recognized over the next two years on average. The following tables set forth relevant information with respect to restricted shares (dollar amounts in thousands): Service-Based Performance-Based Total Number of Restricted Share Units Weighted-Average Grant-Date Fair Value Number of Restricted Share Units Weighted-Average Grant-Date Fair Value Number of Restricted Share Units Weighted-Average Grant-Date Fair Value Restricted share units outstanding January 1, 2020 619,150 $ 213.29 — $ — 619,150 $ 213.29 Granted 110,755 222.27 — — 110,755 222.27 Vested (140,089) (200.88) — — (140,089) (200.88) Forfeited (37,028) (215.08) — — (37,028) (215.08) Restricted share units outstanding December 31, 2020 552,788 $ 218.11 — $ — 552,788 $ 218.11 Granted (a) 143,068 336.06 46,250 275.12 189,318 321.17 Vested (138,420) (216.63) — — (138,420) (216.63) Forfeited (32,864) (221.32) — — (32,864) (221.32) Restricted share units outstanding December 31, 2021 524,572 $ 249.90 46,250 $ 275.12 570,822 $ 251.95 Granted 51,575 293.43 21,985 465.11 73,560 344.74 Vested (146,138) (240.71) — — (146,138) (240.71) Forfeited (22,197) (256.50) — — (22,197) (256.50) Restricted share units outstanding December 31, 2022 407,812 $ 258.34 68,235 $ 336.33 476,047 $ 269.52 2022 2021 2020 Amounts for the year (in 000's, except number of shares): Fair value of vested shares on vesting date $ 47,244 $ 37,430 $ 31,076 Cash paid for taxes upon vesting in lieu of issuing common shares $ 16,827 $ 13,069 $ 10,518 Common shares issued upon vesting 99,009 81,325 91,627 Average assumptions used in valuing restricted share units with market conditions with the Monte-Carlo simulation method: Time from the valuation date to the end of the performance period 3 Risk-free interest rate 1.6% Expected volatility, based upon historical volatility 26.5% Expected dividend yield 2.3% Average estimated value of restricted share units granted during the year $ 465.11 (a) Amount includes adjustments above target for performance-based RSUs granted in fiscal year 2021 based on achievement of performance criteria. Trustee Deferral Program |
Net Income per Common Share
Net Income per Common Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share | Net Income per Common Share We allocate net income to (i) noncontrolling interests based upon their contractual rights in the respective subsidiaries or for participating noncontrolling interests based upon their participation in both distributed and undistributed earnings of the Company, (ii) preferred shareholders, for distributions paid or payable, (iii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (a “preferred share redemption charge”), and (iv) RSUs, 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 stock options outstanding for diluted net income per common share. Potentially dilutive stock options representing 147,344 common shares were excluded from the computation of diluted earnings per share for the year ended December 31, 2022, because their effect would have been antidilutive. The following table reconciles the numerators and denominators of the basic and diluted net income per common shares computation for the year ended December 31, 2022, 2021, and 2020, respectively (in thousands, except per share amounts): For the Years Ended December 31, 2022 2021 2020 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 4,142,288 $ 1,732,444 $ 1,098,335 Denominator for basic net income per share - weighted average common shares outstanding 175,257 174,858 174,494 Net effect of dilutive stock options - based on treasury stock method 1,023 710 148 Denominator for dilutive net income per share - weighted average common shares outstanding 176,280 175,568 174,642 Net income per common share: Basic $ 23.64 $ 9.91 $ 6.29 Dilutive $ 23.50 $ 9.87 $ 6.29 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Our operating segments reflect the significant components of our operations where discrete financial information is evaluated separately by our chief operating decision maker. Self-Storage Operations The Self-Storage Operations reportable segment reflects the aggregated rental operations from the self-storage facilities we own 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 Net Operating Income (“NOI”) of this reportable segment, as well as the related depreciation expense. For all periods presented, substantially all of our real estate facilities, goodwill and other intangible assets, other assets, and accrued and other liabilities are associated with the Self-Storage Operations reportable segment. Ancillary Operations The Ancillary Operations reflects the combined operations of our tenant reinsurance, merchandise sales, and third party property management operating segments. Presentation of Segment Information The following table reconciles NOI and net income attributable to our reportable segment to our consolidated net income: For the Years Ended December 31, 2022 2021 2020 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 3,946,028 $ 3,203,566 $ 2,721,630 Cost of operations (980,209) (852,030) (807,543) Net operating income 2,965,819 2,351,536 1,914,087 Depreciation and amortization (888,146) (713,428) (553,257) Net income 2,077,673 1,638,108 1,360,830 Ancillary Operations Revenue 236,135 212,258 193,438 Cost of operations (72,698) (68,568) (59,919) Net operating income 163,437 143,690 133,519 Total net income allocated to segments 2,241,110 1,781,798 1,494,349 Other items not allocated to segments: General and administrative (114,742) (101,254) (83,199) Interest and other income 40,567 12,306 22,323 Interest expense (136,319) (90,774) (56,283) Equity in earnings of unconsolidated real estate entities 106,981 232,093 80,497 Foreign currency exchange gain (loss) 98,314 111,787 (97,953) Gain on sale of real estate 1,503 13,683 1,493 Gain on sale of equity investment in PS Business Parks, Inc. 2,128,860 — — Net income $ 4,366,274 $ 1,959,639 $ 1,361,227 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
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 all states. Customers participate in the program at their option. At December 31, 2022, there were approximately 1.2 million certificates held by our self-storage customers, representing aggregate coverage of approximately $5.6 billion. Commitments We have construction commitments representing future expected payments for construction under contract totaling $263.5 million at December 31, 2022. We expect to pay approximately $229.8 million in 2023 and $33.7 million in 2024 for these construction commitments. We have future contractual payments on land, equipment and office space under various lease commitments totaling $63.4 million at December 31, 2022. We expect to pay approximately $3.1 million in each of 2023 and 2024, $3.0 million in each of 2025 and 2026, $2.1 million in 2027 and $49.1 million thereafter for these commitments. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent to December 31, 2022, we acquired or were under contract to acquire eight self-storage facilities across five states with 0.5 million net rentable square feet, for $70.5 million. On February 4, 2023, our Board of Trustees declared a 50% increase in its regular common quarterly dividend from $2.00 to $3.00 per share, payable on March 30, 2023 to shareholders of record as of March 15, 2023. The distribution equates to an annualized increase to the Company’s regular common dividend from $8.00 to $12.00 per share. |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 Description No. of Net 2022 Encum- brances Land Buildings & Costs Land Buildings Total Accumulated Self-storage facilities by market: Los Angeles 226 16,652 359 543,650 981,256 471,088 542,073 1,453,921 1,995,994 928,465 Dallas/Ft. Worth 193 17,274 — 328,518 1,889,830 214,515 329,979 2,102,884 2,432,863 421,762 Houston 145 12,265 — 239,385 647,576 258,080 238,706 906,335 1,145,041 381,723 San Francisco 141 9,197 — 245,623 557,398 314,857 258,373 859,505 1,117,878 557,875 Chicago 137 8,865 — 147,606 440,494 144,497 150,443 582,154 732,597 427,557 Washington DC 118 8,341 — 420,884 1,319,147 199,354 436,704 1,502,681 1,939,385 435,221 Atlanta 112 7,550 1,591 143,799 420,664 101,272 144,161 521,574 665,735 319,016 Seattle/Tacoma 100 6,980 — 211,959 584,089 161,112 212,568 744,592 957,160 410,728 Miami 99 7,460 — 252,244 560,224 172,704 254,137 731,035 985,172 397,084 New York 98 7,278 — 281,499 617,448 268,202 287,836 879,313 1,167,149 536,545 Orlando/Daytona 98 5,781 — 157,808 408,287 70,883 163,289 473,689 636,978 191,858 Denver 70 5,291 8,142 120,117 323,262 106,286 120,838 428,827 549,665 187,978 Minneapolis/St. Paul 65 5,218 — 123,460 300,698 126,906 127,014 424,050 551,064 166,687 Philadelphia 62 4,041 — 58,824 226,733 85,150 57,845 312,862 370,707 187,147 Charlotte 61 4,689 — 89,309 238,236 85,982 97,172 316,355 413,527 158,819 Tampa 57 3,985 — 93,109 213,546 85,926 96,422 296,159 392,581 155,070 Detroit 48 3,595 — 67,465 225,061 61,379 68,871 285,034 353,905 142,253 Portland 49 2,865 — 60,975 218,076 51,935 61,633 269,353 330,986 124,847 Baltimore 50 3,851 — 136,598 775,086 42,754 136,722 817,716 954,438 131,757 Phoenix 50 3,499 — 99,453 304,379 45,259 99,444 349,647 449,091 139,434 West Palm Beach 46 3,833 — 156,788 221,479 114,853 157,496 335,624 493,120 161,302 San Antonio 40 2,827 — 54,753 224,313 31,712 54,711 256,067 310,778 84,489 Austin 37 2,942 — 69,205 188,500 49,021 71,227 235,499 306,726 109,453 Raleigh 38 2,732 — 89,212 212,776 42,985 90,201 254,772 344,973 83,693 Norfolk 36 2,208 — 47,728 128,986 30,103 46,843 159,974 206,817 84,167 Sacramento 35 2,054 — 26,429 80,391 42,815 26,913 122,722 149,635 90,534 Indianapolis 31 2,040 — 40,905 109,447 24,061 41,905 132,508 174,413 57,787 Kansas City 30 1,972 — 19,603 106,102 37,676 19,803 143,578 163,381 70,531 Boston 28 1,962 — 80,843 209,495 39,655 81,409 248,584 329,993 124,302 St. Louis 28 1,749 — 23,539 89,341 35,063 23,395 124,548 147,943 72,260 Columbus 27 2,015 — 44,983 92,001 29,817 45,090 121,711 166,801 57,187 Columbia 27 1,620 — 27,177 83,532 23,724 27,936 106,497 134,433 47,839 Oklahoma City 36 2,695 — 58,426 197,991 19,338 58,426 217,329 275,755 38,708 San Diego 24 2,183 — 89,782 162,043 52,943 92,292 212,476 304,768 111,712 Las Vegas 25 1,649 — 28,016 113,889 22,270 27,264 136,911 164,175 58,605 Cincinnati 21 1,241 — 19,385 67,782 24,688 19,303 92,552 111,855 38,121 Initial Cost Gross Carrying Amount At December 31, 2022 Description No. of Net 2022 Encum- brances Land Buildings & Costs Land Buildings Total Accumulated Nashville/Bowling Green 19 1,221 — 25,374 57,494 32,496 25,372 89,992 115,364 37,098 Colorado Springs 16 1,118 — 12,320 60,393 23,467 12,317 83,863 96,180 35,592 Milwaukee 15 964 — 13,189 32,071 10,806 13,158 42,908 56,066 37,262 Louisville 15 913 — 23,563 46,108 8,936 23,562 55,045 78,607 21,323 Jacksonville 15 922 — 14,454 47,415 13,294 14,503 60,660 75,163 38,156 Birmingham 15 606 — 6,316 25,567 15,119 6,204 40,798 47,002 30,303 Richmond 15 768 — 20,979 52,239 6,712 20,784 59,146 79,930 24,763 Greensboro 14 845 — 13,413 35,326 15,088 15,502 48,325 63,827 31,488 Charleston 14 978 — 16,947 56,793 23,215 17,923 79,032 96,955 33,383 Fort Myers/Naples 15 1,148 — 32,185 95,517 8,105 32,420 103,387 135,807 26,587 Chattanooga 13 846 — 10,030 45,578 8,613 9,832 54,389 64,221 19,596 Savannah 12 700 — 33,094 42,465 5,698 31,766 49,491 81,257 23,012 Greensville/Spartanburg/Asheville 14 842 — 10,815 50,364 11,111 11,744 60,546 72,290 25,378 Honolulu 11 807 — 54,184 106,299 21,266 55,101 126,648 181,749 78,924 Hartford/New Haven 11 693 — 6,778 19,959 22,898 8,443 41,192 49,635 35,980 New Orleans 11 772 — 13,372 59,382 9,197 13,540 68,411 81,951 31,527 Salt Lake City 12 758 — 18,606 37,739 6,242 18,255 44,332 62,587 17,354 Memphis 11 645 — 19,581 29,852 11,269 20,934 39,768 60,702 25,156 Mobile 15 759 — 18,688 45,137 6,859 18,515 52,169 70,684 17,238 Omaha 11 940 — 17,965 69,085 4,785 17,965 73,870 91,835 10,254 Buffalo/Rochester 9 462 — 6,785 17,954 4,328 6,783 22,284 29,067 16,267 Cleveland/Akron 10 631 — 5,916 30,775 6,213 6,309 36,595 42,904 14,890 Augusta 9 503 — 9,397 24,669 4,817 9,397 29,486 38,883 9,188 Reno 7 559 — 5,487 18,704 5,353 5,487 24,057 29,544 14,450 Tucson 7 439 — 9,403 25,491 8,779 9,884 33,789 43,673 23,192 Wichita 7 433 — 2,017 6,691 7,767 2,130 14,345 16,475 12,642 Monterey/Salinas 7 329 — 8,465 24,151 7,729 8,455 31,890 40,345 24,998 Boise 6 545 — 13,412 55,496 1,211 13,412 56,707 70,119 3,802 Evansville 5 326 — 2,340 14,316 1,567 2,312 15,911 18,223 5,593 Dayton 5 284 — 1,074 8,975 4,981 1,073 13,957 15,030 8,290 Huntsville/Decatur 5 298 — 9,161 13,481 3,561 9,108 17,095 26,203 7,163 Fort Wayne 4 271 — 3,487 11,003 3,610 3,487 14,613 18,100 6,611 Roanoke 4 223 — 5,093 18,091 1,080 5,093 19,171 24,264 4,645 Palm Springs 3 242 — 8,309 18,065 2,979 8,309 21,044 29,353 13,108 Providence 3 155 — 995 11,206 3,191 995 14,397 15,392 7,928 Shreveport 2 150 — 817 3,030 3,056 741 6,162 6,903 5,088 Springfield/Holyoke 2 144 — 1,428 3,380 1,999 1,427 5,380 6,807 5,243 Initial Cost Gross Carrying Amount At December 31, 2022 Description No. of Net 2022 Encum- brances Land Buildings & Costs Land Buildings Total Accumulated Rochester 2 99 — 1,047 2,246 2,483 980 4,796 5,776 4,354 Santa Barbara 2 98 — 5,733 9,106 1,133 5,733 10,239 15,972 6,674 Topeka 2 94 — 225 1,419 2,136 225 3,555 3,780 3,279 Lansing 2 88 — 556 2,882 996 556 3,878 4,434 2,791 Flint 1 56 — 543 3,068 275 542 3,344 3,886 2,252 Joplin 1 56 — 264 904 1,046 264 1,950 2,214 1,708 Syracuse 1 55 — 545 1,279 906 545 2,185 2,730 2,097 Modesto/Fresno/Stockton 1 33 — 44 206 1,344 193 1,401 1,594 1,060 Commercial and non-operating real estate — 13,194 26,143 78,824 13,349 104,812 118,161 53,952 2,869 204,217 $ 10,092 $ 5,196,649 $ 14,907,072 $ 4,115,405 $ 5,273,073 $ 18,946,053 $ 24,219,126 $ 8,554,155 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, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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”). |
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, 2022. 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. |
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 and Restricted Cash | 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 it is more likely than not that the fair value of the related reporting unit is less than the carrying amount. When we conclude that it is not more likely than not that the fair value of the reporting unit is less than the aggregate carrying amount, no impairment charge is recorded and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. |
Revenue and Expense Recognition | Revenue and Expense Recognition We recognize revenues from self-storage facilities, which primarily comprise rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. We recognize ancillary revenues when earned. |
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. 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, 2022, we had no tax benefits that were not recognized. |
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”) with no market conditions based on the closing market price of the Company’s common shares on the date of grant. We value stock options with no market conditions at the grant date using the Black-Scholes option-pricing model. We value stock options and RSUs with market conditions at the grant date using a Monte-Carlo valuation simulation. Our determination of the fair value of share-based payment awards on the date of grant using an option-pricing model or Monte-Carlo valuation simulation is affected by our stock price as well as assumptions regarding a number of subjective and complex variables. These variables include, but are not limited to, our expected stock price volatility over the expected term of the awards. For stock options, variables also include actual and projected stock option exercise behaviors. For restricted share units and stock options with performance conditions, we adjust compensation cost each quarter as needed for any changes in the assessment of the probability that the specified performance criteria will be achieved. We amortize the grant-date fair value of awards as compensation expense over the service period, which begins on the grant date and ends on the expected vesting date. For awards that are earned solely upon the passage of time and continued service, the entire cost of the award is amortized on a straight-line basis over the service period. For awards with market and/or performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method). For awards with performance conditions, the estimated number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. In amortizing share-based compensation expense, we do not estimate future forfeitures. Instead, we reverse previously amortized share-based compensation expense with respect to grants that are forfeited in the period the employee terminates employment. 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, 2022 | |
Real Estate [Abstract] | |
Schedule of Real Estate Activities | Activity in real estate facilities during 2022, 2021, and 2020 is as follows: For the Years Ended December 31, 2022 2021 2020 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 22,807,833 $ 17,372,627 $ 16,289,146 Capital expenditures to maintain real estate facilities 452,316 284,200 163,834 Acquisitions 733,442 4,940,413 781,219 Dispositions (1,704) (7,408) (303) Developed or expanded facilities opened for operation 227,239 218,001 138,731 Ending balance 24,219,126 22,807,833 17,372,627 Accumulated depreciation: Beginning balance (7,773,308) (7,152,135) (6,623,475) Depreciation expense (781,931) (625,968) (528,660) Dispositions 1,084 4,795 — Ending balance (8,554,155) (7,773,308) (7,152,135) Construction in process: Beginning balance 272,471 188,079 141,934 Costs incurred to develop and expand real estate facilities 336,948 302,393 188,102 Write-off of cancelled projects and transfer to other assets (9,188) — (3,226) Developed or expanded facilities opened for operation (227,239) (218,001) (138,731) Ending balance 372,992 272,471 188,079 Total real estate facilities at December 31, $ 16,037,963 $ 15,306,996 $ 10,408,571 |
Investments in Unconsolidated_2
Investments in Unconsolidated Real Estate Entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 2022 2021 2020 PSB $ — $ 515,312 $ 80,596 $ 207,722 $ 64,835 Shurgard 275,752 313,451 26,385 24,371 15,662 Total $ 275,752 $ 828,763 $ 106,981 $ 232,093 $ 80,497 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, 2022, 2021, and 2020 (amounts in thousands). Due to the complete sale of our equity investment in PSB in July 2022, the summarized financial information for 2022 includes PSB's financial activities through June 30, 2022, which represents the most practical date of such reported information prior to the transaction. Year Ended December 31, 2022 2021 2020 Revenues $ 572,192 $ 790,461 $ 721,393 Costs of operations 193,868 263,398 242,992 Operating income 220,948 333,624 290,901 Gain on sale of real estate 128,743 359,904 27,234 Net Income 299,226 639,062 275,680 At December 31, 2022 2021 Real estate assets $ 1,391,806 $ 3,437,115 Other assets 289,420 481,403 Total assets $ 1,681,226 $ 3,918,518 Debt $ 860,977 $ 943,276 Other liabilities 224,701 298,787 Noncontrolling interests 2,659 262,243 Shareholders' equity 592,889 2,414,212 Total liabilities and equity $ 1,681,226 $ 3,918,518 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Goodwill and other intangible assets consisted of the following (amounts in thousands): At December 31, 2022 At December 31, 2021 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 201,668 (153,818) 47,850 198,180 (79,953) 118,227 Total goodwill and other intangible assets $ 386,335 $ (153,818) $ 232,517 $ 382,847 $ (79,953) $ 302,894 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expense for our finite-lived intangible assets at December 31, 2022 is as follows (amounts in thousands): Year Amount 2023 $ 36,852 2024 5,746 Thereafter 5,252 Total $ 47,850 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Payable [Abstract] | |
Notes Payable | Our notes payable at December 31, 2022 and 2021 are set forth in the tables below: Amounts at December 31, 2022 Coupon Rate Effective Rate Principal Unamortized Costs Book Fair ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due April 23, 2024 SOFR+0.47% 2.831% $ 700,000 $ (925) $ 699,075 $ 691,309 Notes due February 15, 2026 0.875% 1.030% 500,000 (2,322) 497,678 441,849 Notes due November 9, 2026 1.500% 1.640% 650,000 (3,357) 646,643 578,899 Notes due September 15, 2027 3.094% 3.218% 500,000 (2,492) 497,508 466,029 Notes due May 1, 2028 1.850% 1.962% 650,000 (3,599) 646,401 558,197 Notes due November 9, 2028 1.950% 2.044% 550,000 (2,818) 547,182 468,509 Notes due May 1, 2029 3.385% 3.459% 500,000 (1,947) 498,053 456,855 Notes due May 1, 2031 2.300% 2.419% 650,000 (5,697) 644,303 530,390 Notes due November 9, 2031 2.250% 2.322% 550,000 (3,134) 546,866 443,514 5,250,000 (26,291) 5,223,709 4,635,551 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% 107,035 — 107,035 104,344 Notes due November 3, 2025 2.175% 2.175% 259,039 — 259,039 246,119 Notes due September 9, 2030 0.500% 0.640% 749,245 (8,611) 740,634 566,204 Notes due January 24, 2032 0.875% 0.978% 535,175 (4,858) 530,317 396,297 1,650,494 (13,469) 1,637,025 1,312,964 Mortgage Debt , secured by 5 real estate facilities with a net book value of $17.0 million 3.410% 3.410% 10,092 — 10,092 9,568 $ 6,910,586 $ (39,760) $ 6,870,826 $ 5,958,083 Amounts at December 31, 2021 Book Value Fair Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 $ 499,637 $ 506,362 Notes due April 23, 2024 698,372 700,314 Notes due February 15, 2026 496,939 488,141 Notes due November 9, 2026 645,773 649,996 Notes due September 15, 2027 496,980 535,206 Notes due May 1, 2028 645,724 649,221 Notes due November 9, 2028 546,701 548,241 Notes due May 1, 2029 497,743 545,580 Notes due May 1, 2031 643,617 656,546 Notes due November 9, 2031 546,512 551,932 5,717,998 5,831,539 Euro Denominated Unsecured Debt Notes due April 12, 2024 113,431 117,526 Notes due November 3, 2025 274,518 295,256 Notes due September 9, 2030 784,287 769,561 Notes due January 24, 2032 561,761 551,842 1,733,997 1,734,185 Mortgage Debt 23,284 24,208 $ 7,475,279 $ 7,589,932 |
Maturities Of Notes Payable | At December 31, 2022, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total 2023 $ — $ 8,270 $ 8,270 2024 807,035 124 807,159 2025 259,039 131 259,170 2026 1,150,000 138 1,150,138 2027 500,000 140 500,140 Thereafter 4,184,420 1,289 4,185,709 $ 6,900,494 $ 10,092 $ 6,910,586 Weighted average effective rate 2.0% 3.4% 2.0% |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Preferred Shares | At December 31, 2022 and 2021, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At December 31, 2022 At December 31, 2021 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference (Dollar amounts in thousands) 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 24,150 603,750 Series Q 8/17/2026 3.950 % 5,750 143,750 5,750 143,750 Series R 11/19/2026 4.000 % 17,400 435,000 17,400 435,000 Series S 1/13/2027 4.100 % 10,000 250,000 — — Total Preferred Shares 174,000 $ 4,350,000 164,000 $ 4,100,000 During 2022, 2021, and 2020, 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 2022 S 10,000 $ 250,000 $ 7,168 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 During 2021 and 2020, we redeemed the following series of Preferred Shares at par (none in 2022) (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 (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 2022, 2021, and 2020, activity with respect to the issuance of our common shares was as follows (dollar amounts in thousands): 2022 2021 2020 Shares Amount Shares Amount Shares Amount Employee stock-based compensation and exercise of stock options (Note 11) 283,190 $ 35,405 552,713 $ 95,860 163,127 $ 12,664 |
Schedule of Distribution Classification | For the tax year ended December 31, 2022, distributions for the common shares and all the various series of preferred shares were classified as follows: 2022 (unaudited) 1st Quarter 2nd Quarter 8/4/2022 Special 3rd Quarter 4th Quarter Ordinary Dividends 29.61 % 29.61 % 39.66 % — % 100.00 % Capital Gain Distributions 70.39 % 70.39 % 60.34 % 100.00 % 0.00 % Total 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation Expense | We recorded share-based compensation expense associated with our equity awards in the various expense categories in the Consolidated Statements of Income as set forth in the following table. In addition, $4.1 million and $3.9 million share-based compensation cost was capitalized as real estate facilities for the year ended December 31, 2022 and 2021, respectively (none in 2020). For Years Ended December 31, 2022 2021 2020 (Amounts in thousands) Self-storage cost of operations $ 17,950 $ 20,544 $ 14,904 Ancillary cost of operations 888 1,561 — General and administrative 37,865 37,760 18,586 Total $ 56,703 $ 59,865 $ 33,490 |
Share-Based Payment Arrangement, Option, Activity | Additional information with respect to stock options during 2022, 2021, and 2020 is as follows: Service-Based Performance-Based Total Number of Options Weighted Average Exercise Price per Share Number of Options Weighted Average Exercise Price per Share Number of Options Weighted Average Exercise Price per Share Options outstanding January 1, 2020 2,339,667 $ 204.53 — $ — 2,339,667 $ 204.53 Granted 70,000 200.61 770,000 228.94 840,000 226.58 Exercised (71,500) (175.16) — — (71,500) (175.16) Cancelled (107,000) (220.33) (40,000) (228.94) (147,000) (222.67) Options outstanding December 31, 2020 2,231,167 $ 204.60 730,000 $ 228.94 2,961,167 $ 210.59 Granted (a) 140,000 248.54 420,000 229.53 560,000 234.29 Exercised (471,216) (203.30) — — (471,216) (203.30) Cancelled — — (10,000) (228.94) (10,000) (228.94) Options outstanding December 31, 2021 1,899,951 $ 208.16 1,140,000 $ 229.16 3,039,951 $ 216.04 Granted (b) 65,000 398.97 138,933 299.88 203,933 331.46 Special dividend adjustment (c) 62,512 N/A 41,836 N/A 104,348 N/A Exercised (173,422) (189.95) (10,327) (221.68) (183,749) (191.74) Cancelled — — — — — — Options outstanding December 31, 2022 (d) 1,854,041 $ 209.53 1,310,442 $ 229.39 3,164,483 $ 217.75 Options exercisable at December 31, 2022 (d) 1,617,555 $ 200.87 10,327 $ 221.68 1,627,882 $ 201.00 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | 2022 2021 2020 Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 27,210 $ 44,613 $ 3,433 Average assumptions used in valuing options with the Black-Scholes method: Expected life of options in years 6 5 5 Risk-free interest rate 2.9% 0.8% 0.4% Expected volatility, based upon historical volatility 22.9% 24.1% 21.6% Expected dividend yield 2.0% 2.9% 3.8% Average assumptions used in valuing options with market conditions with the Monte-Carlo simulation method: Expected life of options in years 7 5 Risk-free interest rate 1.8% 0.9% Expected volatility, based upon historical volatility 22.6% 26.5% Expected dividend yield 2.3% 2.9% Average estimated value of options granted during the year $ 87.57 $ 62.66 $ 17.79 (a) Amount granted for performance-based stock options includes performance adjustments above target for options granted in 2020. (b) Amount granted for performance-based stock options includes performance adjustments above target for options granted in 2021. (c) On August 4, 2022, we paid a Special Dividend of $13.15 per common share to shareholders of record as of August 1, 2022. Stock options that were outstanding at the time of the Special Dividend were adjusted pursuant to the anti-dilution provisions of the Company’s applicable equity and performance-based incentive compensation plans that provide for equitable adjustments in the event of an extraordinary cash dividend. The anti-dilution adjustments proportionately increased the number of outstanding stock options and reduced the exercise prices of outstanding stock options by a conversion rate of 1.03275, resulting in an increase of 104,348 stock options outstanding. The adjustments did not result in incremental share-based compensation expense. (d) The weighted average exercise price of options outstanding and options exercisable at December 31, 2022 reflect the adjusted exercise price post the anti-dilution adjustment on August 3, 2022. |
Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity | The following tables set forth relevant information with respect to restricted shares (dollar amounts in thousands): Service-Based Performance-Based Total Number of Restricted Share Units Weighted-Average Grant-Date Fair Value Number of Restricted Share Units Weighted-Average Grant-Date Fair Value Number of Restricted Share Units Weighted-Average Grant-Date Fair Value Restricted share units outstanding January 1, 2020 619,150 $ 213.29 — $ — 619,150 $ 213.29 Granted 110,755 222.27 — — 110,755 222.27 Vested (140,089) (200.88) — — (140,089) (200.88) Forfeited (37,028) (215.08) — — (37,028) (215.08) Restricted share units outstanding December 31, 2020 552,788 $ 218.11 — $ — 552,788 $ 218.11 Granted (a) 143,068 336.06 46,250 275.12 189,318 321.17 Vested (138,420) (216.63) — — (138,420) (216.63) Forfeited (32,864) (221.32) — — (32,864) (221.32) Restricted share units outstanding December 31, 2021 524,572 $ 249.90 46,250 $ 275.12 570,822 $ 251.95 Granted 51,575 293.43 21,985 465.11 73,560 344.74 Vested (146,138) (240.71) — — (146,138) (240.71) Forfeited (22,197) (256.50) — — (22,197) (256.50) Restricted share units outstanding December 31, 2022 407,812 $ 258.34 68,235 $ 336.33 476,047 $ 269.52 |
Schedule of Share-Based Payment Award, Restricted Stock Units, Valuation Assumptions | 2022 2021 2020 Amounts for the year (in 000's, except number of shares): Fair value of vested shares on vesting date $ 47,244 $ 37,430 $ 31,076 Cash paid for taxes upon vesting in lieu of issuing common shares $ 16,827 $ 13,069 $ 10,518 Common shares issued upon vesting 99,009 81,325 91,627 Average assumptions used in valuing restricted share units with market conditions with the Monte-Carlo simulation method: Time from the valuation date to the end of the performance period 3 Risk-free interest rate 1.6% Expected volatility, based upon historical volatility 26.5% Expected dividend yield 2.3% Average estimated value of restricted share units granted during the year $ 465.11 (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, 2022 | |
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, 2022, 2021, and 2020, respectively (in thousands, except per share amounts): For the Years Ended December 31, 2022 2021 2020 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 4,142,288 $ 1,732,444 $ 1,098,335 Denominator for basic net income per share - weighted average common shares outstanding 175,257 174,858 174,494 Net effect of dilutive stock options - based on treasury stock method 1,023 710 148 Denominator for dilutive net income per share - weighted average common shares outstanding 176,280 175,568 174,642 Net income per common share: Basic $ 23.64 $ 9.91 $ 6.29 Dilutive $ 23.50 $ 9.87 $ 6.29 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 2020 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 3,946,028 $ 3,203,566 $ 2,721,630 Cost of operations (980,209) (852,030) (807,543) Net operating income 2,965,819 2,351,536 1,914,087 Depreciation and amortization (888,146) (713,428) (553,257) Net income 2,077,673 1,638,108 1,360,830 Ancillary Operations Revenue 236,135 212,258 193,438 Cost of operations (72,698) (68,568) (59,919) Net operating income 163,437 143,690 133,519 Total net income allocated to segments 2,241,110 1,781,798 1,494,349 Other items not allocated to segments: General and administrative (114,742) (101,254) (83,199) Interest and other income 40,567 12,306 22,323 Interest expense (136,319) (90,774) (56,283) Equity in earnings of unconsolidated real estate entities 106,981 232,093 80,497 Foreign currency exchange gain (loss) 98,314 111,787 (97,953) Gain on sale of real estate 1,503 13,683 1,493 Gain on sale of equity investment in PS Business Parks, Inc. 2,128,860 — — Net income $ 4,366,274 $ 1,959,639 $ 1,361,227 |
Description of the Business (Na
Description of the Business (Narrative) (Details) ft² in Thousands | Dec. 31, 2022 ft² country storage_facility state | Jul. 20, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Nature Of Business [Line Items] | ||||
Net rentable area (in square feet) | 204,217 | |||
Shurgard | ||||
Nature Of Business [Line Items] | ||||
PSA number of self-storage facilities | storage_facility | 266 | |||
Net rentable area (in square feet) | 15,000 | |||
Ownership interest (percentage) | 35% | 35% | 35% | |
Number of countries in which entity operates | country | 7 | |||
PSB | ||||
Nature Of Business [Line Items] | ||||
Ownership interest (percentage) | 41% | |||
Public Storage | ||||
Nature Of Business [Line Items] | ||||
PSA number of self-storage facilities | storage_facility | 2,869 | |||
Net rentable area (in square feet) | 204,200 | |||
Number of states with facilities | state | 40 | |||
Public Storage | Commercial and Retail Space | ||||
Nature Of Business [Line Items] | ||||
Net rentable area (in square feet) | 1,200 |
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, 2022 | |
Summary Of Significant Accounting Policies [Line Items] | |
Percentage of interest in real estate sold at fair value | 100% |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Trading Activity, Gains and Losses, Net [Line Items] | |||
Exchange rate translation (percentage) | 1.070 | 1.134 | |
Weighted Average | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Exchange rate | 1.054 | 1.183 | 1.141 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies (Income Taxes) (Narrative) (Details) | Dec. 31, 2022 USD ($) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating facilities, at cost: | |||
Beginning balance (Operating facilities, at cost) | $ 22,807,833 | $ 17,372,627 | $ 16,289,146 |
Capital expenditures to maintain real estate facilities | 452,316 | 284,200 | 163,834 |
Acquisitions | 733,442 | 4,940,413 | 781,219 |
Dispositions | (1,704) | (7,408) | (303) |
Developed or expanded facilities opened for operation | 227,239 | 218,001 | 138,731 |
Ending balance (Operating facilities, at cost) | 24,219,126 | 22,807,833 | 17,372,627 |
Accumulated depreciation: | |||
Beginning balance (Accumulated depreciation) | (7,773,308) | (7,152,135) | (6,623,475) |
Depreciation expense | (781,931) | (625,968) | (528,660) |
Dispositions | 1,084 | 4,795 | 0 |
Ending balance (Accumulated depreciation) | (8,554,155) | (7,773,308) | (7,152,135) |
Construction in process: | |||
Beginning balance (Construction in process) | 272,471 | 188,079 | 141,934 |
Costs incurred to develop and expand real estate facilities | 336,948 | 302,393 | 188,102 |
Write-off of cancelled projects and transfer to other assets | (9,188) | 0 | (3,226) |
Developed or expanded facilities opened for operation | (227,239) | (218,001) | (138,731) |
Ending balance (Construction in process) | 372,992 | 272,471 | 188,079 |
Total real estate facilities | $ 16,037,963 | $ 15,306,996 | $ 10,408,571 |
Real Estate Facilities (Narrati
Real Estate Facilities (Narrative) (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | |||
Jul. 08, 2022 USD ($) site property | Dec. 31, 2022 USD ($) ft² storage_facility | Dec. 31, 2021 USD ($) ft² storage_facility | Dec. 31, 2020 USD ($) ft² storage_facility | |
Schedule Of Real Estate Facilities [Line Items] | ||||
Payments to acquire real estate | $ 757,944 | $ 5,047,106 | $ 792,266 | |
Write off development cost | 7,000 | |||
Land cost transferred | 2,200 | |||
Proceeds from real estate and real estate joint ventures | 1,543 | 16,296 | 1,796 | |
Gain on sale of real estate | 1,503 | 13,683 | 1,493 | |
Write-off of cancelled projects | 9,188 | $ 0 | $ 3,226 | |
Adjusted basis of real estate | $ 16,500,000 | |||
Acquisition of Self-Storage Facilities Other Investments | ||||
Schedule Of Real Estate Facilities [Line Items] | ||||
Number of operating self-storage facilities | storage_facility | 74 | 232 | 62 | |
Net rentable area acquired | ft² | 4,700 | 21,830 | 5,100 | |
Total cost of acquisition | $ 730,500 | $ 5,100,000 | $ 792,300 | |
Payments to acquire real estate | 710,600 | 5,000,000 | ||
Issuance of partnership units | 19,900 | 68,200 | ||
Payments to acquire intangible assets | 24,100 | 174,900 | 14,900 | |
Liabilities assumed | 3,800 | |||
Commercial Interests | ||||
Schedule Of Real Estate Facilities [Line Items] | ||||
Total cost of acquisition | $ 47,300 | |||
Number of properties acquired | property | 5 | |||
Number of sites in commercial interest acquisition | site | 3 | |||
Real estate investments, net | $ 27,000 | |||
Intangible assets, gross (excluding goodwill) | 700 | |||
Increase of equity investment | $ 19,600 | |||
Disposal of Real Estate Facilities | ||||
Schedule Of Real Estate Facilities [Line Items] | ||||
Gain on sale of real estate | 1,500 | 13,700 | ||
Completed Developed and Expansion Project | Newly Developed and Expansion Projects | ||||
Schedule Of Real Estate Facilities [Line Items] | ||||
Aggregate costs to develop and expand | $ 227,200 | $ 218,000 | $ 138,700 | |
Additional net rentable square feet | ft² | 1,400 | 1,600 | 1,100 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate entities | $ 275,752 | $ 828,763 | |
Equity in Earnings of Unconsolidated Real Estate | 106,981 | 232,093 | $ 80,497 |
PSB | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate entities | 0 | 515,312 | |
Equity in Earnings of Unconsolidated Real Estate | 80,596 | 207,722 | 64,835 |
Shurgard | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate entities | 275,752 | 313,451 | |
Equity in Earnings of Unconsolidated Real Estate | $ 26,385 | $ 24,371 | $ 15,662 |
Investments in Unconsolidated_4
Investments in Unconsolidated Real Estate Entities - (Schedule Of Investments In Real Estate Entities and Operation Statements) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Revenue | $ 4,182,163 | $ 3,415,824 | $ 2,915,068 |
Costs of operations | 2,192,114 | 1,826,054 | 1,560,201 |
Gain on sale of real estate | 1,503 | 13,683 | 1,493 |
Net income | 4,366,274 | 1,959,639 | 1,361,227 |
PSB and Shurgard | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenue | 572,192 | 790,461 | 721,393 |
Costs of operations | 193,868 | 263,398 | 242,992 |
Operating income | 220,948 | 333,624 | 290,901 |
Gain on sale of real estate | 128,743 | 359,904 | 27,234 |
Net income | $ 299,226 | $ 639,062 | $ 275,680 |
Investments in Unconsolidated_5
Investments in Unconsolidated Real Estate Entities - (Schedule Of Investments In Real Estate Entities and Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | |||
Real estate assets | $ 16,037,963 | $ 15,306,996 | $ 10,408,571 |
Other assets | 230,822 | 207,656 | |
Total assets | 17,552,307 | 17,380,908 | |
Noncontrolling interests | 93,399 | 20,112 | |
Shareholders' equity | 10,073,402 | 9,335,177 | |
Liabilities and Equity | 17,552,307 | 17,380,908 | |
PSB and Shurgard | |||
Schedule of Equity Method Investments [Line Items] | |||
Real estate assets | 1,391,806 | 3,437,115 | |
Other assets | 289,420 | 481,403 | |
Total assets | 1,681,226 | 3,918,518 | |
Debt | 860,977 | 943,276 | |
Other liabilities | 224,701 | 298,787 | |
Noncontrolling interests | 2,659 | 262,243 | |
Shareholders' equity | 592,889 | 2,414,212 | |
Liabilities and Equity | $ 1,681,226 | $ 3,918,518 |
Investments in Unconsolidated_6
Investments in Unconsolidated Real Estate Entities (Investment in PSB) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jul. 20, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from sale of equity investment in PS Business Parks, Inc. | $ 2,636,011 | $ 0 | $ 0 | |
Gain on sale of equity investment in PS Business Parks, Inc. | 2,128,860 | 0 | 0 | |
Cash distribution received | 134,769 | 150,488 | 72,098 | |
PSB | Blackstone Real Estate | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Business acquisition, share price (in dollars per share) | $ 187.50 | |||
Business acquisition, closing cash dividend (in dollars per share) | 5.25 | |||
Business acquisition, prorated quarterly cash dividend (in dollars per share) | 0.22 | |||
Business acquisition, share price with closing and prorated quarterly dividend (in dollars per share) | 187.72 | |||
Business acquisition, share price merger consideration (in dollars per share) | $ 182.25 | |||
PSB | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Common stock owned of PSB (in shares) | 7,158,354 | |||
Limited partnership units in PSB (in shares) | 7,305,355 | |||
Ownership interest (percentage) | 41% | |||
Cash distribution received | 109,500 | $ 127,300 | $ 60,700 | |
PSB | Blackstone Real Estate | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from sale of equity investment in PS Business Parks, Inc. | $ 2,700,000 | |||
Gain on sale of equity investment in PS Business Parks, Inc. | $ 2,100,000 | |||
PSB | Blackstone Real Estate | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from sale of equity investment in PS Business Parks, Inc. | $ 2,600,000 | |||
Shurgard | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Common stock owned of PSB (in shares) | 31,268,459 | 31,268,459 | 31,268,459 | |
Ownership interest (percentage) | 35% | 35% | 35% | |
Cash distribution received | $ 37,800 | $ 41,500 | $ 34,900 | |
Shurgard | Trademark License | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash distribution received | $ 1,200 | $ 1,200 | $ 1,100 |
Investments in Unconsolidated_7
Investments in Unconsolidated Real Estate Entities (Investment In Shurgard) (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | Dec. 31, 2022 € / shares | |
Schedule of Equity Method Investments [Line Items] | ||||
Exchange rate translation (percentage) | 1.070 | 1.134 | ||
Distributions from cumulative equity in earnings of unconsolidated real estate entities | $ 134,769 | $ 150,488 | $ 72,098 | |
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities | $ 13,670 | $ 19,518 | $ 24,658 | |
Shurgard | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Common stock owned of Shurgard (in shares) | shares | 31,268,459 | 31,268,459 | 31,268,459 | |
Ownership interest (percentage) | 35% | 35% | 35% | |
Closing price per share (in Euros per share) | € / shares | € 42.85 | |||
Market value | $ 1,400,000 | |||
License fees received | 3,500 | $ 3,500 | $ 3,100 | |
Distributions from cumulative equity in earnings of unconsolidated real estate entities | 37,800 | 41,500 | 34,900 | |
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities | 13,700 | 19,500 | 24,700 | |
Basis differential | 67,800 | 74,700 | ||
Amortization of basis differential | $ 6,900 | $ 8,400 | $ 5,800 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Schedule of Intangible Assets and Goodwill) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill, gross | $ 165,843 | $ 165,843 |
Goodwill, net | 165,843 | 165,843 |
Gross Book Value | 201,668 | 198,180 |
Accumulated Amortization | (153,818) | (79,953) |
Total | 47,850 | 118,227 |
Gross Book Value | 386,335 | 382,847 |
Net Book Value | 232,517 | 302,894 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 95.2 | $ 76.6 | $ 16.1 |
Increase in finite-lived intangible assets | $ 24.8 | $ 174.9 | $ 14.9 |
Finite-lived intangible assets, weighted average useful life | 1 year 3 months 18 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, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 | $ 36,852 | |
2024 | 5,746 | |
Thereafter | 5,252 | |
Total | $ 47,850 | $ 118,227 |
Credit Facility (Narrative) (De
Credit Facility (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2022 | Feb. 21, 2023 | Dec. 31, 2021 | |
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 | $ 18,600,000 | $ 18,600,000 | $ 21,200,000 | |
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, 2022 USD ($) real_estate_facility | Apr. 23, 2021 | Aug. 15, 2022 USD ($) | Dec. 31, 2021 USD ($) | Nov. 09, 2021 | Jan. 19, 2021 |
Debt Instrument [Line Items] | ||||||
Principal | $ 6,910,586 | |||||
Unamortized Costs | (39,760) | |||||
Book Value | 6,870,826 | $ 7,475,279 | ||||
Fair Value | 5,958,083 | 7,589,932 | ||||
U.S. Dollar Denominated Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Principal | 5,250,000 | |||||
Unamortized Costs | (26,291) | |||||
Book Value | 5,223,709 | 5,717,998 | ||||
Fair Value | $ 4,635,551 | 5,831,539 | ||||
U.S. Dollar Denominated Unsecured Debt | Notes due September 15, 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Coupon Rate | 2.37% | |||||
Principal | $ 500,000 | |||||
Book Value | 499,637 | |||||
Fair Value | 506,362 | |||||
U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Effective Rate | 2.831% | |||||
Principal | $ 700,000 | |||||
Unamortized Costs | (925) | |||||
Book Value | 699,075 | 698,372 | ||||
Fair Value | $ 691,309 | 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 | (2,322) | |||||
Book Value | 497,678 | 496,939 | ||||
Fair Value | $ 441,849 | 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 | (3,357) | |||||
Book Value | 646,643 | 645,773 | ||||
Fair Value | $ 578,899 | 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 | (2,492) | |||||
Book Value | 497,508 | 496,980 | ||||
Fair Value | $ 466,029 | 535,206 | ||||
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 | (3,599) | |||||
Book Value | 646,401 | 645,724 | ||||
Fair Value | $ 558,197 | 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 | (2,818) | |||||
Book Value | 547,182 | 546,701 | ||||
Fair Value | $ 468,509 | 548,241 | ||||
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Coupon Rate | 3.385% | |||||
Effective Rate | 3.459% | |||||
Principal | $ 500,000 | |||||
Unamortized Costs | (1,947) | |||||
Book Value | 498,053 | 497,743 | ||||
Fair Value | $ 456,855 | 545,580 | ||||
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 | (5,697) | |||||
Book Value | 644,303 | 643,617 | ||||
Fair Value | $ 530,390 | 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 | (3,134) | |||||
Book Value | 546,866 | 546,512 | ||||
Fair Value | $ 443,514 | 551,932 | ||||
U.S. Dollar Denominated Unsecured Debt | SOFR | Notes due April 23, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate spread | 0.47% | 0.47% | ||||
Euro Denominated Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Principal | $ 1,650,494 | |||||
Unamortized Costs | (13,469) | |||||
Book Value | 1,637,025 | 1,733,997 | ||||
Fair Value | $ 1,312,964 | 1,734,185 | ||||
Euro Denominated Unsecured Debt | Notes due April 12, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Coupon Rate | 1.54% | |||||
Effective Rate | 1.54% | |||||
Principal | $ 107,035 | |||||
Unamortized Costs | 0 | |||||
Book Value | 107,035 | 113,431 | ||||
Fair Value | $ 104,344 | 117,526 | ||||
Euro Denominated Unsecured Debt | Notes due November 3, 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Coupon Rate | 2.175% | |||||
Effective Rate | 2.175% | |||||
Principal | $ 259,039 | |||||
Unamortized Costs | 0 | |||||
Book Value | 259,039 | 274,518 | ||||
Fair Value | $ 246,119 | 295,256 | ||||
Euro Denominated Unsecured Debt | Notes due September 9, 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Coupon Rate | 0.50% | |||||
Effective Rate | 0.64% | |||||
Principal | $ 749,245 | |||||
Unamortized Costs | (8,611) | |||||
Book Value | 740,634 | 784,287 | ||||
Fair Value | $ 566,204 | 769,561 | ||||
Euro Denominated Unsecured Debt | Notes due January 24, 2032 | ||||||
Debt Instrument [Line Items] | ||||||
Coupon Rate | 0.875% | |||||
Effective Rate | 0.978% | |||||
Principal | $ 535,175 | |||||
Unamortized Costs | (4,858) | |||||
Book Value | 530,317 | 561,761 | ||||
Fair Value | $ 396,297 | 551,842 | ||||
Mortgage Debt | ||||||
Debt Instrument [Line Items] | ||||||
Number of real estate facilities securing debt | real_estate_facility | 5 | |||||
Net book value of real estate facilities securing notes payable | $ 17,000 | |||||
Coupon Rate | 3.41% | |||||
Effective Rate | 3.41% | |||||
Principal | $ 10,092 | |||||
Unamortized Costs | 0 | |||||
Book Value | 10,092 | 23,284 | ||||
Fair Value | $ 9,568 | $ 24,208 |
Notes Payable (Narrative) (Deta
Notes Payable (Narrative) (Details) $ in Thousands | 12 Months Ended | |||||||||||
Dec. 31, 2022 USD ($) tranche | Apr. 23, 2021 USD ($) | Dec. 31, 2022 USD ($) tranche | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Aug. 15, 2022 USD ($) | Nov. 09, 2021 USD ($) | Sep. 09, 2021 EUR (€) | Jan. 19, 2021 USD ($) | Jan. 24, 2020 EUR (€) | Apr. 12, 2016 EUR (€) | Nov. 03, 2015 EUR (€) | |
Debt Instrument [Line Items] | ||||||||||||
Total debt | $ 6,910,586 | $ 6,910,586 | ||||||||||
Foreign currency exchange gain (loss) | 98,314 | $ 111,787 | $ (97,953) | |||||||||
Cash paid for interest expense | 133,800 | 77,700 | 52,700 | |||||||||
Interest capitalized as real estate | $ 6,000 | 3,500 | 3,400 | |||||||||
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] | ||||||||||||
Total debt | $ 5,250,000 | $ 5,250,000 | ||||||||||
Debt to total assets ratio | 14% | 14% | ||||||||||
Adjusted EBTIDA to interest Expense ratio | 25 | |||||||||||
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 September 15, 2022 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 2.37% | |||||||||||
Total debt | $ 500,000 | |||||||||||
U.S. Dollar Denominated Unsecured Debt | Notes due February 15, 2026 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 0.875% | 0.875% | 0.875% | |||||||||
Total debt | $ 500,000 | $ 500,000 | ||||||||||
Debt issuance amount | $ 500,000 | |||||||||||
Debt issuance costs | $ 3,800 | |||||||||||
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 | |||||||||||
U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total debt | $ 700,000 | $ 700,000 | ||||||||||
Debt issuance amount | $ 700,000 | |||||||||||
Reset quarterly rate | 4.36% | 4.36% | ||||||||||
U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024 | SOFR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate spread | 0.47% | 0.47% | ||||||||||
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2028 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 1.85% | 1.85% | 1.85% | |||||||||
Total debt | $ 650,000 | $ 650,000 | ||||||||||
Debt issuance amount | $ 650,000 | |||||||||||
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2031 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 2.30% | 2.30% | 2.30% | |||||||||
Total debt | $ 650,000 | $ 650,000 | ||||||||||
Debt issuance amount | $ 650,000 | |||||||||||
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 | |||||||||||
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2026 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 1.50% | 1.50% | 1.50% | |||||||||
Total debt | $ 650,000 | $ 650,000 | ||||||||||
Debt issuance amount | $ 650,000 | |||||||||||
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2028 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 1.95% | 1.95% | 1.95% | |||||||||
Total debt | $ 550,000 | $ 550,000 | ||||||||||
Debt issuance amount | $ 550,000 | |||||||||||
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2031 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 2.25% | 2.25% | 2.25% | |||||||||
Total debt | $ 550,000 | $ 550,000 | ||||||||||
Debt issuance amount | $ 550,000 | |||||||||||
U.S. Dollar Denominated Unsecured Debt | Maximum Covenant | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt to total assets ratio | 65% | 65% | ||||||||||
Euro Denominated Unsecured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total debt | $ 1,650,494 | $ 1,650,494 | ||||||||||
Number of tranches | tranche | 4 | 4 | ||||||||||
Foreign currency exchange gain (loss) | $ 99,200 | $ 111,800 | $ (98,000) | |||||||||
Euro Denominated Unsecured Debt | Notes due November 3, 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 2.175% | 2.175% | ||||||||||
Total debt | $ 259,039 | $ 259,039 | ||||||||||
Debt issuance amount | € | € 242,000,000 | |||||||||||
Euro Denominated Unsecured Debt | Notes due April 12, 2024 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 1.54% | 1.54% | ||||||||||
Total debt | $ 107,035 | $ 107,035 | ||||||||||
Debt issuance amount | € | € 100,000,000 | |||||||||||
Euro Denominated Unsecured Debt | Notes due January 24, 2032 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 0.875% | 0.875% | ||||||||||
Total debt | $ 535,175 | $ 535,175 | ||||||||||
Debt issuance amount | € | € 500,000,000 | |||||||||||
Euro Denominated Unsecured Debt | Notes due September 9, 2030 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 0.50% | 0.50% | ||||||||||
Total debt | $ 749,245 | $ 749,245 | ||||||||||
Debt issuance amount | € | € 700,000,000 |
Notes Payable (Maturities Of No
Notes Payable (Maturities Of Notes Payable) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |
Total debt | $ 6,910,586 |
Total | |
Debt Instrument [Line Items] | |
2023 | 8,270 |
2024 | 807,159 |
2025 | 259,170 |
2026 | 1,150,138 |
2027 | 500,140 |
Thereafter | 4,185,709 |
Total debt | $ 6,910,586 |
Weighted average effective rate | 2% |
Unsecured Debt | |
Debt Instrument [Line Items] | |
2023 | $ 0 |
2024 | 807,035 |
2025 | 259,039 |
2026 | 1,150,000 |
2027 | 500,000 |
Thereafter | 4,184,420 |
Total debt | $ 6,900,494 |
Weighted average effective rate | 2% |
Mortgage Debt | |
Debt Instrument [Line Items] | |
2023 | $ 8,270 |
2024 | 124 |
2025 | 131 |
2026 | 138 |
2027 | 140 |
Thereafter | 1,289 |
Total debt | $ 10,092 |
Weighted average effective rate | 3.40% |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 USD ($) shares | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | |
Acquisition of Self-Storage Facilities Other Investments | ||||
Noncontrolling Interest [Line Items] | ||||
Issuance of partnership units | $ | $ 19.9 | $ 68.2 | ||
Acquisition of Self Storage Facilities to Date | ||||
Noncontrolling Interest [Line Items] | ||||
Issuance of partnership units | $ | $ 83.8 | $ 83.8 | ||
Noncontrolling Interests | ||||
Noncontrolling Interest [Line Items] | ||||
Convertible partnership units (in shares) | 499,966 | |||
Partnership units conversion ratio | 1 | |||
Noncontrolling Interests | Acquisition of Self-Storage Facilities Other Investments | ||||
Noncontrolling Interest [Line Items] | ||||
Convertible partnership units (in shares) | 54,137 | |||
Noncontrolling Interests | Acquisition of Self Storage Facilities to Date | ||||
Noncontrolling Interest [Line Items] | ||||
Convertible partnership units (in shares) | 254,833 |
Shareholders' Equity (Preferred
Shareholders' Equity (Preferred Shares Outstanding) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||
Preferred stock, shares outstanding (in shares) | 174,000 | 164,000 |
Liquidation Preference | $ 4,350,000 | $ 4,100,000 |
Series F Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Jun. 02, 2022 | |
Dividend Rate | 5.15% | |
Preferred stock, shares outstanding (in shares) | 11,200 | 11,200 |
Liquidation Preference | $ 280,000 | $ 280,000 |
Series G Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Aug. 09, 2022 | |
Dividend Rate | 5.05% | |
Preferred stock, shares outstanding (in shares) | 12,000 | 12,000 |
Liquidation Preference | $ 300,000 | $ 300,000 |
Series H Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Mar. 11, 2024 | |
Dividend Rate | 5.60% | |
Preferred stock, shares outstanding (in shares) | 11,400 | 11,400 |
Liquidation Preference | $ 285,000 | $ 285,000 |
Series I Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Sep. 12, 2024 | |
Dividend Rate | 4.875% | |
Preferred stock, shares outstanding (in shares) | 12,650 | 12,650 |
Liquidation Preference | $ 316,250 | $ 316,250 |
Series J Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Nov. 15, 2024 | |
Dividend Rate | 4.70% | |
Preferred stock, shares outstanding (in shares) | 10,350 | 10,350 |
Liquidation Preference | $ 258,750 | $ 258,750 |
Series K Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Dec. 20, 2024 | |
Dividend Rate | 4.75% | |
Preferred stock, shares outstanding (in shares) | 9,200 | 9,200 |
Liquidation Preference | $ 230,000 | $ 230,000 |
Series L Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Jun. 17, 2025 | |
Dividend Rate | 4.625% | |
Preferred stock, shares outstanding (in shares) | 22,600 | 22,600 |
Liquidation Preference | $ 565,000 | $ 565,000 |
Series M Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Aug. 14, 2025 | |
Dividend Rate | 4.125% | |
Preferred stock, shares outstanding (in shares) | 9,200 | 9,200 |
Liquidation Preference | $ 230,000 | $ 230,000 |
Series N Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Oct. 06, 2025 | |
Dividend Rate | 3.875% | |
Preferred stock, shares outstanding (in shares) | 11,300 | 11,300 |
Liquidation Preference | $ 282,500 | $ 282,500 |
Series O Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Nov. 17, 2025 | |
Dividend Rate | 3.90% | |
Preferred stock, shares outstanding (in shares) | 6,800 | 6,800 |
Liquidation Preference | $ 170,000 | $ 170,000 |
Series P Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Jun. 16, 2026 | |
Dividend Rate | 4% | |
Preferred stock, shares outstanding (in shares) | 24,150 | 24,150 |
Liquidation Preference | $ 603,750 | $ 603,750 |
Series Q Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Aug. 17, 2026 | |
Dividend Rate | 3.95% | |
Preferred stock, shares outstanding (in shares) | 5,750 | 5,750 |
Liquidation Preference | $ 143,750 | $ 143,750 |
Series R Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Nov. 19, 2026 | |
Dividend Rate | 4% | |
Preferred stock, shares outstanding (in shares) | 17,400 | 17,400 |
Liquidation Preference | $ 435,000 | $ 435,000 |
Series S Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Jan. 13, 2027 | |
Dividend Rate | 4.10% | |
Preferred stock, shares outstanding (in shares) | 10,000 | 0 |
Liquidation Preference | $ 250,000 | $ 0 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) | 12 Months Ended | |||
Aug. 04, 2022 $ / shares | Dec. 31, 2022 USD ($) dividend board_member $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | |
Class of Stock [Line Items] | ||||
Number of quarterly dividends in arrearage before preferred shareholders can elect additional board members | dividend | 6 | |||
Number of additional board members the preferred shareholders can elect in the case of an excess arrearage of quarterly dividends | board_member | 2 | |||
Amount of preferred dividends in arrears | $ 0 | |||
Affirmative vote of outstanding shares of a series of Preferred Shares required for any material and adverse amendment to the terms of series, percent | 66.67% | |||
Affirmative vote of outstanding shares of all Preferred Shares, voting as a single class, required to issue shares ranking senior to Preferred Shares, percent | 66.67% | |||
Redemption price per share (in USD per share) | $ / shares | $ 25 | |||
Number of shares authorized for repurchase (in shares) | shares | 35,000,000 | |||
Number of shares repurchased to date | shares | 23,700,000 | |||
Shares repurchased pursuant to authorization (in shares) | shares | 0 | 0 | 0 | |
Common stock dividends paid in aggregate | $ 3,714,000,000 | $ 1,402,000,000 | $ 1,399,000,000 | |
Distributions to common shareholders and restricted share unitholders (in USD per share) | $ / shares | $ 21.15 | $ 8 | $ 8 | |
Preferred share dividends | $ 194,390,000 | $ 186,579,000 | $ 207,068,000 | |
Special Dividend | ||||
Class of Stock [Line Items] | ||||
Common stock dividends paid in aggregate | $ 2,300,000,000 | |||
Common stock, dividends, per share, cash paid (in USD per share) | $ / shares | $ 13.15 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 | $ 242,832 | $ 1,147,455 | $ 1,208,206 |
Allocation of Income to Preferred Shares Holders in Connection with Redemption | $ 0 | $ 28,914 | $ 48,265 |
Series S Preferred Stock | |||
Class of Stock [Line Items] | |||
Shares issued (in shares) | 10,000 | ||
Gross Proceeds | $ 250,000 | ||
Issuance Costs | $ 7,168 | ||
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 | ||
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 |
Shareholders' Equity (Activity
Shareholders' Equity (Activity of Issuance of Common Shares) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |||
Employee stock-based compensation and exercise of stock options (in shares) | 283,190 | 552,713 | 163,127 |
Employee stock-based compensation and exercise of stock options | $ 35,405 | $ 95,860 | $ 12,664 |
Shareholders' Equity (Schedul_2
Shareholders' Equity (Schedule Of Distribution Classification) (Details) | 3 Months Ended | ||||
Aug. 04, 2022 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |||||
Ordinary Dividends | 39.66% | 100% | 0% | 29.61% | 29.61% |
Capital Gain Distributions | 60.34% | 0% | 100% | 70.39% | 70.39% |
Total | 100% | 100% | 100% | 100% | 100% |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) adult_children storage_facility | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Related Party Transaction [Line Items] | |||
Tenants reinsurance premiums earned by subsidiaries | $ | $ 2.2 | $ 2.1 | $ 1.6 |
Canada | Hughes Owned Canadian Facilities | |||
Related Party Transaction [Line Items] | |||
Number of self-storage facilities | storage_facility | 65 | ||
Number of Ms. Gustavson's adult children owning remaining equity in LLC | adult_children | 2 | ||
Ownership interest by parent | 0% | ||
Canada | Hughes Owned Canadian Facilities | Tamara Hughes Gustavson | |||
Related Party Transaction [Line Items] | |||
Ownership interest of noncontrolling owners (less than) | 0.10% |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 26, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Accelerated compensation expense | $ 14,900 | $ 15,900 | $ 5,700 | |
Share-based compensation expense | $ 56,703 | $ 59,865 | $ 33,490 | |
Stock options granted (in shares) | 203,933 | 560,000 | 840,000 | |
Compensation cost not yet recognized | $ 21,200 | |||
Average remaining contractual lives (in years) | 3 years | |||
Non-Management Trustee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options granted (in shares) | 65,000 | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration period (in years) | 10 years | |||
Share-based compensation expense | $ 19,900 | $ 25,100 | $ 7,600 | |
Stock options outstanding, aggregate intrinsic value | $ 209,800 | |||
Average remaining contractual lives (in years) | 5 years | |||
Compensation recognition period (in years) | 3 years | |||
Aggregate intrinsic value for stock options exercisable | $ 128,900 | |||
Performance Target, Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options granted (in shares) | 77,683 | |||
Award performance period | 3 years | 3 years | 3 years | |
Percentage of target options originally granted (percentage) | 200% | |||
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] | ||||
Stock options granted (in shares) | 245,000 | |||
Performance target (percentage) | 125% | 100% | ||
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] | ||||
Stock options granted (in shares) | 770,000 | |||
Performance target (percentage) | 125% | |||
Restricted Share Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 39,900 | $ 37,600 | $ 25,100 | |
Compensation recognition period (in years) | 2 years | |||
Unrecognized compensation cost | $ 74,300 | |||
Performance Target, Restricted Share Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award performance period | 3 years | |||
Stock options granted (in shares) | 37,000 | |||
Performance target (percentage) | 125% | |||
Grants in period (in shares) | 21,985 | |||
Percentage of target options originally granted (percentage) | 200% | |||
Deferred Stock Units (DSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants in period (in shares) | 2,425 | |||
Unrestricted Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants in period (in shares) | 432 | |||
Minimum | Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 3 years | |||
Minimum | Restricted Share Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 5 years | |||
Maximum | Stock Options | ||||
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 | |||
2021 Equity and Performance-Based Incentive Compensation Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares reserved in connection with share-based incentive plan (in shares) | 3,000,000 | |||
Number of shares available for grant (in shares) | 1,724,352 |
Share-Based Compensation (Share
Share-Based Compensation (Share-Based Compensation Expense) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Share-based compensation cost capitalized | $ 4,100,000 | $ 3,900,000 | $ 0 |
Share-based Payment Arrangement, Expensed, Amount [Line Items] | |||
Share-based compensation expense | 56,703,000 | 59,865,000 | 33,490,000 |
Self-storage cost of operations | |||
Share-based Payment Arrangement, Expensed, Amount [Line Items] | |||
Share-based compensation expense | 17,950,000 | 20,544,000 | 14,904,000 |
Ancillary cost of operations | |||
Share-based Payment Arrangement, Expensed, Amount [Line Items] | |||
Share-based compensation expense | 888,000 | 1,561,000 | 0 |
General and administrative | |||
Share-based Payment Arrangement, Expensed, Amount [Line Items] | |||
Share-based compensation expense | $ 37,865,000 | $ 37,760,000 | $ 18,586,000 |
Share-Based Compensation (Sha_2
Share-Based Compensation (Share-Based Payment Arrangement, Option, Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Options | |||
Number of options outstanding, beginning balance (in shares) | 3,039,951 | 2,961,167 | 2,339,667 |
Granted (in shares) | 203,933 | 560,000 | 840,000 |
Special dividend adjustment (in shares) | 104,348 | ||
Exercised (in shares) | (183,749) | (471,216) | (71,500) |
Cancelled (in shares) | 0 | (10,000) | (147,000) |
Number of options outstanding, ending balance (in shares) | 3,164,483 | 3,039,951 | 2,961,167 |
Number of options exercisable (in shares) | 1,627,882 | ||
Weighted Average Exercise Price per Share | |||
Number of options outstanding, beginning balance (in USD per share) | $ 216.04 | $ 210.59 | $ 204.53 |
Granted (in USD per share) | 331.46 | 234.29 | 226.58 |
Exercised (in USD per share) | (191.74) | (203.30) | (175.16) |
Cancelled (in USD per share) | 0 | (228.94) | (222.67) |
Number of options outstanding, ending balance (in USD per share) | 217.75 | $ 216.04 | $ 210.59 |
Number of options exercisable (in USD per share) | $ 201 | ||
Service-Based | |||
Number of Options | |||
Number of options outstanding, beginning balance (in shares) | 1,899,951 | 2,231,167 | 2,339,667 |
Granted (in shares) | 65,000 | 140,000 | 70,000 |
Special dividend adjustment (in shares) | 62,512 | ||
Exercised (in shares) | (173,422) | (471,216) | (71,500) |
Cancelled (in shares) | 0 | 0 | (107,000) |
Number of options outstanding, ending balance (in shares) | 1,854,041 | 1,899,951 | 2,231,167 |
Number of options exercisable (in shares) | 1,617,555 | ||
Weighted Average Exercise Price per Share | |||
Number of options outstanding, beginning balance (in USD per share) | $ 208.16 | $ 204.60 | $ 204.53 |
Granted (in USD per share) | 398.97 | 248.54 | 200.61 |
Exercised (in USD per share) | (189.95) | (203.30) | (175.16) |
Cancelled (in USD per share) | 0 | 0 | (220.33) |
Number of options outstanding, ending balance (in USD per share) | 209.53 | $ 208.16 | $ 204.60 |
Number of options exercisable (in USD per share) | $ 200.87 | ||
Performance-Based | |||
Number of Options | |||
Number of options outstanding, beginning balance (in shares) | 1,140,000 | 730,000 | 0 |
Granted (in shares) | 138,933 | 420,000 | 770,000 |
Special dividend adjustment (in shares) | 41,836 | ||
Exercised (in shares) | (10,327) | 0 | 0 |
Cancelled (in shares) | 0 | (10,000) | (40,000) |
Number of options outstanding, ending balance (in shares) | 1,310,442 | 1,140,000 | 730,000 |
Number of options exercisable (in shares) | 10,327 | ||
Weighted Average Exercise Price per Share | |||
Number of options outstanding, beginning balance (in USD per share) | $ 229.16 | $ 228.94 | $ 0 |
Granted (in USD per share) | 299.88 | 229.53 | 228.94 |
Exercised (in USD per share) | (221.68) | 0 | 0 |
Cancelled (in USD per share) | 0 | (228.94) | (228.94) |
Number of options outstanding, ending balance (in USD per share) | 229.39 | $ 229.16 | $ 228.94 |
Number of options exercisable (in USD per share) | $ 221.68 |
Share-Based Compensation (Sha_3
Share-Based Compensation (Share-Based Compensation Valuation Assumptions) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Aug. 04, 2022 $ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate exercise date intrinsic value of options exercised during the year | $ | $ 27,210 | $ 44,613 | $ 3,433 | |
Average estimated value of options granted during the year | $ 87.57 | $ 62.66 | $ 17.79 | |
Anti-dilution adjustments of outstanding stock options, conversion ratio | 1.03275 | |||
Share-based compensation arrangement by share-based payment award, options, outstanding, number, increase (decrease) (in shares) | shares | 104,348 | |||
Special Dividend | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, dividends, per share, cash paid (in USD per share) | $ 13.15 | |||
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) | 6 years | 5 years | 5 years | |
Risk-free interest rate | 2.90% | 0.80% | 0.40% | |
Expected volatility, based upon historical volatility | 22.90% | 24.10% | 21.60% | |
Expected dividend yield | 2% | 2.90% | 3.80% | |
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) | 7 years | 5 years | ||
Risk-free interest rate | 1.80% | 0.90% | ||
Expected volatility, based upon historical volatility | 22.60% | 26.50% | ||
Expected dividend yield | 2.30% | 2.90% |
Share-Based Compensation (Sha_4
Share-Based Compensation (Share-Based Compensation Restricted Units) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Restricted Share Units | |||
Restricted share units outstanding, beginning balance (in shares) | 570,822 | 552,788 | 619,150 |
Granted (in shares) | 73,560 | 189,318 | 110,755 |
Vested (in shares) | (146,138) | (138,420) | (140,089) |
Forfeited (in shares) | (22,197) | (32,864) | (37,028) |
Restricted share units outstanding, ending balance (in shares) | 476,047 | 570,822 | 552,788 |
Weighted-Average Grant-Date Fair Value | |||
Restricted share units outstanding, beginning balance (in USD per share) | $ 251.95 | $ 218.11 | $ 213.29 |
Granted (in USD per share) | 344.74 | 321.17 | 222.27 |
Vested (in USD per share) | (240.71) | (216.63) | (200.88) |
Forfeited (in USD per share) | (256.50) | (221.32) | (215.08) |
Restricted share units outstanding, ending balance (in USD per share) | $ 269.52 | $ 251.95 | $ 218.11 |
Service-Based | |||
Number of Restricted Share Units | |||
Restricted share units outstanding, beginning balance (in shares) | 524,572 | 552,788 | 619,150 |
Granted (in shares) | 51,575 | 143,068 | 110,755 |
Vested (in shares) | (146,138) | (138,420) | (140,089) |
Forfeited (in shares) | (22,197) | (32,864) | (37,028) |
Restricted share units outstanding, ending balance (in shares) | 407,812 | 524,572 | 552,788 |
Weighted-Average Grant-Date Fair Value | |||
Restricted share units outstanding, beginning balance (in USD per share) | $ 249.90 | $ 218.11 | $ 213.29 |
Granted (in USD per share) | 293.43 | 336.06 | 222.27 |
Vested (in USD per share) | (240.71) | (216.63) | (200.88) |
Forfeited (in USD per share) | (256.50) | (221.32) | (215.08) |
Restricted share units outstanding, ending balance (in USD per share) | $ 258.34 | $ 249.90 | $ 218.11 |
Performance-Based | |||
Number of Restricted Share Units | |||
Restricted share units outstanding, beginning balance (in shares) | 46,250 | 0 | 0 |
Granted (in shares) | 21,985 | 46,250 | |
Restricted share units outstanding, ending balance (in shares) | 68,235 | 46,250 | 0 |
Weighted-Average Grant-Date Fair Value | |||
Restricted share units outstanding, beginning balance (in USD per share) | $ 275.12 | $ 0 | $ 0 |
Granted (in USD per share) | 465.11 | 275.12 | 0 |
Restricted share units outstanding, ending balance (in USD per share) | $ 336.33 | $ 275.12 | $ 0 |
Share-Based Compensation (Sha_5
Share-Based Compensation (Share-Based Compensation Shares Vesting During Year) (Details) - Restricted Share Units - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of vested shares on vesting date | $ 47,244 | $ 37,430 | $ 31,076 |
Cash paid for taxes upon vesting in lieu of issuing common shares | $ 16,827 | $ 13,069 | $ 10,518 |
Common shares issued upon vesting (in shares) | 99,009 | 81,325 | 91,627 |
Time from the valuation date to the end of the Performance Period (in years) | 3 years | ||
Risk-free interest rate | 1.60% | ||
Expected volatility, based upon historical volatility | 26.50% | ||
Expected dividend yield | 2.30% | ||
Average estimated value of restricted share units granted during the year (in usd per share) | $ 465.11 |
Net Income per Common Share (De
Net Income per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 147,344 | ||
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders | $ 4,142,288 | $ 1,732,444 | $ 1,098,335 |
Denominator for basic net income per share - weighted average common shares outstanding (in shares) | 175,257,000 | 174,858,000 | 174,494,000 |
Net effect of dilutive stock options - based on treasury stock method (in shares) | 1,023,000 | 710,000 | 148,000 |
Denominator for dilutive net income per share - weighted average common shares outstanding (in shares) | 176,280,000 | 175,568,000 | 174,642,000 |
Basic (in USD per share) | $ 23.64 | $ 9.91 | $ 6.29 |
Diluted (in USD per share) | $ 23.50 | $ 9.87 | $ 6.29 |
Segment Information (Summary Of
Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 4,182,163 | $ 3,415,824 | $ 2,915,068 |
Depreciation and amortization | (888,146) | (713,428) | (553,257) |
General and administrative | (114,742) | (101,254) | (83,199) |
Interest and other income | 40,567 | 12,306 | 22,323 |
Interest expense | (136,319) | (90,774) | (56,283) |
Equity in earnings of unconsolidated real estate entities | 106,981 | 232,093 | 80,497 |
Foreign currency exchange gain (loss) | 98,314 | 111,787 | (97,953) |
Gain on sale of real estate | 1,503 | 13,683 | 1,493 |
Gain on sale of equity investment in PS Business Parks, Inc. | 2,128,860 | 0 | 0 |
Net income | 4,366,274 | 1,959,639 | 1,361,227 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net income | 2,241,110 | 1,781,798 | 1,494,349 |
Segment Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
General and administrative | (114,742) | (101,254) | (83,199) |
Interest and other income | 40,567 | 12,306 | 22,323 |
Interest expense | (136,319) | (90,774) | (56,283) |
Equity in earnings of unconsolidated real estate entities | 106,981 | 232,093 | 80,497 |
Foreign currency exchange gain (loss) | 98,314 | 111,787 | (97,953) |
Gain on sale of real estate | 1,503 | 13,683 | 1,493 |
Gain on sale of equity investment in PS Business Parks, Inc. | 2,128,860 | 0 | 0 |
Self-Storage Operations Reportable Segment | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue | 3,946,028 | 3,203,566 | 2,721,630 |
Cost of operations | (980,209) | (852,030) | (807,543) |
Net operating income | 2,965,819 | 2,351,536 | 1,914,087 |
Depreciation and amortization | (888,146) | (713,428) | (553,257) |
Net income | 2,077,673 | 1,638,108 | 1,360,830 |
Ancillary Operations | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue | 236,135 | 212,258 | 193,438 |
Net operating income | 163,437 | 143,690 | 133,519 |
Cost of operations | $ (72,698) | $ (68,568) | $ (59,919) |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) certificate in Millions | Dec. 31, 2022 USD ($) certificate |
Commitments and Contingencies Disclosure [Abstract] | |
Deductible for general liability | $ 2,000,000 |
Deductible for property loss | 25,000,000 |
Reduced deductible for property loss | 5,000,000 |
Aggregate loss threshold for reduced deductible for property loss | 35,000,000 |
Minimum loss per occurrence to reach aggregate loss threshold for reduced deductible for property loss | 5,000,000 |
Aggregate limit for property loss 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 | $ 5,600,000,000 |
Construction commitments | 263,500,000 |
Construction commitments 2023 | 229,800,000 |
Construction commitments 2024 | 33,700,000 |
Various lease commitments | 63,400,000 |
Various lease commitments 2023 | 3,100,000 |
Various lease commitments 2024 | 3,100,000 |
Various lease commitments 2025 | 3,000,000 |
Various lease commitments 2026 | 3,000,000 |
Various lease commitments 2027 | 2,100,000 |
Various lease commitments thereafter | $ 49,100,000 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) $ / shares in Units, ft² in Thousands, $ in Millions | 2 Months Ended | 12 Months Ended | ||||
Feb. 04, 2023 $ / shares | Feb. 03, 2023 $ / shares | Feb. 21, 2023 USD ($) ft² storage_facility state | Dec. 31, 2022 USD ($) ft² | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Subsequent Event [Line Items] | ||||||
Net rentable area (in square feet) | ft² | 204,217 | |||||
Acquisition of Self-Storage Facilities Other Investments | ||||||
Subsequent Event [Line Items] | ||||||
Total cost of acquisition | $ | $ 730.5 | $ 5,100 | $ 792.3 | |||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Increase in regular common dividend | 50% | |||||
Common stock, quarterly dividends (in USD per share) | $ / shares | $ 3 | $ 2 | ||||
Common stock, annual dividends (in USD per share) | $ / shares | $ 12 | $ 8 | ||||
Subsequent Event | Acquisition of Self-Storage Facilities Other Investments | ||||||
Subsequent Event [Line Items] | ||||||
Number of self-storage facilities acquired or under contract to be acquired | storage_facility | 8 | |||||
Number of states self-storage facilities acquired or under contracts to be acquired | state | 5 | |||||
Net rentable area (in square feet) | ft² | 500 | |||||
Total cost of acquisition | $ | $ 70.5 |
SCHEDULE III - REAL ESTATE AN_2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) ft² in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) ft² storage_facility | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 2,869 |
Net Rentable Square Feet | ft² | 204,217 |
2022 Encum- brances | $ 10,092 |
Initial Cost, Land | 5,196,649 |
Initial Cost, Building & Improvements | 14,907,072 |
Costs Subsequent to Acquisition | 4,115,405 |
Gross Carrying Amount, Land | 5,273,073 |
Gross Carrying Amount, Buildings | 18,946,053 |
Gross Carrying Amount, Total | 24,219,126 |
Accumulated Depreciation | 8,554,155 |
Commercial and non-operating real estate | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
2022 Encum- brances | 0 |
Initial Cost, Land | 13,194 |
Initial Cost, Building & Improvements | 26,143 |
Costs Subsequent to Acquisition | 78,824 |
Gross Carrying Amount, Land | 13,349 |
Gross Carrying Amount, Buildings | 104,812 |
Gross Carrying Amount, Total | 118,161 |
Accumulated Depreciation | $ 53,952 |
Los Angeles | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 226 |
Net Rentable Square Feet | ft² | 16,652 |
2022 Encum- brances | $ 359 |
Initial Cost, Land | 543,650 |
Initial Cost, Building & Improvements | 981,256 |
Costs Subsequent to Acquisition | 471,088 |
Gross Carrying Amount, Land | 542,073 |
Gross Carrying Amount, Buildings | 1,453,921 |
Gross Carrying Amount, Total | 1,995,994 |
Accumulated Depreciation | $ 928,465 |
Dallas/Ft. Worth | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 193 |
Net Rentable Square Feet | ft² | 17,274 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 328,518 |
Initial Cost, Building & Improvements | 1,889,830 |
Costs Subsequent to Acquisition | 214,515 |
Gross Carrying Amount, Land | 329,979 |
Gross Carrying Amount, Buildings | 2,102,884 |
Gross Carrying Amount, Total | 2,432,863 |
Accumulated Depreciation | $ 421,762 |
Houston | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 145 |
Net Rentable Square Feet | ft² | 12,265 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 239,385 |
Initial Cost, Building & Improvements | 647,576 |
Costs Subsequent to Acquisition | 258,080 |
Gross Carrying Amount, Land | 238,706 |
Gross Carrying Amount, Buildings | 906,335 |
Gross Carrying Amount, Total | 1,145,041 |
Accumulated Depreciation | $ 381,723 |
San Francisco | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 141 |
Net Rentable Square Feet | ft² | 9,197 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 245,623 |
Initial Cost, Building & Improvements | 557,398 |
Costs Subsequent to Acquisition | 314,857 |
Gross Carrying Amount, Land | 258,373 |
Gross Carrying Amount, Buildings | 859,505 |
Gross Carrying Amount, Total | 1,117,878 |
Accumulated Depreciation | $ 557,875 |
Chicago | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 137 |
Net Rentable Square Feet | ft² | 8,865 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 147,606 |
Initial Cost, Building & Improvements | 440,494 |
Costs Subsequent to Acquisition | 144,497 |
Gross Carrying Amount, Land | 150,443 |
Gross Carrying Amount, Buildings | 582,154 |
Gross Carrying Amount, Total | 732,597 |
Accumulated Depreciation | $ 427,557 |
Washington DC | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 118 |
Net Rentable Square Feet | ft² | 8,341 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 420,884 |
Initial Cost, Building & Improvements | 1,319,147 |
Costs Subsequent to Acquisition | 199,354 |
Gross Carrying Amount, Land | 436,704 |
Gross Carrying Amount, Buildings | 1,502,681 |
Gross Carrying Amount, Total | 1,939,385 |
Accumulated Depreciation | $ 435,221 |
Atlanta | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 112 |
Net Rentable Square Feet | ft² | 7,550 |
2022 Encum- brances | $ 1,591 |
Initial Cost, Land | 143,799 |
Initial Cost, Building & Improvements | 420,664 |
Costs Subsequent to Acquisition | 101,272 |
Gross Carrying Amount, Land | 144,161 |
Gross Carrying Amount, Buildings | 521,574 |
Gross Carrying Amount, Total | 665,735 |
Accumulated Depreciation | $ 319,016 |
Seattle/Tacoma | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 100 |
Net Rentable Square Feet | ft² | 6,980 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 211,959 |
Initial Cost, Building & Improvements | 584,089 |
Costs Subsequent to Acquisition | 161,112 |
Gross Carrying Amount, Land | 212,568 |
Gross Carrying Amount, Buildings | 744,592 |
Gross Carrying Amount, Total | 957,160 |
Accumulated Depreciation | $ 410,728 |
Miami | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 99 |
Net Rentable Square Feet | ft² | 7,460 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 252,244 |
Initial Cost, Building & Improvements | 560,224 |
Costs Subsequent to Acquisition | 172,704 |
Gross Carrying Amount, Land | 254,137 |
Gross Carrying Amount, Buildings | 731,035 |
Gross Carrying Amount, Total | 985,172 |
Accumulated Depreciation | $ 397,084 |
New York | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 98 |
Net Rentable Square Feet | ft² | 7,278 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 281,499 |
Initial Cost, Building & Improvements | 617,448 |
Costs Subsequent to Acquisition | 268,202 |
Gross Carrying Amount, Land | 287,836 |
Gross Carrying Amount, Buildings | 879,313 |
Gross Carrying Amount, Total | 1,167,149 |
Accumulated Depreciation | $ 536,545 |
Orlando/Daytona | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 98 |
Net Rentable Square Feet | ft² | 5,781 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 157,808 |
Initial Cost, Building & Improvements | 408,287 |
Costs Subsequent to Acquisition | 70,883 |
Gross Carrying Amount, Land | 163,289 |
Gross Carrying Amount, Buildings | 473,689 |
Gross Carrying Amount, Total | 636,978 |
Accumulated Depreciation | $ 191,858 |
Denver | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 70 |
Net Rentable Square Feet | ft² | 5,291 |
2022 Encum- brances | $ 8,142 |
Initial Cost, Land | 120,117 |
Initial Cost, Building & Improvements | 323,262 |
Costs Subsequent to Acquisition | 106,286 |
Gross Carrying Amount, Land | 120,838 |
Gross Carrying Amount, Buildings | 428,827 |
Gross Carrying Amount, Total | 549,665 |
Accumulated Depreciation | $ 187,978 |
Minneapolis/St. Paul | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 65 |
Net Rentable Square Feet | ft² | 5,218 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 123,460 |
Initial Cost, Building & Improvements | 300,698 |
Costs Subsequent to Acquisition | 126,906 |
Gross Carrying Amount, Land | 127,014 |
Gross Carrying Amount, Buildings | 424,050 |
Gross Carrying Amount, Total | 551,064 |
Accumulated Depreciation | $ 166,687 |
Philadelphia | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 62 |
Net Rentable Square Feet | ft² | 4,041 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 58,824 |
Initial Cost, Building & Improvements | 226,733 |
Costs Subsequent to Acquisition | 85,150 |
Gross Carrying Amount, Land | 57,845 |
Gross Carrying Amount, Buildings | 312,862 |
Gross Carrying Amount, Total | 370,707 |
Accumulated Depreciation | $ 187,147 |
Charlotte | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 61 |
Net Rentable Square Feet | ft² | 4,689 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 89,309 |
Initial Cost, Building & Improvements | 238,236 |
Costs Subsequent to Acquisition | 85,982 |
Gross Carrying Amount, Land | 97,172 |
Gross Carrying Amount, Buildings | 316,355 |
Gross Carrying Amount, Total | 413,527 |
Accumulated Depreciation | $ 158,819 |
Tampa | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 57 |
Net Rentable Square Feet | ft² | 3,985 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 93,109 |
Initial Cost, Building & Improvements | 213,546 |
Costs Subsequent to Acquisition | 85,926 |
Gross Carrying Amount, Land | 96,422 |
Gross Carrying Amount, Buildings | 296,159 |
Gross Carrying Amount, Total | 392,581 |
Accumulated Depreciation | $ 155,070 |
Detroit | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 48 |
Net Rentable Square Feet | ft² | 3,595 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 67,465 |
Initial Cost, Building & Improvements | 225,061 |
Costs Subsequent to Acquisition | 61,379 |
Gross Carrying Amount, Land | 68,871 |
Gross Carrying Amount, Buildings | 285,034 |
Gross Carrying Amount, Total | 353,905 |
Accumulated Depreciation | $ 142,253 |
Portland | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 49 |
Net Rentable Square Feet | ft² | 2,865 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 60,975 |
Initial Cost, Building & Improvements | 218,076 |
Costs Subsequent to Acquisition | 51,935 |
Gross Carrying Amount, Land | 61,633 |
Gross Carrying Amount, Buildings | 269,353 |
Gross Carrying Amount, Total | 330,986 |
Accumulated Depreciation | $ 124,847 |
Baltimore | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 50 |
Net Rentable Square Feet | ft² | 3,851 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 136,598 |
Initial Cost, Building & Improvements | 775,086 |
Costs Subsequent to Acquisition | 42,754 |
Gross Carrying Amount, Land | 136,722 |
Gross Carrying Amount, Buildings | 817,716 |
Gross Carrying Amount, Total | 954,438 |
Accumulated Depreciation | $ 131,757 |
Phoenix | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 50 |
Net Rentable Square Feet | ft² | 3,499 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 99,453 |
Initial Cost, Building & Improvements | 304,379 |
Costs Subsequent to Acquisition | 45,259 |
Gross Carrying Amount, Land | 99,444 |
Gross Carrying Amount, Buildings | 349,647 |
Gross Carrying Amount, Total | 449,091 |
Accumulated Depreciation | $ 139,434 |
West Palm Beach | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 46 |
Net Rentable Square Feet | ft² | 3,833 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 156,788 |
Initial Cost, Building & Improvements | 221,479 |
Costs Subsequent to Acquisition | 114,853 |
Gross Carrying Amount, Land | 157,496 |
Gross Carrying Amount, Buildings | 335,624 |
Gross Carrying Amount, Total | 493,120 |
Accumulated Depreciation | $ 161,302 |
San Antonio | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 40 |
Net Rentable Square Feet | ft² | 2,827 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 54,753 |
Initial Cost, Building & Improvements | 224,313 |
Costs Subsequent to Acquisition | 31,712 |
Gross Carrying Amount, Land | 54,711 |
Gross Carrying Amount, Buildings | 256,067 |
Gross Carrying Amount, Total | 310,778 |
Accumulated Depreciation | $ 84,489 |
Austin | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 37 |
Net Rentable Square Feet | ft² | 2,942 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 69,205 |
Initial Cost, Building & Improvements | 188,500 |
Costs Subsequent to Acquisition | 49,021 |
Gross Carrying Amount, Land | 71,227 |
Gross Carrying Amount, Buildings | 235,499 |
Gross Carrying Amount, Total | 306,726 |
Accumulated Depreciation | $ 109,453 |
Raleigh | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 38 |
Net Rentable Square Feet | ft² | 2,732 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 89,212 |
Initial Cost, Building & Improvements | 212,776 |
Costs Subsequent to Acquisition | 42,985 |
Gross Carrying Amount, Land | 90,201 |
Gross Carrying Amount, Buildings | 254,772 |
Gross Carrying Amount, Total | 344,973 |
Accumulated Depreciation | $ 83,693 |
Norfolk | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 36 |
Net Rentable Square Feet | ft² | 2,208 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 47,728 |
Initial Cost, Building & Improvements | 128,986 |
Costs Subsequent to Acquisition | 30,103 |
Gross Carrying Amount, Land | 46,843 |
Gross Carrying Amount, Buildings | 159,974 |
Gross Carrying Amount, Total | 206,817 |
Accumulated Depreciation | $ 84,167 |
Sacramento | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 35 |
Net Rentable Square Feet | ft² | 2,054 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 26,429 |
Initial Cost, Building & Improvements | 80,391 |
Costs Subsequent to Acquisition | 42,815 |
Gross Carrying Amount, Land | 26,913 |
Gross Carrying Amount, Buildings | 122,722 |
Gross Carrying Amount, Total | 149,635 |
Accumulated Depreciation | $ 90,534 |
Indianapolis | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 31 |
Net Rentable Square Feet | ft² | 2,040 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 40,905 |
Initial Cost, Building & Improvements | 109,447 |
Costs Subsequent to Acquisition | 24,061 |
Gross Carrying Amount, Land | 41,905 |
Gross Carrying Amount, Buildings | 132,508 |
Gross Carrying Amount, Total | 174,413 |
Accumulated Depreciation | $ 57,787 |
Kansas City | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 30 |
Net Rentable Square Feet | ft² | 1,972 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 19,603 |
Initial Cost, Building & Improvements | 106,102 |
Costs Subsequent to Acquisition | 37,676 |
Gross Carrying Amount, Land | 19,803 |
Gross Carrying Amount, Buildings | 143,578 |
Gross Carrying Amount, Total | 163,381 |
Accumulated Depreciation | $ 70,531 |
Boston | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 28 |
Net Rentable Square Feet | ft² | 1,962 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 80,843 |
Initial Cost, Building & Improvements | 209,495 |
Costs Subsequent to Acquisition | 39,655 |
Gross Carrying Amount, Land | 81,409 |
Gross Carrying Amount, Buildings | 248,584 |
Gross Carrying Amount, Total | 329,993 |
Accumulated Depreciation | $ 124,302 |
St. Louis | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 28 |
Net Rentable Square Feet | ft² | 1,749 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 23,539 |
Initial Cost, Building & Improvements | 89,341 |
Costs Subsequent to Acquisition | 35,063 |
Gross Carrying Amount, Land | 23,395 |
Gross Carrying Amount, Buildings | 124,548 |
Gross Carrying Amount, Total | 147,943 |
Accumulated Depreciation | $ 72,260 |
Columbus | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 27 |
Net Rentable Square Feet | ft² | 2,015 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 44,983 |
Initial Cost, Building & Improvements | 92,001 |
Costs Subsequent to Acquisition | 29,817 |
Gross Carrying Amount, Land | 45,090 |
Gross Carrying Amount, Buildings | 121,711 |
Gross Carrying Amount, Total | 166,801 |
Accumulated Depreciation | $ 57,187 |
Columbia | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 27 |
Net Rentable Square Feet | ft² | 1,620 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 27,177 |
Initial Cost, Building & Improvements | 83,532 |
Costs Subsequent to Acquisition | 23,724 |
Gross Carrying Amount, Land | 27,936 |
Gross Carrying Amount, Buildings | 106,497 |
Gross Carrying Amount, Total | 134,433 |
Accumulated Depreciation | $ 47,839 |
Oklahoma City | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 36 |
Net Rentable Square Feet | ft² | 2,695 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 58,426 |
Initial Cost, Building & Improvements | 197,991 |
Costs Subsequent to Acquisition | 19,338 |
Gross Carrying Amount, Land | 58,426 |
Gross Carrying Amount, Buildings | 217,329 |
Gross Carrying Amount, Total | 275,755 |
Accumulated Depreciation | $ 38,708 |
San Diego | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 24 |
Net Rentable Square Feet | ft² | 2,183 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 89,782 |
Initial Cost, Building & Improvements | 162,043 |
Costs Subsequent to Acquisition | 52,943 |
Gross Carrying Amount, Land | 92,292 |
Gross Carrying Amount, Buildings | 212,476 |
Gross Carrying Amount, Total | 304,768 |
Accumulated Depreciation | $ 111,712 |
Las Vegas | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 25 |
Net Rentable Square Feet | ft² | 1,649 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 28,016 |
Initial Cost, Building & Improvements | 113,889 |
Costs Subsequent to Acquisition | 22,270 |
Gross Carrying Amount, Land | 27,264 |
Gross Carrying Amount, Buildings | 136,911 |
Gross Carrying Amount, Total | 164,175 |
Accumulated Depreciation | $ 58,605 |
Cincinnati | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 21 |
Net Rentable Square Feet | ft² | 1,241 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 19,385 |
Initial Cost, Building & Improvements | 67,782 |
Costs Subsequent to Acquisition | 24,688 |
Gross Carrying Amount, Land | 19,303 |
Gross Carrying Amount, Buildings | 92,552 |
Gross Carrying Amount, Total | 111,855 |
Accumulated Depreciation | $ 38,121 |
Nashville/Bowling Green | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 19 |
Net Rentable Square Feet | ft² | 1,221 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 25,374 |
Initial Cost, Building & Improvements | 57,494 |
Costs Subsequent to Acquisition | 32,496 |
Gross Carrying Amount, Land | 25,372 |
Gross Carrying Amount, Buildings | 89,992 |
Gross Carrying Amount, Total | 115,364 |
Accumulated Depreciation | $ 37,098 |
Colorado Springs | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 16 |
Net Rentable Square Feet | ft² | 1,118 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 12,320 |
Initial Cost, Building & Improvements | 60,393 |
Costs Subsequent to Acquisition | 23,467 |
Gross Carrying Amount, Land | 12,317 |
Gross Carrying Amount, Buildings | 83,863 |
Gross Carrying Amount, Total | 96,180 |
Accumulated Depreciation | $ 35,592 |
Milwaukee | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 15 |
Net Rentable Square Feet | ft² | 964 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 13,189 |
Initial Cost, Building & Improvements | 32,071 |
Costs Subsequent to Acquisition | 10,806 |
Gross Carrying Amount, Land | 13,158 |
Gross Carrying Amount, Buildings | 42,908 |
Gross Carrying Amount, Total | 56,066 |
Accumulated Depreciation | $ 37,262 |
Louisville | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 15 |
Net Rentable Square Feet | ft² | 913 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 23,563 |
Initial Cost, Building & Improvements | 46,108 |
Costs Subsequent to Acquisition | 8,936 |
Gross Carrying Amount, Land | 23,562 |
Gross Carrying Amount, Buildings | 55,045 |
Gross Carrying Amount, Total | 78,607 |
Accumulated Depreciation | $ 21,323 |
Jacksonville | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 15 |
Net Rentable Square Feet | ft² | 922 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 14,454 |
Initial Cost, Building & Improvements | 47,415 |
Costs Subsequent to Acquisition | 13,294 |
Gross Carrying Amount, Land | 14,503 |
Gross Carrying Amount, Buildings | 60,660 |
Gross Carrying Amount, Total | 75,163 |
Accumulated Depreciation | $ 38,156 |
Birmingham | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 15 |
Net Rentable Square Feet | ft² | 606 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 6,316 |
Initial Cost, Building & Improvements | 25,567 |
Costs Subsequent to Acquisition | 15,119 |
Gross Carrying Amount, Land | 6,204 |
Gross Carrying Amount, Buildings | 40,798 |
Gross Carrying Amount, Total | 47,002 |
Accumulated Depreciation | $ 30,303 |
Richmond | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 15 |
Net Rentable Square Feet | ft² | 768 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 20,979 |
Initial Cost, Building & Improvements | 52,239 |
Costs Subsequent to Acquisition | 6,712 |
Gross Carrying Amount, Land | 20,784 |
Gross Carrying Amount, Buildings | 59,146 |
Gross Carrying Amount, Total | 79,930 |
Accumulated Depreciation | $ 24,763 |
Greensboro | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 14 |
Net Rentable Square Feet | ft² | 845 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 13,413 |
Initial Cost, Building & Improvements | 35,326 |
Costs Subsequent to Acquisition | 15,088 |
Gross Carrying Amount, Land | 15,502 |
Gross Carrying Amount, Buildings | 48,325 |
Gross Carrying Amount, Total | 63,827 |
Accumulated Depreciation | $ 31,488 |
Charleston | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 14 |
Net Rentable Square Feet | ft² | 978 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 16,947 |
Initial Cost, Building & Improvements | 56,793 |
Costs Subsequent to Acquisition | 23,215 |
Gross Carrying Amount, Land | 17,923 |
Gross Carrying Amount, Buildings | 79,032 |
Gross Carrying Amount, Total | 96,955 |
Accumulated Depreciation | $ 33,383 |
Fort Myers/Naples | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 15 |
Net Rentable Square Feet | ft² | 1,148 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 32,185 |
Initial Cost, Building & Improvements | 95,517 |
Costs Subsequent to Acquisition | 8,105 |
Gross Carrying Amount, Land | 32,420 |
Gross Carrying Amount, Buildings | 103,387 |
Gross Carrying Amount, Total | 135,807 |
Accumulated Depreciation | $ 26,587 |
Chattanooga | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 13 |
Net Rentable Square Feet | ft² | 846 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 10,030 |
Initial Cost, Building & Improvements | 45,578 |
Costs Subsequent to Acquisition | 8,613 |
Gross Carrying Amount, Land | 9,832 |
Gross Carrying Amount, Buildings | 54,389 |
Gross Carrying Amount, Total | 64,221 |
Accumulated Depreciation | $ 19,596 |
Savannah | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 12 |
Net Rentable Square Feet | ft² | 700 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 33,094 |
Initial Cost, Building & Improvements | 42,465 |
Costs Subsequent to Acquisition | 5,698 |
Gross Carrying Amount, Land | 31,766 |
Gross Carrying Amount, Buildings | 49,491 |
Gross Carrying Amount, Total | 81,257 |
Accumulated Depreciation | $ 23,012 |
Greensville/Spartanburg/Asheville | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 14 |
Net Rentable Square Feet | ft² | 842 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 10,815 |
Initial Cost, Building & Improvements | 50,364 |
Costs Subsequent to Acquisition | 11,111 |
Gross Carrying Amount, Land | 11,744 |
Gross Carrying Amount, Buildings | 60,546 |
Gross Carrying Amount, Total | 72,290 |
Accumulated Depreciation | $ 25,378 |
Honolulu | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 11 |
Net Rentable Square Feet | ft² | 807 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 54,184 |
Initial Cost, Building & Improvements | 106,299 |
Costs Subsequent to Acquisition | 21,266 |
Gross Carrying Amount, Land | 55,101 |
Gross Carrying Amount, Buildings | 126,648 |
Gross Carrying Amount, Total | 181,749 |
Accumulated Depreciation | $ 78,924 |
Hartford/New Haven | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 11 |
Net Rentable Square Feet | ft² | 693 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 6,778 |
Initial Cost, Building & Improvements | 19,959 |
Costs Subsequent to Acquisition | 22,898 |
Gross Carrying Amount, Land | 8,443 |
Gross Carrying Amount, Buildings | 41,192 |
Gross Carrying Amount, Total | 49,635 |
Accumulated Depreciation | $ 35,980 |
New Orleans | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 11 |
Net Rentable Square Feet | ft² | 772 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 13,372 |
Initial Cost, Building & Improvements | 59,382 |
Costs Subsequent to Acquisition | 9,197 |
Gross Carrying Amount, Land | 13,540 |
Gross Carrying Amount, Buildings | 68,411 |
Gross Carrying Amount, Total | 81,951 |
Accumulated Depreciation | $ 31,527 |
Salt Lake City | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 12 |
Net Rentable Square Feet | ft² | 758 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 18,606 |
Initial Cost, Building & Improvements | 37,739 |
Costs Subsequent to Acquisition | 6,242 |
Gross Carrying Amount, Land | 18,255 |
Gross Carrying Amount, Buildings | 44,332 |
Gross Carrying Amount, Total | 62,587 |
Accumulated Depreciation | $ 17,354 |
Memphis | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 11 |
Net Rentable Square Feet | ft² | 645 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 19,581 |
Initial Cost, Building & Improvements | 29,852 |
Costs Subsequent to Acquisition | 11,269 |
Gross Carrying Amount, Land | 20,934 |
Gross Carrying Amount, Buildings | 39,768 |
Gross Carrying Amount, Total | 60,702 |
Accumulated Depreciation | $ 25,156 |
Mobile | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 15 |
Net Rentable Square Feet | ft² | 759 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 18,688 |
Initial Cost, Building & Improvements | 45,137 |
Costs Subsequent to Acquisition | 6,859 |
Gross Carrying Amount, Land | 18,515 |
Gross Carrying Amount, Buildings | 52,169 |
Gross Carrying Amount, Total | 70,684 |
Accumulated Depreciation | $ 17,238 |
Omaha | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 11 |
Net Rentable Square Feet | ft² | 940 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 17,965 |
Initial Cost, Building & Improvements | 69,085 |
Costs Subsequent to Acquisition | 4,785 |
Gross Carrying Amount, Land | 17,965 |
Gross Carrying Amount, Buildings | 73,870 |
Gross Carrying Amount, Total | 91,835 |
Accumulated Depreciation | $ 10,254 |
Buffalo/Rochester | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 9 |
Net Rentable Square Feet | ft² | 462 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 6,785 |
Initial Cost, Building & Improvements | 17,954 |
Costs Subsequent to Acquisition | 4,328 |
Gross Carrying Amount, Land | 6,783 |
Gross Carrying Amount, Buildings | 22,284 |
Gross Carrying Amount, Total | 29,067 |
Accumulated Depreciation | $ 16,267 |
Cleveland/Akron | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 10 |
Net Rentable Square Feet | ft² | 631 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 5,916 |
Initial Cost, Building & Improvements | 30,775 |
Costs Subsequent to Acquisition | 6,213 |
Gross Carrying Amount, Land | 6,309 |
Gross Carrying Amount, Buildings | 36,595 |
Gross Carrying Amount, Total | 42,904 |
Accumulated Depreciation | $ 14,890 |
Augusta | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 9 |
Net Rentable Square Feet | ft² | 503 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 9,397 |
Initial Cost, Building & Improvements | 24,669 |
Costs Subsequent to Acquisition | 4,817 |
Gross Carrying Amount, Land | 9,397 |
Gross Carrying Amount, Buildings | 29,486 |
Gross Carrying Amount, Total | 38,883 |
Accumulated Depreciation | $ 9,188 |
Reno | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 7 |
Net Rentable Square Feet | ft² | 559 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 5,487 |
Initial Cost, Building & Improvements | 18,704 |
Costs Subsequent to Acquisition | 5,353 |
Gross Carrying Amount, Land | 5,487 |
Gross Carrying Amount, Buildings | 24,057 |
Gross Carrying Amount, Total | 29,544 |
Accumulated Depreciation | $ 14,450 |
Tucson | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 7 |
Net Rentable Square Feet | ft² | 439 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 9,403 |
Initial Cost, Building & Improvements | 25,491 |
Costs Subsequent to Acquisition | 8,779 |
Gross Carrying Amount, Land | 9,884 |
Gross Carrying Amount, Buildings | 33,789 |
Gross Carrying Amount, Total | 43,673 |
Accumulated Depreciation | $ 23,192 |
Wichita | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 7 |
Net Rentable Square Feet | ft² | 433 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 2,017 |
Initial Cost, Building & Improvements | 6,691 |
Costs Subsequent to Acquisition | 7,767 |
Gross Carrying Amount, Land | 2,130 |
Gross Carrying Amount, Buildings | 14,345 |
Gross Carrying Amount, Total | 16,475 |
Accumulated Depreciation | $ 12,642 |
Monterey/Salinas | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 7 |
Net Rentable Square Feet | ft² | 329 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 8,465 |
Initial Cost, Building & Improvements | 24,151 |
Costs Subsequent to Acquisition | 7,729 |
Gross Carrying Amount, Land | 8,455 |
Gross Carrying Amount, Buildings | 31,890 |
Gross Carrying Amount, Total | 40,345 |
Accumulated Depreciation | $ 24,998 |
Boise | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 6 |
Net Rentable Square Feet | ft² | 545 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 13,412 |
Initial Cost, Building & Improvements | 55,496 |
Costs Subsequent to Acquisition | 1,211 |
Gross Carrying Amount, Land | 13,412 |
Gross Carrying Amount, Buildings | 56,707 |
Gross Carrying Amount, Total | 70,119 |
Accumulated Depreciation | $ 3,802 |
Evansville | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 5 |
Net Rentable Square Feet | ft² | 326 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 2,340 |
Initial Cost, Building & Improvements | 14,316 |
Costs Subsequent to Acquisition | 1,567 |
Gross Carrying Amount, Land | 2,312 |
Gross Carrying Amount, Buildings | 15,911 |
Gross Carrying Amount, Total | 18,223 |
Accumulated Depreciation | $ 5,593 |
Dayton | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 5 |
Net Rentable Square Feet | ft² | 284 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 1,074 |
Initial Cost, Building & Improvements | 8,975 |
Costs Subsequent to Acquisition | 4,981 |
Gross Carrying Amount, Land | 1,073 |
Gross Carrying Amount, Buildings | 13,957 |
Gross Carrying Amount, Total | 15,030 |
Accumulated Depreciation | $ 8,290 |
Huntsville/Decatur | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 5 |
Net Rentable Square Feet | ft² | 298 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 9,161 |
Initial Cost, Building & Improvements | 13,481 |
Costs Subsequent to Acquisition | 3,561 |
Gross Carrying Amount, Land | 9,108 |
Gross Carrying Amount, Buildings | 17,095 |
Gross Carrying Amount, Total | 26,203 |
Accumulated Depreciation | $ 7,163 |
Fort Wayne | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 4 |
Net Rentable Square Feet | ft² | 271 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 3,487 |
Initial Cost, Building & Improvements | 11,003 |
Costs Subsequent to Acquisition | 3,610 |
Gross Carrying Amount, Land | 3,487 |
Gross Carrying Amount, Buildings | 14,613 |
Gross Carrying Amount, Total | 18,100 |
Accumulated Depreciation | $ 6,611 |
Roanoke | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 4 |
Net Rentable Square Feet | ft² | 223 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 5,093 |
Initial Cost, Building & Improvements | 18,091 |
Costs Subsequent to Acquisition | 1,080 |
Gross Carrying Amount, Land | 5,093 |
Gross Carrying Amount, Buildings | 19,171 |
Gross Carrying Amount, Total | 24,264 |
Accumulated Depreciation | $ 4,645 |
Palm Springs | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 3 |
Net Rentable Square Feet | ft² | 242 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 8,309 |
Initial Cost, Building & Improvements | 18,065 |
Costs Subsequent to Acquisition | 2,979 |
Gross Carrying Amount, Land | 8,309 |
Gross Carrying Amount, Buildings | 21,044 |
Gross Carrying Amount, Total | 29,353 |
Accumulated Depreciation | $ 13,108 |
Providence | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 3 |
Net Rentable Square Feet | ft² | 155 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 995 |
Initial Cost, Building & Improvements | 11,206 |
Costs Subsequent to Acquisition | 3,191 |
Gross Carrying Amount, Land | 995 |
Gross Carrying Amount, Buildings | 14,397 |
Gross Carrying Amount, Total | 15,392 |
Accumulated Depreciation | $ 7,928 |
Shreveport | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 2 |
Net Rentable Square Feet | ft² | 150 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 817 |
Initial Cost, Building & Improvements | 3,030 |
Costs Subsequent to Acquisition | 3,056 |
Gross Carrying Amount, Land | 741 |
Gross Carrying Amount, Buildings | 6,162 |
Gross Carrying Amount, Total | 6,903 |
Accumulated Depreciation | $ 5,088 |
Springfield/Holyoke | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 2 |
Net Rentable Square Feet | ft² | 144 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 1,428 |
Initial Cost, Building & Improvements | 3,380 |
Costs Subsequent to Acquisition | 1,999 |
Gross Carrying Amount, Land | 1,427 |
Gross Carrying Amount, Buildings | 5,380 |
Gross Carrying Amount, Total | 6,807 |
Accumulated Depreciation | $ 5,243 |
Rochester | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 2 |
Net Rentable Square Feet | ft² | 99 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 1,047 |
Initial Cost, Building & Improvements | 2,246 |
Costs Subsequent to Acquisition | 2,483 |
Gross Carrying Amount, Land | 980 |
Gross Carrying Amount, Buildings | 4,796 |
Gross Carrying Amount, Total | 5,776 |
Accumulated Depreciation | $ 4,354 |
Santa Barbara | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 2 |
Net Rentable Square Feet | ft² | 98 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 5,733 |
Initial Cost, Building & Improvements | 9,106 |
Costs Subsequent to Acquisition | 1,133 |
Gross Carrying Amount, Land | 5,733 |
Gross Carrying Amount, Buildings | 10,239 |
Gross Carrying Amount, Total | 15,972 |
Accumulated Depreciation | $ 6,674 |
Topeka | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 2 |
Net Rentable Square Feet | ft² | 94 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 225 |
Initial Cost, Building & Improvements | 1,419 |
Costs Subsequent to Acquisition | 2,136 |
Gross Carrying Amount, Land | 225 |
Gross Carrying Amount, Buildings | 3,555 |
Gross Carrying Amount, Total | 3,780 |
Accumulated Depreciation | $ 3,279 |
Lansing | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 2 |
Net Rentable Square Feet | ft² | 88 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 556 |
Initial Cost, Building & Improvements | 2,882 |
Costs Subsequent to Acquisition | 996 |
Gross Carrying Amount, Land | 556 |
Gross Carrying Amount, Buildings | 3,878 |
Gross Carrying Amount, Total | 4,434 |
Accumulated Depreciation | $ 2,791 |
Flint | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 1 |
Net Rentable Square Feet | ft² | 56 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 543 |
Initial Cost, Building & Improvements | 3,068 |
Costs Subsequent to Acquisition | 275 |
Gross Carrying Amount, Land | 542 |
Gross Carrying Amount, Buildings | 3,344 |
Gross Carrying Amount, Total | 3,886 |
Accumulated Depreciation | $ 2,252 |
Joplin | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 1 |
Net Rentable Square Feet | ft² | 56 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 264 |
Initial Cost, Building & Improvements | 904 |
Costs Subsequent to Acquisition | 1,046 |
Gross Carrying Amount, Land | 264 |
Gross Carrying Amount, Buildings | 1,950 |
Gross Carrying Amount, Total | 2,214 |
Accumulated Depreciation | $ 1,708 |
Syracuse | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 1 |
Net Rentable Square Feet | ft² | 55 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 545 |
Initial Cost, Building & Improvements | 1,279 |
Costs Subsequent to Acquisition | 906 |
Gross Carrying Amount, Land | 545 |
Gross Carrying Amount, Buildings | 2,185 |
Gross Carrying Amount, Total | 2,730 |
Accumulated Depreciation | $ 2,097 |
Modesto/Fresno/Stockton | Self-storage facilities | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
No. of Facilities | storage_facility | 1 |
Net Rentable Square Feet | ft² | 33 |
2022 Encum- brances | $ 0 |
Initial Cost, Land | 44 |
Initial Cost, Building & Improvements | 206 |
Costs Subsequent to Acquisition | 1,344 |
Gross Carrying Amount, Land | 193 |
Gross Carrying Amount, Buildings | 1,401 |
Gross Carrying Amount, Total | 1,594 |
Accumulated Depreciation | $ 1,060 |
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 |