Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 26, 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 174,978,140 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001393311 | |
Common Shares [Member] | ||
Title of 12(b) Security | Common Shares, $0.10 par value | |
Trading Symbol | PSA | |
Security Exchange Name | NYSE | |
Series C Preferred Stock [Member] | ||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 5.125% Cum Pref Share, Series C, $0.01 par value | |
Trading Symbol | PSAPrC | |
Security Exchange Name | NYSE | |
Series D Preferred Stock [Member] | ||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.950% Cum Pref Share, Series D, $0.01 par value | |
Trading Symbol | PSAPrD | |
Security Exchange Name | NYSE | |
Series E Preferred Stock [Member] | ||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.900% Cum Pref Share, Series E, $0.01 par value | |
Trading Symbol | PSAPrE | |
Security Exchange Name | NYSE | |
Series F Preferred Stock [Member] | ||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value | |
Trading Symbol | PSAPrF | |
Security Exchange Name | NYSE | |
Series G Preferred Stock [Member] | ||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value | |
Trading Symbol | PSAPrG | |
Security Exchange Name | NYSE | |
Series H Preferred Stock [Member] | ||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value | |
Trading Symbol | PSAPrH | |
Security Exchange Name | NYSE | |
Series I Preferred Stock [Member] | ||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value | |
Trading Symbol | PSAPrI | |
Security Exchange Name | NYSE | |
Series J Preferred Stock [Member] | ||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value | |
Trading Symbol | PSAPrJ | |
Security Exchange Name | NYSE | |
Series K Preferred Stock [Member] | ||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value | |
Trading Symbol | PSAPrK | |
Security Exchange Name | NYSE | |
Series L Preferred Stock [Member] | ||
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 [Member] | ||
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 [Member] | ||
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 [Member] | ||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value | |
Trading Symbol | PSAPrO | |
Security Exchange Name | NYSE | |
Notes Due 2032 [Member] | ||
Title of 12(b) Security | 0.875% Senior Notes due 2032 | |
Trading Symbol | PSA32 | |
Security Exchange Name | NYSE |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and equivalents | $ 159,622 | $ 257,560 |
Real estate facilities, at cost: | ||
Land | 4,432,749 | 4,375,588 |
Buildings | 13,211,931 | 12,997,039 |
Real estate facilities, gross | 17,644,680 | 17,372,627 |
Accumulated depreciation | (7,286,332) | (7,152,135) |
Real estate facilities, net | 10,358,348 | 10,220,492 |
Construction in process | 201,316 | 188,079 |
Total real estate facilities | 10,559,664 | 10,408,571 |
Investments in unconsolidated real estate entities | 771,075 | 773,046 |
Goodwill and other intangible assets, net | 205,061 | 204,654 |
Other assets | 286,313 | 172,715 |
Total assets | 11,981,735 | 11,816,546 |
LIABILITIES AND EQUITY | ||
Notes payable | 2,996,111 | 2,544,992 |
Preferred shares called for redemption (Note 8) | 300,000 | |
Accrued and other liabilities | 368,309 | 394,655 |
Total liabilities | 3,364,420 | 3,239,647 |
Commitments and contingencies (Note 12) | ||
Public Storage shareholders' equity: | ||
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 151,700 shares issued (in series) and outstanding, at liquidation preference | 3,792,500 | 3,792,500 |
Common Shares, $0.10 par value, 650,000,000 shares authorized, 174,651,004 shares issued and outstanding (174,581,742 shares at December 31, 2020) | 17,465 | 17,458 |
Paid-in capital | 5,715,254 | 5,707,101 |
Accumulated deficit | (877,931) | (914,791) |
Accumulated other comprehensive loss | (49,341) | (43,401) |
Total Public Storage shareholders’ equity | 8,597,947 | 8,558,867 |
Noncontrolling interests | 19,368 | 18,032 |
Total equity | 8,617,315 | 8,576,899 |
Total liabilities and equity | $ 11,981,735 | $ 11,816,546 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Balance Sheets [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 151,700 | 151,700 |
Preferred stock, shares outstanding | 151,700 | 151,700 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 650,000,000 | 650,000,000 |
Common stock, shares issued | 174,651,004 | 174,581,742 |
Common stock, shares outstanding | 174,651,004 | 174,581,742 |
Statements Of Income
Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues: | ||
Revenues | $ 767,262 | $ 719,044 |
Expenses: | ||
Self-storage cost of operations | 212,105 | 211,096 |
Ancillary cost of operations | 16,318 | 13,572 |
Depreciation and amortization | 146,859 | 135,900 |
General and administrative | 19,574 | 17,868 |
Interest expense | 15,250 | 13,621 |
Operating expenses | 410,106 | 392,057 |
Other increases to net income: | ||
Interest and other income | 2,852 | 6,119 |
Equity in earnings of unconsolidated real estate entities | 19,456 | 23,968 |
Foreign currency exchange gain | 45,385 | 8,945 |
Gain on sale of real estate | 9,413 | 1,117 |
Net income | 434,262 | 367,136 |
Allocation to noncontrolling interests | (1,226) | (980) |
Net income allocable to Public Storage shareholders | 433,036 | 366,156 |
Allocation of net income to: | ||
Preferred shareholders | (46,080) | (52,005) |
Restricted share units | (1,146) | (1,017) |
Net income allocable to common shareholders | $ 385,810 | $ 313,134 |
Net income per common share: | ||
Basic | $ 2.21 | $ 1.80 |
Diluted | $ 2.21 | $ 1.79 |
Basic weighted average common shares outstanding | 174,611 | 174,446 |
Diluted weighted average common shares outstanding | 174,840 | 174,616 |
Self-Storage Operations [Member] | ||
Revenues: | ||
Revenues | $ 716,347 | $ 674,201 |
Ancillary Operations [Member] | ||
Revenues: | ||
Revenues | $ 50,915 | $ 44,843 |
Statements Of Comprehensive Inc
Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statements Of Comprehensive Income [Abstract] | ||
Net income | $ 434,262 | $ 367,136 |
Foreign currency exchange loss on investment in Shurgard | (5,940) | (13,115) |
Total comprehensive income | 428,322 | 354,021 |
Allocation to noncontrolling interests | (1,226) | (980) |
Comprehensive income allocable to Public Storage shareholders | $ 427,096 | $ 353,041 |
Statement Of Equity
Statement Of Equity - USD ($) $ in Thousands | Cumulative Preferred Shares [Member] | Common Shares [Member] | Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Total Public Storage Shareholders' Equity [Member] | Noncontrolling Interests [Member] | Total |
Balances at Dec. 31, 2019 | $ 4,065,000 | $ 17,442 | $ 5,710,934 | $ (665,575) | $ (64,890) | $ 9,062,911 | $ 16,756 | $ 9,079,667 |
Issuance of common shares in connection with share-based compensation (Note 10) | 6 | 1,757 | 1,763 | 1,763 | ||||
Cash paid in lieu of common shares, net of share-based compensation expense (Note 10) | (2,830) | (2,830) | (2,830) | |||||
Contributions by noncontrolling interests | 566 | 566 | ||||||
Net income | 367,136 | 367,136 | 367,136 | |||||
Net income allocated to noncontrolling interests | (980) | (980) | 980 | (980) | ||||
Distributions to: | ||||||||
Preferred shareholders (Note 8) | (52,005) | (52,005) | (52,005) | |||||
Noncontrolling interests | (1,172) | (1,172) | ||||||
Common shareholders and restricted share unitholders | (349,802) | (349,802) | (349,802) | |||||
Other comprehensive loss (Note 2) | (13,115) | (13,115) | (13,115) | |||||
Balances at Mar. 31, 2020 | 4,065,000 | 17,448 | 5,709,861 | (701,226) | (78,005) | 9,013,078 | 17,130 | 9,030,208 |
Balances at Dec. 31, 2020 | 3,792,500 | 17,458 | 5,707,101 | (914,791) | (43,401) | 8,558,867 | 18,032 | 8,576,899 |
Issuance of common shares in connection with share-based compensation (Note 10) | 7 | 4,696 | 4,703 | 4,703 | ||||
Share-based compensation expense, net of cash paid in lieu of common shares (Note 10) | 3,489 | 3,489 | 3,489 | |||||
Acquisition of noncontrolling interests | (32) | (32) | (1) | (33) | ||||
Contributions by noncontrolling interests | 1,380 | 1,380 | ||||||
Net income | 434,262 | 434,262 | 434,262 | |||||
Net income allocated to noncontrolling interests | (1,226) | (1,226) | 1,226 | (1,226) | ||||
Distributions to: | ||||||||
Preferred shareholders (Note 8) | (46,080) | (46,080) | (46,080) | |||||
Noncontrolling interests | (1,269) | (1,269) | ||||||
Common shareholders and restricted share unitholders | (350,096) | (350,096) | (350,096) | |||||
Other comprehensive loss (Note 2) | (5,940) | (5,940) | (5,940) | |||||
Balances at Mar. 31, 2021 | $ 3,792,500 | $ 17,465 | $ 5,715,254 | $ (877,931) | $ (49,341) | $ 8,597,947 | $ 19,368 | $ 8,617,315 |
Statement Of Equity (Parentheti
Statement Of Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Equity [Abstract] | ||
Issuance of common shares in connection with share-based compensation, shares | 69,262 | 56,407 |
Common shareholders and restricted share unitholders, per share distribution | $ 2 | $ 2 |
Statements Of Cash Flows
Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 434,262 | $ 367,136 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Gain on real estate investment sales | (9,413) | (1,117) |
Depreciation and amortization | 146,859 | 135,900 |
Equity in earnings of unconsolidated real estate entities | (19,456) | (23,968) |
Distributions from cumulative equity in earnings of unconsolidated real estate entities | 15,487 | 15,443 |
Foreign currency exchange gain | (45,385) | (8,945) |
Share-based compensation expense | 14,407 | 5,677 |
Other | (27,599) | (27,176) |
Total adjustments | 74,900 | 95,814 |
Net cash flows from operating activities | 509,162 | 462,950 |
Cash flows from investing activities: | ||
Capital expenditures to maintain real estate facilities | (36,551) | (57,504) |
Development and expansion of real estate facilities | (61,213) | (47,616) |
Acquisition of real estate facilities and intangible assets | (203,108) | (186,183) |
Real estate deposits and costs for pending acquisitions | (114,415) | |
Proceeds from sale of real estate investments | 11,562 | 1,399 |
Net cash flows used in investing activities | (403,725) | (289,904) |
Cash flows from financing activities: | ||
Repayments on notes payable | (527) | (497) |
Issuance of notes payable, net of issuance costs | 496,235 | 545,151 |
Issuance of common shares | 4,703 | 1,763 |
Redemption of preferred shares | (300,000) | |
Cash paid upon vesting of restricted share units | (7,284) | (8,507) |
Acquisition of noncontrolling interests | (33) | |
Contributions by noncontrolling interests | 1,380 | 566 |
Distributions paid to preferred shareholders, common shareholders and restricted share unitholders | (396,176) | (401,807) |
Distributions paid to noncontrolling interests | (1,269) | (1,172) |
Net cash flows (used in) provided by financing activities | (202,971) | 135,497 |
Net cash flows (used in) from operating, investing, and financing activities | (97,534) | 308,543 |
Net effect of foreign exchange impact on cash and equivalents, including restricted cash | 178 | 31 |
(Decrease) increase in cash and equivalents, including restricted cash | (97,356) | 308,574 |
Cash and equivalents, including restricted cash at beginning of the period: | ||
Cash and equivalents | 257,560 | 409,743 |
Restricted cash included in other assets | 25,040 | 23,811 |
Cash, equivalents, and restricted cash | 282,600 | 433,554 |
Cash and equivalents, including restricted cash at end of the period: | ||
Cash and equivalents | 159,622 | 718,427 |
Restricted cash included in other assets | 25,622 | 23,701 |
Cash, equivalents, and restricted cash | 185,244 | 742,128 |
Costs incurred during the period remaining unpaid at period end for: | ||
Capital expenditures to maintain real estate facilities | (9,018) | (14,018) |
Construction or expansion of real estate facilities | (21,886) | (20,605) |
Accrued and other liabilities | $ 30,904 | $ 34,623 |
Description Of The Business
Description Of The Business | 3 Months Ended |
Mar. 31, 2021 | |
Description Of The Business [Abstract] | |
Description Of The Business | 1. Description of the Business Public Storage (referred to herein as “the Company,” “we,” “us,” or “our”), a Maryland real estate investment trust (“REIT”), was organized in 1980. Our principal business activities include the ownership and operation of self-storage facilities which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities such as tenant reinsurance to the tenants at our self-storage facilities, merchandise sales and third party management, as well as the acquisition and development of additional self-storage space. At March 31, 2021, we have direct and indirect equity interests in 2,563 self-storage facilities (with approximately 176.2 million net rentable square feet) located in 38 states in the United States (“U.S.”) operating under the “Public Storage” name, and 0.9 million net rentable square feet of commercial and retail space. We own 31.3 million common shares (an approximate 35 % interest) of Shurgard Self Storage SA (“Shurgard”) a public company traded on Euronext Brussels under the “SHUR” symbol, which owns 243 self-storage facilities (with approximately 13 million net rentable square feet) located in seven Western European countries, all operating under the “Shurgard” name. We also own an approximate 42 % common equity interest in PS Business Parks, Inc. (“PSB”), a REIT traded on the New York Stock Exchange under the “PSB” symbol, which owns 27.8 million net rentable square feet of commercial properties, primarily multi-tenant industrial, flex, and office space, located in six states. Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 12) are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.). |
Basis Of Presentation And Summa
Basis Of Presentation And Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Presentation And Summary Of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation We have prepared the accompanying interim financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board (“FASB”), and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim financial statements presented herein reflect all adjustments, primarily of a normal recurring nature, that are necessary to fairly present the interim financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim financial statements should be read together with the audited financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Certain amounts previously reported in our March 31, 2020 financial statements have been reclassified to conform to the March 31, 2021 presentation, including revenues and cost operations from our third party management activities of $ 3.0 million and $ 2.6 million, respectively, for the three months ended March 31, 2020, previously reported within interest and other income. This reclassification had no impact on our balance sheet, statements of comprehensive income, statements of equity, or cash flows as of and for the three months ended March 31, 2020. Additionally, we corrected our prior period financial statement presentation of share-based compensation expense between general and administrative expense and self-storage cost of operations. As a result, we revised our statements of income for the three months ended March 31, 2020 with an increase in self-storage cost of operations of $ 3.2 million, and a corresponding decrease to general and administrative expenses. This immaterial correction had no impact on our total expenses or net income. The correction also had no impact on our balance sheet, statements of comprehensive income, statements of equity, or cash flows as of and for the three months ended March 31, 2020. 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. We consolidate VIEs when we have (i) the power to direct the activities most significantly impacting economic performance, and (ii) either the obligation to absorb losses or the right to receive benefits from the VIE. We have no involvement with any material VIEs. We consolidate all other entities when we control them through voting shares or contractual rights. The entities we consolidate, for the period in which the reference applies, are referred to collectively as the “Subsidiaries,” and we eliminate intercompany transactions and balances. We account for our investments in entities that we do not consolidate but have significant influence over using the equity method of accounting. These entities, for the periods in which the reference applies, are referred to collectively as the “Unconsolidated Real Estate Entities,” eliminating intra-entity profits and losses and amortizing any differences between the cost of our investment and the underlying equity in net assets against equity in earnings as if the Unconsolidated Real Estate Entity were a consolidated subsidiary. Equity in earnings of unconsolidated real estate entities 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 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.” When we begin consolidating an entity, we reflect our preexisting equity interest at book value. All changes in consolidation status are reflected prospectively. Collectively, at March 31, 2021, the Company and the Subsidiaries own 2,563 self-storage facilities and four commercial facilities in the U.S. At March 31, 2021, the Unconsolidated Real Estate Entities are comprised of PSB and Shurgard. Use of Estimates The financial statements and accompanying notes reflect our estimates and assumptions. Actual results could differ from those estimates and assumptions. Income Taxes We have elected to be treated as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the “Code”). 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 ancillary cost of operations. We also incur income and other taxes in certain states, which are included in general and administrative expense. We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of March 31, 2021, we had no tax benefits that were not recognized. Real Estate Facilities Real estate facilities are recorded at cost. We capitalize all costs incurred to acquire, develop, construct, renovate and improve facilities, including interest and property taxes incurred during the construction period. The costs of demolition of existing facilities associated with a renovation are expensed 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. Costs associated with dispositions of real estate, as well as repairs and maintenance costs, are expensed as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years. When we sell a full or partial interest in a real estate facility without retaining a controlling interest following sale, we recognize a gain or loss on sale as if 100 % of the property was sold at fair value. If we retain a controlling interest following the sale, we record a noncontrolling interest for the book value of the partial interest sold, and recognize additional paid-in capital for the difference between the consideration received and the partial interest at book value. Other Assets Other assets primarily consist of rents receivable from our tenants (net of an allowance for uncollectible amounts), prepaid expenses, deposits on pending facilities (which as of March 31, 2021 included $ 100 million for the ezStorage portfolio, see Note 13), restricted cash and right-to-use assets. Accrued and Other Liabilities Accrued and other liabilities consist primarily of rents prepaid by our tenants, trade payables, property tax accruals, accrued payroll, accrued tenant reinsurance losses, lease liabilities, and contingent loss accruals when probable and estimable. We believe the fair value of our accrued and other liabilities approximates book value, due primarily to the short period until repayment. We disclose the nature of significant unaccrued losses that are reasonably possible of occurring and, if estimable, a range of exposure. Cash Equivalents, Restricted Cash, Marketable Securities and Other Financial Instruments Cash equivalents represent highly liquid financial instruments such as money market funds with daily liquidity or short-term commercial paper or treasury securities maturing within three months of acquisition. Cash and equivalents which are restricted from general corporate use are included in other assets. We believe that the book value of all such financial instruments for all periods presented approximates fair value, due to the short period to maturity. Fair Value As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Because our estimates of fair value involve considerable judgment, including determination of the factors that market participants would consider in negotiating exchange values, such estimates may be limited in their ability to reflect what would actually be realized in an actual market exchange. We estimate the fair value of our cash and equivalents, marketable securities, other assets, debt, and other liabilities by discounting the related future cash flows at a rate based upon quoted interest rates for securities that have similar characteristics such as credit quality and time to maturity. Such quoted interest rates are referred to generally as “Level 2” inputs. We use significant judgment to estimate fair values of investments in real estate, goodwill, and other intangible assets. In estimating their values, we consider significant unobservable inputs such as market prices of land, market capitalization rates, expected returns, earnings multiples, projected levels of earnings, costs of construction, and functional depreciation. These inputs are referred to generally as “Level 3” inputs. Currency and Credit Risk Financial instruments that are exposed to credit risk consist primarily of cash and equivalents, certain portions of other assets including rents receivable from our tenants (net of an allowance for uncollectible receivables based upon expected losses in the portfolio) and restricted cash. Cash equivalents we invest in are either money market funds with a rating of at least AAA by Standard & Poor’s, commercial paper that is rated A1 by Standard & Poor’s or deposits with highly rated commercial banks. At March 31, 2021, due primarily to our investment in Shurgard (Note 4) and our notes payable denominated in Euros (Note 6), our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar. Goodwill and Other Intangible Assets Intangible assets are comprised of goodwill, the “Shurgard” trade name, and finite-lived assets. Goodwill totaled $ 165.8 million at March 31, 2021 ($ 174.6 million at December 31, 2020). The “Shurgard” trade name, which is used by Shurgard pursuant to a fee-based licensing agreement, has a book value of $ 18.8 million at March 31, 2021 and December 31, 2020. Goodwill and the “Shurgard” trade name have indefinite lives and are not amortized. Our finite-lived assets are comprised 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 amortized relative to the reduction in property tax paid, with such amortization reflected as self-storage cost of operations on our income statement. At March 31, 2021, these intangibles had a net book value of $ 20.5 million ($ 11.3 million at December 31, 2020). Accumulated amortization totaled $ 25.7 million at March 31, 2021 ($ 27.3 million at December 31, 2020). A total of $ 6.1 million and $ 4.7 million in amortization expense was recorded in the three months ended March 31, 2021 and 2020, respectively. The estimated future amortization expense for our finite-lived intangible assets at March 31, 2021 is approximately $ 10.5 million in the remainder of 2021, $ 4.1 million in 2022 and $ 5.9 million thereafter. During the three months ended March 31, 2021, intangibles increased $ 6.5 million in connection with the acquisition of self-storage facilities (Note 3). Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate other indefinite-lived intangible assets, such as the “Shurgard” trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for any period presented herein. Revenue and Expense Recognition Revenues from self-storage facilities, which are primarily composed of rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. Ancillary revenues and interest and other income are recognized when earned. We accrue for property tax expense based upon actual amounts billed and, in some circumstances, estimates when bills or assessments have not been received from the taxing authorities. If these estimates are incorrect, the timing and amount of expense recognition could be incorrect. Cost of operations (including advertising expenditures), general and administrative expense, and interest expense are expensed as incurred. Foreign Currency Exchange Translation The local currency (primarily the Euro) is the functional currency for our interests in foreign operations. The related balance sheet amounts are translated into U.S. Dollars at the exchange rates at the respective financial statement date, while amounts on our statements of income are translated at the average exchange rates during the respective period. When financial instruments denominated in a currency other than the U.S. Dollar are expected to be settled in cash in the foreseeable future, the impact of changes in the U.S. Dollar equivalent are reflected in current earnings. The Euro was translated at exchange rates of approximately 1.173 U.S. Dollars per Euro at March 31, 2021 ( 1.226 at December 31, 2020), and average exchange rates of 1.205 and 1.103 for the three months ended March 31, 2021 and 2020, respectively. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in equity as a component of accumulated other comprehensive income (loss). Comprehensive Income Total comprehensive income represents net income, adjusted for changes in other comprehensive income (loss) for the applicable period, which are comprised primarily of foreign currency exchange gains and losses on our investment in Shurgard. Net Income per Common Share Net income is allocated to (i) noncontrolling interests based upon their share of the net income of the Subsidiaries and (ii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (an “EITF D-42 allocation”), with the remaining net income allocated to each of our equity securities based upon the dividends declared or accumulated during the period, combined with participation rights in undistributed earnings. Basic and diluted net income per common share are each calculated based upon net income allocable to common shareholders presented on the face of our income statement, divided by (i) in the case of basic net income per common share, weighted average common shares, and (ii) in the case of diluted income per share, weighted average common shares adjusted for the impact, if dilutive, of stock options outstanding (Note 10). The following table reconciles from basic to diluted common shares outstanding (amounts in thousands): Three Months Ended March 31, 2021 2020 Weighted average common shares and equivalents outstanding: Basic weighted average common shares outstanding 174,611 174,446 Net effect of dilutive stock options - based on treasury stock method 229 170 Diluted weighted average common shares outstanding 174,840 174,616 |
Real Estate Facilities
Real Estate Facilities | 3 Months Ended |
Mar. 31, 2021 | |
Real Estate Facilities [Abstract] | |
Real Estate Facilities | 3. Real Estate Facilities Activity in real estate facilities during the three months ended March 31, 2021 is as follows: Three Months Ended March 31, 2021 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 17,372,627 Capital expenditures to maintain real estate facilities 35,793 Acquisitions 196,626 Dispositions ( 5,760 ) Developed or expanded facilities opened for operation 45,394 Ending balance 17,644,680 Accumulated depreciation: Beginning balance ( 7,152,135 ) Depreciation expense ( 137,808 ) Dispositions 3,611 Ending balance ( 7,286,332 ) Construction in process: Beginning balance 188,079 Costs incurred to develop and expand real estate facilities 58,631 Developed or expanded facilities opened for operation ( 45,394 ) Ending balance 201,316 Total real estate facilities at March 31, 2021 $ 10,559,664 During the three months ended March 31, 2021, we acquired 15 self-storage facilities ( 1,087,000 net rentable square feet of storage space), for a total cost of $ 203.1 million in cash. Approximately $ 6.5 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $ 45.4 million during the three months ended March 31, 2021, adding 0.2 million net rentable square feet of self-storage space. Construction in process at March 31, 2021 consists of projects to develop new self-storage facilities and expand existing self-storage facilities. During the three months ended March 31, 2021, our accrual for unpaid construction costs decreased $ 2.6 million (a $ 2.5 million decrease for the same period in 2020). During the three months ended March 31, 2021, our accrual for capital expenditures to maintain real estate facilities decreased $ 0.8 million (a $ 0.6 million decrease for the same period in 2020). During the three months ended March 31, 2021, we sold a real estate facility in connection with an eminent domain proceeding for $ 11.6 million in cash proceeds and recorded a related gain on sale of real estate of approximately $ 9.4 million. |
Investments In Unconsolidated R
Investments In Unconsolidated Real Estate Entities | 3 Months Ended |
Mar. 31, 2021 | |
Investments In Unconsolidated Real Estate Entities [Abstract] | |
Investments In Unconsolidated Real Estate Entities | 4. Investments in Unconsolidated Real Estate Entities The following table sets forth our investments in, and equity in earnings of, the Unconsolidated Real Estate Entities (amounts in thousands): Investments in Unconsolidated Real Estate Entities at March 31, 2021 December 31, 2020 PSB $ 431,252 $ 431,963 Shurgard 339,823 341,083 Total $ 771,075 $ 773,046 Equity in Earnings of Unconsolidated Real Estate Entities for the Three Months Ended March 31, 2021 2020 PSB $ 14,476 $ 21,737 Shurgard 4,980 2,231 Total $ 19,456 $ 23,968 Investment in PSB Throughout all periods presented, we owned 7,158,354 shares of PSB’s common stock and 7,305,355 limited partnership units in an operating partnership controlled by PSB, representing an approximate 42 % common equity interest. The limited partnership units are convertible at our option, subject to certain conditions, on a one -for-one basis into PSB common stock. Based upon the closing price at March 31, 2021 ($ 154.58 ) per share of PSB common stock, the shares and units we owned had a market value of approximately $ 2.2 billion. Our equity in earnings of PSB is comprised of our equity share of PSB’s net income, less amortization of the PSB Basis Differential (defined below). During each of the three month periods ended March 31, 2021 and 2020, we received cash distributions from PSB totaling $ 15.2 million. At March 31, 2021, our pro-rata investment in PSB’s real estate assets included in investment in unconsolidated real estate entities exceeds our pro-rata share of the underlying amounts on PSB’s balance sheet by approximately $ 3.2 million ($ 3.4 million at December 31, 2020). This differential (the “PSB Basis Differential”) is being amortized as a reduction to equity in earnings of the Unconsolidated Real Estate Entities. Such amortization totaled approximately $ 0.2 million during each of the three month periods ended March 31, 2021 and 2020. PSB is a publicly held entity traded on the New York Stock Exchange under the symbol “PSB”. Investment in Shurgard Throughout all periods presented, we effectively owned, directly and indirectly 31,268,459 Shurgard common shares, representing an approximate 35 % equity interest in Shurgard. Based upon the closing price at March 31, 2021 ( € 38.85 per share of Shurgard common stock, at 1.173 exchange rate of US Dollars to the Euro), the shares we owned had a market value of approximately $ 1.4 billion. Our equity in earnings of Shurgard is comprised of our equity share of Shurgard’s net income, plus $ 0.3 million for each of the three month periods ended March 31, 2021 and 2020, representing our equity share of the trademark license fees that Shurgard pays to us for the use of the “Shurgard” trademark. We classify the remaining license fees we receive from Shurgard as interest and other income on our income statement. The dividends we receive from Shurgard, combined with our equity share of trademark license fees collected from Shurgard, are reflected on our statements of cash flows as “distributions from 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.” Shurgard did no t pay any dividends to its shareholders during either of the three month periods ended March 31, 2021 or 2020 . Changes in foreign currency exchange rates decreased our investment in Shurgard by approximately $ 5.9 million and $ 13.1 million in the three months ended March 31, 2021 and 2020, respectively. Shurgard is a publicly held entity trading on Euronext Brussels under the symbol “SHUR”. |
Credit Facility
Credit Facility | 3 Months Ended |
Mar. 31, 2021 | |
Credit Facility [Abstract] | |
Credit Facility | 5. Credit Facility We have a revolving credit agreement (the “Credit Facility”) with a $ 500 million borrowing limit, which 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 0.7 % at March 31, 2021). We are also required to pay a quarterly facility fee ranging from 0.07 % per annum to 0.25 % per annum depending upon the ratio of our Total Indebtedness to our Gross Asset Value ( 0.07 % per annum at March 31, 2021). At March 31, 2021 and April 28, 2021, we had no outstanding borrowings under this Credit Facility. We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $ 24.3 million at March 31, 2021 and December 31, 2020. The Credit Facility has various customary restrictive covenants, all of which we were in compliance with at March 31, 2021 . |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2021 | |
Notes Payable [Abstract] | |
Notes Payable | 6. 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 March 31, 2021 and December 31, 2020 are set forth in the tables below: Amounts at March 31, 2021 Coupon Effective Unamortized Book Fair Rate Rate Principal Costs Value Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 2.370 % 2.483 % $ 500,000 $ ( 759 ) $ 499,241 $ 513,985 Notes due February 15, 2026 0.875 % 1.030 % 500,000 ( 3,617 ) 496,383 486,291 Notes due September 15, 2027 3.094 % 3.218 % 500,000 ( 3,416 ) 496,584 542,441 Notes due May 1, 2029 3.385 % 3.459 % 500,000 ( 2,489 ) 497,511 546,753 2,000,000 ( 10,281 ) 1,989,719 2,089,470 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540 % 1.540 % 117,277 - 117,277 123,425 Notes due November 3, 2025 2.175 % 2.175 % 283,827 - 283,827 310,117 Notes due January 24, 2032 0.875 % 0.978 % 586,386 ( 5,796 ) 580,590 588,263 987,490 ( 5,796 ) 981,694 1,021,805 Mortgage Debt , secured by 27 real estate facilities with a net book value of $ 101.2 million 3.944 % 3.933 % 24,698 - 24,698 26,092 $ 3,012,188 $ ( 16,077 ) $ 2,996,111 $ 3,137,367 Amounts at December 31, 2020 Book Fair Value Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 $ 499,109 $ 517,419 Notes due September 15, 2027 496,452 560,833 Notes due May 1, 2029 497,433 574,833 1,492,994 1,653,085 Euro Denominated Unsecured Debt Notes due April 12, 2024 122,646 129,192 Notes due November 3, 2025 296,821 323,552 Notes due January 24, 2032 607,301 634,389 1,026,768 1,087,133 Mortgage Debt 25,230 26,958 $ 2,544,992 $ 2,767,176 U.S. Dollar Denominated Unsecured Notes On January 19, 2021 , we completed a public offering of $ 500 million aggregate principal amount of senior notes bearing interest at an annual rate of 0.875 % and maturing on February 15, 2026 . Interest on the senior notes is payable semi-annually, commencing August 15, 2021. In connection with the offering, we incurred a total of $ 3.8 million in costs. The notes issued on January 19, 2021, along with notes previously issued in 2017 and 2019 are referred to hereinafter as the “U.S. Dollar Denominated Notes.” The U.S. Dollar Denominated Notes have various financial covenants, all of which we were in compliance with at March 31, 2021. Included in these covenants are (a) a maximum Debt to Total Assets of 65 % (approximately 8 % at March 31, 2021) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5 x (approximately 38 x for the twelve months ended March 31, 2021) as well as covenants limiting the amount we can encumber our properties with mortgage debt. Euro Denominated Unsecured Notes Our Euro denominated unsecured notes (the “Euro Notes”) consist of three tranches: (i) € 242.0 million issued to institutional investors on November 3, 2015 for $ 264.3 million in net proceeds upon converting the Euros to U.S. Dollars, (ii) € 100.0 million issued to institutional investors on April 12, 2016 for $ 113.6 million in net proceeds upon converting the Euros to U.S. Dollars, and (iii) € 500.0 million issued in a public offering on January 24, 2020 for $ 545.2 million in net proceeds upon converting the Euros to U.S. Dollars. 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 . The Euro Notes have financial covenants similar to those of the U.S. Dollar Notes. We reflect changes in the U.S. Dollar equivalent of the amount payable, as a result of changes in foreign exchange rates as “foreign currency exchange gain” on our income statement (gains $ 45.4 million and $ 8.9 million for the three months ended March 31, 2021 and 2020, respectively). Mortgage Notes Our non-recourse mortgage debt was assumed in connection with property acquisitions, and recorded at fair value with any premium or discount to the stated note balance amortized using the effective interest method. At March 31, 2021, the related contractual interest rates are fixed, ranging between 3.2 % and 7.1 %, and mature between January 1, 20 22 and July 1, 20 30 . At March 31, 2021, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Mortgage Debt Debt Total Remainder of 2021 $ - $ 1,321 $ 1,321 2022 500,000 2,574 502,574 2023 - 19,219 19,219 2024 117,277 124 117,401 2025 283,827 131 283,958 Thereafter 2,086,386 1,329 2,087,715 $ 2,987,490 $ 24,698 $ 3,012,188 Weighted average effective rate 2.2 % 3.9 % 2.2 % Cash paid for interest totaled $ 19.4 million and $ 14.1 million for the three months ended March 31, 2021 and 2020, respectively. Interest capitalized as real estate totaled $ 0.9 million for each of the three month periods ended March 31, 2021 and 2020. |
Noncontrolling Interests
Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2021 | |
Noncontrolling Interests [Abstract] | |
Noncontrolling Interests | 7. Noncontrolling Interests At March 31, 2021, the noncontrolling interests represent (i) third-party equity interests in subsidiaries owning 21 operating self-storage facilities and seven self-storage facilities that are under construction and (ii) 231,978 partnership units held by third-parties in a subsidiary that are convertible on a one -for-one basis (subject to certain limitations) into common shares of the Company at the option of the unitholder (collectively, the “Noncontrolling Interests”). At March 31, 2021, the Noncontrolling Interests cannot require us to redeem their interests, other than pursuant to a liquidation of the subsidiary. During the three months ended March 31, 2021 and 2020, we allocated a total of $ 1.2 million and $ 1.0 million, respectively, of income to these interests; and we paid $ 1.3 million and $ 1.2 million, respectively, in distributions to these interests. During the three months ended March 31, 2021 and 2020, Noncontrolling Interests contributed $ 1.4 million and $ 0.6 million, respectively, to our subsidiaries. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Shareholders’ Equity [Abstract] | |
Shareholders' Equity | 8. Shareholders’ Equity Preferred Shares At March 31, 2021 and December 31, 2020, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference (Dollar amounts in thousands) Series C 5/17/2021 5.125 % 8,000 $ 200,000 Series D 7/20/2021 4.950 % 13,000 325,000 Series E 10/14/2021 4.900 % 14,000 350,000 Series F 6/2/2022 5.150 % 11,200 280,000 Series G 8/9/2022 5.050 % 12,000 300,000 Series H 3/11/2024 5.600 % 11,400 285,000 Series I 9/12/2024 4.875 % 12,650 316,250 Series J 11/15/2024 4.700 % 10,350 258,750 Series K 12/20/2024 4.750 % 9,200 230,000 Series L 6/17/2025 4.625 % 22,600 565,000 Series M 8/14/2025 4.125 % 9,200 230,000 Series N 10/6/2025 3.875 % 11,300 282,500 Series O 11/17/2025 3.900 % 6,800 170,000 Total Preferred Shares 151,700 $ 3,792,500 The holders of our Preferred Shares have general preference rights with respect to liquidation, quarterly distributions and any accumulated unpaid distributions. Except as noted below, holders of the Preferred Shares do not have voting rights. In the event of a cumulative arrearage equal to six quarterly dividends, holders of all outstanding series of preferred shares (voting as a single class without regard to series) will have the right to elect two additional members to serve on our board of trustees (our “Board”) until the arrearage has been cured. At March 31, 2021, there were no dividends in arrears. The affirmative vote of at least 66.67 % of the outstanding shares of a series of Preferred Shares is required for any material and adverse amendment to the terms of such series. The affirmative vote of at least 66.67 % of the outstanding shares of all of our Preferred Shares, voting as a single class, is required to issue shares ranking senior to our Preferred Shares. Except under certain conditions relating to the Company’s qualification as a REIT, the Preferred Shares are not redeemable prior to the dates indicated on the table above. On or after the respective dates, each of the series of Preferred Shares is redeemable at our option, in whole or in part, at $ 25.00 per depositary share, plus accrued and unpaid dividends. Holders of the Preferred Shares cannot require us to redeem such shares. Upon issuance of our Preferred Shares, we classify the liquidation value as preferred equity on our balance sheet with any issuance costs recorded as a reduction to Paid-in capital. On January 20, 2021, we redeemed our 5.400 % Series B Preferred Shares, at par. We recorded a $ 9.9 million allocation of income from our common shareholders to the holders of our Preferred Shares in the year ended December 31, 2020 in connection with this redemption. Dividends Common share dividends, including amounts paid to our restricted share unitholders, totaled $ 350.1 million ($ 2.00 per share) and $ 349.8 million ($ 2.00 per share) for the three months ended March 31, 2021 and 2020, respectively. Preferred share dividends totaled $ 46.1 million and $ 52.0 million for the three months ended March 31, 2021 and 2020, respectively. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 9. Related Party Transactions At March 31, 2021, Tamara Hughes Gustavson, a current member of the Board and her adult children owned and controlled 64 self-storage facilities in Canada. Ms. Gustavson’s direct ownership in these properties is less than 1.0 %. These facilities operate under the “Public Storage” tradename, which we license to the owners of these facilities for use in Canada on a royalty-free, non-exclusive basis. We have no ownership interest in these facilities and we do not own or operate any facilities in Canada. If we chose to acquire or develop our own facilities in Canada, we would have to share the use of the “Public Storage” name in Canada. We have a right of first refusal, subject to limitations, to acquire the stock or assets of the corporation engaged in the operation of these facilities if their owners agree to sell them. Our subsidiaries reinsure risks relating to loss of goods stored by customers in these facilities, and have received approximately $ 469,000 and $ 349,000 for the three months ended March 31, 2021 and 2020, respectively. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | 10. Share-Based Compensation Under various share-based compensation plans and under terms established or modified by our Board or a committee thereof, we grant non-qualified options to purchase the Company’s common shares, as well as restricted share units (“RSUs”), to trustees, officers, and key employees. Stock options and RSUs are considered “granted” and “outstanding” as the terms are used herein, when (i) the Company and the recipient reach a mutual understanding of the key terms of the award, (ii) the award has been authorized, and (iii) the recipient is affected by changes in the market price of our stock. We amortize the grant-date fair value of awards, including grants to nonemployee service providers, 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 performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method). Share-based compensation expense associated with stock options and RSUs was recorded in the following cost and expense categories in the Statement of Income: Three Months Ended March 31, 2021 2020 (Amounts in thousands) Self-storage cost of operations $ 7,201 $ 3,727 Ancillary cost of operations 500 - General and administrative 7,642 2,880 Total $ 15,343 $ 6,607 During the three months ended March 31, 2021, the Company depleted the available shares under the current plan resulting in $ 4.8 million of award expense classified as a liability as of March 31, 2021. In July 2020, our share-based compensation plans were modified 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. As a result, the Company recorded $ 3.8 million in accelerated compensation expense during the three months ended March 31, 2021. No such compensation expense was recorded during the three months ended March 31, 2020. The Codification previously stipulated that grants to nonemployee service providers (other than to trustees, where equity method treatment was permitted) were accounted for on the liability method, with expenses adjusted each period based upon changes in fair value. Recent changes in the Codification allows such grants to be accounted for on the equity award method, with compensation expense based upon grant date fair value. While we have no such grants to any such individuals for any periods presented, we will account for any future grants to nonemployee service providers based upon the equity award method. In amortizing share-based compensation expense, we do not estimate future forfeitures in advance. Instead, we reverse previously amortized share-based compensation expense with respect to grants that are forfeited in the period the employee terminates employment. See also “net income per common share” in Note 2 for further discussion regarding the impact of RSUs and stock options on our net income per common share and income allocated to common shareholders. Stock Options Stock options vest over 3 to 5 years, expire 10 years after the grant date, and the exercise price is equal to the closing trading price of our common shares on the grant date. Employees cannot require the Company to settle their award in cash. We use the Black-Scholes option valuation model to estimate the fair value of our stock options. Outstanding stock option grants are included on a one-for-one basis in our diluted weighted average shares, to the extent dilutive, after applying the treasury stock method (based upon the average common share price during the period) to assumed exercise proceeds and measured but unrecognized compensation. For the three months ended March 31, 2021 and 2020, we recorded share-based compensation expense for outstanding stock options of $ 4.4 million and $ 0.9 million, respectively. The amount for the three months ended March 31, 2021 includes $ 0.8 million in connection with the Retirement Acceleration and $ 1.9 million of the amount classified as liability awards as of March 31, 2021 as discussed above. During the three months ended March 31, 2021, 500,000 stock options were awarded, 26,167 options were exercised and 10,000 options were forfeited. A total of 3,425,000 stock options were outstanding at March 31, 2021, ( 2,961,167 at December 31, 2020) and have an average exercise price of $ 213.20 . During the three months ended March 31, 2021, we incurred share-based compensation expense of $ 0.3 million in connection with the initial 15,000 stock option awards issued to each of the five members that joined our Board in January 2021. During the three months ended March 31, 2021, 245,000 stock options were awarded where vesting is dependent upon meeting certain performance targets with respect to 2021, 2022, and 2023. As of March 31, 2021, these targets are expected to be met at 100 % achievement. These options are included in the awards during the three months ended March 31, 2021 and in options outstanding at March 31, 2021, and $ 0.3 million in related compensation expense was recorded during the three months ended March 31, 2021. For the three months ended March 31, 2020, we recorded $ 0.9 million in compensation expense related to stock options. During the three months ended March 31, 2020, 770,000 stock options were awarded where vesting is dependent upon meeting certain performance targets with respect to 2020, 2021, and 2022. As of March 31, 2021, these targets are expected to be met at 125 % achievement, an increase from 100 % as of December 31, 2020, and $ 1.9 million in related compensation expense was recorded during the three months ended March, 31, 2021. The change in the expected target achievement from 100 % at December 31, 2020 to 125 % at March 31, 2021 resulted in an additional award of 180,000 stock options. These options are included in the awards during the three months ended March 31, 2021 and in options outstanding at March 31, 2021. Restricted Share Units RSUs generally vest over 5 to 8 years from the grant date. The grantee receives dividends for each outstanding RSU equal to the per-share dividends received by our common shareholders. We expense any dividends previously paid upon forfeiture of the related RSU. Upon vesting, the grantee receives common shares equal to the number of vested RSUs, less common shares withheld in exchange for tax deposits made by the Company to satisfy the grantee’s statutory tax liabilities arising from the vesting. The fair value of our RSUs is determined based upon the applicable closing trading price of our common shares. During the three months ended March 31, 2021, 34,200 RSUs were granted, 7,590 RSUs were forfeited and 62,486 RSUs vested. This vesting resulted in the issuance of 43,095 common shares. In addition, tax deposits totaling $ 7.3 million ($ 8.5 million for the same period in 2020) were made on behalf of employees in exchange for 19,391 common shares withheld upon vesting. A total of 516,912 RSUs were outstanding at March 31, 2021 ( 552,788 at December 31, 2020). During the three months ended March 31, 2021, 37,000 RSUs were awarded where vesting is dependent upon meeting certain performance targets for 2021. As of March 31, 2021, these targets are expected to be met at 100 % achievement. A total of $ 12.2 million and $ 5.7 million in RSU expense was recorded for the three months ended March 31, 2021 and 2020, respectively, which includes approximately $ 1.2 million and $ 1.1 million, respectively, in employer taxes incurred upon vesting. The amount for the three months ended March 31, 2021 includes $ 3.0 million in connection with the Retirement Acceleration and $ 2.9 million of the amount to be classified as liability awards as of March 31, 2021 as discussed above. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Information [Abstract] | |
Segment Information | 11. Segment Information Our reportable segments reflect the significant components of our operations where discrete financial information is evaluated separately by our chief operating decision maker (“CODM”). We organize our segments based primarily upon the nature of the underlying products and services, as well as the drivers of profitability growth. The net income for each reportable segment included in the table below are in conformity with GAAP and our significant accounting policies as denoted in Note 2. The amounts not attributable to reportable segments are aggregated under “other items not allocated to segments.” Following is a description of and basis for presentation for each of our reportable segments. Self-Storage Operations The Self-Storage Operations segment reflects the rental operations from all self-storage facilities we own. Our CODM reviews the net operating income (“NOI”) of this segment, which represents the related revenues less cost of operations (prior to depreciation expense), in assessing performance and making resource allocation decisions. The presentation in the tables below sets forth the NOI of this segment, as well as the depreciation expense for this segment, which while reviewed by our CODM and included in net income, is not considered by the CODM in assessing performance and decision making. For all periods presented, substantially all of our real estate facilities, goodwill and other intangible assets, other assets, and accrued and other liabilities are associated with the Self-Storage Operations segment. Ancillary Operations The Ancillary Operations segment reflects the operations of our tenant reinsurance, merchandise sales and third party management activities. Investment in PSB This segment represents our approximate 42 % equity interest in PSB, a publicly-traded REIT that owns, operates, acquires and develops commercial properties, primarily multi-tenant flex, office, and industrial space. PSB has a separate management team and board of directors that makes its financing, capital allocation, and other significant decisions. In making resource allocation decisions with respect to our investment in PSB, the CODM reviews PSB’s net income, which is detailed in PSB’s periodic filings with the SEC. The segment presentation in the tables below includes our equity earnings from PSB. Investment in Shurgard This segment represents our approximate 35 % equity interest in Shurgard, a publicly held company which owns and operates self-storage facilities located in seven countries in Western Europe. Shurgard has a separate management team and board of trustees that makes its financing, capital allocation, and other significant decisions. In making resource allocation decisions with respect to our investment in Shurgard, the CODM reviews Shurgard’s net income. The segment presentation below includes our equity earnings from Shurgard. Presentation of Segment Information The following table reconciles NOI (as applicable) and net income of each segment to our consolidated net income (amounts in thousands): Three Months Ended March 31, 2021 2020 (amounts in thousands) Self-Storage Segment Revenue $ 716,347 $ 674,201 Cost of operations ( 212,105 ) ( 211,096 ) Net operating income 504,242 463,105 Depreciation and amortization ( 146,859 ) ( 135,900 ) Net income 357,383 327,205 Ancillary Segment Revenue 50,915 44,843 Cost of operations ( 16,318 ) ( 13,572 ) Net operating income 34,597 31,271 Investment in PSB Segment (a) - Equity in earnings of unconsolidated entities 14,476 21,737 Investment in Shurgard Segment (a) - Equity in earnings of unconsolidated entities 4,980 2,231 Total net income allocated to segments 411,436 382,444 Other items not allocated to segments: General and administrative ( 19,574 ) ( 17,868 ) Interest and other income 2,852 6,119 Interest expense ( 15,250 ) ( 13,621 ) Foreign currency exchange gain 45,385 8,945 Gain on sale of real estate 9,413 1,117 Net income $ 434,262 $ 367,136 (a) See Note 4 for a reconciliation of these amounts to our total Equity in Earnings of Unconsolidated Real Estate Entities on our income statements. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 12. Commitments and Contingencies Contingent Losses We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote. Insurance and Loss Exposure We carry property, earthquake, general liability, employee medical insurance and workers compensation coverage through internationally recognized insurance carriers, subject to deductibles. Our deductible for general liability is $ 2.0 million per occurrence. Our annual deductible for property loss is $ 25.0 million per occurrence. This deductible decreases to $ 5.0 million once we reach $ 35.0 million in aggregate losses for occurrences that exceed $ 5.0 million. Insurance carriers’ aggregate limits on these policies of $ 75.0 million for property losses and $ 102.0 million for general liability losses are higher than estimates of maximum probable losses that could occur from individual catastrophic events determined in recent engineering and actuarial studies; however, in case of multiple catastrophic events, these limits could be exceeded. We reinsure a program that provides insurance to our customers from an independent third-party insurer. This program covers customer claims for losses to goods stored at our facilities as a result of specific named perils (earthquakes are not covered by this program), up to a maximum limit of $ 5,000 per storage unit. We reinsure all risks in this program, but purchase insurance to cover this exposure for a limit of $ 15.0 million for losses in excess of $ 5.0 million per occurrence. We are subject to licensing requirements and regulations in several states. Customers participate in the program at their option. At March 31, 2021, there were approximately 1,022,000 certificates held by our self-storage customers, representing aggregate coverage of approximately $ 4.2 billion. Construction Commitments We have construction commitments representing future expected payments for construction under contract totaling $ 111.0 million at March 31, 2021. We expect to pay approximately $ 90.2 million in the remainder of 2021 and $ 20.8 million in 2022 for these construction commitments. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events Subsequent to March 31, 2021, we acquired or were under contract to acquire 87 self-storage facilities across 18 states with 7.6 million net rentable square feet, for $ 2.3 billion, including the 48 properties ( 4.2 million net rentable square feet) currently owned and operated by ezStorage Corp. that we are under contract to purchase for an acquisition price of $ 1.8 billion. The acquisition, which is subject to the satisfaction of customary closing conditions, is currently expected to close in late April 2021. 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”) + 0.47 % (reset quarterly), 1.85 % and 2.30 %, respectively, and maturing on April 23, 2024 , May 1, 2028 and May 1, 2031 , respectively. |
Basis Of Presentation And Sum_2
Basis Of Presentation And Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2021 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation We have prepared the accompanying interim financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board (“FASB”), and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim financial statements presented herein reflect all adjustments, primarily of a normal recurring nature, that are necessary to fairly present the interim financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim financial statements should be read together with the audited financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Certain amounts previously reported in our March 31, 2020 financial statements have been reclassified to conform to the March 31, 2021 presentation, including revenues and cost operations from our third party management activities of $ 3.0 million and $ 2.6 million, respectively, for the three months ended March 31, 2020, previously reported within interest and other income. This reclassification had no impact on our balance sheet, statements of comprehensive income, statements of equity, or cash flows as of and for the three months ended March 31, 2020. Additionally, we corrected our prior period financial statement presentation of share-based compensation expense between general and administrative expense and self-storage cost of operations. As a result, we revised our statements of income for the three months ended March 31, 2020 with an increase in self-storage cost of operations of $ 3.2 million, and a corresponding decrease to general and administrative expenses. This immaterial correction had no impact on our total expenses or net income. The correction also had no impact on our balance sheet, statements of comprehensive income, statements of equity, or cash flows as of and for the three months ended March 31, 2020. |
Consolidation and Equity Method of Accounting | Consolidation and Equity Method of Accounting We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or the equity holders as a group do not have a controlling financial interest. We consolidate VIEs when we have (i) the power to direct the activities most significantly impacting economic performance, and (ii) either the obligation to absorb losses or the right to receive benefits from the VIE. We have no involvement with any material VIEs. We consolidate all other entities when we control them through voting shares or contractual rights. The entities we consolidate, for the period in which the reference applies, are referred to collectively as the “Subsidiaries,” and we eliminate intercompany transactions and balances. We account for our investments in entities that we do not consolidate but have significant influence over using the equity method of accounting. These entities, for the periods in which the reference applies, are referred to collectively as the “Unconsolidated Real Estate Entities,” eliminating intra-entity profits and losses and amortizing any differences between the cost of our investment and the underlying equity in net assets against equity in earnings as if the Unconsolidated Real Estate Entity were a consolidated subsidiary. Equity in earnings of unconsolidated real estate entities 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 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.” When we begin consolidating an entity, we reflect our preexisting equity interest at book value. All changes in consolidation status are reflected prospectively. Collectively, at March 31, 2021, the Company and the Subsidiaries own 2,563 self-storage facilities and four commercial facilities in the U.S. At March 31, 2021, the Unconsolidated Real Estate Entities are comprised of PSB and Shurgard. |
Use of Estimates | Use of Estimates The financial statements and accompanying notes reflect our estimates and assumptions. Actual results could differ from those estimates and assumptions. |
Income Taxes | Income Taxes We have elected to be treated as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the “Code”). 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 ancillary cost of operations. We also incur income and other taxes in certain states, which are included in general and administrative expense. We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of March 31, 2021, we had no tax benefits that were not recognized. |
Real Estate Facilities | Real Estate Facilities Real estate facilities are recorded at cost. We capitalize all costs incurred to acquire, develop, construct, renovate and improve facilities, including interest and property taxes incurred during the construction period. The costs of demolition of existing facilities associated with a renovation are expensed 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. Costs associated with dispositions of real estate, as well as repairs and maintenance costs, are expensed as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years. When we sell a full or partial interest in a real estate facility without retaining a controlling interest following sale, we recognize a gain or loss on sale as if 100 % of the property was sold at fair value. If we retain a controlling interest following the sale, we record a noncontrolling interest for the book value of the partial interest sold, and recognize additional paid-in capital for the difference between the consideration received and the partial interest at book value. |
Other Assets | Other Assets Other assets primarily consist of rents receivable from our tenants (net of an allowance for uncollectible amounts), prepaid expenses, deposits on pending facilities (which as of March 31, 2021 included $ 100 million for the ezStorage portfolio, see Note 13), restricted cash and right-to-use assets. |
Accrued and Other Liabilities | Accrued and Other Liabilities Accrued and other liabilities consist primarily of rents prepaid by our tenants, trade payables, property tax accruals, accrued payroll, accrued tenant reinsurance losses, lease liabilities, and contingent loss accruals when probable and estimable. We believe the fair value of our accrued and other liabilities approximates book value, due primarily to the short period until repayment. We disclose the nature of significant unaccrued losses that are reasonably possible of occurring and, if estimable, a range of exposure. |
Cash Equivalents, Restricted Cash, Marketable Securities and Other Financial Instruments | Cash Equivalents, Restricted Cash, Marketable Securities and Other Financial Instruments Cash equivalents represent highly liquid financial instruments such as money market funds with daily liquidity or short-term commercial paper or treasury securities maturing within three months of acquisition. Cash and equivalents which are restricted from general corporate use are included in other assets. We believe that the book value of all such financial instruments for all periods presented approximates fair value, due to the short period to maturity. |
Fair Value | Fair Value As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Because our estimates of fair value involve considerable judgment, including determination of the factors that market participants would consider in negotiating exchange values, such estimates may be limited in their ability to reflect what would actually be realized in an actual market exchange. We estimate the fair value of our cash and equivalents, marketable securities, other assets, debt, and other liabilities by discounting the related future cash flows at a rate based upon quoted interest rates for securities that have similar characteristics such as credit quality and time to maturity. Such quoted interest rates are referred to generally as “Level 2” inputs. We use significant judgment to estimate fair values of investments in real estate, goodwill, and other intangible assets. In estimating their values, we consider significant unobservable inputs such as market prices of land, market capitalization rates, expected returns, earnings multiples, projected levels of earnings, costs of construction, and functional depreciation. These inputs are referred to generally as “Level 3” inputs. |
Currency and Credit Risk | Currency and Credit Risk Financial instruments that are exposed to credit risk consist primarily of cash and equivalents, certain portions of other assets including rents receivable from our tenants (net of an allowance for uncollectible receivables based upon expected losses in the portfolio) and restricted cash. Cash equivalents we invest in are either money market funds with a rating of at least AAA by Standard & Poor’s, commercial paper that is rated A1 by Standard & Poor’s or deposits with highly rated commercial banks. At March 31, 2021, due primarily to our investment in Shurgard (Note 4) and our notes payable denominated in Euros (Note 6), our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Intangible assets are comprised of goodwill, the “Shurgard” trade name, and finite-lived assets. Goodwill totaled $ 165.8 million at March 31, 2021 ($ 174.6 million at December 31, 2020). The “Shurgard” trade name, which is used by Shurgard pursuant to a fee-based licensing agreement, has a book value of $ 18.8 million at March 31, 2021 and December 31, 2020. Goodwill and the “Shurgard” trade name have indefinite lives and are not amortized. Our finite-lived assets are comprised 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 amortized relative to the reduction in property tax paid, with such amortization reflected as self-storage cost of operations on our income statement. At March 31, 2021, these intangibles had a net book value of $ 20.5 million ($ 11.3 million at December 31, 2020). Accumulated amortization totaled $ 25.7 million at March 31, 2021 ($ 27.3 million at December 31, 2020). A total of $ 6.1 million and $ 4.7 million in amortization expense was recorded in the three months ended March 31, 2021 and 2020, respectively. The estimated future amortization expense for our finite-lived intangible assets at March 31, 2021 is approximately $ 10.5 million in the remainder of 2021, $ 4.1 million in 2022 and $ 5.9 million thereafter. During the three months ended March 31, 2021, intangibles increased $ 6.5 million in connection with the acquisition of self-storage facilities (Note 3). |
Evaluation of Asset Impairment | Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate other indefinite-lived intangible assets, such as the “Shurgard” trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for any period presented herein. |
Revenue and Expense Recognition | Revenue and Expense Recognition Revenues from self-storage facilities, which are primarily composed of rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. Ancillary revenues and interest and other income are recognized when earned. We accrue for property tax expense based upon actual amounts billed and, in some circumstances, estimates when bills or assessments have not been received from the taxing authorities. If these estimates are incorrect, the timing and amount of expense recognition could be incorrect. Cost of operations (including advertising expenditures), general and administrative expense, and interest expense are expensed as incurred. |
Foreign Currency Exchange Translation | Foreign Currency Exchange Translation The local currency (primarily the Euro) is the functional currency for our interests in foreign operations. The related balance sheet amounts are translated into U.S. Dollars at the exchange rates at the respective financial statement date, while amounts on our statements of income are translated at the average exchange rates during the respective period. When financial instruments denominated in a currency other than the U.S. Dollar are expected to be settled in cash in the foreseeable future, the impact of changes in the U.S. Dollar equivalent are reflected in current earnings. The Euro was translated at exchange rates of approximately 1.173 U.S. Dollars per Euro at March 31, 2021 ( 1.226 at December 31, 2020), and average exchange rates of 1.205 and 1.103 for the three months ended March 31, 2021 and 2020, respectively. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in equity as a component of accumulated other comprehensive income (loss). |
Comprehensive Income | Comprehensive Income Total comprehensive income represents net income, adjusted for changes in other comprehensive income (loss) for the applicable period, which are comprised primarily of foreign currency exchange gains and losses on our investment in Shurgard. |
Net Income Per Common Share | Net Income per Common Share Net income is allocated to (i) noncontrolling interests based upon their share of the net income of the Subsidiaries and (ii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (an “EITF D-42 allocation”), with the remaining net income allocated to each of our equity securities based upon the dividends declared or accumulated during the period, combined with participation rights in undistributed earnings. Basic and diluted net income per common share are each calculated based upon net income allocable to common shareholders presented on the face of our income statement, divided by (i) in the case of basic net income per common share, weighted average common shares, and (ii) in the case of diluted income per share, weighted average common shares adjusted for the impact, if dilutive, of stock options outstanding (Note 10). The following table reconciles from basic to diluted common shares outstanding (amounts in thousands): Three Months Ended March 31, 2021 2020 Weighted average common shares and equivalents outstanding: Basic weighted average common shares outstanding 174,611 174,446 Net effect of dilutive stock options - based on treasury stock method 229 170 Diluted weighted average common shares outstanding 174,840 174,616 |
Basis Of Presentation And Sum_3
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Net Income Per Common Share | Three Months Ended March 31, 2021 2020 Weighted average common shares and equivalents outstanding: Basic weighted average common shares outstanding 174,611 174,446 Net effect of dilutive stock options - based on treasury stock method 229 170 Diluted weighted average common shares outstanding 174,840 174,616 |
Real Estate Facilities (Tables)
Real Estate Facilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Real Estate Facilities [Abstract] | |
Schedule Of Real Estate Activities | Three Months Ended March 31, 2021 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 17,372,627 Capital expenditures to maintain real estate facilities 35,793 Acquisitions 196,626 Dispositions ( 5,760 ) Developed or expanded facilities opened for operation 45,394 Ending balance 17,644,680 Accumulated depreciation: Beginning balance ( 7,152,135 ) Depreciation expense ( 137,808 ) Dispositions 3,611 Ending balance ( 7,286,332 ) Construction in process: Beginning balance 188,079 Costs incurred to develop and expand real estate facilities 58,631 Developed or expanded facilities opened for operation ( 45,394 ) Ending balance 201,316 Total real estate facilities at March 31, 2021 $ 10,559,664 |
Investments In Unconsolidated_2
Investments In Unconsolidated Real Estate Entities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments In Unconsolidated Real Estate Entities [Abstract] | |
Schedule Of Investments In Real Estate Entities And Equity In Earnings Of Real Estate Entities | Investments in Unconsolidated Real Estate Entities at March 31, 2021 December 31, 2020 PSB $ 431,252 $ 431,963 Shurgard 339,823 341,083 Total $ 771,075 $ 773,046 Equity in Earnings of Unconsolidated Real Estate Entities for the Three Months Ended March 31, 2021 2020 PSB $ 14,476 $ 21,737 Shurgard 4,980 2,231 Total $ 19,456 $ 23,968 |
Notes Payable (Tables)
Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Payable [Abstract] | |
Notes Payable | Amounts at March 31, 2021 Coupon Effective Unamortized Book Fair Rate Rate Principal Costs Value Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 2.370 % 2.483 % $ 500,000 $ ( 759 ) $ 499,241 $ 513,985 Notes due February 15, 2026 0.875 % 1.030 % 500,000 ( 3,617 ) 496,383 486,291 Notes due September 15, 2027 3.094 % 3.218 % 500,000 ( 3,416 ) 496,584 542,441 Notes due May 1, 2029 3.385 % 3.459 % 500,000 ( 2,489 ) 497,511 546,753 2,000,000 ( 10,281 ) 1,989,719 2,089,470 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540 % 1.540 % 117,277 - 117,277 123,425 Notes due November 3, 2025 2.175 % 2.175 % 283,827 - 283,827 310,117 Notes due January 24, 2032 0.875 % 0.978 % 586,386 ( 5,796 ) 580,590 588,263 987,490 ( 5,796 ) 981,694 1,021,805 Mortgage Debt , secured by 27 real estate facilities with a net book value of $ 101.2 million 3.944 % 3.933 % 24,698 - 24,698 26,092 $ 3,012,188 $ ( 16,077 ) $ 2,996,111 $ 3,137,367 Amounts at December 31, 2020 Book Fair Value Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 $ 499,109 $ 517,419 Notes due September 15, 2027 496,452 560,833 Notes due May 1, 2029 497,433 574,833 1,492,994 1,653,085 Euro Denominated Unsecured Debt Notes due April 12, 2024 122,646 129,192 Notes due November 3, 2025 296,821 323,552 Notes due January 24, 2032 607,301 634,389 1,026,768 1,087,133 Mortgage Debt 25,230 26,958 $ 2,544,992 $ 2,767,176 |
Maturities Of Notes Payable | Unsecured Mortgage Debt Debt Total Remainder of 2021 $ - $ 1,321 $ 1,321 2022 500,000 2,574 502,574 2023 - 19,219 19,219 2024 117,277 124 117,401 2025 283,827 131 283,958 Thereafter 2,086,386 1,329 2,087,715 $ 2,987,490 $ 24,698 $ 3,012,188 Weighted average effective rate 2.2 % 3.9 % 2.2 % |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Shareholders’ Equity [Abstract] | |
Preferred Shares Outstanding | Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference (Dollar amounts in thousands) Series C 5/17/2021 5.125 % 8,000 $ 200,000 Series D 7/20/2021 4.950 % 13,000 325,000 Series E 10/14/2021 4.900 % 14,000 350,000 Series F 6/2/2022 5.150 % 11,200 280,000 Series G 8/9/2022 5.050 % 12,000 300,000 Series H 3/11/2024 5.600 % 11,400 285,000 Series I 9/12/2024 4.875 % 12,650 316,250 Series J 11/15/2024 4.700 % 10,350 258,750 Series K 12/20/2024 4.750 % 9,200 230,000 Series L 6/17/2025 4.625 % 22,600 565,000 Series M 8/14/2025 4.125 % 9,200 230,000 Series N 10/6/2025 3.875 % 11,300 282,500 Series O 11/17/2025 3.900 % 6,800 170,000 Total Preferred Shares 151,700 $ 3,792,500 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation Expense | Three Months Ended March 31, 2021 2020 (Amounts in thousands) Self-storage cost of operations $ 7,201 $ 3,727 Ancillary cost of operations 500 - General and administrative 7,642 2,880 Total $ 15,343 $ 6,607 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Information [Abstract] | |
Summary Of Segment Information | Three Months Ended March 31, 2021 2020 (amounts in thousands) Self-Storage Segment Revenue $ 716,347 $ 674,201 Cost of operations ( 212,105 ) ( 211,096 ) Net operating income 504,242 463,105 Depreciation and amortization ( 146,859 ) ( 135,900 ) Net income 357,383 327,205 Ancillary Segment Revenue 50,915 44,843 Cost of operations ( 16,318 ) ( 13,572 ) Net operating income 34,597 31,271 Investment in PSB Segment (a) - Equity in earnings of unconsolidated entities 14,476 21,737 Investment in Shurgard Segment (a) - Equity in earnings of unconsolidated entities 4,980 2,231 Total net income allocated to segments 411,436 382,444 Other items not allocated to segments: General and administrative ( 19,574 ) ( 17,868 ) Interest and other income 2,852 6,119 Interest expense ( 15,250 ) ( 13,621 ) Foreign currency exchange gain 45,385 8,945 Gain on sale of real estate 9,413 1,117 Net income $ 434,262 $ 367,136 (a) See Note 4 for a reconciliation of these amounts to our total Equity in Earnings of Unconsolidated Real Estate Entities on our income statements. |
Description Of The Business (Na
Description Of The Business (Narrative) (Details) ft² in Millions | 3 Months Ended |
Mar. 31, 2021ft²itemstatecountryshares | |
Public Storage [Member] | |
Nature Of Business [Line Items] | |
PSA self-storage facilities | item | 2,563 |
Net rentable area (in square feet) | 176.2 |
Number of states with facilities | state | 38 |
Public Storage [Member] | Commercial and Retail Space [Member] | |
Nature Of Business [Line Items] | |
Net rentable area (in square feet) | 0.9 |
Shurgard [Member] | |
Nature Of Business [Line Items] | |
Net rentable area (in square feet) | 13 |
Shares owned | shares | 31,268,459 |
Ownership interest, percentage | 35.00% |
Number of facilities owned by Shurgard | item | 243 |
Number of countries in which entity operates | country | 7 |
PSB [Member] | |
Nature Of Business [Line Items] | |
Net rentable area (in square feet) | 27.8 |
Number of states with facilities | state | 6 |
Ownership interest, percentage | 42.00% |
Basis Of Presentation And Sum_4
Basis Of Presentation And Summary Of Significant Accounting Policies (Basis Of Presentation) (Narrative) (Details) - Reclassification Adjustment [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |
Increased self storage revenue and decrease interest and other income | $ 3 |
Increased self storage cost of operations and increased interest and other income | 2.6 |
Increased self storage cost of operations and decrease general and administrative expense | $ 3.2 |
Basis Of Presentation And Sum_5
Basis Of Presentation And Summary Of Significant Accounting Policies (Consolidation And Equity Method Of Accounting) (Narrative) (Details) - U.S. [Member] | Mar. 31, 2021item |
Summary Of Significant Accounting Policies [Line Items] | |
Number of self-storage facilities owned | 2,563 |
Commercial facilities in U.S. | 4 |
Basis Of Presentation And Sum_6
Basis Of Presentation And Summary Of Significant Accounting Policies (Income Taxes) (Narrative) (Details) | Mar. 31, 2021USD ($) |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Unrecognized tax benefits | $ 0 |
Basis Of Presentation And Sum_7
Basis Of Presentation And Summary Of Significant Accounting Policies (Real Estate Facilities) (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Percentage of interest in real estate sold at fair value | 100.00% |
Maximum [Member] | |
Estimated useful lives of buildings and improvements | 25 years |
Minimum [Member] | |
Estimated useful lives of buildings and improvements | 5 years |
Basis Of Presentation And Sum_8
Basis Of Presentation And Summary Of Significant Accounting Policies (Other Assets) (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Other Assets [Line Items] | |
Real estate deposits and costs for pending acquisitions | $ 114,415 |
Acquisition Of Self-Storage Facilities Other Investments [Member] | ezStorage [Member] | |
Other Assets [Line Items] | |
Real estate deposits and costs for pending acquisitions | $ 100,000 |
Basis Of Presentation And Sum_9
Basis Of Presentation And Summary Of Significant Accounting Policies (Goodwill And Other Intangible Assets) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |||
Goodwill balance | $ 165.8 | $ 174.6 | |
Shurgard trade name, book value | 18.8 | 18.8 | |
In-place and leasehold interests in land, net book value | 20.5 | 11.3 | |
In-place and leasehold interests in land, accumulated amortization | 25.7 | $ 27.3 | |
In-place and leasehold interests in land, amortization expense | 6.1 | $ 4.7 | |
Estimated future amortization expense, remainder of 2021 | 10.5 | ||
Estimated future amortization expense, 2022 | 4.1 | ||
Estimated future amortization expense, thereafter | 5.9 | ||
Increase in in-place and leasehold interests in land | $ 6.5 |
Basis Of Presentation And Su_10
Basis Of Presentation And Summary Of Significant Accounting Policies (Evaluation Of Asset Impairment) (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | ||
Impairments | $ 0 | $ 0 |
Basis Of Presentation And Su_11
Basis Of Presentation And Summary Of Significant Accounting Policies (Foreign Currency Exchange Translation) (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Trading Activity, Gains and Losses, Net [Line Items] | |||
Exchange rate translation | 1.173 | 1.226 | |
Weighted Average [Member] | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Exchange rate | 1.205 | 1.103 |
Basis Of Presentation And Su_12
Basis Of Presentation And Summary Of Significant Accounting Policies (Net Income Per Common Share) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | ||
Basic weighted average common shares outstanding | 174,611 | 174,446 |
Net effect of dilutive stock options - based on treasury stock method | 229 | 170 |
Diluted weighted average common shares outstanding | 174,840 | 174,616 |
Real Estate Facilities (Narrati
Real Estate Facilities (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)ft²item | Mar. 31, 2020USD ($) | |
Schedule Of Real Estate Facilities [Line Items] | ||
Gain on sale of real estate | $ 9,413 | $ 1,117 |
Increase (decrease) in accrued unpaid construction costs | (2,600) | (2,500) |
Increase (decrease) in accrued capital expenditures to maintain real estate facilities | (800) | $ (600) |
Disposal of Real Estate Facilities [Member] | ||
Schedule Of Real Estate Facilities [Line Items] | ||
Cash proceeds from sale of real estate facilities | 11,600 | |
Gain on sale of real estate | $ 9,400 | |
Acquisition Of Self-Storage Facilities Other Investments [Member] | ||
Schedule Of Real Estate Facilities [Line Items] | ||
Number of operating self-storage facilities | item | 15 | |
Net rentable square feet | ft² | 1,087,000 | |
Total cost of acquisition | $ 203,100 | |
Allocated to intangible assets | 6,500 | |
Newly Developed and Expansion Projects [Member] | Completed Developed and Expansion Project [Member] | ||
Schedule Of Real Estate Facilities [Line Items] | ||
Aggregate costs to develop and expand | $ 45,400 | |
Addtional net rentable square feet | ft² | 200,000 |
Real Estate Facilities (Schedul
Real Estate Facilities (Schedule Of Real Estate Activities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Real Estate Facilities [Abstract] | ||
Beginning balance (Operating facilities, at cost) | $ 17,372,627 | |
Capital expenditures to maintain real estate facilities | 35,793 | |
Acquisitions | 196,626 | |
Dispositions | (5,760) | |
Developed or expanded facilities opened for operation | 45,394 | |
Ending balance (Operating facilities, at cost) | 17,644,680 | |
Beginning balance (Accumulated depreciation) | (7,152,135) | |
Depreciation expense | (137,808) | |
Dispositions | 3,611 | |
Ending balance (Accumulated depreciation) | (7,286,332) | |
Beginning balance (Construction in process) | 188,079 | |
Costs incurred to develop and expand real estate facilities | 58,631 | |
Developed or expanded facilities opened for operation | (45,394) | |
Ending balance (Construction in process) | 201,316 | |
Total real estate facilities at March 31, 2021 | $ 10,559,664 | $ 10,408,571 |
Investments In Unconsolidated_3
Investments In Unconsolidated Real Estate Entities (Investment in PSB) (Narrative) (Details) - PSB [Member] - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Common stock owned of PSB | 7,158,354 | ||
Limited partnership units in PSB | 7,305,355 | ||
Ownership interest, percentage | 42.00% | ||
Limited partnership units option to convert to common stock, conversion basis. | 1 | ||
Closing price per share | $ 154.58 | ||
Market value | $ 2,200 | ||
Cash distribution received | 15.2 | $ 15.2 | |
Basis differential | 3.2 | $ 3.4 | |
Amortization of basis differential | $ 0.2 | $ 0.2 |
Investments In Unconsolidated_4
Investments In Unconsolidated Real Estate Entities (Investment In Shurgard) (Narrative) (Details) | 3 Months Ended | |||
Mar. 31, 2021USD ($)shares | Mar. 31, 2020USD ($) | Mar. 31, 2021€ / shares | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Exchange rate translation | 1.173 | 1.226 | ||
Shurgard [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Shares owned | shares | 31,268,459 | |||
Ownership interest, percentage | 35.00% | |||
Closing price per share | € / shares | € 38.85 | |||
Exchange rate translation | 1.173 | |||
Market value | $ 1,400,000,000 | |||
Cash distribution received | 0 | $ 0 | ||
Change in investment from foreign currency exchange rates | 5,900,000 | (13,100,000) | ||
Trademark License [Member] | Shurgard [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash distribution received | $ 300,000 | $ 300,000 |
Investments In Unconsolidated_5
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 | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Investments in Unconsolidated Real Estate Entities | $ 771,075 | $ 773,046 | |
Equity in Earnings of Unconsolidated Real Estate Entities | 19,456 | $ 23,968 | |
PSB [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in Unconsolidated Real Estate Entities | 431,252 | 431,963 | |
Equity in Earnings of Unconsolidated Real Estate Entities | 14,476 | 21,737 | |
Shurgard [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in Unconsolidated Real Estate Entities | 339,823 | $ 341,083 | |
Equity in Earnings of Unconsolidated Real Estate Entities | $ 4,980 | $ 2,231 |
Credit Facility (Narrative) (De
Credit Facility (Narrative) (Details) - Credit Facility [Member] - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | Apr. 28, 2021 | |
Schedule Of Debt [Line Items] | |||
Credit Facility borrowing capacity | $ 500,000,000 | ||
Expiration of Credit Facility | Apr. 19, 2024 | ||
Interest rate spread | 0.70% | ||
Frequency of commitment fee | quarterly | ||
Commitment fee percentage | 0.07% | ||
Outstanding borrowings | $ 0 | ||
Reduction in borrowing capacity to amount of letters of credit | $ 24,300,000 | $ 24,300,000 | |
Minimum [Member] | |||
Schedule Of Debt [Line Items] | |||
Interest rate spread | 0.70% | ||
Commitment fee percentage | 0.07% | ||
Maximum [Member] | |||
Schedule Of Debt [Line Items] | |||
Interest rate spread | 1.35% | ||
Commitment fee percentage | 0.25% | ||
Subsequent Event [Member] | |||
Schedule Of Debt [Line Items] | |||
Outstanding borrowings | $ 0 |
Notes Payable (Narrative) (Deta
Notes Payable (Narrative) (Details) | Jan. 24, 2020USD ($) | Apr. 12, 2016USD ($) | Nov. 03, 2015USD ($) | Mar. 31, 2021USD ($)item | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020 | Jan. 19, 2021USD ($) | Jan. 24, 2020EUR (€) | Apr. 12, 2016EUR (€) | Nov. 03, 2015EUR (€) |
Debt Instrument [Line Items] | |||||||||||
Proceeds from Issuance of Debt | $ 496,235,000 | $ 545,151,000 | |||||||||
Foreign currency exchange gain | 45,385,000 | 8,945,000 | |||||||||
Cash paid for interest expense | 19,400,000 | 14,100,000 | |||||||||
Interest capitalized as real estate | $ 900,000 | $ 900,000 | $ 900,000 | ||||||||
Mortgage Notes [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 3.20% | 3.20% | |||||||||
Maturity date | Jan. 1, 2022 | ||||||||||
Mortgage Notes [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 7.10% | 7.10% | |||||||||
Maturity date | Jul. 1, 2030 | ||||||||||
U.S. Dollar Denominated Unsecured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt to Total Assets ratio | 8.00% | ||||||||||
Adjusted EBTIDA to interest Expense ratio | 38 | ||||||||||
U.S. Dollar Denominated Unsecured Debt [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Adjusted EBTIDA to interest Expense ratio | 1.5 | ||||||||||
U.S. Dollar Denominated Unsecured Debt [Member] | Notes Due May 1, 2029 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 3.385% | 3.385% | |||||||||
Maturity date | May 1, 2029 | May 1, 2029 | |||||||||
U.S. Dollar Denominated Unsecured Debt [Member] | Notes Due February 15, 2026 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance date | Jan. 19, 2021 | ||||||||||
Debt issuance amount | $ 500,000,000 | ||||||||||
Debt issuance costs | $ 3,800,000 | ||||||||||
Interest rate | 0.875% | 0.875% | 0.875% | ||||||||
Maturity date | Feb. 15, 2026 | ||||||||||
U.S. Dollar Denominated Unsecured Debt [Member] | Maximum Covenant [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt to Total Assets ratio | 65.00% | ||||||||||
Euro Denominated Unsecured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of tranches | item | 3 | ||||||||||
Euro Denominated Unsecured Debt [Member] | Notes Due November 3, 2025 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance date | Nov. 3, 2015 | ||||||||||
Debt issuance amount | € | € 242,000,000 | ||||||||||
Interest rate | 2.175% | 2.175% | |||||||||
Maturity date | Nov. 3, 2025 | Nov. 3, 2025 | |||||||||
Proceeds from Issuance of Debt | $ 264,300,000 | ||||||||||
Euro Denominated Unsecured Debt [Member] | Notes Due April 12, 2024 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance date | Apr. 12, 2016 | ||||||||||
Debt issuance amount | € | € 100,000,000 | ||||||||||
Interest rate | 1.54% | 1.54% | |||||||||
Maturity date | Apr. 12, 2024 | Apr. 12, 2024 | |||||||||
Proceeds from Issuance of Debt | $ 113,600,000 | ||||||||||
Euro Denominated Unsecured Debt [Member] | Notes Due January 24, 2032 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance date | Jan. 24, 2020 | ||||||||||
Debt issuance amount | € | € 500,000,000 | ||||||||||
Interest rate | 0.875% | 0.875% | |||||||||
Maturity date | Jan. 24, 2032 | Jan. 24, 2032 | |||||||||
Proceeds from Issuance of Debt | $ 545,200,000 |
Notes Payable (Notes Payable) (
Notes Payable (Notes Payable) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Jan. 19, 2021 | |
Principal | $ 3,012,188 | ||
Unamortized Costs | (16,077) | ||
Book Value | 2,996,111 | $ 2,544,992 | |
Fair Value | 3,137,367 | 2,767,176 | |
U.S. Dollar Denominated Unsecured Debt [Member] | |||
Principal | 2,000,000 | ||
Unamortized Costs | (10,281) | ||
Book Value | 1,989,719 | 1,492,994 | |
Fair Value | $ 2,089,470 | 1,653,085 | |
U.S. Dollar Denominated Unsecured Debt [Member] | Notes Due September 15, 2022 [Member] | |||
Coupon Rate | 2.37% | ||
Effective Rate | 2.483% | ||
Principal | $ 500,000 | ||
Unamortized Costs | (759) | ||
Book Value | 499,241 | 499,109 | |
Fair Value | $ 513,985 | $ 517,419 | |
Maturity date | Sep. 15, 2022 | Sep. 15, 2022 | |
U.S. Dollar Denominated Unsecured Debt [Member] | Notes Due February 15, 2026 [Member] | |||
Coupon Rate | 0.875% | 0.875% | |
Effective Rate | 1.03% | ||
Principal | $ 500,000 | ||
Unamortized Costs | (3,617) | ||
Book Value | 496,383 | ||
Fair Value | $ 486,291 | ||
Maturity date | Feb. 15, 2026 | ||
U.S. Dollar Denominated Unsecured Debt [Member] | Notes Due September 15, 2027 [Member] | |||
Coupon Rate | 3.094% | ||
Effective Rate | 3.218% | ||
Principal | $ 500,000 | ||
Unamortized Costs | (3,416) | ||
Book Value | 496,584 | $ 496,452 | |
Fair Value | $ 542,441 | $ 560,833 | |
Maturity date | Sep. 15, 2027 | Sep. 15, 2027 | |
U.S. Dollar Denominated Unsecured Debt [Member] | Notes Due May 1, 2029 [Member] | |||
Coupon Rate | 3.385% | ||
Effective Rate | 3.459% | ||
Principal | $ 500,000 | ||
Unamortized Costs | (2,489) | ||
Book Value | 497,511 | $ 497,433 | |
Fair Value | $ 546,753 | $ 574,833 | |
Maturity date | May 1, 2029 | May 1, 2029 | |
Euro Denominated Unsecured Debt [Member] | |||
Principal | $ 987,490 | ||
Unamortized Costs | (5,796) | ||
Book Value | 981,694 | $ 1,026,768 | |
Fair Value | $ 1,021,805 | 1,087,133 | |
Euro Denominated Unsecured Debt [Member] | Notes Due April 12, 2024 [Member] | |||
Coupon Rate | 1.54% | ||
Effective Rate | 1.54% | ||
Principal | $ 117,277 | ||
Book Value | 117,277 | 122,646 | |
Fair Value | $ 123,425 | $ 129,192 | |
Maturity date | Apr. 12, 2024 | Apr. 12, 2024 | |
Euro Denominated Unsecured Debt [Member] | Notes Due November 3, 2025 [Member] | |||
Coupon Rate | 2.175% | ||
Effective Rate | 2.175% | ||
Principal | $ 283,827 | ||
Book Value | 283,827 | $ 296,821 | |
Fair Value | $ 310,117 | $ 323,552 | |
Maturity date | Nov. 3, 2025 | Nov. 3, 2025 | |
Euro Denominated Unsecured Debt [Member] | Notes Due January 24, 2032 [Member] | |||
Coupon Rate | 0.875% | ||
Effective Rate | 0.978% | ||
Principal | $ 586,386 | ||
Unamortized Costs | (5,796) | ||
Book Value | 580,590 | $ 607,301 | |
Fair Value | $ 588,263 | $ 634,389 | |
Maturity date | Jan. 24, 2032 | Jan. 24, 2032 | |
Mortgage Debt [Member] | |||
Coupon Rate | 3.944% | ||
Effective Rate | 3.933% | ||
Principal | $ 24,698 | ||
Book Value | 24,698 | $ 25,230 | |
Fair Value | $ 26,092 | $ 26,958 | |
Real estate facilities securing debt | item | 27 | ||
Net book value of real estate facilities securing notes payable | $ 101,200 |
Notes Payable (Maturities Of No
Notes Payable (Maturities Of Notes Payable) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Debt Instrument [Line Items] | |
Total debt | $ 3,012,188 |
Unsecured Debt [Member] | |
Debt Instrument [Line Items] | |
2022 | 500,000 |
2024 | 117,277 |
2025 | 283,827 |
Thereafter | 2,086,386 |
Total debt | $ 2,987,490 |
Weighted average effective rate | 2.20% |
Mortgage Debt [Member] | |
Debt Instrument [Line Items] | |
Remainder of 2021 | $ 1,321 |
2022 | 2,574 |
2023 | 19,219 |
2024 | 124 |
2025 | 131 |
Thereafter | 1,329 |
Total debt | $ 24,698 |
Weighted average effective rate | 3.90% |
Total [Member] | |
Debt Instrument [Line Items] | |
Remainder of 2021 | $ 1,321 |
2022 | 502,574 |
2023 | 19,219 |
2024 | 117,401 |
2025 | 283,958 |
Thereafter | 2,087,715 |
Total debt | $ 3,012,188 |
Weighted average effective rate | 2.20% |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)itemshares | Mar. 31, 2020USD ($) | |
Noncontrolling Interest [Line Items] | ||
Distributions paid | $ 1,269 | $ 1,172 |
Contributions by noncontrolling interests | $ 1,380 | 566 |
Noncontrolling Interests [Member] | ||
Noncontrolling Interest [Line Items] | ||
Permanent noncontrolling interest in subsidiaries, number of self-storage facilities | item | 21 | |
Permanent noncontrolling interest in subsidiaries, number of self-storage facilities under construction | item | 7 | |
Partnership units conversion ratio | 1 | |
Convertible partnership units | shares | 231,978 | |
Income allocated to other permanent noncontrolling interest in subsidiaries | $ 1,200 | 1,000 |
Distributions paid | 1,269 | 1,172 |
Contributions by noncontrolling interests | $ 1,380 | $ 566 |
Shareholders' Equity (Preferred
Shareholders' Equity (Preferred Shares) (Narrative) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($)item$ / shares | Dec. 31, 2020USD ($) | |
Class of Stock [Line Items] | ||
Number of quarterly dividends in arrearage before preferred shareholders can elect additional board members | item | 6 | |
Number of additional board members the preferred shareholders can elect in the case of an excess arrearage of quarterly dividends | item | 2 | |
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 | $ / shares | $ 25 | |
Series B Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Dividend rate percentage | 5.40% | |
EITF D-42 allocations | $ | $ 9,900,000 |
Shareholders' Equity (Dividends
Shareholders' Equity (Dividends) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Shareholders’ Equity [Abstract] | ||
Common stock dividends paid in aggregate | $ 350,100 | $ 349,800 |
Common stock dividends paid per share | $ 2 | $ 2 |
Preferred share dividends | $ 46,080 | $ 52,005 |
Shareholders' Equity (Preferr_2
Shareholders' Equity (Preferred Shares Outstanding) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||
Preferred stock, shares outstanding | 151,700 | 151,700 |
Liquidation Preference | $ 3,792,500 | |
Series B Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Dividend Rate % | 5.40% | |
Series C Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | May 17, 2021 | |
Dividend Rate % | 5.125% | |
Preferred stock, shares outstanding | 8,000 | |
Liquidation Preference | $ 200,000 | |
Series D Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Jul. 20, 2021 | |
Dividend Rate % | 4.95% | |
Preferred stock, shares outstanding | 13,000 | |
Liquidation Preference | $ 325,000 | |
Series E Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Oct. 14, 2021 | |
Dividend Rate % | 4.90% | |
Preferred stock, shares outstanding | 14,000 | |
Liquidation Preference | $ 350,000 | |
Series F Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Jun. 2, 2022 | |
Dividend Rate % | 5.15% | |
Preferred stock, shares outstanding | 11,200 | |
Liquidation Preference | $ 280,000 | |
Series G Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Aug. 9, 2022 | |
Dividend Rate % | 5.05% | |
Preferred stock, shares outstanding | 12,000 | |
Liquidation Preference | $ 300,000 | |
Series H Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Mar. 11, 2024 | |
Dividend Rate % | 5.60% | |
Preferred stock, shares outstanding | 11,400 | |
Liquidation Preference | $ 285,000 | |
Series I Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Sep. 12, 2024 | |
Dividend Rate % | 4.875% | |
Preferred stock, shares outstanding | 12,650 | |
Liquidation Preference | $ 316,250 | |
Series J Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Nov. 15, 2024 | |
Dividend Rate % | 4.70% | |
Preferred stock, shares outstanding | 10,350 | |
Liquidation Preference | $ 258,750 | |
Series K Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Dec. 20, 2024 | |
Dividend Rate % | 4.75% | |
Preferred stock, shares outstanding | 9,200 | |
Liquidation Preference | $ 230,000 | |
Series L Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Jun. 17, 2025 | |
Dividend Rate % | 4.625% | |
Preferred stock, shares outstanding | 22,600 | |
Liquidation Preference | $ 565,000 | |
Series M Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Aug. 14, 2025 | |
Dividend Rate % | 4.125% | |
Preferred stock, shares outstanding | 9,200 | |
Liquidation Preference | $ 230,000 | |
Series N Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Oct. 6, 2025 | |
Dividend Rate % | 3.875% | |
Preferred stock, shares outstanding | 11,300 | |
Liquidation Preference | $ 282,500 | |
Series O Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Nov. 17, 2025 | |
Dividend Rate % | 3.90% | |
Preferred stock, shares outstanding | 6,800 | |
Liquidation Preference | $ 170,000 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)item | Mar. 31, 2020USD ($) | |
Related Party Transaction [Line Items] | ||
Tenants reinsurance premiums earned by subsidiaries | $ | $ 469 | $ 349 |
Canada [Member] | Hughes Family [Member] | ||
Related Party Transaction [Line Items] | ||
Number of self-storage facilities | item | 64 | |
Ownership interest | 0.00% | |
Maximum [Member] | Canada [Member] | Hughes Family [Member] | ||
Related Party Transaction [Line Items] | ||
Ownership interest | 1.00% |
Share-Based Compensation (Stock
Share-Based Compensation (Stock Options) (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021USD ($)$ / sharesitemshares | Mar. 31, 2020USD ($)shares | Dec. 31, 2020shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accelerated compensation expense | $ | $ 3,800,000 | $ 0 | |
Issuance of common shares in connection with share-based compensation (Note 10) | $ | $ 4,703,000 | $ 1,763,000 | |
Issuance of common shares in connection with share-based compensation, shares | 69,262 | 56,407 | |
Redeemable Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ | $ 4,800,000 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accelerated compensation expense | $ | $ 800,000 | ||
Expiration period, number of years | 10 years | ||
Share-based compensation expense | $ | $ 4,400,000 | $ 900,000 | |
Stock options granted | 500,000 | ||
Stock options exercised | 26,167 | ||
Stock options forfeited | 10,000 | ||
Stock options outstanding | 3,425,000 | 2,961,167 | |
Exercisable, average exercise price per share | $ / shares | $ 213.20 | ||
Stock Options [Member] | Board Members [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of common shares in connection with share-based compensation (Note 10) | $ | $ 300,000 | ||
Number of board members who received award | item | 5 | ||
Stock Options [Member] | Board Member 1 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of common shares in connection with share-based compensation, shares | 15,000 | ||
Stock Options [Member] | Board Member 2 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of common shares in connection with share-based compensation, shares | 15,000 | ||
Stock Options [Member] | Board Member 3 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of common shares in connection with share-based compensation, shares | 15,000 | ||
Stock Options [Member] | Board Member 4 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of common shares in connection with share-based compensation, shares | 15,000 | ||
Stock Options [Member] | Board Member 5 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of common shares in connection with share-based compensation, shares | 15,000 | ||
Redeemable Awards, Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ | $ 1,900,000 | ||
Performance Target, Stock Options [Member] | Dependent upon Meeting Certain Performance Targets with Respect to 2021, 2022, and 2023 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ | $ 300,000 | ||
Stock options granted | 245,000 | ||
Performance target | 100.00% | ||
Performance Target, Stock Options [Member] | Dependent upon Meeting Certain Performance Targets with Respect to 2020, 2021, and 2022 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ | $ 1,900,000 | ||
Stock options granted | 180,000 | 770,000 | |
Performance target | 125.00% | 100.00% | |
Minimum [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period, number of years | 3 years | ||
Maximum [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period, number of years | 5 years |
Share-Based Compensation (Restr
Share-Based Compensation (Restricted Share Units) (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Tax deposits made in exchange for RSUs | $ 7,284,000 | $ 8,507,000 | |
Accelerated compensation expense | $ 3,800,000 | 0 | |
Restricted Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants in period | 34,200 | ||
Forfeited in period | 7,590 | ||
Vested in period | 62,486 | ||
Common shares issued upon vesting | 43,095 | ||
Tax deposits made in exchange for RSUs | $ 7,300,000 | 8,500,000 | |
Common stock withheld upon vesting in exchange for tax deposits | 19,391 | ||
Restricted share units outstanding | 516,912 | 552,788 | |
Share-based compensation expense | $ 12,200,000 | 5,700,000 | |
Taxes incurred upon vesting of restricted share units | 1,200,000 | $ 1,100,000 | |
Accelerated compensation expense | 3,000,000 | ||
Redeemable Awards, Restricted Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 2,900,000 | ||
Performance Target, Restricted Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants in period | 37,000 | ||
Performancee target | 100.00% | ||
Minimum [Member] | Restricted Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period, number of years | 5 years | ||
Maximum [Member] | Restricted Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period, number of years | 8 years |
Share-Based Compensation (Share
Share-Based Compensation (Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation expense | $ 15,343 | $ 6,607 |
Self-Storage Cost of Operations [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation expense | 7,201 | 3,727 |
Ancillary Cost of Operations [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation expense | 500 | |
General and Administrative Expense [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation expense | $ 7,642 | $ 2,880 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | Mar. 31, 2021country |
PSB [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Ownership interest, percentage | 42.00% |
Shurgard [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Ownership interest, percentage | 35.00% |
Number of countries in which entity operates | 7 |
Segment Information (Summary Of
Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 767,262 | $ 719,044 |
Cost of operations | (212,105) | (211,096) |
Cost of operations | (16,318) | (13,572) |
Depreciation and amortization | (146,859) | (135,900) |
Equity in earnings of unconsolidated real estate entities | 19,456 | 23,968 |
General and administrative | (19,574) | (17,868) |
Interest and other income | 2,852 | 6,119 |
Interest expense | (15,250) | (13,621) |
Foreign currency exchange gain | 45,385 | 8,945 |
Gain on sale of real estate | 9,413 | 1,117 |
Net income | 434,262 | 367,136 |
Self-Storage Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 716,347 | 674,201 |
Cost of operations | (212,105) | (211,096) |
Net operating income | 504,242 | 463,105 |
Depreciation and amortization | (146,859) | (135,900) |
Net income | 357,383 | 327,205 |
Ancillary Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 50,915 | 44,843 |
Cost of operations | (16,318) | (13,572) |
Net operating income | 34,597 | 31,271 |
Invesment in PSB [Member] | ||
Segment Reporting Information [Line Items] | ||
Equity in earnings of unconsolidated real estate entities | 14,476 | 21,737 |
Investment In Shurgard [Member] | ||
Segment Reporting Information [Line Items] | ||
Equity in earnings of unconsolidated real estate entities | 4,980 | 2,231 |
Allocated to Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net income | 411,436 | 382,444 |
Other Items Not Allocated To Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
General and administrative | (19,574) | (17,868) |
Interest and other income | 2,852 | 6,119 |
Interest expense | (15,250) | (13,621) |
Foreign currency exchange gain | 45,385 | 8,945 |
Gain on sale of real estate | $ 9,413 | $ 1,117 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021USD ($)item | |
Commitments And Contingencies [Abstract] | |
Deductible for general liability | $ 2,000,000 |
Deductible for property | 25,000,000 |
Reduced deductible for property | 5,000,000 |
Aggregate maximum losses for property | 35,000,000 |
Aggregate per occurance property coverage | 5,000,000 |
Aggregate limit for property coverage | 75,000,000 |
Aggregate limit for general liability coverage | 102,000,000 |
Tenant insurance program against claims, maximum amount | 5,000 |
Third-party insurance coverage for claims paid exceeding amount for individual event | 15,000,000 |
Third-party limit for insurance coverage claims paid for individual event | $ 5,000,000 |
Tenant certificate holders participating in insurance program, approximate | item | 1,022,000 |
Aggregate coverage of tenants participating in insurance program | $ 4,200,000,000 |
Construction commitments | 111,000,000 |
Construction commitments remainder of 2020 | 90,200,000 |
Construction commitments 2021 | $ 20,800,000 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) | Apr. 23, 2021USD ($) | Apr. 28, 2021USD ($)ft²itemstate | Mar. 31, 2021USD ($)ft² |
Subsequent Event [Member] | Notes due April 23, 2024 [Member] | |||
Subsequent Event [Line Items] | |||
Debt issuance amount | $ 700,000,000 | ||
Maturity date | Apr. 23, 2024 | ||
Subsequent Event [Member] | Notes due April 23, 2024 [Member] | SOFR [Member] | |||
Subsequent Event [Line Items] | |||
Interest rate spread | 0.47% | ||
Subsequent Event [Member] | Notes due May 1, 2028 [Member] | |||
Subsequent Event [Line Items] | |||
Debt issuance amount | $ 650,000,000 | ||
Maturity date | May 1, 2028 | ||
Subsequent Event [Member] | Notes due May 1, 2028 [Member] | SOFR [Member] | |||
Subsequent Event [Line Items] | |||
Interest rate spread | 1.85% | ||
Subsequent Event [Member] | Notes due May 21, 2031 [Member] | |||
Subsequent Event [Line Items] | |||
Debt issuance amount | $ 650,000,000 | ||
Maturity date | May 1, 2031 | ||
Subsequent Event [Member] | Notes due May 21, 2031 [Member] | SOFR [Member] | |||
Subsequent Event [Line Items] | |||
Interest rate spread | 2.30% | ||
Acquisition Of Self-Storage Facilities Other Investments [Member] | |||
Subsequent Event [Line Items] | |||
Net rentable area (in square feet) | ft² | 1,087,000 | ||
Total cost of acquisition | $ 203,100,000 | ||
Acquisition Of Self-Storage Facilities Other Investments [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Number of self-storage facilities acquired or under contract to be acquired | item | 87 | ||
Number of states self-storage facilities acquired or under contracts to be acquired | state | 18 | ||
Net rentable area (in square feet) | ft² | 7,600,000 | ||
Total cost of acquisition | $ 2,300,000 | ||
Acquisition Of Self-Storage Facilities Other Investments [Member] | ezStorage [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Number of self-storage facilities acquired or under contract to be acquired | item | 48 | ||
Net rentable area (in square feet) | ft² | 4,200,000 | ||
Total cost of acquisition | $ 1,800,000 |