Extra Space Storage (EXR) 10-K28 Feb 232022 FY Annual reportFinancial data

Company Profile

Cover

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2022	Feb. 22, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-32269
Entity Registrant Name	EXTRA SPACE STORAGE INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1076777
Entity Address, Address Line One	2795 East Cottonwood Parkway, Suite 300
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84121
City Area Code	801
Local Phone Number	365-4600
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	EXR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 22,430,933,071
Entity Common Stock, Shares Outstanding		134,985,035
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be issued in connection with the registrant’s annual stockholders’ meeting to be held in 2023 are incorporated by reference into Part III of this Annual Report on Form 10-K.
Amendment Flag	false
Entity Central Index Key	0001289490
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Salt Lake City, Utah
Auditor Firm ID	42

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Real estate assets, net	$ 9,997,978	$ 8,834,649
Real estate assets - operating lease right-of-use assets	221,725	227,949
Investments in unconsolidated real estate entities	582,412	457,326
Investments in debt securities and notes receivable	858,049	719,187
Cash and cash equivalents	92,868	71,126
Other assets, net	414,426	164,240
Total assets	12,167,458	10,474,477
Liabilities, Noncontrolling Interests and Equity:
Notes payable, net	1,288,555	1,320,755
Unsecured term loans, net	2,340,116	1,741,926
Unsecured senior notes, net	2,757,791	2,360,066
Revolving lines of credit	945,000	535,000
Operating lease liabilities	229,035	233,356
Cash distributions in unconsolidated real estate ventures	67,352	63,582
Accounts payable and accrued expenses	171,680	142,285
Other liabilities	289,655	291,531
Total liabilities	8,089,184	6,688,501
Commitments and contingencies
Extra Space Storage Inc. stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized, 133,921,020 and 133,922,305 shares issued and outstanding at December 31, 2022 and 2021, respectively	1,339	1,339
Additional paid-in capital	3,345,332	3,285,948
Accumulated other comprehensive income (loss)	48,798	(42,546)
Accumulated deficit	(135,872)	(128,245)
Total Extra Space Storage Inc. stockholders' equity	3,259,597	3,116,496
Noncontrolling interest represented by Preferred Operating Partnership units, net	261,502	259,110
Noncontrolling interests in Operating Partnership, net and other noncontrolling interests	557,175	410,370
Total noncontrolling interests and equity	4,078,274	3,785,976
Total liabilities, noncontrolling interests and equity	$ 12,167,458	$ 10,474,477

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	133,921,020	133,922,305
Common stock, outstanding (in shares)	133,921,020	133,922,305

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Property rental	$ 1,654,735	$ 1,340,990	$ 1,157,522
Tenant reinsurance	185,531	170,108	146,561
Management fees and other income	83,904	66,264	52,129
Total revenues	1,924,170	1,577,362	1,356,212
Expenses:
Property operations	435,342	368,608	360,615
Tenant reinsurance	33,560	29,488	26,494
Transaction related costs	1,548	0	0
General and administrative	129,251	102,194	96,594
Depreciation and amortization	288,316	241,879	224,444
Total expenses	888,017	742,169	708,147
Gain on real estate transactions	14,249	140,760	18,075
Income from operations	1,050,402	975,953	666,140
Interest expense	(219,171)	(166,183)	(168,626)
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes	0	0	(3,675)
Interest income	69,422	49,703	15,192
Income before equity in earnings and dividend income from unconsolidated real estate entities and income tax expense	900,653	859,473	509,031
Equity in earnings and dividend income from unconsolidated real estate entities	41,428	32,358	22,361
Income tax expense	(20,925)	(20,324)	(13,810)
Net income	921,156	877,758	517,582
Net income allocated to Preferred Operating Partnership noncontrolling interests	(17,623)	(14,697)	(12,882)
Net income allocated to Operating Partnership and other noncontrolling interests	(42,845)	(35,412)	(22,921)
Net income attributable to common stockholders	$ 860,688	$ 827,649	$ 481,779
Earnings per common share
Basic (in dollars per share)	$ 6.41	$ 6.20	$ 3.71
Diluted (in dollars per share)	$ 6.41	$ 6.19	$ 3.71
Weighted average number of shares
Basic (in shares)	134,050,815	133,374,938	129,541,531
Diluted (in shares)	141,681,388	140,016,028	129,584,829

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 921,156	$ 877,758	$ 517,582
Other comprehensive income:
Change in fair value of interest rate swaps	96,249	59,325	(73,686)
Total comprehensive income	1,017,405	937,083	443,896
Less: comprehensive income attributable to noncontrolling interests	65,373	52,887	32,244
Comprehensive income attributable to common stockholders	$ 952,032	$ 884,196	$ 411,652

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Redemption of units for cash	Redemption of units for stock	Series B Units Redemption of units for cash	Series B Units Redemption of units for stock	Series D Units	Series D Units Redemption of units for stock	Preferred Operating Partnership	Preferred Operating Partnership Series B Units Redemption of units for cash	Preferred Operating Partnership Series B Units Redemption of units for stock	Preferred Operating Partnership Series D Units	Preferred Operating Partnership Series D Units Redemption of units for stock	Operating Partnership	Operating Partnership Redemption of units for cash	Operating Partnership Redemption of units for stock	Other	Common Stock	Common Stock Redemption of units for stock	Common Stock Series B Units Redemption of units for stock	Common Stock Series D Units Redemption of units for stock	Additional Paid-in Capital	Additional Paid-in Capital Redemption of units for cash	Additional Paid-in Capital Redemption of units for stock	Additional Paid-in Capital Series B Units Redemption of units for stock	Additional Paid-in Capital Series D Units Redemption of units for stock	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2019	$ 2,921,694							$ 175,948					$ 205,419			$ 366	$ 1,295				$ 2,868,681					$ (28,966)	$ (301,049)
Beginning balance (in shares) at Dec. 31, 2019																	129,534,407
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon the exercise of options	$ 4,759																$ 1				4,758
Issuance of common stock upon the exercise of options (in shares)	134,930																134,930
Issuance of common stock in connection with share based compensation	$ 16,281																$ 1				16,280
Issuance of common stock in connection with share based compensation (in shares)																	143,187
Restricted stock grants cancelled (in shares)																	(5,083)
Issuance of common stock, net of offering costs	103,468																$ 9				103,459
Issuance of common stock, net of offering costs (in shares)																	899,048
Redemption of noncontrolling interests	0			$ (1,000)			$ 0		$ (1,000)			$ (2,724)			$ (4,572)			$ 1		$ 1			$ 4,571		$ 2,723
Redemption of noncontrolling interests (in shares)																		123,993		30,495
Buyback of common stock, net of offering costs	(67,873)																$ (8)										(67,865)
Buyback of common stock, net of offering costs (in shares)																	(826,797)
Repayment of receivable with Preferred operating units pledged as collateral on loan	16,213												16,213
Repurchase of equity portion of 2015 exchangeable senior notes	0																	$ 14					(14)
Repurchase of equity portion of 2015 exchangeable senior notes (in shares)																		1,323,781
Noncontrolling interest in consolidated joint venture	66															66
Net income	517,582							12,882					22,952			(31)											481,779
Other comprehensive income (loss)	(73,686)							(456)					(3,103)													(70,127)
Distributions to Operating Partnership units held by noncontrolling interests	(33,615)							(12,598)					(21,017)
Dividends paid on common stock	(467,765)																										(467,765)
Ending balance at Dec. 31, 2020	2,936,124							172,052					215,892			401	$ 1,314				3,000,458					(99,093)	(354,900)
Ending balance (in shares) at Dec. 31, 2020																	131,357,961
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon the exercise of options	$ 4,572																				4,572
Issuance of common stock upon the exercise of options (in shares)	62,322																62,322
Issuance of common stock in connection with share based compensation	$ 17,303																				17,303
Issuance of common stock in connection with share based compensation (in shares)																	148,228
Restricted stock grants cancelled (in shares)																	(12,808)
Issuance of common stock, net of offering costs	273,189																$ 22				273,167
Issuance of common stock, net of offering costs (in shares)																	2,185,685
Redemption of noncontrolling interests		$ (788)	$ 0		$ 0					$ (2,834)				$ (173)	$ (6,373)			$ 2	$ 1			$ (615)	$ 6,371	$ 2,833
Redemption of noncontrolling interests (in shares)																		165,652	15,265
Repayment of receivable with Operating Partnership units pledged as collateral	411												411
Issuance of Operating Partnership units in conjunction with acquisitions	188,319					$ 88,074					$ 88,074		188,319
Purchase of remaining equity interest in existing consolidated joint venture	(18,141)																				(18,141)
Noncontrolling interest in consolidated joint venture	(82)															(82)
Net income	877,758							14,697					35,414			(2)											827,649
Other comprehensive income (loss)	59,325							366					2,412													56,547
Distributions to Operating Partnership units held by noncontrolling interests	(39,094)							(13,245)					(25,849)
Dividends paid on common stock	(600,994)																										(600,994)
Ending balance at Dec. 31, 2021	$ 3,785,976							259,110					410,053			317	$ 1,339				3,285,948					(42,546)	(128,245)
Ending balance (in shares) at Dec. 31, 2021	133,922,305																133,922,305
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon the exercise of options (in shares)	0
Issuance of common stock in connection with share based compensation	$ 21,388																$ 2				21,386
Issuance of common stock in connection with share based compensation (in shares)																	204,349
Restricted stock grants cancelled (in shares)																	(10,614)
Redemption of noncontrolling interests		$ (4,617)		$ (4,500)					$ (4,500)					$ (1,654)								$ (2,963)
Buyback of common stock, net of offering costs	$ (63,008)																$ (4)										(63,004)
Buyback of common stock, net of offering costs (in shares)	(381,786)																(381,786)
Issuance of Operating Partnership units in conjunction with business combination	$ 16,000												16,000
Issuance of Operating Partnership units in conjunction with acquisitions	125,000												125,000
Issuance of Preferred D units in the Operating Partnership in conjunction with business combination						$ 6,000					$ 6,000
Issuance of common stock in conjunction with acquisition (in shares)																	186,766
Issuance of common stock in conjunction with acquisitions	40,963																$ 2				40,961
Noncontrolling interest in consolidated joint venture	771															771
Net income	921,156							17,623					42,853			(8)											860,688
Other comprehensive income (loss)	96,249							577					4,328													91,344
Distributions to Operating Partnership units held by noncontrolling interests	(57,793)							(17,308)					(40,485)
Dividends paid on common stock	(805,311)																										(805,311)
Ending balance at Dec. 31, 2022	$ 4,078,274							$ 261,502					$ 556,095			$ 1,080	$ 1,339				$ 3,345,332					$ 48,798	$ (135,872)
Ending balance (in shares) at Dec. 31, 2022	133,921,020																133,921,020

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends paid on common stock (in dollars per share)	$ 6	$ 4.50	$ 3.60

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 921,156	$ 877,758	$ 517,582
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	288,316	241,879	224,444
Amortization of deferred financing costs	8,773	10,587	9,386
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes	0	0	3,675
Non-cash lease expense	1,903	1,869	1,173
Compensation expense related to stock-based awards	21,386	17,303	16,281
Accrual of interest income added to principal of debt securities and notes receivable	(38,412)	(34,550)	(8,059)
Gain on real estate transactions	(14,249)	(140,760)	(18,075)
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets	0	(6,251)
Distributions from unconsolidated real estate ventures	13,162	7,035	6,893
Changes in operating assets and liabilities:
Other assets	(1,208)	(23,891)	(19,674)
Accounts payable and accrued expenses	29,027	10,951	17,974
Other liabilities	8,285	(9,494)	19,632
Net cash provided by operating activities	1,238,139	952,436	771,232
Cash flows from investing activities:
Acquisition of real estate assets	(1,291,491)	(1,233,298)	(320,148)
Cash paid for business combination	(157,302)	0	0
Development and redevelopment of real estate assets	(62,019)	(56,226)	(67,300)
Proceeds from sale of real estate assets and investments in real estate ventures	39,367	572,728	44,024
Investment in unconsolidated real estate entities	(118,963)	(54,602)	(64,792)
Return of investment in unconsolidated real estate ventures	342	31,534	371
Issuance and purchase of notes receivable	(529,245)	(317,482)	(313,355)
Investment in debt securities	0	0	(300,000)
Proceeds from sale of notes receivable	210,048	172,002	62,764
Principal payments received from notes receivable	283,636	51,463	10,102
Purchase of equipment and fixtures	(22,832)	(3,659)	(7,093)
Net cash used in investing activities	(1,648,459)	(837,540)	(955,427)
Cash flows from financing activities:
Proceeds from the sale of common stock, net of offering costs	0	273,189	103,468
Proceeds from notes payable and revolving lines of credit	5,188,011	4,666,632	3,281,000
Principal payments on notes payable and revolving lines of credit	(4,207,700)	(5,500,290)	(2,014,730)
Proceeds from issuance of public bonds, net	396,100	1,040,349	0
Deferred financing costs	(9,321)	(10,698)	(4,052)
Repurchase of exchangeable senior notes	0	0	(575,000)
Proceeds from principal payments on note receivable collateralized by OP Units	0	411	16,213
Net proceeds from exercise of stock options	0	4,572	4,759
Repurchase of common stock	(63,008)	0	(67,873)
Redemption of Preferred B Units for cash	(4,500)	0	0
Redemption of Operating Partnership units held by noncontrolling interests	(4,617)	(788)	(1,000)
Contributions from noncontrolling interests	0	0	66
Dividends paid on common stock	(805,311)	(600,994)	(467,765)
Distributions to noncontrolling interests	(57,793)	(39,094)	(33,615)
Net cash provided by (used in) financing activities	431,861	(166,711)	241,471
Net increase (decrease) in cash, cash equivalents, and restricted cash	21,541	(51,815)	57,276
Cash, cash equivalents, and restricted cash, beginning of the period	76,194	128,009	70,733
Cash, cash equivalents, and restricted cash, end of the period	97,735	76,194	128,009
Cash and equivalents	92,868	71,126	109,124
Restricted cash included in other assets	4,867	5,068	18,885
Cash, cash equivalents, and restricted cash	97,735	76,194	128,009
Supplemental schedule of cash flow information
Interest paid	197,069	152,170	159,597
Income taxes paid	18,957	26,252	5,181
Redemption of Operating Partnership units held by noncontrolling interests for common stock
Noncontrolling interests in Operating Partnership	0	(6,373)	(4,005)
Common stock and paid-in capital	0	6,373	4,005
Redemption of Preferred Operating Partnership units for common stock
Preferred Operating Partnership units	0	(2,834)	(2,724)
Additional paid-in capital	0	2,834	2,724
Acquisition and establishment of operating lease right of use assets and lease liabilities
Real estate assets - operating lease right-of-use assets	16,298	6,655	8,014
Operating lease liabilities	(16,298)	(6,655)	(8,014)
Acquisitions of real estate assets
Real estate assets, net	171,703	318,036	41,491
Value of equity issued	(165,965)	(276,393)	0
Notes payable assumed	0	(20,028)	0
Investment in unconsolidated real estate ventures	1,085	5,383	0
Finance lease liability	(6,823)	(26,998)	(41,491)
Accrued construction costs and capital expenditures
Acquisition of real estate assets	368	1,323	656
Accounts payable and accrued expenses	(368)	(1,323)	(656)
Preferred OP Units
Issuance of OP and Preferred OP units in conjunction with business combination
Equity interests issued	(6,000)	0	0
Common OP Units
Issuance of OP and Preferred OP units in conjunction with business combination
Equity interests issued	$ (16,000)	$ 0	$ 0

Description of Business

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Extra Space Storage Inc. (the “Company”) is a fully integrated, self-administered and self-managed real estate investment trust (“REIT”), formed as a Maryland corporation on April 30, 2004, to own, operate, manage, acquire, develop and redevelop professionally managed self-storage properties located throughout the United States. The Company was formed to continue the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since 1977. The Company’s interest in its stores is held through its operating partnership, Extra Space Storage LP (the “Operating Partnership”), which was formed on May 5, 2004. The Company’s primary assets are general partner and limited partner interests in the Operating Partnership. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT. The Company invests in stores by acquiring wholly-owned stores or by acquiring an equity interest in real estate entities. At December 31, 2022, the Company had direct and indirect equity interests in 1,451 storage facilities. In addition, the Company managed 887 stores for third parties bringing the total number of stores which it owns and/or manages to 2,338. These stores are located in 41 states and Washington, D.C. The Company also offers tenant reinsurance at its owned and managed stores that insures the value of goods in the storage units.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its wholly- or majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Principles of Consolidation The Company accounts for arrangements that are not controlled through voting or similar rights as variable interest entities (“VIEs”). An enterprise is required to consolidate a VIE if it is the primary beneficiary of the VIE. A VIE is created when (i) the equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (ii) the entity’s equity holders as a group either: (a) lack the power, through voting or similar rights, to direct the activities of the entity that most significantly impact the entity’s economic performance, (b) are not obligated to absorb expected losses of the entity if they occur, or (c) do not have the right to receive expected residual returns of the entity if they occur. If an entity is deemed to be a VIE, the enterprise that is deemed to have a variable interest, or combination of variable interests, that provides the enterprise with a controlling financial interest in the VIE, is considered the primary beneficiary and must consolidate the VIE. The Company has concluded that under certain circumstances when the Company enters into arrangements for the formation of joint ventures or when entering into a new bridge loan agreement, a VIE may be created under condition (i), (ii), (b) or (c) of the previous paragraph. For each VIE created, the Company has performed a qualitative analysis, including considering which party, if any, has the power to direct the activities most significant to the economic performance of each VIE and whether that party has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. If the Company is determined to be the primary beneficiary of the VIE, the assets, liabilities and operations of the VIE are consolidated with the Company’s financial statements. The Company determined that its operating partnership met the definition of a VIE and is consolidated. Additionally, as of December 31, 2021 the Company determined in addition to its operating partnership that it had one consolidated joint venture VIE, consisting of four stores. Substantially all of the assets and liabilities of the Company are related to the operating partnership VIE. The assets and credit of the VIE can only be used to satisfy the VIE's own contractual obligations, and the VIE's creditors have no recourse to the general credit of the Company. The Company’s investments in real estate joint ventures, where the Company has significant influence, but not control, and joint ventures which are VIEs in which the Company is not the primary beneficiary, are recorded under the equity method of accounting on the accompanying consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value Disclosures Derivative financial instruments Currently, the Company uses interest rate swaps to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate forward curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. In conjunction with the Financial Accounting Standard Board’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2022, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2022, aggregated by the level in the fair value hierarchy within which those measurements fall. Fair Value Measurements at Reporting Date Using Description December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Other assets - Cash flow hedge swap agreements $ 54,839 $ — $ 54,839 $ — Other liabilities - Cash flow hedge swap agreements $ 73 $ — $ 73 $ — There were no transfers of assets and liabilities between Level 1 and Level 2 during the year ended December 31, 2022. The Company did not have any significant assets or liabilities that are re-measured on a recurring basis using significant unobservable inputs as of December 31, 2022 or 2021. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Long-lived assets held for use are evaluated for impairment when events or circumstances indicate there may be impairment. The Company reviews each store at least annually to determine if any such events or circumstances have occurred or exist. The Company focuses on stores where occupancy and/or rental income have decreased by a significant amount. For these stores, the Company determines whether the decrease is temporary or permanent, and whether the store will likely recover the lost occupancy and/or revenue in the short term. In addition, the Company reviews stores in the lease-up stage and compares actual operating results to original projections. When the Company determines that an event that may indicate impairment has occurred, the Company compares the carrying value of the related long-lived assets to the undiscounted future net operating cash flows attributable to the assets. An impairment loss is recorded if the net carrying value of the assets exceeds the undiscounted future net operating cash flows attributable to the assets. The impairment loss recognized equals the excess of net carrying value over the related fair value of the assets. When real estate assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the fair value of the assets, net of selling costs. The Company compares the carrying value of the related long-lived assets to the undiscounted future net operating cash flows attributable to the assets (categorized within Level 3 of the fair value hierarchy). If the estimated fair value, net of selling costs, of the assets that have been identified as held for sale is less than the net carrying value of the assets, the Company would recognize a loss on the assets held for sale. The operations of assets held for sale or sold during the period are presented as part of normal operations for all periods presented. The Company assesses annually whether there are any indicators that the value of the Company’s investments in unconsolidated real estate entities may be impaired and when events or circumstances indicate that there may be impairment. An investment is impaired if management’s estimate of the fair value of the investment is less than its carrying value. To the extent impairment has occurred, and is considered to be other than temporary, the loss is measured as the excess of the carrying amount of the investment over the fair value of the investment. The Company evaluates goodwill for impairment at least annually and whenever events, circumstances, and other related factors indicate that fair value of the related reporting unit may be less than the carrying value. If the fair value of the reporting unit is determined to exceed the aggregate carrying amount, no impairment charge is recorded. Otherwise, an impairment charge is recorded 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. No impairments of goodwill were recorded for any period presented herein. As of December 31, 2022 and 2021, the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis. Fair Value of Financial Instruments The carrying values of cash and cash equivalents, restricted cash, receivables, other financial instruments included in other assets, accounts payable and accrued expenses, variable-rate notes payable, investments in debt securities and notes receivable, revolving lines of credit and other liabilities reflected in the consolidated balance sheets at December 31, 2022 and 2021, approximate fair value. The fair values of the Company’s notes receivable and notes receivable from Preferred and Common Operating Partnership unit holders were based on the discounted estimated future cash flow of the notes (categorized within Level 3 of the fair value hierarchy); the discount rate used approximated the current market rate for loans with similar maturities and credit quality. The fair values of the Company’s fixed rate notes payable were estimated using the discounted estimated future cash payments to be made on such debt (categorized within Level 3 of the fair value hierarchy); the discount rates used approximated current market rates for loans, or groups of loans, with similar maturities and credit quality. The fair values of the Company’s fixed-rate assets and liabilities were as follows for the periods indicated: December 31, 2022 December 31, 2021 Fair Carrying Fair Carrying Notes receivable from Preferred and Common Operating Partnership unit holders $ 95,965 $ 101,900 $ 101,824 $ 101,900 Fixed rate notes receivable $ 5,191 $ 5,241 $ 105,954 $ 104,251 Fixed rate debt $ 4,320,014 $ 4,762,196 $ 4,643,072 $ 4,506,435 Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation. Direct and allowable internal costs associated with the development, construction, renovation, and improvement of real estate assets are capitalized. Interest, property taxes, and other costs associated with development incurred during the construction period are capitalized. The construction period begins when expenditures for the real estate assets have been made and activities that are necessary to prepare the asset for its intended use are in progress. The construction period ends when the asset is substantially complete and ready for its intended use. Expenditures for maintenance and repairs are charged to expense as incurred. Major replacements and betterments that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation is computed using the straight-line method over the estimated useful lives of the buildings and improvements, which are generally between five The purchase of stores are considered asset acquisitions. As such, the purchase price is allocated to the real estate assets acquired based on their relative fair values, which are estimated using significant unobservable inputs. The value of the tangible assets, consisting of land and buildings, is determined as if vacant. Intangible assets, which represent the value of existing tenant relationships, are recorded at their relative fair values based on the avoided cost to replace the current leases. The Company measures the value of tenant relationships based on the rent lost due to the amount of time required to replace existing customers, which is based on the Company’s historical experience with turnover in its stores. Any debt assumed as part of the acquisition is recorded at fair value based on current interest rates compared to contractual rates. Acquisition-related transaction costs are capitalized as part of the purchase price. Intangible lease rights represent: (1) purchase price amounts allocated to leases on three stores that cannot be classified as ground or building leases; these rights are amortized to expense over the life of the leases and (2) intangibles related to ground leases on eight stores where the leases were assumed by the Company at rates that were lower than the current market rates for similar leases. The values associated with these assumed leases were recorded as intangibles, which will be amortized over the lease terms. Real Estate Sales In general, sales of real estate and related profits/losses are recognized when all consideration has changed hands and risks and rewards of ownership have been transferred. Certain types of continuing involvement preclude sale treatment and related profit recognition; other forms of continuing involvement allow for sale recognition but require deferral of profit recognition. Investments in Unconsolidated Real Estate Entities Investments in unconsolidated real estate entities and Cash distributions in unconsolidated real estate ventures represent the Company's noncontrolling interest in real estate joint ventures that own stores and the Company's interest in preferred stock of SmartStop Self Storage REIT, Inc. ("SmartStop"). The Company’s investments in real estate joint ventures, where the Company has significant influence, but not control and joint ventures which are VIEs in which the Company is not the primary beneficiary, are recorded under the equity method of accounting in the accompanying consolidated financial statements. Under the equity method, the Company’s investment in real estate ventures is stated at cost and adjusted for the Company’s share of net earnings or losses and reduced by distributions. Equity in earnings of real estate ventures is generally recognized based on the Company’s ownership interest in the earnings of each of the unconsolidated real estate ventures. For the purposes of presentation in the statement of cash flows, the Company follows the “nature of distribution” approach for classification of distributions from joint ventures. Under this approach, cash flows are classified on the basis of the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as a cash inflow from operating activities) or a return of investment (classified as a cash inflow from investing activities). The Company evaluated its investments in preferred stock of non-public real estate entities and determined it did not have significant influence over the entity, and the investment in preferred stock does not have a readily determinable fair value, therefore it has been recorded at the transaction price. The Company periodically evaluates the investment for impairment. No impairments were recorded during the year ended December 31, 2022. Investments in Debt Securities and Notes Receivable The Company accounts for its investment in debt securities and loans receivable at amortized cost. The Company recognizes interest income related to the debt securities and notes receivable using the effective interest method, with deferred fees and costs amortized over the lives of the related loans as yield adjustment. Cash and Cash Equivalents The Company’s cash is deposited with financial institutions located throughout the United States and at times may exceed federally insured limits. The Company considers all highly liquid debt instruments with a maturity date of three months or less to be cash equivalents. Other Assets Other assets consist of restricted cash, equipment and fixtures, capitalized software, rents receivable from our tenants, other receivables, other intangible assets, deferred tax assets, prepaid expenses, the fair value of interest rate swaps, and goodwill. Depreciation of equipment and fixtures is computed on a straight-line basis over three Derivative Instruments and Hedging Activities The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Risk Management and Use of Financial Instruments In the normal course of its ongoing business operations, the Company encounters economic risk. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk on its interest-bearing liabilities. Credit risk is the risk of inability or unwillingness of tenants to make contractually required payments. Market risk is the risk of declines in the value of stores due to changes in rental rates, interest rates or other market factors affecting the value of stores held by the Company. The Company has entered into interest rate swap agreements to manage a portion of its interest rate risk. Redemption of Common Operating Partnership Units The Company has the option to redeem common Operating Partnership Units in cash or shares of common stock. Redemption of common Operating Partnership units for shares of common stock, when redeemed under the original provisions of the Operating Partnership agreement, is accounted for by reclassifying the underlying net book value of the units from noncontrolling interest to the Company’s equity. Redemption of common Operating Partnership units for cash is accounted for by reducing the underlying net book value of the units from noncontrolling interest. Revenue and Expense Recognition Rental revenues are recognized as earned based upon amounts that are currently due from tenants. Leases are generally on month-to-month terms. Prepaid rents are recognized on a straight-line basis over the term of the leases. Promotional discounts are recognized as a reduction to rental income over the promotional period. Late charges, administrative fees and merchandise sales are recognized as income when earned. The Company's management fees are earned subject to the terms of the related management services agreements ("MSAs"). These MSAs provide that the Company will perform management services, which include leasing and operating the property and providing accounting, marketing, banking, maintenance and other services. These services are provided in exchange for monthly management fees, which are based on a percentage of revenues collected from stores owned by third parties and unconsolidated joint ventures. MSAs generally have original terms from three The Company accounts for the management services provided to a customer as a single performance obligation which are rendered over time each month. The total amount of consideration from the contract is variable as it is based on monthly revenues, which are influenced by multiple factors, some of which are outside the Company's control. Therefore, the Company recognizes the revenue at the end of each month once the uncertainty is resolved. Due to the standardized terms of the MSAs, the Company accounts for all MSAs in a similar, consistent manner. Therefore, no disaggregated information relating to MSAs is presented. Property expenses, including utilities, property taxes, repairs and maintenance and other costs to manage the facilities are recognized as incurred. The Company accrues for property tax expense based upon invoice amounts and estimates. If these estimates are incorrect, the timing of expense recognition could be affected. Tenant reinsurance premiums are recognized as revenue over the period of insurance coverage. The Company records an unpaid claims liability at the end of each period based on existing unpaid claims and historical claims payment history. The unpaid claims liability represents an estimate of the ultimate cost to settle all unpaid claims as of each period end, including both reported but unpaid claims and claims that may have been incurred but have not been reported. The Company uses a third party claims administrator to adjust all tenant reinsurance claims received. The administrator evaluates each claim to determine the ultimate claim loss and includes an estimate for claims that may have been incurred but not reported. Annually, a third party actuary evaluates the adequacy of the unpaid claims liability. Prior year claim reserves are adjusted as experience develops or new information becomes known. The impact of such adjustments is included in the current period operations. The unpaid claims liability is not discounted to its present value. Each tenant chooses the amount of insurance coverage they want through the tenant reinsurance program. Tenants can purchase policies in amounts of 2,000 dollars to 10,000 dollars of insurance coverage in exchange for a monthly fee. As of December 31, 2022, the average insurance coverage for tenants was approximately 3,500 dollars (coverage numbers not in thousands). The Company’s exposure per claim is limited by the maximum amount of coverage chosen by each tenant. For the years ended December 31, 2022, 2021 and 2020, the number of individual claims made were 8,542, 8,748 and 8,226, respectively (claim numbers not in thousands). The following table presents information on the portion of the Company’s unpaid claims liability, which is included in other liabilities on the Company's consolidated balance sheets, that relates to tenant insurance for the periods indicated: For the Year Ended December 31, Tenant Reinsurance Claims: 2022 2021 2020 Unpaid claims liability at beginning of year $ 9,112 $ 8,294 $ 8,109 Claims and claim adjustment expense for claims incurred in the current year 20,533 16,901 14,534 Claims and claim adjustment expense (benefit) for claims incurred in the prior years 179 122 (1,351) Payments for current year claims (18,137) (11,913) (9,697) Payments for prior year claims (5,289) (4,292) (3,301) Unpaid claims liability at the end of the year $ 6,398 $ 9,112 $ 8,294 Advertising Costs The Company incurs advertising costs primarily attributable to digital and other advertising. These costs are expensed as incurred. The Company recognized $19,285, $18,793 and $28,336 in advertising expense for the years ended December 31, 2022, 2021 and 2020, respectively, which are included in property operating expenses on the Company’s consolidated statements of operations. Income Taxes The Company has elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). In order to maintain its qualification as a REIT, among other requirements, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Company is not subject to U.S. federal income tax with respect to that portion of its income which meets certain criteria and is distributed annually to stockholders. The Company plans to continue to operate so that it meets the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. For any taxable year that the Company fails to qualify as a REIT and for which applicable statutory relief provisions did not apply, the Company would be subject to U.S. federal corporate income tax on all of its taxable income for at least that year and the ensuing four years. The Company is subject to certain state and local taxes. Provision for such taxes has been included in income tax expense on the Company’s consolidated statements of operations. For the year ended December 31, 2022, 0% (unaudited) of all distributions to stockholders qualified as a return of capital. The Company owns and may acquire direct or indirect interests in entities that have elected or will elect to be taxed as REITs under the Internal Revenue Code (each, a “Subsidiary REIT ”). A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to the Company. If a Subsidiary REIT were to fail to qualify as a REIT, then (i) that Subsidiary REIT would become subject to U.S. federal income tax, (ii) shares in such Subsidiary REIT would cease to be qualifying assets for purposes of the asset tests applicable to REITs, and (iii) it is possible that the Company would fail certain of the asset tests applicable to REITs, in which event the Company would fail to qualify as a REIT unless it could avail itself of certain relief provisions. The Company has elected to treat certain corporate subsidiaries, including Extra Space Management, Inc. (“ESMI”), as a taxable REIT subsidiary (“TRS”). In general, a TRS may perform additional services for tenants and may engage in any real estate or non-real estate related business. A TRS is subject to U.S. federal corporate income tax and may also be subject to state and local income taxes. ESM Reinsurance Limited, a wholly-owned subsidiary of ESMI, generates income from insurance premiums that are subject to U.S. federal corporate income tax and state insurance premiums tax. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. At December 31, 2022 and 2021, there were no material unrecognized tax benefits. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. As of December 31, 2022 and 2021, the Company had no interest or penalties related to uncertain tax provisions. Stock-Based Compensation The measurement and recognition of compensation expense for all share-based payment awards to employees and directors are based on estimated fair values. Awards granted are valued at fair value and any compensation expense is recognized over the service periods of each award. Earnings Per Common Share Basic earnings per common share is computed using the two-class method by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. All outstanding unvested restricted stock awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common stockholders; accordingly, they are considered participating securities that are included in the two-class method. Diluted earnings per common share measures the performance of the Company over the reporting period while giving effect to all potential common shares that were dilutive and outstanding during the period. The denominator includes the weighted average number of basic shares and the number of additional common shares that would have been outstanding if the potential common shares that were dilutive had been issued, and is calculated using either the two-class, treasury stock or as if-converted method, whichever is most dilutive. Potential common shares are securities (such as options, convertible debt, Series A Participating Redeemable Preferred Units (“Series A Units”), Series B Redeemable Preferred Units (“Series B Units”), and Series D Redeemable Preferred Units (“Series D Units”) and together with the Series A Units and Series B Units, the “Preferred OP Units") and common Operating Partnership units (“OP Units”)) that do not have a current right to participate in earnings of the Company but could do so in the future by virtue of their option, redemption or conversion right. For the purposes of computing the diluted impact of the potential exchange of the Preferred OP Units for common shares upon redemption, where the Company has the option to redeem in cash or shares and where the Company has stated the intent and ability to settle the redemption in shares, the Company divided the total liquidation value of the Preferred OP Units by the average share price of $183.21 for the year ended December 31, 2022. The following table presents the number of weighted OP Units and Preferred OP Units, and the potential common shares, that were excluded from the computation of earnings per share as their effect would have been anti-dilutive: For the Year Ended December 31, 2022 2021 2020 Equivalent Shares (if converted) Equivalent Shares (if converted) Equivalent Shares (if converted) Common OP Units — — 5,853,814 Series A Units (Variable Only) — — 875,480 Series B Units 187,664 246,618 400,771 Series D Units 1,140,513 726,037 1,143,547 1,328,177 972,655 8,273,612 For the purposes of computing the diluted impact on earnings per share of the potential exchange of Series A Units for common shares upon redemption, where the Company has the option to redeem in cash or shares and where the Company has stated the positive intent and ability to settle at least $101,700 of the instrument in cash (or net settle a portion of the Series A Units against the related outstanding note receivable), only the amount of the instrument in excess of $101,700 is considered in the calculation of shares contingently issuable for the purposes of computing diluted earnings per share as allowed by ASC 260-10-45-46. Accordingly, the number of shares included in the computation for diluted earnings per share related to the Series A Units is equal to the number of Series A Units outstanding, with no additional shares included related to the $101,700 fixed amount. The computation of earnings per share is as follows for the periods presented: For the Year Ended December 31, 2022 2021 2020 Net income attributable to common stockholders $ 860,688 $ 827,649 $ 481,779 Earnings and dividends allocated to participating securities (1,201) (1,183) (706) Earnings for basic computations 859,487 826,466 481,0

Real Estate Assets

Real Estate Assets	12 Months Ended
Real Estate Assets	Dec. 31, 2022
Real Estate [Abstract]
Real Estate Assets	REAL ESTATE ASSETS The components of real estate assets are summarized as follows: December 31, 2022 December 31, 2021 Land $ 2,356,746 $ 2,151,319 Buildings, improvements and other intangibles 9,425,468 8,227,094 Right of use asset - finance lease 136,259 117,718 Intangible assets - tenant relationships 152,775 134,577 Intangible lease rights 12,943 12,443 12,084,191 10,643,151 Less: accumulated depreciation and amortization (2,138,524) (1,867,750) Net operating real estate assets 9,945,667 8,775,401 Real estate under development/redevelopment 52,311 59,248 Real estate assets, net $ 9,997,978 $ 8,834,649 Real estate assets held for sale included in real estate assets, net $ — $ 8,436 The Company amortizes to expense intangible assets—tenant relationships on a straight-line basis over the average period that a tenant is expected to utilize the facility (currently estimated at 18 months). The Company amortizes to expense the intangible lease rights over the terms of the related leases. Amortization related to the tenant relationships and lease rights was $13,981, $4,778, and $2,258 for the years ended December 31, 2022, 2021 and 2020, respectively. The remaining balance of the unamortized lease rights will be amortized over the next six

Other Assets

Other Assets	12 Months Ended
Other Assets	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	OTHER ASSETS The components of other assets are summarized as follows: December 31, 2022 December 31, 2021 Equipment and fixtures, net $ 42,808 $ 29,060 Deferred line of credit financing costs, net 4,846 7,408 Prepaid expenses and deposits 50,318 39,384 Receivables, net 85,937 83,050 Goodwill 170,811 — Restricted cash 4,867 5,068 Fair value of interest rate swaps 54,839 270 $ 414,426 $ 164,240

Property Acquisitions and Dispo

Property Acquisitions and Dispositions	12 Months Ended
Property Acquisitions and Dispositions	Dec. 31, 2022
Real Estate [Abstract]
Property Acquisitions and Dispositions	PROPERTY ACQUISITIONS AND DISPOSITIONS Store Acquisition The following table shows the Company’s acquisitions of stores for the years ended December 31, 2022 and 2021. The table excludes purchases of raw land and improvements made to existing assets. Consideration Paid Total Period Number of Stores Total Cash Paid Loan Assumed Finance Lease Liability Investments in Real Estate Ventures Net Liabilities/ (Assets) Assumed Value of Equity Issued Real estate assets Total 2022 153 $ 1,366,348 $ 1,193,261 $ — $ 6,823 $ 1,085 $ (786) $ 165,965 $ 1,366,348 Total 2021 74 $ 1,344,574 $ 1,011,483 $ 20,028 $ 26,998 $ 5,383 $ 4,292 $ 276,390 $ 1,344,574 On September 15, 2022, the Company completed the acquisition of multiple entities doing business as Storage Express for a purchase price of $590.0 million. A portion of the consideration paid was in the form of the issuance of 619,294 OP units (a total value of $125.0 million) and the remainder in cash. The portfolio included 106 operating stores and eight parcels of land for future development, all located in Illinois, Indiana, Kentucky and Ohio. This acquisition did not meet the definition of a business under ASU 2017-01, " Business Combinations (Topic 805): Clarifying the Definition of a Business " and was therefore recorded as an asset acquisition. Other Investments On June 1, 2022, the Company completed the acquisition of Bargold Storage Systems, LLC ("Bargold") for a purchase price of approximately $179.3 million. Bargold leases space in apartment buildings, primarily in New York City and its boroughs, builds out the space as storage units, and subleases the units to tenants. As of June 1, 2022, Bargold had approximately 17,000 storage units with an approximate occupancy of 97%. This acquisition is considered a business combination under ASU 2017-01, " Business Combinations (Topic 805): Clarifying the Definition of a Business ." The following table summarizes the total consideration transferred to acquire Bargold: Total cash paid by the company $ 157,302 Fair value of Series D Units issued 16,000 Fair value of OP Units issued 6,000 Total consideration transferred $ 179,302 As part of this acquisition, we recorded an expense of $1,465 related to transaction costs. The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date: Cash and cash equivalents $ 175 Fixed assets 6,411 Developed technology 500 Trademarks 500 Customer relationships 1,870 Other assets 125 Accounts payables and accrued liabilities assumed (1,090) Nets asset acquired 8,491 Goodwill 170,811 Total assets acquired $ 179,302 The following table summarizes the revenues and earnings related to Bargold since the acquisition date of June 1, 2022, which are included in the Company's consolidated statement of operations for the year ended December 31, 2022: Total revenues $ 9,374 Net income from operations $ 1,718 Pro Forma Information As noted above, during the year ended December 31, 2022, the Company acquired Bargold. The following pro forma financial information is based on the combined historical financial statements of the Company and Bargold, however, only includes revenue and presents the Company's results as if the acquisition had occurred on January 1, 2021. Net income was excluded as it was impracticable to report expenses due to the lack of historical accrual basis accounting. For the Year Ended December 31, 2022 For the Year Ended December 31, 2021 Pro Forma Pro Forma Total revenues $ 1,930,816 $ 1,592,021 Store Dispositions The Company disposed of one store on May 18 and one on June 21, 2022, for a total cash consideration of approximately $38.7 million, resulting in a gain of approximately $14.2 million. Both had been classified as held for sale. On December 16, 2021 the Company sold 16 stores that had been classified as held for sale for total cash consideration of $200,292. The Company recorded a gain of $73,854.

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Entities	12 Months Ended
Investments in Unconsolidated Real Estate Entities	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Real Estate Entities	INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIESInvestments in unconsolidated real estate entities and Cash distributions in unconsolidated real estate ventures represent the Company's interest in preferred stock of SmartStop Self Storage REIT, Inc. ("SmartStop") and the Company's noncontrolling interest in real estate joint ventures that own stores. The Company accounts for its investment in SmartStop preferred stock, which does not have a readily determinable fair value, at the transaction price less impairment, if any. The Company accounts for its investments in joint ventures using the equity method of accounting. The Company initially records these investments at cost and subsequently adjusts for cash contributions, distributions and net equity in income or loss, which is allocated in accordance with the provisions of the applicable partnership or joint venture agreement. In these joint ventures, the Company and the joint venture partner generally receive a preferred return on their invested capital. To the extent that cash or profits in excess of these preferred returns are generated through operations or capital transactions, the Company would receive a higher percentage of the excess cash or profits, as applicable, than its equity interest. The Company separately reports investments with net equity less than zero in Cash distributions in unconsolidated real estate ventures in the consolidated balance sheets. The net equity of certain joint ventures is less than zero because distributions have exceeded the Company's investment in and share of income from these joint ventures. This is generally the result of financing distributions, capital events or operating distributions that are usually greater than net income, as net income includes non-cash charges for depreciation and amortization while distributions do not. Net Investments in unconsolidated real estate entities and Cash distributions in unconsolidated real estate ventures consist of the following: Number of Stores Equity Ownership % Excess Profit % (1) December 31, 2022 2021 PRISA Self Storage LLC 84 4% 4% $ 8,596 $ 8,792 Storage Portfolio II JV LLC 36 10% 30% (7,200) (6,116) Storage Portfolio IV JV LLC 32 10% 30% 49,139 40,174 Storage Portfolio I LLC 24 34% 49% (41,372) (40,168) PR II EXR JV LLC 23 25% 25% 110,172 70,403 ESS-CA TIVS JV LP 16 55% 60% 30,778 32,288 VRS Self Storage, LLC 16 45% 54% (15,399) (14,269) ARA-EXR JV LLC 12 10% 30% 19,137 — ESS-NYFL JV LP 11 16% 24% 11,332 11,796 Extra Space Northern Properties Six LLC 10 10% 35% (3,382) (3,029) Alan Jathoo JV LLC 9 10% 10% 7,414 7,621 ESS Bristol Investments LLC 8 10% 30% 2,110 2,628 ESS - BGO Atlanta GA JV LLC 7 20% 35% 30,467 — Storage Portfolio V JV LLC 6 10% 30% 9,517 — PR EXR Self Storage, LLC 5 25% 40% 58,476 59,393 Storage Portfolio III JV LLC 5 10% 30% 5,467 5,596 Other unconsolidated real estate ventures 14 20-50% 20-50% 39,808 18,635 SmartStop Self Storage REIT, Inc. Preferred Stock (2) n/a n/a n/a 200,000 200,000 Net Investments in and Cash distributions in unconsolidated real estate entities 318 $ 515,060 $ 393,744 (1) Includes pro-rata equity ownership share and promoted interest. (2) The Company invested in shares of convertible preferred stock of SmartStop. The dividend rate for the preferred shares is 6.25% per annum, subject to increase after five years. The preferred shares are generally not redeemable for five years, except in the case of a change of control or initial listing of SmartStop. Dividend income from this investment is included on the equity in earnings and dividend income from unconsolidated real estate entities line on the Company's consolidated statement of operations. In June 2021, the Company sold its interest in two unconsolidated joint ventures to its joint venture partner. The Company received proceeds of $1,888 in cash, and recorded a gain of $525 which is included in Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest in the Company's condensed consolidated statements of operations. The Company also purchased its joint venture partners' interests in two unconsolidated joint ventures. Also in June 2021, the WICNN JV LLC and GFN JV, LLC joint ventures sold all 17 of the stores owned by the joint ventures to a third party. Subsequent to the sales, these joint ventures were dissolved. As a result of these transactions, the Company recorded a gain of $5,739, which is included in Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest in the Company's consolidated statements of operations. In accordance with ASC 810, the Company reviews all of its joint venture relationships annually to ensure that there are no entities that require consolidation. As of December 31, 2022, there were no previously unconsolidated entities that were required to be consolidated as a result of this review. The Company entered into four new unconsolidated real estate joint ventures of which added a total of 27 stores and a total investment of $66,592 to the Company's portfolio during the year ended December 31, 2022. Additionally, the Company's existing joint ventures added 10 stores for a total investment of $54,724 during the year ended December 31, 2022. The Company accounts for its investment in these ventures under the equity method of accounting. Equity in earnings and dividend income from unconsolidated real estate entities consists of the following: For the Year Ended December 31, 2022 2021 2020 Dividend income from SmartStop preferred stock $ 12,509 $ 12,500 $ 9,968 Equity in earnings of PRISA Self Storage LLC 3,272 2,719 2,229 Equity in earnings of Storage Portfolio II JV LLC 3,398 1,802 559 Equity in earnings of Storage Portfolio IV JV LLC 917 112 — Equity in earnings of Storage Portfolio I LLC 4,684 2,833 1,636 Equity in earnings of PR II EXR JV LLC 1,229 (8) — Equity in earnings of ESS-CA TIVS JV LP 2,753 1,274 — Equity in earnings of VRS Self Storage, LLC 5,401 4,352 3,509 Equity in earnings of ARA-EXR JV LLC 180 — — Equity in earnings of ESS-NYFL JV LLC 803 427 (331) Equity in earnings of Extra Space Northern Properties Six LLC 1,734 1,363 1,088 Equity in earnings of ESS-BGO Atlanta GA JV LLC 55 — — Equity in earnings of Alan Jathoo JV LLC 482 270 57 Equity in earnings of Bristol Investments LLC 350 177 (67) Equity in earnings of Storage Portfolio V JV LLC (33) — — Equity in earnings of PR EXR Self Storage, LLC 1,030 491 (211) Equity in earnings of WICNN JV LLC — 1,050 1,878 Equity in earnings of GFN JV, LLC — 546 788 Equity in earnings of other minority owned stores 2,664 2,450 1,258 $ 41,428 $ 32,358 $ 22,361 Equity in earnings of certain of our joint ventures includes the amortization of the Company’s excess purchase price of $24,839 of these equity investments over its original basis. The excess basis is amortized over 39 years. The Company provides management services to joint ventures for a fee. Management fee revenues for affiliated real estate joint ventures for the years ended December 31, 2022, 2021 and 2020 were $24,389, $17,619 and $15,657, respectively.

Investments in Debt Securities

Investments in Debt Securities and Notes Receivable	12 Months Ended
Investments in Debt Securities and Notes Receivable	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments in Debt Securities and Notes Receivable	INVESTMENTS IN DEBT SECURITIES AND NOTES RECEIVABLEInvestments in debt securities and notes receivable consists of the Company's investment in mandatorily redeemable preferred stock of Jernigan Capital, Inc. ("JCAP") in connection with JCAP's acquisition by affiliates of NexPoint Advisors, L.P. ("NexPoint") and receivables due to the Company under its bridge loan program. Information about these balances is as follows: December 31, 2022 December 31, 2021 Debt securities - NexPoint Preferred Stock $ 300,000 $ 300,000 Notes Receivable - Bridge Loans 491,879 279,042 Notes Receivable - Senior Mezzanine Loan, net — 102,079 Dividends and Interest Receivable 66,170 38,066 $ 858,049 $ 719,187 In November 2020, the Company invested $300,000 in the preferred stock of JCAP in connection with the acquisition of JCAP by affiliates of NexPoint. This investment consisted of 200,000 Series A Preferred Shares valued at a total of $200,000, and 100,000 Series B Preferred Shares valued at a total of $100,000. In December 2022, the Company completed a modification with Nexpoint Storage Partners (as successor in interest to JCAP) that exchanged the Series A and B Preferred Shares for 300,000 Series D Preferred Shares, valued at a total of $300,000. The JCAP Series D preferred stock is mandatorily redeemable after six years from the modification in December 2022, with two one-year extension options. NexPoint may redeem the Preferred Shares at any time, subject to certain prepayment penalties. The Company accounts for the JCAP preferred stock as a held to maturity debt security at amortized cost. The Series D Preferred Shares have initial dividend rates of 8.5%. If the investment is not retired after six years, the preferred dividends increase annually. In July 2020, the Company purchased a senior mezzanine note receivable with a principal amount of $103,000. The note receivable bore interest at 5.5%, with a maturity in December 2023 and was collateralized through an equity interest in which it or its subsidiaries wholly own 62 storage facilities. The Company paid cash of $101,142 for the note receivable and accounted for the discount at amortized cost. The discount was being amortized over the term of the note receivable. In February 2022, a junior mezzanine lender exercised its right to buy the Company’s position for the full principal balance plus interest due, as a result of which the Company sold this note for a total of $103,315 in cash. The remaining unamortized discount was recognized in that quarter as interest income.

Debt

Debt	12 Months Ended
Debt	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt	DEBT In March 2022, the Operating Partnership executed a public bond issuance by selling $400.0 million principal amount of 3.900% Senior Notes due 2029 (the "Notes Due 2029"). Interest on the Notes Due 2029 is paid semi-annually in arrears on April 1 and October 1 of each year. The Notes Due 2029 will mature on April 1, 2029, and the Operating Partnership may redeem the Notes Due 2029 at its option and sole discretion at any time prior to April 1, 2029 for cash equal to the outstanding principal amount plus the present value of the remaining scheduled interest payments, plus any accrued but unpaid interest. In September 2021, the Operating Partnership executed a public bond issuance by selling $600.0 million principal amount of 2.350% Senior Notes due 2032 (the "Notes Due 2032"). Interest on the Notes Due 2032 is paid semi-annually in arrears on March 15 and September 15 of each year. The Notes Due 2032 will mature on March 15, 2032, and the Operating Partnership may redeem the Notes Due 2032 at its option and sole discretion at any time prior to March 15, 2032 for cash equal to the outstanding principal amount plus the present value of the remaining scheduled interest payments, plus any accrued but unpaid interest. In May 2021, the Operating Partnership executed its initial public bond issuance by selling $450.0 million principal amount of 2.550% Senior Notes due 2031 (the "Notes Due 2031"). Interest on the Notes Due 2031 is paid semi-annually in arrears on June 1 and December 1 of each year. The Notes Due 2031 will mature on June 1, 2031, and the Operating Partnership may redeem the Notes Due 2031 at its option and sole discretion at any time prior to March 31, 2031 for cash equal to the outstanding principal amount plus the present value of the remaining scheduled interest payments, plus any accrued but unpaid interest. The Operating Partner may redeem the Notes Due 2029, the Notes Due 2031, and/or the Notes Due in 2032 (collectively, the "Notes") in whole at any time or in part from time to time, at the Operating Partnership’s option and sole discretion, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes being redeemed and (ii) a make-whole premium calculated in accordance with the indenture governing the notes, plus, in each case, accrued and unpaid interest thereon to, but not including, the applicable redemption date. Notwithstanding the foregoing, on or after the date three months prior to the maturity date of the applicable notes, the redemption price will be equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest thereon to, but not including, the applicable redemption date. Certain events are considered events of default, which may result in the accelerated maturity of the Notes, including, among other things, a default for 30 days in the payment of any installment of interest under the notes or a default in the payment of the principal amount or redemption price due with respect to the notes, when the same become due and payable. The Notes are unsecured, and are fully and unconditionally guaranteed by the Company, ESS Holdings Business Trust I, and ESS Holdings Business Trust II (the "Guarantors," and together with the Operating Partnership, the "Obligated Group"), on a joint and several basis. The guarantee of the Notes will be a senior unsecured obligation of each Guarantor. The Guarantors have no material operations separate from the operation of the Operating Partnership and no material assets, other than their respective investments directly or indirectly in the Operating Partnership, and therefore the assets, liabilities, and results of operations of the Obligated Group are not materially different than those reported in the Company's financial statements. The components of term debt are summarized as follows: Term Debt December 31, 2022 December 31, 2021 Fixed Rate Variable Rate (2) Maturity Dates Secured fixed-rate (1) $ 521,820 $ 930,830 2.55% - 4.50% July 2023 - February 2030 Secured variable-rate (1) 772,604 392,679 5.36% - 5.80% August 2023 - September 2030 Unsecured fixed-rate 4,240,376 3,575,000 2.35% - 5.12% February 2024 - March 2032 Unsecured variable-rate 884,624 550,000 5.41% January 2025 - January 2028 Total 6,419,424 5,448,509 Less: Unamortized debt issuance costs (32,962) (25,762) Total $ 6,386,462 $ 5,422,747 (1) The loans are collateralized by mortgages on real estate assets and the assignment of rents. (2) Basis rates include 30-day USD LIBOR, Term SOFR and Daily Simple SOFR At December 31, 2022, the terms of the Second Amended and Restated Credit Agreement dated June 22, 2021 (the "Credit Agreement") are as follows: Debt Capacity Maturity Date Revolving Credit Facility $ 1,250,000 June 2025 Tranche 1 Term Loan Facility (1) 400,000 January 2027 Tranche 2 Term Loan Facility (1) 425,000 October 2026 Tranche 3 Term Loan Facility (1) 245,000 January 2025 Tranche 4 Term Loan Facility (1) 255,000 June 2026 Tranche 5 Term Loan Facility (1) 425,000 February 2024 Tranche 6 Term Loan Facility (1) 175,000 January 2028 Tranche 7 Term Loan Facility (1) 425,000 July 2029 $ 3,600,000 (1) The term loan amounts have been fully drawn as of December 31, 2022. Pursuant to the terms of the Credit Agreement, the Company may request an extension of the term of the revolving credit facility for up to two additional periods of six months each, after satisfying certain conditions. As of December 31, 2022, amounts outstanding under the revolving credit facility bore interest at floating rates, at the Company’s option, equal to either (i) Adjusted Term SOFR/Adjusted Daily Simple SOFR ("ASOFR") plus the applicable margin or (ii) the applicable base rate which is the applicable margin plus the highest of (a) 0.0%, (b) the federal funds rate plus 0.50%, (c) U.S. Bank’s prime rate or (d) the SOFR rate plus 1.00%. Per the Credit Agreement, the applicable SOFR rate margin and applicable base rate margin are based on the Company’s achieved debt rating, with the SOFR rate margin ranging from 0.7% to 1.6% per annum and the applicable base rate margin ranging from 0.00% to 0.60% per annum. The Credit Agreement is guaranteed by the Company and is not secured by any assets of the Company. The Company's unsecured debt is subject to certain financial covenants. As of December 31, 2022, the Company was in compliance with all of its financial covenants. In July 2022, the Company completed an accordion transaction in its credit facility, which added a $175.0 million unsecured debt tranche maturing January 2028 and a $425.0 million unsecured debt tranche maturing July 2029. The current interest rates for the tranches are ASOFR + 0.95% and ASOFR + 1.25%, respectively. The following table summarizes the scheduled maturities of term debt, excluding available extensions, at December 31, 2022: 2023 $ 386,684 2024 425,000 2025 709,899 2026 808,960 2027 872,884 Thereafter 3,215,997 $ 6,419,424 All of the Company’s lines of credit are guaranteed by the Company. The following table presents information on the Company’s lines of credit, the proceeds of which are used to repay debt and for general corporate purposes, for the periods indicated: As of December 31, 2022 Revolving Lines of Credit Amount Drawn Capacity Interest Rate Maturity Basis Rate (1) Credit Line 1 (2) $ 35,000 $ 140,000 5.7% 7/1/2023 SOFR plus 1.35% Credit Line 2 (3)(4) 910,000 1,250,000 5.3% 6/20/2025 SOFR plus 0.95% $ 945,000 $ 1,390,000 (1) Term SOFR or Daily Simple SOFR (2) Secured by mortgages on certain real estate assets. On January 13, 2023 the maturity date was extended to July 1, 2026 with one one (3) Unsecured. Two six (4) Basis Rate as of December 31, 2022. Rate is subject to change based on our investment grade rating. As of December 31, 2022, the Company’s percentage of fixed-rate debt to total debt was 64.7%. The weighted average interest rates of the Company’s fixed and variable-rate debt were 3.4% and 5.5%, respectively. The combined weighted average interest rate was 4.1%. In September 2015, the Operating Partnership issued $575,000 of its 3.125% Exchangeable Senior Notes due 2035. Costs incurred to issue the 2015 Notes were approximately $11,992, consisting primarily of a 2.0% underwriting fee. These costs were amortized as an adjustment to interest expense over five years, which represented the estimated term based on the first available redemption date, and were included in exchangeable senior notes, net, in the consolidated balance sheets. The 2015 Notes were general unsecured senior obligations of the Operating Partnership and were fully guaranteed by the Company. Interest was payable on April 1 and October 1 of each year. The Notes bore interest at 3.125% per annum and contained an exchange settlement feature, which provided that the 2015 Notes could, under certain circumstances, be exchangeable for cash (for the principal amount of the 2015 Notes) and, with respect to any excess exchange value, for cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock, at the Company’s option. The Operating Partnership could redeem the 2015 Notes at any time to preserve the Company’s status as a REIT. In addition, on or after October 5, 2020, the Operating Partnership could redeem the 2015 Notes for cash, in whole or in part, at 100% of the principal amount plus accrued and unpaid interest, upon at least 30 days but not more than 60 days prior written notice to the holders of the 2015 Notes. The holders of the 2015 Notes had the right to require the Operating Partnership to repurchase the 2015 Notes for cash, in whole or in part, on October 1 of the years 2020, 2025 and 2030, (unless the Operating Partnership had called the 2015 Notes for redemption), and upon the occurrence of certain designated events, in each case for a repurchase price equal to 100% of the principal amount of the 2015 Notes plus accrued and unpaid interest. Additionally, the 2015 Notes could have been exchanged during any calendar quarter, if the last reported sale price of the common stock of the Company was greater than or equal to 130% of the exchange price for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter. The Company redeemed all outstanding 2015 Notes on November 2, 2020. GAAP requires entities with convertible debt instruments that may be settled entirely or partially in cash upon conversion to separately account for the liability and equity components of the instrument in a manner that reflects the issuer’s economic interest cost. The Company therefore accounted for the liability and equity component of the 2015 Notes separately. The equity components were included in paid-in capital in stockholders’ equity in the consolidated balance sheets, and the value of the equity components were treated as original issue discount for purposes of accounting for the debt components. The discount was amortized as interest expense over the remaining period of the debt through its first redemption date, October 1, 2020 for the 2015 Notes. The effective interest rate on the liability components of the 2015 Notes was 4.0%, which approximates the market rate of interest of similar debt without exchange features (i.e. nonconvertible debt) at the time of issuance. The amount of interest cost recognized relating to the contractual interest rate and the amortization of the discount on the liability component for the Notes were as follows for the periods indicated: For the Year Ended December 31, 2022 2021 2020 Contractual interest $ — $ — $ 13,476 Amortization of discount — — 3,675 Total interest expense recognized $ — $ — $ 17,151 Repurchase of 2015 Notes On October 1, 2020, the holders of $71,513 principal amount of the 2015 Notes exchanged their Notes. The Company paid cash of $71,513 for the principal amount and issued 124,819 shares of common stock with a value of $13,495 for the exchange value in excess of the principal amount. On November 2, 2020, the holders of an additional $503,432 principal amount of the 2015 Notes exchanged their Notes. The Company paid cash of $503,487 for the principal amount and issued 1,198,962 shares of common stock with a value of $138,900 for the exchange value in excess of the principal amount. Also on November 2, 2020, the Company redeemed the remaining $55 of outstanding principal amount of the 2015 Notes for cash. The Company allocated the value of the consideration paid to repurchase the 2013 Notes and the 2015 Notes (1) to the extinguishment of the liability component and (2) to the reacquisition of the equity component. The amount allocated to the extinguishment of the liability component is equal to the fair value of that component immediately prior to extinguishment. The difference between the consideration attributed to the extinguishment of the liability component and the sum of (a) the net carrying amount of the repurchased liability component, and (b) the related unamortized debt issuance costs, is recognized as a gain on debt extinguishment. The remaining settlement consideration is allocated to the reacquisition of the equity component of the repurchased 2013 Notes and 2015 Notes and recognized as a reduction of stockholders’ equity. Information about the repurchases is as follows: For the Year Ended December 31, 2022 2021 2020 Principal amount repurchased $ — $ — $ 575,000 Amount allocated to: Extinguishment of liability component $ — $ — $ 575,000 Reacquisition of equity component — — — Total consideration paid for repurchase $ — $ — $ 575,000 Exchangeable senior notes repurchased $ — $ — $ 575,000 Extinguishment of liability component — — (575,000) Discount on exchangeable senior notes — — — Related debt issuance costs — — — Gain/(loss) on repurchase $ — $ — $ —

Derivatives

Derivatives	12 Months Ended
Derivatives	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	DERIVATIVES The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (“OCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. A portion of these changes is excluded from accumulated other comprehensive income as it is allocated to noncontrolling interests. During the years ended December 31, 2022, 2021 and 2020, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. During 2023, the Company estimates that $37,005 will be reclassified as a decrease to interest expense. The following table summarizes the terms of the Company’s 19 derivative financial instruments, which have a total combined notional amount of $1,837,714 as of December 31, 2022: Hedge Product Range of Notional Amounts Strike Effective Dates Maturity Dates Swap Agreements $32,014 - $220,000 1.07% - 4.20% 2/1/2016 - 1/31/2024 2/1/2023 - 10/13/2026 Fair Values of Derivative Instruments The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets: Asset / Liability Derivatives Derivatives designated as hedging instruments: December 31, 2022 December 31, 2021 Other assets $ 54,839 $ 271 Other liabilities $ 73 $ 39,569 Effect of Derivative Instruments The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the periods presented. No tax effect has been presented as the derivative instruments are held by the Company: Gain recognized in OCI for the Year Ended December 31, Location of amounts reclassified from OCI into income Loss reclassified from OCI for the Year Ended December 31, Type 2022 2021 2022 2021 2020 Swap Agreements $ 88,372 $ 23,580 Interest expense $ (7,877) $ (35,764) $ (26,794) Credit-Risk-Related Contingent Features The Company has agreements with some of its derivative counterparties that contain provisions pursuant to which, the Company could be declared in default of its derivative obligations if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender. The Company also has an agreement with some of its derivative counterparties that incorporates the loan covenant provisions of the Company’s indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with the loan covenant provisions would result in the Company being in default on any derivative instrument obligations covered by the agreement. As of December 31, 2022, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $0.

Exchangeable Senior Notes

Exchangeable Senior Notes	12 Months Ended
Exchangeable Senior Notes	Dec. 31, 2022
Debt Disclosure [Abstract]
Exchangeable Senior Notes	DEBT In March 2022, the Operating Partnership executed a public bond issuance by selling $400.0 million principal amount of 3.900% Senior Notes due 2029 (the "Notes Due 2029"). Interest on the Notes Due 2029 is paid semi-annually in arrears on April 1 and October 1 of each year. The Notes Due 2029 will mature on April 1, 2029, and the Operating Partnership may redeem the Notes Due 2029 at its option and sole discretion at any time prior to April 1, 2029 for cash equal to the outstanding principal amount plus the present value of the remaining scheduled interest payments, plus any accrued but unpaid interest. In September 2021, the Operating Partnership executed a public bond issuance by selling $600.0 million principal amount of 2.350% Senior Notes due 2032 (the "Notes Due 2032"). Interest on the Notes Due 2032 is paid semi-annually in arrears on March 15 and September 15 of each year. The Notes Due 2032 will mature on March 15, 2032, and the Operating Partnership may redeem the Notes Due 2032 at its option and sole discretion at any time prior to March 15, 2032 for cash equal to the outstanding principal amount plus the present value of the remaining scheduled interest payments, plus any accrued but unpaid interest. In May 2021, the Operating Partnership executed its initial public bond issuance by selling $450.0 million principal amount of 2.550% Senior Notes due 2031 (the "Notes Due 2031"). Interest on the Notes Due 2031 is paid semi-annually in arrears on June 1 and December 1 of each year. The Notes Due 2031 will mature on June 1, 2031, and the Operating Partnership may redeem the Notes Due 2031 at its option and sole discretion at any time prior to March 31, 2031 for cash equal to the outstanding principal amount plus the present value of the remaining scheduled interest payments, plus any accrued but unpaid interest. The Operating Partner may redeem the Notes Due 2029, the Notes Due 2031, and/or the Notes Due in 2032 (collectively, the "Notes") in whole at any time or in part from time to time, at the Operating Partnership’s option and sole discretion, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes being redeemed and (ii) a make-whole premium calculated in accordance with the indenture governing the notes, plus, in each case, accrued and unpaid interest thereon to, but not including, the applicable redemption date. Notwithstanding the foregoing, on or after the date three months prior to the maturity date of the applicable notes, the redemption price will be equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest thereon to, but not including, the applicable redemption date. Certain events are considered events of default, which may result in the accelerated maturity of the Notes, including, among other things, a default for 30 days in the payment of any installment of interest under the notes or a default in the payment of the principal amount or redemption price due with respect to the notes, when the same become due and payable. The Notes are unsecured, and are fully and unconditionally guaranteed by the Company, ESS Holdings Business Trust I, and ESS Holdings Business Trust II (the "Guarantors," and together with the Operating Partnership, the "Obligated Group"), on a joint and several basis. The guarantee of the Notes will be a senior unsecured obligation of each Guarantor. The Guarantors have no material operations separate from the operation of the Operating Partnership and no material assets, other than their respective investments directly or indirectly in the Operating Partnership, and therefore the assets, liabilities, and results of operations of the Obligated Group are not materially different than those reported in the Company's financial statements. The components of term debt are summarized as follows: Term Debt December 31, 2022 December 31, 2021 Fixed Rate Variable Rate (2) Maturity Dates Secured fixed-rate (1) $ 521,820 $ 930,830 2.55% - 4.50% July 2023 - February 2030 Secured variable-rate (1) 772,604 392,679 5.36% - 5.80% August 2023 - September 2030 Unsecured fixed-rate 4,240,376 3,575,000 2.35% - 5.12% February 2024 - March 2032 Unsecured variable-rate 884,624 550,000 5.41% January 2025 - January 2028 Total 6,419,424 5,448,509 Less: Unamortized debt issuance costs (32,962) (25,762) Total $ 6,386,462 $ 5,422,747 (1) The loans are collateralized by mortgages on real estate assets and the assignment of rents. (2) Basis rates include 30-day USD LIBOR, Term SOFR and Daily Simple SOFR At December 31, 2022, the terms of the Second Amended and Restated Credit Agreement dated June 22, 2021 (the "Credit Agreement") are as follows: Debt Capacity Maturity Date Revolving Credit Facility $ 1,250,000 June 2025 Tranche 1 Term Loan Facility (1) 400,000 January 2027 Tranche 2 Term Loan Facility (1) 425,000 October 2026 Tranche 3 Term Loan Facility (1) 245,000 January 2025 Tranche 4 Term Loan Facility (1) 255,000 June 2026 Tranche 5 Term Loan Facility (1) 425,000 February 2024 Tranche 6 Term Loan Facility (1) 175,000 January 2028 Tranche 7 Term Loan Facility (1) 425,000 July 2029 $ 3,600,000 (1) The term loan amounts have been fully drawn as of December 31, 2022. Pursuant to the terms of the Credit Agreement, the Company may request an extension of the term of the revolving credit facility for up to two additional periods of six months each, after satisfying certain conditions. As of December 31, 2022, amounts outstanding under the revolving credit facility bore interest at floating rates, at the Company’s option, equal to either (i) Adjusted Term SOFR/Adjusted Daily Simple SOFR ("ASOFR") plus the applicable margin or (ii) the applicable base rate which is the applicable margin plus the highest of (a) 0.0%, (b) the federal funds rate plus 0.50%, (c) U.S. Bank’s prime rate or (d) the SOFR rate plus 1.00%. Per the Credit Agreement, the applicable SOFR rate margin and applicable base rate margin are based on the Company’s achieved debt rating, with the SOFR rate margin ranging from 0.7% to 1.6% per annum and the applicable base rate margin ranging from 0.00% to 0.60% per annum. The Credit Agreement is guaranteed by the Company and is not secured by any assets of the Company. The Company's unsecured debt is subject to certain financial covenants. As of December 31, 2022, the Company was in compliance with all of its financial covenants. In July 2022, the Company completed an accordion transaction in its credit facility, which added a $175.0 million unsecured debt tranche maturing January 2028 and a $425.0 million unsecured debt tranche maturing July 2029. The current interest rates for the tranches are ASOFR + 0.95% and ASOFR + 1.25%, respectively. The following table summarizes the scheduled maturities of term debt, excluding available extensions, at December 31, 2022: 2023 $ 386,684 2024 425,000 2025 709,899 2026 808,960 2027 872,884 Thereafter 3,215,997 $ 6,419,424 All of the Company’s lines of credit are guaranteed by the Company. The following table presents information on the Company’s lines of credit, the proceeds of which are used to repay debt and for general corporate purposes, for the periods indicated: As of December 31, 2022 Revolving Lines of Credit Amount Drawn Capacity Interest Rate Maturity Basis Rate (1) Credit Line 1 (2) $ 35,000 $ 140,000 5.7% 7/1/2023 SOFR plus 1.35% Credit Line 2 (3)(4) 910,000 1,250,000 5.3% 6/20/2025 SOFR plus 0.95% $ 945,000 $ 1,390,000 (1) Term SOFR or Daily Simple SOFR (2) Secured by mortgages on certain real estate assets. On January 13, 2023 the maturity date was extended to July 1, 2026 with one one (3) Unsecured. Two six (4) Basis Rate as of December 31, 2022. Rate is subject to change based on our investment grade rating. As of December 31, 2022, the Company’s percentage of fixed-rate debt to total debt was 64.7%. The weighted average interest rates of the Company’s fixed and variable-rate debt were 3.4% and 5.5%, respectively. The combined weighted average interest rate was 4.1%. In September 2015, the Operating Partnership issued $575,000 of its 3.125% Exchangeable Senior Notes due 2035. Costs incurred to issue the 2015 Notes were approximately $11,992, consisting primarily of a 2.0% underwriting fee. These costs were amortized as an adjustment to interest expense over five years, which represented the estimated term based on the first available redemption date, and were included in exchangeable senior notes, net, in the consolidated balance sheets. The 2015 Notes were general unsecured senior obligations of the Operating Partnership and were fully guaranteed by the Company. Interest was payable on April 1 and October 1 of each year. The Notes bore interest at 3.125% per annum and contained an exchange settlement feature, which provided that the 2015 Notes could, under certain circumstances, be exchangeable for cash (for the principal amount of the 2015 Notes) and, with respect to any excess exchange value, for cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock, at the Company’s option. The Operating Partnership could redeem the 2015 Notes at any time to preserve the Company’s status as a REIT. In addition, on or after October 5, 2020, the Operating Partnership could redeem the 2015 Notes for cash, in whole or in part, at 100% of the principal amount plus accrued and unpaid interest, upon at least 30 days but not more than 60 days prior written notice to the holders of the 2015 Notes. The holders of the 2015 Notes had the right to require the Operating Partnership to repurchase the 2015 Notes for cash, in whole or in part, on October 1 of the years 2020, 2025 and 2030, (unless the Operating Partnership had called the 2015 Notes for redemption), and upon the occurrence of certain designated events, in each case for a repurchase price equal to 100% of the principal amount of the 2015 Notes plus accrued and unpaid interest. Additionally, the 2015 Notes could have been exchanged during any calendar quarter, if the last reported sale price of the common stock of the Company was greater than or equal to 130% of the exchange price for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter. The Company redeemed all outstanding 2015 Notes on November 2, 2020. GAAP requires entities with convertible debt instruments that may be settled entirely or partially in cash upon conversion to separately account for the liability and equity components of the instrument in a manner that reflects the issuer’s economic interest cost. The Company therefore accounted for the liability and equity component of the 2015 Notes separately. The equity components were included in paid-in capital in stockholders’ equity in the consolidated balance sheets, and the value of the equity components were treated as original issue discount for purposes of accounting for the debt components. The discount was amortized as interest expense over the remaining period of the debt through its first redemption date, October 1, 2020 for the 2015 Notes. The effective interest rate on the liability components of the 2015 Notes was 4.0%, which approximates the market rate of interest of similar debt without exchange features (i.e. nonconvertible debt) at the time of issuance. The amount of interest cost recognized relating to the contractual interest rate and the amortization of the discount on the liability component for the Notes were as follows for the periods indicated: For the Year Ended December 31, 2022 2021 2020 Contractual interest $ — $ — $ 13,476 Amortization of discount — — 3,675 Total interest expense recognized $ — $ — $ 17,151 Repurchase of 2015 Notes On October 1, 2020, the holders of $71,513 principal amount of the 2015 Notes exchanged their Notes. The Company paid cash of $71,513 for the principal amount and issued 124,819 shares of common stock with a value of $13,495 for the exchange value in excess of the principal amount. On November 2, 2020, the holders of an additional $503,432 principal amount of the 2015 Notes exchanged their Notes. The Company paid cash of $503,487 for the principal amount and issued 1,198,962 shares of common stock with a value of $138,900 for the exchange value in excess of the principal amount. Also on November 2, 2020, the Company redeemed the remaining $55 of outstanding principal amount of the 2015 Notes for cash. The Company allocated the value of the consideration paid to repurchase the 2013 Notes and the 2015 Notes (1) to the extinguishment of the liability component and (2) to the reacquisition of the equity component. The amount allocated to the extinguishment of the liability component is equal to the fair value of that component immediately prior to extinguishment. The difference between the consideration attributed to the extinguishment of the liability component and the sum of (a) the net carrying amount of the repurchased liability component, and (b) the related unamortized debt issuance costs, is recognized as a gain on debt extinguishment. The remaining settlement consideration is allocated to the reacquisition of the equity component of the repurchased 2013 Notes and 2015 Notes and recognized as a reduction of stockholders’ equity. Information about the repurchases is as follows: For the Year Ended December 31, 2022 2021 2020 Principal amount repurchased $ — $ — $ 575,000 Amount allocated to: Extinguishment of liability component $ — $ — $ 575,000 Reacquisition of equity component — — — Total consideration paid for repurchase $ — $ — $ 575,000 Exchangeable senior notes repurchased $ — $ — $ 575,000 Extinguishment of liability component — — (575,000) Discount on exchangeable senior notes — — — Related debt issuance costs — — — Gain/(loss) on repurchase $ — $ — $ —

Stockholders' Equity

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2022
Equity [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY The Company’s charter provides that it can issue up to 500,000,000 shares of common stock, $0.01 par value per share and 50,000,000 shares of preferred stock, $0.01 par value per share. As of December 31, 2022, 133,921,020 shares of common stock were issued and outstanding, and no shares of preferred stock were issued or outstanding. All holders of the Company's common stock are entitled to receive dividends and to one vote on all matters submitted to a vote of stockholders. The transfer agent and registrar for the Company’s common stock is American Stock Transfer & Trust Company. During the year ended December 31, 2022, the Company sold no shares of common stock. On August 9, 2021, the Company filed its $800,000 "at the market" equity program with the Securities and Exchange Commission using a shelf registration statement on Form S-3, and entered into separate equity distribution agreements with ten sales agents. No shares have been sold under the current "at the market" equity program. From January 1, 2021, through August 8, 2021, the Company sold 585,685 shares of common stock under its prior "at the market" equity program at an average sales price of $115.90 per share resulting in net proceeds of $66,617. On March 23, 2021, the Company sold 1,600,000 shares of its common stock in a registered offering structured as a bought deal at a price of $129.13 per share resulting in net proceeds of $206,572. On October 15, 2020, the Company's board of directors authorized a share repurchase program allowing for the repurchase of shares with an aggregate value up to $400,000. During the year ended December 31, 2022, the Company repurchased 381,786 shares at an average price of $165.03 per share, paying a total of $63,008. As of December 31, 2022, the Company had remaining authorization to repurchase shares with an aggregate value up to $336,992.

Noncontrolling Interest Represe

Noncontrolling Interest Represented By Preferred Operating Partnership Units	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Noncontrolling Interest Represented By Preferred Operating Partnership Units	NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS Classification of Noncontrolling Interests GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section, but separate from the company’s equity. It also requires the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity. The Company has evaluated the terms of the Operating Partnership’s preferred units and classifies the noncontrolling interest represented by such preferred units as stockholders’ equity in the accompanying consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling amount as permanent equity in the consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount, or (2) its redemption value as of the end of the period in which the determination is made. At December 31, 2022 and 2021, the noncontrolling interests represented by the Preferred OP Units qualified for classification as permanent equity on the Company's consolidated balance sheets. The partnership agreement of the Operating Partnership (as amended, the "Partnership Agreement") provides for the designation and issuance of the OP Units. As of December 31, 2022 and 2021, noncontrolling interests in Preferred OP Units were presented net of notes receivable from Preferred Operating Partnership unit holders of $100,000 as of December 31, 2022 and 2021, respectively, as more fully described below. The balances for each of the specific preferred OP units as presented in the Statement of Noncontrolling Interests and Equity as of the periods indicated is as follows: December 31, 2022 December 31, 2021 Series A Units $ 16,498 $ 15,606 Series B Units 33,568 38,068 Series D Units 211,436 205,436 $ 261,502 $ 259,110 Series A Participating Redeemable Preferred Units The Partnership Agreement provides for the designation and issuance of the Series A Units. The Series A Units have priority over all other partnership interests of the Operating Partnership with respect to distributions and liquidation. The Series A Units were issued in June 2007. Series A Units in the amount of $101,700 bear a fixed priority return of 2.3%, and originally had a fixed liquidation value of $115,000. The remaining balance participates in distributions with, and has a liquidation value equal to, that of the common OP Units. The Series A Units are redeemable at the option of the holder, which redemption obligation may be satisfied, at the Company’s option, in cash or shares of its common stock. As a result of the redemption of 114,500 Series A Units in October 2014, the remaining fixed liquidation value was reduced to $101,700 which represents 875,480 Series A Units. On June 25, 2007, the Operating Partnership loaned the holders of the Series A Units $100,000. The note receivable bears interest at 2.1%. The loan is secured by the borrower’s Series A Units. No future redemption of Series A Units can be made unless the loan secured by the Series A Units is also repaid. The Series A Units are shown on the balance sheet net of the $100,000 loan because the borrower under the loan is also the holder of the Series A Units. On January 25, 2023, the remaining balance of the Series A units were redeemed for $5,000 in cash, 851,698 shares of common stock, and the repayment of the $100,000 note receivable. Series B Redeemable Preferred Units The Partnership Agreement provides for the designation and issuance of the Series B Units. The Series B Units rank junior to the Series A Units, on parity with the Series C Units (defined below) and Series D Units, and senior to all other partnership interests of the Operating Partnership with respect to distributions and liquidation. The Series B Units were issued in 2013 and 2014, have been redeemed at various times, and have a liquidation value of $25.00 per unit for a current fixed liquidation value of $33,568 which represents 1,342,727 Series B Units outstanding at December 31, 2022. Holders of the Series B Units receive distributions at an annual rate of 6.0%. These distributions are cumulative. The Series B Units became redeemable at the option of the holder on the first anniversary of the date of issuance, which redemption obligations may be satisfied at the Company’s option in cash or shares of its common stock. On August 31, 2021, 113,360 Series B Units were redeemed for 15,265 shares of common stock. Series C Convertible Redeemable Preferred Units The Partnership Agreement provides for the designation and issuance of the Series C Convertible Redeemable Preferred Units ("Series C Units"). The Series C Units were issued in 2013 and 2014. In December 2014, the Operating Partnership loaned holders of the Series C Units $20,230. The note receivable, which was collateralized by the Series C Units, bears interest at 5.0% and matures on December 15, 2024. The Series C Units were shown on the balance sheet net of the loan because the borrower under the loan receivable was also the holder of the Series C Units. In 2018, certain holders of the Series C Units converted their Series C Units into common OP Units and the remaining Series C Units were converted into common OP Units in 2019. The remaining outstanding balance of the loan receivable of $1,900 and $1,900 is shown as a reduction of the noncontrolling interests related to the OP Units as of December 31, 2022 and December 31, 2021, respectively. See footnote 13 for further discussion of noncontrolling interests. Series D Redeemable Preferred Units The Partnership Agreement provides for the designation and issuance of the Series D Units. The Series D Units rank junior to the Series A Units, on parity with the Series B Units and Series C Units, and senior to all other partnership interest of the Operating Partnership with respect to distributions and liquidation. The Series D Units have a liquidation value of $25.00 per unit, for a current fixed liquidation value of $211,436 which represents 8,457,422 Series D Units outstanding at December 31, 2022. Holders of the Series D Units receive distributions at an annual rate between 3.0% and 5.0%. These distributions are cumulative. The Series D Units become redeemable at the option of the holder on the first anniversary of the date of issuance, which redemption obligation may be satisfied at the Company’s option in cash or shares of its common stock. In addition, certain of the Series D Units are exchangeable for common OP Units until the tenth anniversary of the date of issuance, with the number of common OP Units to be issued equal to $25.00 per Series D Unit, divided by the value of a share of common stock as of the exchange date. The Series D Units have been issued at various times from 2014 to 2022. During the year ended December 31, 2022, the Operating Partnership issued a total of 88,319 Series D Units in conjunction with store acquisitions. On January 3, 2023, 890,594 Series D units were redeemed for 154,307 shares of common stock. Noncontrolling interest in Operating Partnership The Company’s interest in its stores is held through the Operating Partnership. Between its general partner and limited partner interests, the Company held a 93.3% majority ownership interest in the Operating Partnership as of December 31, 2022. The remaining ownership interests in the Operating Partnership (including Preferred OP Units) of 6.7% are held by certain former owners of assets acquired by the Operating Partnership. As of December 31, 2022 and 2021, the noncontrolling interests in the Operating Partnership are shown on the balance sheet net of notes receivable of $1,900 and $1,900, respectively, because the borrowers under the loan receivable are also holders of OP Units (Note 12). This loan receivable bears interest at 5.0% per annum and matures on December 15, 2024. The noncontrolling interest in the Operating Partnership represents OP Units that are not owned by the Company. OP Units are redeemable at the option of the holder, which redemption may be satisfied at the Company's option in cash based upon the fair market value of an equivalent number of shares of the Company’s common stock (based on the ten-day average trading price) at the time of the redemption, or shares of the Company's common stock on a one-for-one basis, subject to anti-dilution adjustments provided in the Operating Partnership agreement. As of December 31, 2022, the ten-day average closing stock price was $147.10 and there were 7,214,649 OP Units outstanding. Assuming that all of the OP Unit holders exercised their right to redeem all of their OP Units on December 31, 2022 and the Company elected to pay the OP Unit holders cash, the Company would have paid $1,061,275 in cash consideration to redeem the units. OP Unit activity is summarized as follows for the periods presented: For the Year Ended December 31, 2022 2021 2020 OP Units redeemed for common stock — 165,652 123,993 OP Units redeemed for cash 24,824 4,500 — Cash paid for OP Units redeemed $ 4,617 $ 788 $ — OP Units issued in conjunction with business combination and acquisitions 711,037 897,803 — Value of OP Units issued in conjunction with business combination and acquisitions $ 141,000 $ 188,319 $ — GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section but separate from the company’s equity. It also requires the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity. The Company has evaluated the terms of the common OP Units and classifies the noncontrolling interest represented by the common OP Units as stockholders’ equity in the accompanying consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling amount as permanent equity in the consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount, or (2) its redemption value as of the end of the period in which the determination is made. Other Noncontrolling Interests Other noncontrolling interests represent the ownership interest of partners in five consolidated joint ventures as of December 31, 2022. One joint venture owns one operating store in Florida and the others own four properties all under development. The voting interests of the partners are 10% or less.

Noncontrolling Interests In Ope

Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests	NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS Classification of Noncontrolling Interests GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section, but separate from the company’s equity. It also requires the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity. The Company has evaluated the terms of the Operating Partnership’s preferred units and classifies the noncontrolling interest represented by such preferred units as stockholders’ equity in the accompanying consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling amount as permanent equity in the consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount, or (2) its redemption value as of the end of the period in which the determination is made. At December 31, 2022 and 2021, the noncontrolling interests represented by the Preferred OP Units qualified for classification as permanent equity on the Company's consolidated balance sheets. The partnership agreement of the Operating Partnership (as amended, the "Partnership Agreement") provides for the designation and issuance of the OP Units. As of December 31, 2022 and 2021, noncontrolling interests in Preferred OP Units were presented net of notes receivable from Preferred Operating Partnership unit holders of $100,000 as of December 31, 2022 and 2021, respectively, as more fully described below. The balances for each of the specific preferred OP units as presented in the Statement of Noncontrolling Interests and Equity as of the periods indicated is as follows: December 31, 2022 December 31, 2021 Series A Units $ 16,498 $ 15,606 Series B Units 33,568 38,068 Series D Units 211,436 205,436 $ 261,502 $ 259,110 Series A Participating Redeemable Preferred Units The Partnership Agreement provides for the designation and issuance of the Series A Units. The Series A Units have priority over all other partnership interests of the Operating Partnership with respect to distributions and liquidation. The Series A Units were issued in June 2007. Series A Units in the amount of $101,700 bear a fixed priority return of 2.3%, and originally had a fixed liquidation value of $115,000. The remaining balance participates in distributions with, and has a liquidation value equal to, that of the common OP Units. The Series A Units are redeemable at the option of the holder, which redemption obligation may be satisfied, at the Company’s option, in cash or shares of its common stock. As a result of the redemption of 114,500 Series A Units in October 2014, the remaining fixed liquidation value was reduced to $101,700 which represents 875,480 Series A Units. On June 25, 2007, the Operating Partnership loaned the holders of the Series A Units $100,000. The note receivable bears interest at 2.1%. The loan is secured by the borrower’s Series A Units. No future redemption of Series A Units can be made unless the loan secured by the Series A Units is also repaid. The Series A Units are shown on the balance sheet net of the $100,000 loan because the borrower under the loan is also the holder of the Series A Units. On January 25, 2023, the remaining balance of the Series A units were redeemed for $5,000 in cash, 851,698 shares of common stock, and the repayment of the $100,000 note receivable. Series B Redeemable Preferred Units The Partnership Agreement provides for the designation and issuance of the Series B Units. The Series B Units rank junior to the Series A Units, on parity with the Series C Units (defined below) and Series D Units, and senior to all other partnership interests of the Operating Partnership with respect to distributions and liquidation. The Series B Units were issued in 2013 and 2014, have been redeemed at various times, and have a liquidation value of $25.00 per unit for a current fixed liquidation value of $33,568 which represents 1,342,727 Series B Units outstanding at December 31, 2022. Holders of the Series B Units receive distributions at an annual rate of 6.0%. These distributions are cumulative. The Series B Units became redeemable at the option of the holder on the first anniversary of the date of issuance, which redemption obligations may be satisfied at the Company’s option in cash or shares of its common stock. On August 31, 2021, 113,360 Series B Units were redeemed for 15,265 shares of common stock. Series C Convertible Redeemable Preferred Units The Partnership Agreement provides for the designation and issuance of the Series C Convertible Redeemable Preferred Units ("Series C Units"). The Series C Units were issued in 2013 and 2014. In December 2014, the Operating Partnership loaned holders of the Series C Units $20,230. The note receivable, which was collateralized by the Series C Units, bears interest at 5.0% and matures on December 15, 2024. The Series C Units were shown on the balance sheet net of the loan because the borrower under the loan receivable was also the holder of the Series C Units. In 2018, certain holders of the Series C Units converted their Series C Units into common OP Units and the remaining Series C Units were converted into common OP Units in 2019. The remaining outstanding balance of the loan receivable of $1,900 and $1,900 is shown as a reduction of the noncontrolling interests related to the OP Units as of December 31, 2022 and December 31, 2021, respectively. See footnote 13 for further discussion of noncontrolling interests. Series D Redeemable Preferred Units The Partnership Agreement provides for the designation and issuance of the Series D Units. The Series D Units rank junior to the Series A Units, on parity with the Series B Units and Series C Units, and senior to all other partnership interest of the Operating Partnership with respect to distributions and liquidation. The Series D Units have a liquidation value of $25.00 per unit, for a current fixed liquidation value of $211,436 which represents 8,457,422 Series D Units outstanding at December 31, 2022. Holders of the Series D Units receive distributions at an annual rate between 3.0% and 5.0%. These distributions are cumulative. The Series D Units become redeemable at the option of the holder on the first anniversary of the date of issuance, which redemption obligation may be satisfied at the Company’s option in cash or shares of its common stock. In addition, certain of the Series D Units are exchangeable for common OP Units until the tenth anniversary of the date of issuance, with the number of common OP Units to be issued equal to $25.00 per Series D Unit, divided by the value of a share of common stock as of the exchange date. The Series D Units have been issued at various times from 2014 to 2022. During the year ended December 31, 2022, the Operating Partnership issued a total of 88,319 Series D Units in conjunction with store acquisitions. On January 3, 2023, 890,594 Series D units were redeemed for 154,307 shares of common stock. Noncontrolling interest in Operating Partnership The Company’s interest in its stores is held through the Operating Partnership. Between its general partner and limited partner interests, the Company held a 93.3% majority ownership interest in the Operating Partnership as of December 31, 2022. The remaining ownership interests in the Operating Partnership (including Preferred OP Units) of 6.7% are held by certain former owners of assets acquired by the Operating Partnership. As of December 31, 2022 and 2021, the noncontrolling interests in the Operating Partnership are shown on the balance sheet net of notes receivable of $1,900 and $1,900, respectively, because the borrowers under the loan receivable are also holders of OP Units (Note 12). This loan receivable bears interest at 5.0% per annum and matures on December 15, 2024. The noncontrolling interest in the Operating Partnership represents OP Units that are not owned by the Company. OP Units are redeemable at the option of the holder, which redemption may be satisfied at the Company's option in cash based upon the fair market value of an equivalent number of shares of the Company’s common stock (based on the ten-day average trading price) at the time of the redemption, or shares of the Company's common stock on a one-for-one basis, subject to anti-dilution adjustments provided in the Operating Partnership agreement. As of December 31, 2022, the ten-day average closing stock price was $147.10 and there were 7,214,649 OP Units outstanding. Assuming that all of the OP Unit holders exercised their right to redeem all of their OP Units on December 31, 2022 and the Company elected to pay the OP Unit holders cash, the Company would have paid $1,061,275 in cash consideration to redeem the units. OP Unit activity is summarized as follows for the periods presented: For the Year Ended December 31, 2022 2021 2020 OP Units redeemed for common stock — 165,652 123,993 OP Units redeemed for cash 24,824 4,500 — Cash paid for OP Units redeemed $ 4,617 $ 788 $ — OP Units issued in conjunction with business combination and acquisitions 711,037 897,803 — Value of OP Units issued in conjunction with business combination and acquisitions $ 141,000 $ 188,319 $ — GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section but separate from the company’s equity. It also requires the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity. The Company has evaluated the terms of the common OP Units and classifies the noncontrolling interest represented by the common OP Units as stockholders’ equity in the accompanying consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling amount as permanent equity in the consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount, or (2) its redemption value as of the end of the period in which the determination is made. Other Noncontrolling Interests Other noncontrolling interests represent the ownership interest of partners in five consolidated joint ventures as of December 31, 2022. One joint venture owns one operating store in Florida and the others own four properties all under development. The voting interests of the partners are 10% or less.

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2022
Leases [Abstract]
Leases	LEASES Lessee Accounting The Company accounts for leases under ASC 842, "Leases." Right-of-use assets associated with operating leases are included in “Real estate assets - operating lease right-of-use assets” and operating lease liabilities are included in “Operating lease liabilities” on the Company's consolidated balance sheets. Right-of-use assets associated with finance leases are included in "Real estate assets, net" "Other liabilities" During the year ended December 31, 2022, the Company recorded new finance lease right-of-use assets and finance lease liabilities totaling $6,823 associated with the acquisition of two stores with land leases. The Company is lessee under several types of lease agreements. Generally, these leases fall into the following categories: • Leases of real estate at 60 stores classified as wholly-owned or in consolidated joint ventures. These leases generally have original lease terms between 10-99 years. Under these leases, the Company typically has the option to extend the lease term for additional terms of 5-35 years. • Leases of its corporate offices and call center. These leases have original lease terms between five • Leases of 15 regional offices. These leases have original lease terms between two three • Leases of small district offices. These leases generally have terms of 12 months or less. The Company has made an election to account for these under the short-term lease exception outlined under ASC 842. Therefore, no lease assets or liabilities are recorded related to these leases. The Company has included lease extension options in the lease term for calculations of its right-of-use assets and liabilities related to the real estate asset leases at its stores when it is reasonably certain that the Company plans to extend the lease terms as the options arise. Several of the leases of real estate at the Company’s stores include escalation clauses based on an index or rate, such as the Consumer Price Index (CPI). The Company included these lease payments in its calculations of right-of-use assets and liabilities based on the prevailing index or rate as of the adoption date. The Company will recognize changes to these variable lease payments in earnings in the period of change. One of the real estate leases includes variable lease payments that are based upon a percentage of gross revenues. Certain other leases include additional variable payments relating to a percentage of sales in excess of a specified amount, common area maintenance, property taxes, and similar items. These payments are variable lease payments that do not depend on an index or rate and are excluded from the measurement of the lease liabilities and right-of-use-assets for these leases. The Company will recognize costs from these variable lease payments in the period in which the obligation for those payments is incurred. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available surrounding the Company’s unsecured borrowing rates and implied secured spread at the lease commencement date in determining the present value of lease payments. These discount rates vary depending on the term of the specific leases. Following is information on our total lease costs as of the period indicated: For the Year Ended December 31, 2022 2021 Finance lease cost: Amortization of finance lease right-of-use assets $ 3,751 $ 3,049 Interest expense related to finance lease liabilities 4,018 2,812 Operating lease cost 32,182 29,258 Variable lease cost 11,287 8,100 Short-term lease cost 32 51 Total lease cost $ 51,270 $ 43,270 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows for finance lease payments $ 4,018 $ 2,812 Operating cash outflows for operating lease payments 25,384 23,961 Total cash flows for lease liability measurement $ 29,402 $ 26,773 Right-of-use assets obtained in exchange for new operating lease liabilities $ 16,298 $ 6,655 Right-of-use assets obtained in exchange for new finance lease liabilities $ 6,823 $ 67,992 Weighted average remaining lease term - finance leases (years) 54.16 54.97 Weighted average remaining lease term - operating leases (years) 20.03 21.25 Weighted average discount rate - finance leases 3.31 % 3.18 % Weighted average discount rate - operating leases 3.65 % 3.63 % The following table presents information about the Company’s undiscounted cash flows on an annual basis for operating and finance leases, including a reconciliation of the undiscounted cash flows to the finance lease and operating lease liabilities recognized in the Company’s consolidated balance sheets: Operating Finance Total 2023 $ 30,716 $ 6,433 $ 37,149 2024 30,584 6,542 37,126 2025 30,344 6,571 36,915 2026 30,598 6,715 37,313 2027 31,063 6,842 37,905 Thereafter 143,651 360,936 504,587 Total $ 296,956 $ 394,039 $ 690,995 Present value adjustments (67,921) (248,486) (316,407) Lease liabilities $ 229,035 $ 145,553 $ 374,588
Leases	LEASES Lessee Accounting The Company accounts for leases under ASC 842, "Leases." Right-of-use assets associated with operating leases are included in “Real estate assets - operating lease right-of-use assets” and operating lease liabilities are included in “Operating lease liabilities” on the Company's consolidated balance sheets. Right-of-use assets associated with finance leases are included in "Real estate assets, net" "Other liabilities" During the year ended December 31, 2022, the Company recorded new finance lease right-of-use assets and finance lease liabilities totaling $6,823 associated with the acquisition of two stores with land leases. The Company is lessee under several types of lease agreements. Generally, these leases fall into the following categories: • Leases of real estate at 60 stores classified as wholly-owned or in consolidated joint ventures. These leases generally have original lease terms between 10-99 years. Under these leases, the Company typically has the option to extend the lease term for additional terms of 5-35 years. • Leases of its corporate offices and call center. These leases have original lease terms between five • Leases of 15 regional offices. These leases have original lease terms between two three • Leases of small district offices. These leases generally have terms of 12 months or less. The Company has made an election to account for these under the short-term lease exception outlined under ASC 842. Therefore, no lease assets or liabilities are recorded related to these leases. The Company has included lease extension options in the lease term for calculations of its right-of-use assets and liabilities related to the real estate asset leases at its stores when it is reasonably certain that the Company plans to extend the lease terms as the options arise. Several of the leases of real estate at the Company’s stores include escalation clauses based on an index or rate, such as the Consumer Price Index (CPI). The Company included these lease payments in its calculations of right-of-use assets and liabilities based on the prevailing index or rate as of the adoption date. The Company will recognize changes to these variable lease payments in earnings in the period of change. One of the real estate leases includes variable lease payments that are based upon a percentage of gross revenues. Certain other leases include additional variable payments relating to a percentage of sales in excess of a specified amount, common area maintenance, property taxes, and similar items. These payments are variable lease payments that do not depend on an index or rate and are excluded from the measurement of the lease liabilities and right-of-use-assets for these leases. The Company will recognize costs from these variable lease payments in the period in which the obligation for those payments is incurred. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available surrounding the Company’s unsecured borrowing rates and implied secured spread at the lease commencement date in determining the present value of lease payments. These discount rates vary depending on the term of the specific leases. Following is information on our total lease costs as of the period indicated: For the Year Ended December 31, 2022 2021 Finance lease cost: Amortization of finance lease right-of-use assets $ 3,751 $ 3,049 Interest expense related to finance lease liabilities 4,018 2,812 Operating lease cost 32,182 29,258 Variable lease cost 11,287 8,100 Short-term lease cost 32 51 Total lease cost $ 51,270 $ 43,270 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows for finance lease payments $ 4,018 $ 2,812 Operating cash outflows for operating lease payments 25,384 23,961 Total cash flows for lease liability measurement $ 29,402 $ 26,773 Right-of-use assets obtained in exchange for new operating lease liabilities $ 16,298 $ 6,655 Right-of-use assets obtained in exchange for new finance lease liabilities $ 6,823 $ 67,992 Weighted average remaining lease term - finance leases (years) 54.16 54.97 Weighted average remaining lease term - operating leases (years) 20.03 21.25 Weighted average discount rate - finance leases 3.31 % 3.18 % Weighted average discount rate - operating leases 3.65 % 3.63 % The following table presents information about the Company’s undiscounted cash flows on an annual basis for operating and finance leases, including a reconciliation of the undiscounted cash flows to the finance lease and operating lease liabilities recognized in the Company’s consolidated balance sheets: Operating Finance Total 2023 $ 30,716 $ 6,433 $ 37,149 2024 30,584 6,542 37,126 2025 30,344 6,571 36,915 2026 30,598 6,715 37,313 2027 31,063 6,842 37,905 Thereafter 143,651 360,936 504,587 Total $ 296,956 $ 394,039 $ 690,995 Present value adjustments (67,921) (248,486) (316,407) Lease liabilities $ 229,035 $ 145,553 $ 374,588
Leases	LEASES Lessee Accounting The Company accounts for leases under ASC 842, "Leases." Right-of-use assets associated with operating leases are included in “Real estate assets - operating lease right-of-use assets” and operating lease liabilities are included in “Operating lease liabilities” on the Company's consolidated balance sheets. Right-of-use assets associated with finance leases are included in "Real estate assets, net" "Other liabilities" During the year ended December 31, 2022, the Company recorded new finance lease right-of-use assets and finance lease liabilities totaling $6,823 associated with the acquisition of two stores with land leases. The Company is lessee under several types of lease agreements. Generally, these leases fall into the following categories: • Leases of real estate at 60 stores classified as wholly-owned or in consolidated joint ventures. These leases generally have original lease terms between 10-99 years. Under these leases, the Company typically has the option to extend the lease term for additional terms of 5-35 years. • Leases of its corporate offices and call center. These leases have original lease terms between five • Leases of 15 regional offices. These leases have original lease terms between two three • Leases of small district offices. These leases generally have terms of 12 months or less. The Company has made an election to account for these under the short-term lease exception outlined under ASC 842. Therefore, no lease assets or liabilities are recorded related to these leases. The Company has included lease extension options in the lease term for calculations of its right-of-use assets and liabilities related to the real estate asset leases at its stores when it is reasonably certain that the Company plans to extend the lease terms as the options arise. Several of the leases of real estate at the Company’s stores include escalation clauses based on an index or rate, such as the Consumer Price Index (CPI). The Company included these lease payments in its calculations of right-of-use assets and liabilities based on the prevailing index or rate as of the adoption date. The Company will recognize changes to these variable lease payments in earnings in the period of change. One of the real estate leases includes variable lease payments that are based upon a percentage of gross revenues. Certain other leases include additional variable payments relating to a percentage of sales in excess of a specified amount, common area maintenance, property taxes, and similar items. These payments are variable lease payments that do not depend on an index or rate and are excluded from the measurement of the lease liabilities and right-of-use-assets for these leases. The Company will recognize costs from these variable lease payments in the period in which the obligation for those payments is incurred. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available surrounding the Company’s unsecured borrowing rates and implied secured spread at the lease commencement date in determining the present value of lease payments. These discount rates vary depending on the term of the specific leases. Following is information on our total lease costs as of the period indicated: For the Year Ended December 31, 2022 2021 Finance lease cost: Amortization of finance lease right-of-use assets $ 3,751 $ 3,049 Interest expense related to finance lease liabilities 4,018 2,812 Operating lease cost 32,182 29,258 Variable lease cost 11,287 8,100 Short-term lease cost 32 51 Total lease cost $ 51,270 $ 43,270 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows for finance lease payments $ 4,018 $ 2,812 Operating cash outflows for operating lease payments 25,384 23,961 Total cash flows for lease liability measurement $ 29,402 $ 26,773 Right-of-use assets obtained in exchange for new operating lease liabilities $ 16,298 $ 6,655 Right-of-use assets obtained in exchange for new finance lease liabilities $ 6,823 $ 67,992 Weighted average remaining lease term - finance leases (years) 54.16 54.97 Weighted average remaining lease term - operating leases (years) 20.03 21.25 Weighted average discount rate - finance leases 3.31 % 3.18 % Weighted average discount rate - operating leases 3.65 % 3.63 % The following table presents information about the Company’s undiscounted cash flows on an annual basis for operating and finance leases, including a reconciliation of the undiscounted cash flows to the finance lease and operating lease liabilities recognized in the Company’s consolidated balance sheets: Operating Finance Total 2023 $ 30,716 $ 6,433 $ 37,149 2024 30,584 6,542 37,126 2025 30,344 6,571 36,915 2026 30,598 6,715 37,313 2027 31,063 6,842 37,905 Thereafter 143,651 360,936 504,587 Total $ 296,956 $ 394,039 $ 690,995 Present value adjustments (67,921) (248,486) (316,407) Lease liabilities $ 229,035 $ 145,553 $ 374,588

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
Stock-Based Compensation	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION As of December 31, 2022 , 784,635 shares were available for issuance under the Company’s 2015 Incentive Award Plan (the “Plan”). Options are exercisable once vested. Options are exercisable at such times and subject to such terms as deter mined by the Compensation Committee, but under no circumstances may be exercised if such exercise would cause a violation of the ownership limit in the Company’s charter. Options expire 10 years from the date of grant. Also as defined under the terms of the Plan, restricted stock grants may be awarded. The stock grants are subject to a vesting period over which the restrictions are released and the stock certificates are given to the grantee. During the vesting period, the grantee is not permitted to sell, transfer, pledge, encumber or assign shares of restricted stock granted under the Plan; however, the grantee has the ability to vote the shares and receive nonforfeitable dividends paid on shares. Unless otherwise determined by the Compensation Committee at the time of grant, the forfeiture and transfer restrictions on the shares lapse over a one-year period or a four-year period beginning on the date of grant. For actions taken prior to July 2020, references to the Compensation Committee refer to its predecessor, the CNG Committee; the Board split the CNG Committee into two committees, the Compensation Committee and the Nominating and Governance Committee, effective July 1, 2020. Option Grants A summary of stock option activity is as follows: Options Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value as of December 31, 2022 Outstanding at December 31, 2019 206,524 $ 48.88 Exercised (134,930) 35.26 Outstanding at December 31, 2020 71,594 $ 74.54 Exercised (62,322) 73.36 Outstanding at December 31, 2021 9,272 82.47 Exercised — — Outstanding at December 31, 2022 9,272 $ 82.47 2.98 $600 Vested 9,272 $ 82.47 2.98 $600 Ending Exercisable 9,272 $ 82.47 2.98 $600 The aggregate intrinsic value in the table above represents the total value (the difference between the Company’s closing stock price on the last trading day of 2022 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2022. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s stock. The total intrinsic value of options exercised for the years ended December 31, 2022, 2021 and 2020 was $0, $3,925 and $10,016, respectively. There have been no options granted since 2016. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes model incorporates assumptions to value stock-based awards. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant for the estimated life of the option. The Company uses actual historical data to calculate the expected price volatility, dividend yield and average expected term. The forfeiture rate, which is estimated at a weighted-average of 4.6% of unvested options outstanding as of December 31, 2022, is adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimates. A summary of stock options outstanding and exercisable as of December 31, 2022, is as follows: Options Outstanding Options Exercisable Exercise Price Shares Weighted Average Remaining Contractual Life Weighted Average Exercise Price Shares Weighted Average Exercise Price $65.36 - $65.36 1,582 2.15 $ 65.36 1,582 $ 65.36 $85.99 - $85.99 7,690 3.15 85.99 7,690 85.99 The Company recorded compensation expense relating to outstanding options of $0, $0 and $27 in general and administrative expense for the years ended December 31, 2022, 2021 and 2020, respectively. Net proceeds received for the years ended December 31, 2022, 2021 and 2020, related to option exercises was $0, $4,572 and $4,759, respectively. At December 31, 2022, there was no unrecognized compensation expense related to non-vested stock options under the Plan. Common Stock Granted to Employees and Directors The Company recorded $12,086, $9,260 and $9,244 of expense in general and administrative expense in its statement of operations related to restricted stock awards granted to employees and directors for the years ended December 31, 2022, 2021 and 2020, respectively. The forfeiture rate, which is estimated at a weighted-average of 10.0% of unvested awards outstanding as of December 31, 2022, is adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimates. At December 31, 2022 there was $20,465 of total unrecognized compensation expense related to non-vested restricted stock awards under the Plan. That cost is expected to be recognized over a weighted-average period of 2.22 years. The fair value of common stock awards is determined based on the closing trading price of the Company’s common stock on the grant date. A summary of the Company’s employee and director share grant activity is as follows: Restricted Stock Grants Shares Weighted-Average Grant-Date Fair Value Unreleased at December 31, 2019 212,608 $ 91.62 Granted 95,671 98.81 Released (94,164) 89.43 Cancelled (5,083) 93.16 Unreleased at December 31, 2020 209,032 $ 95.86 Granted 99,802 132.75 Released (96,248) 91.65 Cancelled (12,808) 113.89 Unreleased at December 31, 2021 199,778 $ 115.16 Granted 105,677 201.12 Released (86,781) 112.31 Cancelled (10,614) 147.03 Unreleased at December 31, 2022 208,060 $ 158.38 Performance-based Stock Units The performance-based stock units (the "PSUs") granted to executives represent the right to earn shares of the Company's common stock. These awards have two financial performance components: (1) the Company's core FFO performance ("FFO Target"), and (2) the Company's total stockholder return relative to the performance of a defined group of peers ("TSR Target"). Each of these performance components are weighted 50% and are measured over the performance period, which is defined as the three-year period ending December 31 from the year of grant. At the end of the performance period, the financial performance components are reviewed to determine the number of shares actually granted to executives, which can be as low as zero shares and up to a maximum of two shares issued for each PSU. A summary of the PSU activity is as follows: Performance-Based Stock Units Units Weighted-Average Grant-Date Fair Value Unvested at December 31, 2019 108,140 $ 95.94 Granted 45,242 129.38 Released (30,071) $ 112.16 Unvested at December 31, 2020 123,311 $ 104.25 Granted 40,832 138.04 Released (28,735) $ 117.19 Unvested at December 31, 2021 135,408 $ 111.69 Granted 61,085 223.96 Released (49,334) $ 194.21 Unvested at December 31, 2022 147,159 $ 130.63 The Company recorded $9,299, $8,043 and $7,048 of expense in general and administrative expense in its statement of operations related to PSUs granted to employees for the years ended December 31, 2022, 2021 and 2020, respectively. The Company estimated the fair value of the PSUs as of the grant date, using the closing trading price of the Company's common stock on the grant date to value the FFO Target portion. A Monte Carlo simulation model was used to calculate the fair value of the TSR Target portion of the PSUs, using the following assumptions: For the Year Ended December 31, 2022 2021 2020 Intrinsic value $21,659 $30,701 $12,266 Risk-free rate 1.8% 0.22% 1.42% Volatility 29.3% 28.5% 18.4% Expected term (in years) 2.9 2.9 2.9 Dividend yield —% —% —% Unrecognized compensation cost $13,241 $8,859 $6,406 Term over which compensation cost recognized (in years) 3 3 3 Under the terms of the PSUs, dividends for the entire measurement period are paid in cash when the shares are released, so a dividend yield of zero was used. The valuation model applied in this calculation utilizes subjective assumptions that could potentially change over time, including the probabilities associated with achieving the FFO Targets (categorized within Level 3 of the fair value hierarchy). Therefore, the amount of unrecognized compensation expense at December 31, 2022 noted above does not necessarily represent the expense that will ultimately be realized by the Company in the statement of operations.

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2022
Retirement Benefits [Abstract]
Employee Benefit Plan	EMPLOYEE BENEFIT PLANThe Company has a retirement savings plan under Section 401(k) of the Internal Revenue Code under which eligible employees can contribute up to 60% of their annual salary, subject to a statutory prescribed annual limit. For the years ended December 31, 2022, 2021 and 2020, the Company made matching contributions to the plan of $5,169, $4,239, and $3,980 respectively, based on 100% of the first 3% and up to 50% of the next 2% of an employee’s compensation.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES As a REIT, the Company is generally not subject to U.S. federal income tax with respect to that portion of its income which is distributed annually to its stockholders. However, the Company has elected to treat certain of its corporate subsidiaries, including Extra Space Management, Inc., as a TRS. In general, a TRS may perform additional services for tenants and generally may engage in any real estate or non-real estate related business. A TRS is subject to U.S. federal corporate income tax and may be subject to state and local income taxes. The Company accounts for income taxes in accordance with the provisions of ASC 740, “Income Taxes.” Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. The Company has elected to use the Tax-Law-Ordering approach to determine when excess tax benefits will be realized. On August 16, 2022, President Biden signed into law the Inflation Reduction Act (“IRA”). The provisions include the new Corporate Alternative Minimum Tax (“CAMT”), an excise tax on stock buybacks, and significant tax incentives for energy and climate initiatives, and all of these provisions are effective for tax year 2023. The Company has evaluated the impact of these provisions and does not expect the enactment of these provisions to have a material impact on the Company's consolidated financial statements. The income tax provision for the years ended December 31, 2022, 2021 and 2020, is comprised of the following components: For the Year Ended December 31, 2022 Federal State Total Current expense $ 20,592 $ 4,546 $ 25,138 Tax credits/true-up (6,071) 31 (6,040) Change in deferred expense/(benefit) 1,909 (82) 1,827 Total tax expense $ 16,430 $ 4,495 $ 20,925 For the Year Ended December 31, 2021 Federal State Total Current expense $ 21,017 $ 3,520 $ 24,537 Tax credits/true-up (4,979) (138) (5,117) Change in deferred expense 818 86 904 Total tax expense $ 16,856 $ 3,468 $ 20,324 For the Year Ended December 31, 2020 Federal State Total Current expense $ 15,553 $ 3,347 $ 18,900 Tax credits/true-up (5,610) (135) (5,745) Change in deferred benefit 594 61 655 Total tax expense $ 10,537 $ 3,273 $ 13,810 A reconciliation of the statutory income tax provisions to the effective income tax provisions for the periods indicated is as follows: For the Year Ended December 31, 2022 2021 2020 Expected tax at statutory rate $ 197,887 21.0 % $ 188,600 21.0 % $ 111,760 21.0 % Non-taxable REIT income (172,966) (18.4) % (166,137) (18.5) % (94,270) (17.7) % State and local tax expense - net of federal benefit 4,160 0.4 % 3,259 0.4 % 3,075 0.6 % Change in valuation allowance (1,093) (0.1) % (1,061) (0.1) % (363) (0.1) % Tax credits/true-up (6,040) (0.6) % (5,117) (0.6) % (5,745) (1.1) % Miscellaneous (1,023) (0.1) % 780 0.1 % (647) (0.1) % Total provision $ 20,925 2.2 % $ 20,324 2.3 % $ 13,810 2.6 % The major sources of temporary differences stated at their deferred tax effects are as follows: December 31, 2022 December 31, 2021 Deferred tax liabilities: Fixed assets $ (32,551) $ (30,499) Operating and Finance lease right-of-use assets (6,610) (6,016) Other (48) (61) State deferred taxes (3,607) (3,842) Total deferred tax liabilities (42,816) (40,418) Deferred tax assets: Captive insurance subsidiary 335 396 Accrued liabilities 2,541 2,383 Stock compensation 3,467 3,076 Operating and Finance lease liabilities 8,418 7,936 Other 48 916 State deferred taxes 5,232 6,548 Total deferred tax assets 20,041 21,255 Valuation allowance (1,148) (2,241) Net deferred income tax liabilities $ (23,923) $ (21,404) The state income tax net operating losses expire between 2023 and 2042. The valuation allowance is associated with the state income tax net operating losses. The tax years 2018 through 2021 remain open related to the state returns, and 2019 through 2021 for the federal returns.

Segment Information

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The Company’s segment disclosures present the measure used by the chief operating decision makers ("CODMs") for purposes of assessing each segment’s performance. The Company’s CODMs are comprised of several members of its executive management team who use net operating income ("NOI") to assess the performance of the business for the Company’s reportable operating segments. The Company’s segments are comprised of two reportable segments: (1) self-storage operations and (2) tenant reinsurance. NOI for self-storage operations represents total property revenue less direct property operating expenses. NOI for tenant reinsurance represents tenant reinsurance revenues less tenant reinsurance expense. The self-storage operations activities include rental operations of wholly-owned stores and Bargold. The Company's consolidated revenues equal total segment revenues plus property management fees and other income. Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in the stores operated by the Company. Excluded from segment revenues and net operating income is property management fees and other income. For all periods presented, substantially all real estate assets, intangible assets, other assets, and accrued and other liabilities are associated with the self-storage operations segment. Financial information for the Company’s business segments is set forth below: Year Ended December 31, 2022 2021 2020 Revenues: Self-Storage Operations $ 1,654,735 $ 1,340,990 $ 1,157,522 Tenant Reinsurance 185,531 170,108 146,561 Total segment revenues $ 1,840,266 $ 1,511,098 $ 1,304,083 Operating expenses: Self-Storage Operations $ 435,342 $ 368,608 $ 360,615 Tenant Reinsurance 33,560 29,488 26,494 Total segment operating expenses $ 468,902 $ 398,096 $ 387,109 Net operating income: Self-Storage Operations $ 1,219,393 $ 972,382 $ 796,907 Tenant Reinsurance 151,971 140,620 120,067 Total segment net operating income: $ 1,371,364 $ 1,113,002 $ 916,974 Total segment net operating income $ 1,371,364 $ 1,113,002 $ 916,974 Other components of net income: Property management fees and other income 83,904 66,264 52,129 Transaction related costs (1,548) — — General and administrative expense (129,251) (102,194) (96,594) Depreciation and amortization expense (288,316) (241,879) (224,444) Gain on real estate transactions 14,249 140,760 18,075 Interest expense (219,171) (166,183) (168,626) Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes — — (3,675) Interest income 69,422 49,703 15,192 Equity in earnings and dividend income from unconsolidated real estate entities 41,428 32,358 22,361 Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets — 6,251 — Income tax expense (20,925) (20,324) (13,810) Net income $ 921,156 $ 877,758 $ 517,582

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES As of December 31, 2022, the Company was under agreement to acquire 12 stores at a total purchase price of $156,678. Ten stores are scheduled to close in 2023 and two are scheduled to close in 2024. Additionally, the Company is under agreement to acquire seven stores in 2023 with joint venture partners, for a total investment of $26,002. The Company is involved in various legal proceedings and is subject to various claims and complaints arising in the ordinary course of business. Because litigation is inherently unpredictable, the outcome of these matters cannot presently be determined with any degree of certainty. In accordance with applicable accounting guidance, management establishes an accrued liability for litigation when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. The estimated loss, if any, is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. The Company could in the future incur judgments or enter into settlements of claims that could have a material adverse effect on its results of operations in any particular period, notwithstanding the fact that the Company is currently vigorously defending any legal proceedings against it. As of December 31, 2022, the Company was involved in various legal proceedings and was subject to various claims and complaints arising in the ordinary course of business. In the opinion of management, such litigation, claims and complaints are not expected to have a material adverse effect on the Company’s financial condition or results of operations. Although there can be no assurance, the Company is not aware of any material environmental liability, for which it believes it will be ultimately responsible, that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to its properties could result in future material environmental liabilities.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
Schedule III - Real Estate and Accumulated Depreciation	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Building and Improvements Initial Cost Adjustments and Costs to Land and Building Subsequent to Acquisition Gross carrying amount at December 31, 2022 Self - Storage Facilities by State: Store Count Land Initial Cost Building and Improvements Accumulated Depreciation Debt Land Total AL 9 $ 5,687 $ 12,759 $ 78,243 $ 4,164 $ 12,759 $ 82,407 $ 95,166 $ 12,590 AZ 25 23,676 37,192 150,772 12,588 37,190 163,362 200,552 36,053 CA 177 334,247 665,423 1,394,380 199,150 663,569 1,595,384 2,258,953 379,484 CO 17 28,137 17,224 81,144 18,733 17,942 99,159 117,101 28,713 CT 7 6,609 9,789 61,688 5,631 9,789 67,319 77,108 12,866 FL 112 170,965 203,643 869,142 102,902 205,335 970,352 1,175,687 189,822 GA 67 74,374 89,898 455,894 42,551 89,882 498,461 588,343 100,924 HI 14 — 28,537 160,978 14,085 28,537 175,063 203,600 38,133 ID 2 — 4,047 25,235 20 4,047 25,255 29,302 162 IL 60 16,627 61,580 344,755 38,447 61,033 383,749 444,782 62,487 IN 91 — 64,531 494,469 8,141 64,528 502,613 567,141 20,388 KS 1 — 366 1,897 1,123 366 3,020 3,386 1,442 KY 13 31,483 8,531 77,872 19,485 9,303 96,585 105,888 18,590 LA 5 — 10,005 51,934 5,144 10,006 57,077 67,083 6,501 MA 47 33,948 77,617 276,254 60,272 77,798 336,345 414,143 110,133 MD 35 77,135 109,414 345,585 33,514 108,822 379,690 488,512 99,014 MI 8 5,486 10,900 63,388 5,498 10,900 68,886 79,786 11,008 MN 7 — 9,696 74,960 6,537 9,696 81,497 91,193 7,755 MO 6 — 5,633 34,252 7,499 5,591 41,793 47,384 8,587 MS 3 — 2,914 29,630 1,410 2,914 31,040 33,954 4,105 NC 23 — 38,463 150,475 12,017 38,461 162,494 200,955 22,883 NH 2 — 754 4,054 1,401 817 5,392 6,209 2,881 NJ 64 109,010 142,724 651,442 57,849 145,950 706,065 852,015 184,072 NM 11 18,648 31,826 68,779 5,978 31,826 74,758 106,584 14,760 NV 14 30,597 15,252 74,376 7,085 15,252 81,461 96,713 17,259 NY 28 13,807 121,945 237,795 46,207 122,680 283,267 405,947 85,218 OH 24 11,374 19,973 77,180 10,995 19,973 88,175 108,148 18,509 OK 1 — 721 6,125 — 721 6,125 6,846 65 OR 8 16,431 15,066 68,044 2,617 15,066 70,661 85,727 12,199 PA 21 10,894 39,704 203,360 17,340 39,032 221,371 260,403 38,174 RI 2 3,835 3,191 6,926 1,550 3,191 8,476 11,667 3,729 SC 23 27,850 36,617 148,900 12,120 36,618 161,019 197,637 33,901 TN 22 44,489 35,981 151,674 13,587 35,981 165,262 201,243 30,348 TX 111 111,417 205,385 760,041 75,963 205,237 836,152 1,041,389 166,839 UT 10 16,670 9,008 39,295 3,615 9,008 42,910 51,918 13,949 VA 53 58,133 156,074 517,534 32,574 156,075 550,107 706,182 108,891 WA 9 5,030 13,762 60,926 12,572 13,764 73,496 87,260 16,483 DC 1 7,864 14,394 18,172 566 14,394 18,738 33,132 3,383 Other corporate assets — — — 207,609 — 207,609 207,609 67,700 Intangible tenant relationships and lease rights — — 165,718 — — 165,718 165,718 144,144 Construction in Progress/Undeveloped Land — 23,263 2,778 51,836 22,693 55,184 77,877 632 Right of use asset - finance lease — — — 136,259 — 136,259 136,259 3,748 Totals (1) 1,133 $ 1,294,423 $ 2,353,802 $ 8,486,066 $ 1,296,634 $ 2,356,746 $ 9,779,756 $ 12,136,502 $ 2,138,524 (1) No right-of-use assets related to operating leases are included in the ending net real estate assets information above. Activity in real estate facilities during the years ended December 31, 2022, 2021 and 2020 is as follows: 2022 2021 2020 Operating facilities Balance at beginning of year $ 10,643,722 $ 9,507,788 $ 9,129,558 Acquisitions 1,390,463 1,500,703 255,235 Improvements 95,282 80,131 66,693 Transfers from construction in progress 70,565 62,462 40,988 Dispositions and other (116,007) (507,362) 15,314 Balance at end of year $ 12,084,025 $ 10,643,722 $ 9,507,788 Accumulated depreciation: Balance at beginning of year $ 1,868,321 $ 1,681,429 $ 1,473,851 Depreciation expense 276,155 230,445 217,364 Dispositions and other (6,081) (43,553) (9,786) Balance at end of year $ 2,138,395 $ 1,868,321 $ 1,681,429 Real estate under development/redevelopment: Balance at beginning of year $ 59,248 $ 67,443 $ 41,157 Current development 63,597 54,267 67,274 Transfers to operating facilities (70,565) (62,462) (40,988) Dispositions and other 68 — — Balance at end of year $ 52,348 $ 59,248 $ 67,443 Net non-lease real estate assets $ 9,997,978 $ 8,834,649 $ 7,893,802 (1) No right-of-use assets related to operating leases are included in the ending net real estate assets information above. As of December 31, 2022, the aggregate cost of real estate for U.S. federal income tax purposes was $9,886,378.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its wholly- or majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation
Principles of Consolidation	Principles of Consolidation The Company accounts for arrangements that are not controlled through voting or similar rights as variable interest entities (“VIEs”). An enterprise is required to consolidate a VIE if it is the primary beneficiary of the VIE. A VIE is created when (i) the equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (ii) the entity’s equity holders as a group either: (a) lack the power, through voting or similar rights, to direct the activities of the entity that most significantly impact the entity’s economic performance, (b) are not obligated to absorb expected losses of the entity if they occur, or (c) do not have the right to receive expected residual returns of the entity if they occur. If an entity is deemed to be a VIE, the enterprise that is deemed to have a variable interest, or combination of variable interests, that provides the enterprise with a controlling financial interest in the VIE, is considered the primary beneficiary and must consolidate the VIE. The Company has concluded that under certain circumstances when the Company enters into arrangements for the formation of joint ventures or when entering into a new bridge loan agreement, a VIE may be created under condition (i), (ii), (b) or (c) of the previous paragraph. For each VIE created, the Company has performed a qualitative analysis, including considering which party, if any, has the power to direct the activities most significant to the economic performance of each VIE and whether that party has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. If the Company is determined to be the primary beneficiary of the VIE, the assets, liabilities and operations of the VIE are consolidated with the Company’s financial statements. The Company determined that its operating partnership met the definition of a VIE and is consolidated. Additionally, as of December 31, 2021 the Company determined in addition to its operating partnership that it had one consolidated joint venture VIE, consisting of four stores. Substantially all of the assets and liabilities of the Company are related to the operating partnership VIE. The assets and credit of the VIE can only be used to satisfy the VIE's own contractual obligations, and the VIE's creditors have no recourse to the general credit of the Company. The Company’s investments in real estate joint ventures, where the Company has significant influence, but not control, and joint ventures which are VIEs in which the Company is not the primary beneficiary, are recorded under the equity method of accounting on the accompanying consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value Disclosures	Fair Value Disclosures Derivative financial instruments Currently, the Company uses interest rate swaps to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate forward curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. In conjunction with the Financial Accounting Standard Board’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2022, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Long-lived assets held for use are evaluated for impairment when events or circumstances indicate there may be impairment. The Company reviews each store at least annually to determine if any such events or circumstances have occurred or exist. The Company focuses on stores where occupancy and/or rental income have decreased by a significant amount. For these stores, the Company determines whether the decrease is temporary or permanent, and whether the store will likely recover the lost occupancy and/or revenue in the short term. In addition, the Company reviews stores in the lease-up stage and compares actual operating results to original projections. When the Company determines that an event that may indicate impairment has occurred, the Company compares the carrying value of the related long-lived assets to the undiscounted future net operating cash flows attributable to the assets. An impairment loss is recorded if the net carrying value of the assets exceeds the undiscounted future net operating cash flows attributable to the assets. The impairment loss recognized equals the excess of net carrying value over the related fair value of the assets. When real estate assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the fair value of the assets, net of selling costs. The Company compares the carrying value of the related long-lived assets to the undiscounted future net operating cash flows attributable to the assets (categorized within Level 3 of the fair value hierarchy). If the estimated fair value, net of selling costs, of the assets that have been identified as held for sale is less than the net carrying value of the assets, the Company would recognize a loss on the assets held for sale. The operations of assets held for sale or sold during the period are presented as part of normal operations for all periods presented. The Company assesses annually whether there are any indicators that the value of the Company’s investments in unconsolidated real estate entities may be impaired and when events or circumstances indicate that there may be impairment. An investment is impaired if management’s estimate of the fair value of the investment is less than its carrying value. To the extent impairment has occurred, and is considered to be other than temporary, the loss is measured as the excess of the carrying amount of the investment over the fair value of the investment. The Company evaluates goodwill for impairment at least annually and whenever events, circumstances, and other related factors indicate that fair value of the related reporting unit may be less than the carrying value. If the fair value of the reporting unit is determined to exceed the aggregate carrying amount, no impairment charge is recorded. Otherwise, an impairment charge is recorded 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. No impairments of goodwill were recorded for any period presented herein. As of December 31, 2022 and 2021, the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis. Fair Value of Financial Instruments The carrying values of cash and cash equivalents, restricted cash, receivables, other financial instruments included in other assets, accounts payable and accrued expenses, variable-rate notes payable, investments in debt securities and notes receivable, revolving lines of credit and other liabilities reflected in the consolidated balance sheets at December 31, 2022 and 2021, approximate fair value. The fair values of the Company’s notes receivable and notes receivable from Preferred and Common Operating Partnership unit holders were based on the discounted estimated future cash flow of the notes (categorized within Level 3 of the fair value hierarchy); the discount rate used approximated the current market rate for loans with similar maturities and credit quality. The fair values of the Company’s fixed rate notes payable were estimated using the discounted estimated future cash payments to be made on such debt (categorized within Level 3 of the fair value hierarchy); the discount rates used approximated current market rates for loans, or groups of loans, with similar maturities and credit quality.
Real Estate Assets and Sales	Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation. Direct and allowable internal costs associated with the development, construction, renovation, and improvement of real estate assets are capitalized. Interest, property taxes, and other costs associated with development incurred during the construction period are capitalized. The construction period begins when expenditures for the real estate assets have been made and activities that are necessary to prepare the asset for its intended use are in progress. The construction period ends when the asset is substantially complete and ready for its intended use. Expenditures for maintenance and repairs are charged to expense as incurred. Major replacements and betterments that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation is computed using the straight-line method over the estimated useful lives of the buildings and improvements, which are generally between five The purchase of stores are considered asset acquisitions. As such, the purchase price is allocated to the real estate assets acquired based on their relative fair values, which are estimated using significant unobservable inputs. The value of the tangible assets, consisting of land and buildings, is determined as if vacant. Intangible assets, which represent the value of existing tenant relationships, are recorded at their relative fair values based on the avoided cost to replace the current leases. The Company measures the value of tenant relationships based on the rent lost due to the amount of time required to replace existing customers, which is based on the Company’s historical experience with turnover in its stores. Any debt assumed as part of the acquisition is recorded at fair value based on current interest rates compared to contractual rates. Acquisition-related transaction costs are capitalized as part of the purchase price. Intangible lease rights represent: (1) purchase price amounts allocated to leases on three stores that cannot be classified as ground or building leases; these rights are amortized to expense over the life of the leases and (2) intangibles related to ground leases on eight stores where the leases were assumed by the Company at rates that were lower than the current market rates for similar leases. The values associated with these assumed leases were recorded as intangibles, which will be amortized over the lease terms. Real Estate Sales In general, sales of real estate and related profits/losses are recognized when all consideration has changed hands and risks and rewards of ownership have been transferred. Certain types of continuing involvement preclude sale treatment and related profit recognition; other forms of continuing involvement allow for sale recognition but require deferral of profit recognition.
Investments in Unconsolidated Real Estate Entities	Investments in Unconsolidated Real Estate Entities Investments in unconsolidated real estate entities and Cash distributions in unconsolidated real estate ventures represent the Company's noncontrolling interest in real estate joint ventures that own stores and the Company's interest in preferred stock of SmartStop Self Storage REIT, Inc. ("SmartStop"). The Company’s investments in real estate joint ventures, where the Company has significant influence, but not control and joint ventures which are VIEs in which the Company is not the primary beneficiary, are recorded under the equity method of accounting in the accompanying consolidated financial statements. Under the equity method, the Company’s investment in real estate ventures is stated at cost and adjusted for the Company’s share of net earnings or losses and reduced by distributions. Equity in earnings of real estate ventures is generally recognized based on the Company’s ownership interest in the earnings of each of the unconsolidated real estate ventures. For the purposes of presentation in the statement of cash flows, the Company follows the “nature of distribution” approach for classification of distributions from joint ventures. Under this approach, cash flows are classified on the basis of the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as a cash inflow from operating activities) or a return of investment (classified as a cash inflow from investing activities).
Investments in Debt Securities and Notes Receivable	Investments in Debt Securities and Notes Receivable The Company accounts for its investment in debt securities and loans receivable at amortized cost. The Company recognizes interest income related to the debt securities and notes receivable using the effective interest method, with deferred fees and costs amortized over the lives of the related loans as yield adjustment.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company’s cash is deposited with financial institutions located throughout the United States and at times may exceed federally insured limits. The Company considers all highly liquid debt instruments with a maturity date of three months or less to be cash equivalents.
Other Assets	Other AssetsOther assets consist of restricted cash, equipment and fixtures, capitalized software, rents receivable from our tenants, other receivables, other intangible assets, deferred tax assets, prepaid expenses, the fair value of interest rate swaps, and goodwill. Depreciation of equipment and fixtures is computed on a straight-line basis over three
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.
Risk Management and Use of Financial Instruments	Risk Management and Use of Financial Instruments In the normal course of its ongoing business operations, the Company encounters economic risk. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk on its interest-bearing liabilities. Credit risk is the risk of inability or unwillingness of tenants to make contractually required payments. Market risk is the risk of declines in the value of stores due to changes in rental rates, interest rates or other market factors affecting the value of stores held by the Company. The Company has entered into interest rate swap agreements to manage a portion of its interest rate risk.
Redemption of Common Operating Partnership Units	Redemption of Common Operating Partnership Units The Company has the option to redeem common Operating Partnership Units in cash or shares of common stock. Redemption of common Operating Partnership units for shares of common stock, when redeemed under the original provisions of the Operating Partnership agreement, is accounted for by reclassifying the underlying net book value of the units from noncontrolling interest to the Company’s equity. Redemption of common Operating Partnership units for cash is accounted for by reducing the underlying net book value of the units from noncontrolling interest.
Revenue and Expense Recognition	Revenue and Expense Recognition Rental revenues are recognized as earned based upon amounts that are currently due from tenants. Leases are generally on month-to-month terms. Prepaid rents are recognized on a straight-line basis over the term of the leases. Promotional discounts are recognized as a reduction to rental income over the promotional period. Late charges, administrative fees and merchandise sales are recognized as income when earned. The Company's management fees are earned subject to the terms of the related management services agreements ("MSAs"). These MSAs provide that the Company will perform management services, which include leasing and operating the property and providing accounting, marketing, banking, maintenance and other services. These services are provided in exchange for monthly management fees, which are based on a percentage of revenues collected from stores owned by third parties and unconsolidated joint ventures. MSAs generally have original terms from three The Company accounts for the management services provided to a customer as a single performance obligation which are rendered over time each month. The total amount of consideration from the contract is variable as it is based on monthly revenues, which are influenced by multiple factors, some of which are outside the Company's control. Therefore, the Company recognizes the revenue at the end of each month once the uncertainty is resolved. Due to the standardized terms of the MSAs, the Company accounts for all MSAs in a similar, consistent manner. Therefore, no disaggregated information relating to MSAs is presented. Property expenses, including utilities, property taxes, repairs and maintenance and other costs to manage the facilities are recognized as incurred. The Company accrues for property tax expense based upon invoice amounts and estimates. If these estimates are incorrect, the timing of expense recognition could be affected. Tenant reinsurance premiums are recognized as revenue over the period of insurance coverage. The Company records an unpaid claims liability at the end of each period based on existing unpaid claims and historical claims payment history. The unpaid claims liability represents an estimate of the ultimate cost to settle all unpaid claims as of each period end, including both reported but unpaid claims and claims that may have been incurred but have not been reported. The Company uses a third party claims administrator to adjust all tenant reinsurance claims received. The administrator evaluates each claim to determine the ultimate claim loss and includes an estimate for claims that may have been incurred but not reported. Annually, a third party actuary evaluates the adequacy of the unpaid claims liability. Prior year claim reserves are adjusted as experience develops or new information becomes known. The impact of such adjustments is included in the current period operations. The unpaid claims liability is not discounted to its present value. Each tenant chooses the amount of insurance coverage they want through the tenant reinsurance program. Tenants can purchase policies in amounts of 2,000 dollars to 10,000 dollars of insurance coverage in exchange for a monthly fee. As of December 31, 2022, the average insurance coverage for tenants was approximately 3,500 dollars (coverage numbers not in thousands). The Company’s exposure per claim is limited by the maximum amount of coverage chosen by each tenant.
Advertising Costs	Advertising Costs The Company incurs advertising costs primarily attributable to digital and other advertising. These costs are expensed as incurred. The Company recognized $19,285, $18,793 and $28,336 in advertising expense for the years ended December 31, 2022, 2021 and 2020, respectively, which are included in property operating expenses on the Company’s consolidated statements of operations.
Income Taxes	Income Taxes The Company has elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). In order to maintain its qualification as a REIT, among other requirements, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Company is not subject to U.S. federal income tax with respect to that portion of its income which meets certain criteria and is distributed annually to stockholders. The Company plans to continue to operate so that it meets the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. For any taxable year that the Company fails to qualify as a REIT and for which applicable statutory relief provisions did not apply, the Company would be subject to U.S. federal corporate income tax on all of its taxable income for at least that year and the ensuing four years. The Company is subject to certain state and local taxes. Provision for such taxes has been included in income tax expense on the Company’s consolidated statements of operations. For the year ended December 31, 2022, 0% (unaudited) of all distributions to stockholders qualified as a return of capital. The Company owns and may acquire direct or indirect interests in entities that have elected or will elect to be taxed as REITs under the Internal Revenue Code (each, a “Subsidiary REIT ”). A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to the Company. If a Subsidiary REIT were to fail to qualify as a REIT, then (i) that Subsidiary REIT would become subject to U.S. federal income tax, (ii) shares in such Subsidiary REIT would cease to be qualifying assets for purposes of the asset tests applicable to REITs, and (iii) it is possible that the Company would fail certain of the asset tests applicable to REITs, in which event the Company would fail to qualify as a REIT unless it could avail itself of certain relief provisions. The Company has elected to treat certain corporate subsidiaries, including Extra Space Management, Inc. (“ESMI”), as a taxable REIT subsidiary (“TRS”). In general, a TRS may perform additional services for tenants and may engage in any real estate or non-real estate related business. A TRS is subject to U.S. federal corporate income tax and may also be subject to state and local income taxes. ESM Reinsurance Limited, a wholly-owned subsidiary of ESMI, generates income from insurance premiums that are subject to U.S. federal corporate income tax and state insurance premiums tax. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. At December 31, 2022 and 2021, there were no material unrecognized tax benefits. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. As of December 31, 2022 and 2021, the Company had no interest or penalties related to uncertain tax provisions.
Stock-Based Compensation	Stock-Based Compensation The measurement and recognition of compensation expense for all share-based payment awards to employees and directors are based on estimated fair values. Awards granted are valued at fair value and any compensation expense is recognized over the service periods of each award.
Earnings Per Common Share	Earnings Per Common Share Basic earnings per common share is computed using the two-class method by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. All outstanding unvested restricted stock awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common stockholders; accordingly, they are considered participating securities that are included in the two-class method. Diluted earnings per common share measures the performance of the Company over the reporting period while giving effect to all potential common shares that were dilutive and outstanding during the period. The denominator includes the weighted average number of basic shares and the number of additional common shares that would have been outstanding if the potential common shares that were dilutive had been issued, and is calculated using either the two-class, treasury stock or as if-converted method, whichever is most dilutive. Potential common shares are securities (such as options, convertible debt, Series A Participating Redeemable Preferred Units (“Series A Units”), Series B Redeemable Preferred Units (“Series B Units”), and Series D Redeemable Preferred Units (“Series D Units”) and together with the Series A Units and Series B Units, the “Preferred OP Units") and common Operating Partnership units (“OP Units”)) that do not have a current right to participate in earnings of the Company but could do so in the future by virtue of their option, redemption or conversion right. For the purposes of computing the diluted impact of the potential exchange of the Preferred OP Units for common shares upon redemption, where the Company has the option to redeem in cash or shares and where the Company has stated the intent and ability to settle the redemption in shares, the Company divided the total liquidation value of the Preferred OP Units by the average share price of $183.21 for the year ended December 31, 2022. The following table presents the number of weighted OP Units and Preferred OP Units, and the potential common shares, that were excluded from the computation of earnings per share as their effect would have been anti-dilutive: For the Year Ended December 31, 2022 2021 2020 Equivalent Shares (if converted) Equivalent Shares (if converted) Equivalent Shares (if converted) Common OP Units — — 5,853,814 Series A Units (Variable Only) — — 875,480 Series B Units 187,664 246,618 400,771 Series D Units 1,140,513 726,037 1,143,547 1,328,177 972,655 8,273,612
Recently Issued Accounting Standards	Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, " Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." ASU 2016-13 changes how entities measure credit losses for most financial assets. This standard requires an entity to estimate its lifetime "expected credit loss" and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. In November 2018, the FASB issued ASU 2018-19, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses," which clarified that receivables arising from operating leases are within the scope of the leasing standard (ASU 2016-02), and not within the scope of ASU 2016-13. This new standard became effective for the Company on January 1, 2020. The adoption of this standard by the Company did not have a material impact on the Company's consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, " Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting " (“ASU 2020-04”). ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions that reference LIBOR or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 is effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2024. The Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. The Company also elected to apply additional expedients related to contract modifications, changes in critical terms, and updates to the designated hedged risks as qualifying changes are made to applicable debt and derivative contracts. Application of these expedients preserves the presentation of derivatives and debt contracts consistent with past presentation. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately for all companies. ASU 2022-06 will have no impact on the Company’s consolidated financial statements for the year ended December 31, 2022. In June 2022, the FASB issued ASU 2022-03, " Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions " ("ASU 2022-03"). ASU 2022-03 clarifies the guidance on fair value measurement of an equity security that is subject to a contractual sale restriction. Currently, some entities apply a discount to the fair value of an equity security subject to a contractual sale restriction, while others do not. This update eliminates the diversity in practice by clarifying that a recognition of a discount related to a contractual sale restriction is not permitted. The Company occasionally issues Operating Partnership units that are subject to trading restrictions in conjunction with business combinations and asset acquisitions. The Company does not currently recognize a discount related to such trading restrictions. ASU 2022-03 has no impact on the Company's consolidated financial statements and has been early adopted for the year ended December 31, 2022.
Convertible Debt	GAAP requires entities with convertible debt instruments that may be settled entirely or partially in cash upon conversion to separately account for the liability and equity components of the instrument in a manner that reflects the issuer’s economic interest cost. The Company therefore accounted for the liability and equity component of the 2015 Notes separately. The equity components were included in paid-in capital in stockholders’ equity in the consolidated balance sheets, and the value of the equity components were treated as original issue discount for purposes of accounting for the debt components. The discount was amortized as interest expense over the remaining period of the debt through its first redemption date, October 1, 2020 for the 2015 Notes. The effective interest rate on the liability components of the 2015 Notes was 4.0%, which approximates the market rate of interest of similar debt without exchange features (i.e. nonconvertible debt) at the time of issuance.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2022, aggregated by the level in the fair value hierarchy within which those measurements fall. Fair Value Measurements at Reporting Date Using Description December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Other assets - Cash flow hedge swap agreements $ 54,839 $ — $ 54,839 $ — Other liabilities - Cash flow hedge swap agreements $ 73 $ — $ 73 $ —
Schedule of Fair Value of Financial Instruments	The fair values of the Company’s fixed-rate assets and liabilities were as follows for the periods indicated: December 31, 2022 December 31, 2021 Fair Carrying Fair Carrying Notes receivable from Preferred and Common Operating Partnership unit holders $ 95,965 $ 101,900 $ 101,824 $ 101,900 Fixed rate notes receivable $ 5,191 $ 5,241 $ 105,954 $ 104,251 Fixed rate debt $ 4,320,014 $ 4,762,196 $ 4,643,072 $ 4,506,435
Schedule of Unpaid Claims Liability	The following table presents information on the portion of the Company’s unpaid claims liability, which is included in other liabilities on the Company's consolidated balance sheets, that relates to tenant insurance for the periods indicated: For the Year Ended December 31, Tenant Reinsurance Claims: 2022 2021 2020 Unpaid claims liability at beginning of year $ 9,112 $ 8,294 $ 8,109 Claims and claim adjustment expense for claims incurred in the current year 20,533 16,901 14,534 Claims and claim adjustment expense (benefit) for claims incurred in the prior years 179 122 (1,351) Payments for current year claims (18,137) (11,913) (9,697) Payments for prior year claims (5,289) (4,292) (3,301) Unpaid claims liability at the end of the year $ 6,398 $ 9,112 $ 8,294
Schedule of Antidilutive Shares Excluded from Computation of Earnings Per Share	The following table presents the number of weighted OP Units and Preferred OP Units, and the potential common shares, that were excluded from the computation of earnings per share as their effect would have been anti-dilutive: For the Year Ended December 31, 2022 2021 2020 Equivalent Shares (if converted) Equivalent Shares (if converted) Equivalent Shares (if converted) Common OP Units — — 5,853,814 Series A Units (Variable Only) — — 875,480 Series B Units 187,664 246,618 400,771 Series D Units 1,140,513 726,037 1,143,547 1,328,177 972,655 8,273,612
Schedule of Computation of Earnings Per Common Share	The computation of earnings per share is as follows for the periods presented: For the Year Ended December 31, 2022 2021 2020 Net income attributable to common stockholders $ 860,688 $ 827,649 $ 481,779 Earnings and dividends allocated to participating securities (1,201) (1,183) (706) Earnings for basic computations 859,487 826,466 481,073 Income allocated to noncontrolling interest - Preferred Operating Partnership Units and Operating Partnership Units 50,706 43,093 — Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units) (2,288) (2,288) — Net income for diluted computations $ 907,905 $ 867,271 $ 481,073 Weighted average common shares outstanding: Average number of common shares outstanding - basic 134,050,815 133,374,938 129,541,531 OP Units 6,749,995 5,752,902 — Series A Units 875,480 875,480 — Shares related to exchangeable senior notes and dilutive stock options 5,098 12,708 43,298 Average number of common shares outstanding - diluted 141,681,388 140,016,028 129,584,829 Earnings per common share Basic $ 6.41 $ 6.20 $ 3.71 Diluted $ 6.41 $ 6.19 $ 3.71

Real Estate Assets (Tables)

Real Estate Assets (Tables)	12 Months Ended
Real Estate Assets (Tables)	Dec. 31, 2022
Real Estate [Abstract]
Schedule of Components of Real Estate Assets	The components of real estate assets are summarized as follows: December 31, 2022 December 31, 2021 Land $ 2,356,746 $ 2,151,319 Buildings, improvements and other intangibles 9,425,468 8,227,094 Right of use asset - finance lease 136,259 117,718 Intangible assets - tenant relationships 152,775 134,577 Intangible lease rights 12,943 12,443 12,084,191 10,643,151 Less: accumulated depreciation and amortization (2,138,524) (1,867,750) Net operating real estate assets 9,945,667 8,775,401 Real estate under development/redevelopment 52,311 59,248 Real estate assets, net $ 9,997,978 $ 8,834,649 Real estate assets held for sale included in real estate assets, net $ — $ 8,436

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
Other Assets (Tables)	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	The components of other assets are summarized as follows: December 31, 2022 December 31, 2021 Equipment and fixtures, net $ 42,808 $ 29,060 Deferred line of credit financing costs, net 4,846 7,408 Prepaid expenses and deposits 50,318 39,384 Receivables, net 85,937 83,050 Goodwill 170,811 — Restricted cash 4,867 5,068 Fair value of interest rate swaps 54,839 270 $ 414,426 $ 164,240

Property Acquisitions and Dis_2

Property Acquisitions and Dispositions (Tables)	12 Months Ended
Property Acquisitions and Dispositions (Tables)	Dec. 31, 2022
Real Estate [Abstract]
Schedule of Operating Properties Acquired	The following table shows the Company’s acquisitions of stores for the years ended December 31, 2022 and 2021. The table excludes purchases of raw land and improvements made to existing assets. Consideration Paid Total Period Number of Stores Total Cash Paid Loan Assumed Finance Lease Liability Investments in Real Estate Ventures Net Liabilities/ (Assets) Assumed Value of Equity Issued Real estate assets Total 2022 153 $ 1,366,348 $ 1,193,261 $ — $ 6,823 $ 1,085 $ (786) $ 165,965 $ 1,366,348 Total 2021 74 $ 1,344,574 $ 1,011,483 $ 20,028 $ 26,998 $ 5,383 $ 4,292 $ 276,390 $ 1,344,574
Reconciliation of Purchase Price	The following table summarizes the total consideration transferred to acquire Bargold: Total cash paid by the company $ 157,302 Fair value of Series D Units issued 16,000 Fair value of OP Units issued 6,000 Total consideration transferred $ 179,302
Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date: Cash and cash equivalents $ 175 Fixed assets 6,411 Developed technology 500 Trademarks 500 Customer relationships 1,870 Other assets 125 Accounts payables and accrued liabilities assumed (1,090) Nets asset acquired 8,491 Goodwill 170,811 Total assets acquired $ 179,302
Revenue and Earnings of Acquired Company	The following table summarizes the revenues and earnings related to Bargold since the acquisition date of June 1, 2022, which are included in the Company's consolidated statement of operations for the year ended December 31, 2022: Total revenues $ 9,374 Net income from operations $ 1,718 For the Year Ended December 31, 2022 For the Year Ended December 31, 2021 Pro Forma Pro Forma Total revenues $ 1,930,816 $ 1,592,021

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Entities (Tables)	12 Months Ended
Investments in Unconsolidated Real Estate Entities (Tables)	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Unconsolidated Real Estate Entities	Net Investments in unconsolidated real estate entities and Cash distributions in unconsolidated real estate ventures consist of the following: Number of Stores Equity Ownership % Excess Profit % (1) December 31, 2022 2021 PRISA Self Storage LLC 84 4% 4% $ 8,596 $ 8,792 Storage Portfolio II JV LLC 36 10% 30% (7,200) (6,116) Storage Portfolio IV JV LLC 32 10% 30% 49,139 40,174 Storage Portfolio I LLC 24 34% 49% (41,372) (40,168) PR II EXR JV LLC 23 25% 25% 110,172 70,403 ESS-CA TIVS JV LP 16 55% 60% 30,778 32,288 VRS Self Storage, LLC 16 45% 54% (15,399) (14,269) ARA-EXR JV LLC 12 10% 30% 19,137 — ESS-NYFL JV LP 11 16% 24% 11,332 11,796 Extra Space Northern Properties Six LLC 10 10% 35% (3,382) (3,029) Alan Jathoo JV LLC 9 10% 10% 7,414 7,621 ESS Bristol Investments LLC 8 10% 30% 2,110 2,628 ESS - BGO Atlanta GA JV LLC 7 20% 35% 30,467 — Storage Portfolio V JV LLC 6 10% 30% 9,517 — PR EXR Self Storage, LLC 5 25% 40% 58,476 59,393 Storage Portfolio III JV LLC 5 10% 30% 5,467 5,596 Other unconsolidated real estate ventures 14 20-50% 20-50% 39,808 18,635 SmartStop Self Storage REIT, Inc. Preferred Stock (2) n/a n/a n/a 200,000 200,000 Net Investments in and Cash distributions in unconsolidated real estate entities 318 $ 515,060 $ 393,744 (1) Includes pro-rata equity ownership share and promoted interest.
Schedule of Equity in Earnings of Unconsolidated Real Estate Ventures	Equity in earnings and dividend income from unconsolidated real estate entities consists of the following: For the Year Ended December 31, 2022 2021 2020 Dividend income from SmartStop preferred stock $ 12,509 $ 12,500 $ 9,968 Equity in earnings of PRISA Self Storage LLC 3,272 2,719 2,229 Equity in earnings of Storage Portfolio II JV LLC 3,398 1,802 559 Equity in earnings of Storage Portfolio IV JV LLC 917 112 — Equity in earnings of Storage Portfolio I LLC 4,684 2,833 1,636 Equity in earnings of PR II EXR JV LLC 1,229 (8) — Equity in earnings of ESS-CA TIVS JV LP 2,753 1,274 — Equity in earnings of VRS Self Storage, LLC 5,401 4,352 3,509 Equity in earnings of ARA-EXR JV LLC 180 — — Equity in earnings of ESS-NYFL JV LLC 803 427 (331) Equity in earnings of Extra Space Northern Properties Six LLC 1,734 1,363 1,088 Equity in earnings of ESS-BGO Atlanta GA JV LLC 55 — — Equity in earnings of Alan Jathoo JV LLC 482 270 57 Equity in earnings of Bristol Investments LLC 350 177 (67) Equity in earnings of Storage Portfolio V JV LLC (33) — — Equity in earnings of PR EXR Self Storage, LLC 1,030 491 (211) Equity in earnings of WICNN JV LLC — 1,050 1,878 Equity in earnings of GFN JV, LLC — 546 788 Equity in earnings of other minority owned stores 2,664 2,450 1,258 $ 41,428 $ 32,358 $ 22,361

Investments in Debt Securitie_2

Investments in Debt Securities and Notes Receivable (Tables)	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments in Debt Securities and Bridge Loans Receivable	Information about these balances is as follows: December 31, 2022 December 31, 2021 Debt securities - NexPoint Preferred Stock $ 300,000 $ 300,000 Notes Receivable - Bridge Loans 491,879 279,042 Notes Receivable - Senior Mezzanine Loan, net — 102,079 Dividends and Interest Receivable 66,170 38,066 $ 858,049 $ 719,187

Debt (Tables)

Debt (Tables)	12 Months Ended
Debt (Tables)	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Components of Notes Payable	The components of term debt are summarized as follows: Term Debt December 31, 2022 December 31, 2021 Fixed Rate Variable Rate (2) Maturity Dates Secured fixed-rate (1) $ 521,820 $ 930,830 2.55% - 4.50% July 2023 - February 2030 Secured variable-rate (1) 772,604 392,679 5.36% - 5.80% August 2023 - September 2030 Unsecured fixed-rate 4,240,376 3,575,000 2.35% - 5.12% February 2024 - March 2032 Unsecured variable-rate 884,624 550,000 5.41% January 2025 - January 2028 Total 6,419,424 5,448,509 Less: Unamortized debt issuance costs (32,962) (25,762) Total $ 6,386,462 $ 5,422,747 (1) The loans are collateralized by mortgages on real estate assets and the assignment of rents. (2) Basis rates include 30-day USD LIBOR, Term SOFR and Daily Simple SOFR
Schedule of Information on Lines of Credit	At December 31, 2022, the terms of the Second Amended and Restated Credit Agreement dated June 22, 2021 (the "Credit Agreement") are as follows: Debt Capacity Maturity Date Revolving Credit Facility $ 1,250,000 June 2025 Tranche 1 Term Loan Facility (1) 400,000 January 2027 Tranche 2 Term Loan Facility (1) 425,000 October 2026 Tranche 3 Term Loan Facility (1) 245,000 January 2025 Tranche 4 Term Loan Facility (1) 255,000 June 2026 Tranche 5 Term Loan Facility (1) 425,000 February 2024 Tranche 6 Term Loan Facility (1) 175,000 January 2028 Tranche 7 Term Loan Facility (1) 425,000 July 2029 $ 3,600,000 (1) The term loan amounts have been fully drawn as of December 31, 2022. As of December 31, 2022 Revolving Lines of Credit Amount Drawn Capacity Interest Rate Maturity Basis Rate (1) Credit Line 1 (2) $ 35,000 $ 140,000 5.7% 7/1/2023 SOFR plus 1.35% Credit Line 2 (3)(4) 910,000 1,250,000 5.3% 6/20/2025 SOFR plus 0.95% $ 945,000 $ 1,390,000 (1) Term SOFR or Daily Simple SOFR (2) Secured by mortgages on certain real estate assets. On January 13, 2023 the maturity date was extended to July 1, 2026 with one one (3) Unsecured. Two six (4) Basis Rate as of December 31, 2022. Rate is subject to change based on our investment grade rating.
Schedule of Maturities of Notes Payable	The following table summarizes the scheduled maturities of term debt, excluding available extensions, at December 31, 2022: 2023 $ 386,684 2024 425,000 2025 709,899 2026 808,960 2027 872,884 Thereafter 3,215,997 $ 6,419,424

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
Derivatives (Tables)	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule Summarizing Terms of Entity's Derivative Financial Instruments	The following table summarizes the terms of the Company’s 19 derivative financial instruments, which have a total combined notional amount of $1,837,714 as of December 31, 2022: Hedge Product Range of Notional Amounts Strike Effective Dates Maturity Dates Swap Agreements $32,014 - $220,000 1.07% - 4.20% 2/1/2016 - 1/31/2024 2/1/2023 - 10/13/2026
Schedule of Balance Sheet Classification and Fair Value of Entity's Derivative Financial Instruments	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets: Asset / Liability Derivatives Derivatives designated as hedging instruments: December 31, 2022 December 31, 2021 Other assets $ 54,839 $ 271 Other liabilities $ 73 $ 39,569
Schedule of Information Relating to Gain (Loss) Recognized on Swap Agreements	The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the periods presented. No tax effect has been presented as the derivative instruments are held by the Company: Gain recognized in OCI for the Year Ended December 31, Location of amounts reclassified from OCI into income Loss reclassified from OCI for the Year Ended December 31, Type 2022 2021 2022 2021 2020 Swap Agreements $ 88,372 $ 23,580 Interest expense $ (7,877) $ (35,764) $ (26,794)

Exchangeable Senior Notes (Tabl

Exchangeable Senior Notes (Tables)	12 Months Ended
Exchangeable Senior Notes (Tables)	Dec. 31, 2022
Debt Disclosure [Abstract]
Summary of Amount of Interest Cost Recognized Relating to Contractual Interest Rate and Amortization of Discount on Liability Component of Notes	The amount of interest cost recognized relating to the contractual interest rate and the amortization of the discount on the liability component for the Notes were as follows for the periods indicated: For the Year Ended December 31, 2022 2021 2020 Contractual interest $ — $ — $ 13,476 Amortization of discount — — 3,675 Total interest expense recognized $ — $ — $ 17,151
Summary of Repurchase of Debt	Information about the repurchases is as follows: For the Year Ended December 31, 2022 2021 2020 Principal amount repurchased $ — $ — $ 575,000 Amount allocated to: Extinguishment of liability component $ — $ — $ 575,000 Reacquisition of equity component — — — Total consideration paid for repurchase $ — $ — $ 575,000 Exchangeable senior notes repurchased $ — $ — $ 575,000 Extinguishment of liability component — — (575,000) Discount on exchangeable senior notes — — — Related debt issuance costs — — — Gain/(loss) on repurchase $ — $ — $ —

Noncontrolling Interest Repre_2

Noncontrolling Interest Represented By Preferred Operating Partnership Units (Tables)	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Preferred OP Units	The balances for each of the specific preferred OP units as presented in the Statement of Noncontrolling Interests and Equity as of the periods indicated is as follows: December 31, 2022 December 31, 2021 Series A Units $ 16,498 $ 15,606 Series B Units 33,568 38,068 Series D Units 211,436 205,436 $ 261,502 $ 259,110

Noncontrolling Interests In O_2

Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	OP Unit activity is summarized as follows for the periods presented: For the Year Ended December 31, 2022 2021 2020 OP Units redeemed for common stock — 165,652 123,993 OP Units redeemed for cash 24,824 4,500 — Cash paid for OP Units redeemed $ 4,617 $ 788 $ — OP Units issued in conjunction with business combination and acquisitions 711,037 897,803 — Value of OP Units issued in conjunction with business combination and acquisitions $ 141,000 $ 188,319 $ —

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2022
Leases [Abstract]
Lease Costs	Following is information on our total lease costs as of the period indicated: For the Year Ended December 31, 2022 2021 Finance lease cost: Amortization of finance lease right-of-use assets $ 3,751 $ 3,049 Interest expense related to finance lease liabilities 4,018 2,812 Operating lease cost 32,182 29,258 Variable lease cost 11,287 8,100 Short-term lease cost 32 51 Total lease cost $ 51,270 $ 43,270 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows for finance lease payments $ 4,018 $ 2,812 Operating cash outflows for operating lease payments 25,384 23,961 Total cash flows for lease liability measurement $ 29,402 $ 26,773 Right-of-use assets obtained in exchange for new operating lease liabilities $ 16,298 $ 6,655 Right-of-use assets obtained in exchange for new finance lease liabilities $ 6,823 $ 67,992 Weighted average remaining lease term - finance leases (years) 54.16 54.97 Weighted average remaining lease term - operating leases (years) 20.03 21.25 Weighted average discount rate - finance leases 3.31 % 3.18 % Weighted average discount rate - operating leases 3.65 % 3.63 %
Undiscounted Cash Flows on an Annual Basis, Operating Leases	The following table presents information about the Company’s undiscounted cash flows on an annual basis for operating and finance leases, including a reconciliation of the undiscounted cash flows to the finance lease and operating lease liabilities recognized in the Company’s consolidated balance sheets: Operating Finance Total 2023 $ 30,716 $ 6,433 $ 37,149 2024 30,584 6,542 37,126 2025 30,344 6,571 36,915 2026 30,598 6,715 37,313 2027 31,063 6,842 37,905 Thereafter 143,651 360,936 504,587 Total $ 296,956 $ 394,039 $ 690,995 Present value adjustments (67,921) (248,486) (316,407) Lease liabilities $ 229,035 $ 145,553 $ 374,588
Undiscounted Cash Flows on an Annual Basis, Financing Leases	The following table presents information about the Company’s undiscounted cash flows on an annual basis for operating and finance leases, including a reconciliation of the undiscounted cash flows to the finance lease and operating lease liabilities recognized in the Company’s consolidated balance sheets: Operating Finance Total 2023 $ 30,716 $ 6,433 $ 37,149 2024 30,584 6,542 37,126 2025 30,344 6,571 36,915 2026 30,598 6,715 37,313 2027 31,063 6,842 37,905 Thereafter 143,651 360,936 504,587 Total $ 296,956 $ 394,039 $ 690,995 Present value adjustments (67,921) (248,486) (316,407) Lease liabilities $ 229,035 $ 145,553 $ 374,588

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
Stock-Based Compensation (Tables)	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	A summary of stock option activity is as follows: Options Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value as of December 31, 2022 Outstanding at December 31, 2019 206,524 $ 48.88 Exercised (134,930) 35.26 Outstanding at December 31, 2020 71,594 $ 74.54 Exercised (62,322) 73.36 Outstanding at December 31, 2021 9,272 82.47 Exercised — — Outstanding at December 31, 2022 9,272 $ 82.47 2.98 $600 Vested 9,272 $ 82.47 2.98 $600 Ending Exercisable 9,272 $ 82.47 2.98 $600
Schedule of Stock Options Outstanding and Exercisable	A summary of stock options outstanding and exercisable as of December 31, 2022, is as follows: Options Outstanding Options Exercisable Exercise Price Shares Weighted Average Remaining Contractual Life Weighted Average Exercise Price Shares Weighted Average Exercise Price $65.36 - $65.36 1,582 2.15 $ 65.36 1,582 $ 65.36 $85.99 - $85.99 7,690 3.15 85.99 7,690 85.99
Summary of Company's Employee and Director Share Grant Activity	A summary of the Company’s employee and director share grant activity is as follows: Restricted Stock Grants Shares Weighted-Average Grant-Date Fair Value Unreleased at December 31, 2019 212,608 $ 91.62 Granted 95,671 98.81 Released (94,164) 89.43 Cancelled (5,083) 93.16 Unreleased at December 31, 2020 209,032 $ 95.86 Granted 99,802 132.75 Released (96,248) 91.65 Cancelled (12,808) 113.89 Unreleased at December 31, 2021 199,778 $ 115.16 Granted 105,677 201.12 Released (86,781) 112.31 Cancelled (10,614) 147.03 Unreleased at December 31, 2022 208,060 $ 158.38
Schedule of Nonvested Performance-based Units Activity	A summary of the PSU activity is as follows: Performance-Based Stock Units Units Weighted-Average Grant-Date Fair Value Unvested at December 31, 2019 108,140 $ 95.94 Granted 45,242 129.38 Released (30,071) $ 112.16 Unvested at December 31, 2020 123,311 $ 104.25 Granted 40,832 138.04 Released (28,735) $ 117.19 Unvested at December 31, 2021 135,408 $ 111.69 Granted 61,085 223.96 Released (49,334) $ 194.21 Unvested at December 31, 2022 147,159 $ 130.63
Schedule of Weighted Average Assumptions Used to Estimate Fair Value of Awards	A Monte Carlo simulation model was used to calculate the fair value of the TSR Target portion of the PSUs, using the following assumptions: For the Year Ended December 31, 2022 2021 2020 Intrinsic value $21,659 $30,701 $12,266 Risk-free rate 1.8% 0.22% 1.42% Volatility 29.3% 28.5% 18.4% Expected term (in years) 2.9 2.9 2.9 Dividend yield —% —% —% Unrecognized compensation cost $13,241 $8,859 $6,406 Term over which compensation cost recognized (in years) 3 3 3

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Summarized Statement of Components of Income Tax Provision	The income tax provision for the years ended December 31, 2022, 2021 and 2020, is comprised of the following components: For the Year Ended December 31, 2022 Federal State Total Current expense $ 20,592 $ 4,546 $ 25,138 Tax credits/true-up (6,071) 31 (6,040) Change in deferred expense/(benefit) 1,909 (82) 1,827 Total tax expense $ 16,430 $ 4,495 $ 20,925 For the Year Ended December 31, 2021 Federal State Total Current expense $ 21,017 $ 3,520 $ 24,537 Tax credits/true-up (4,979) (138) (5,117) Change in deferred expense 818 86 904 Total tax expense $ 16,856 $ 3,468 $ 20,324 For the Year Ended December 31, 2020 Federal State Total Current expense $ 15,553 $ 3,347 $ 18,900 Tax credits/true-up (5,610) (135) (5,745) Change in deferred benefit 594 61 655 Total tax expense $ 10,537 $ 3,273 $ 13,810
Schedule of Reconciliation of Statutory Income Tax Provisions to the Effective Income Tax Provisions	A reconciliation of the statutory income tax provisions to the effective income tax provisions for the periods indicated is as follows: For the Year Ended December 31, 2022 2021 2020 Expected tax at statutory rate $ 197,887 21.0 % $ 188,600 21.0 % $ 111,760 21.0 % Non-taxable REIT income (172,966) (18.4) % (166,137) (18.5) % (94,270) (17.7) % State and local tax expense - net of federal benefit 4,160 0.4 % 3,259 0.4 % 3,075 0.6 % Change in valuation allowance (1,093) (0.1) % (1,061) (0.1) % (363) (0.1) % Tax credits/true-up (6,040) (0.6) % (5,117) (0.6) % (5,745) (1.1) % Miscellaneous (1,023) (0.1) % 780 0.1 % (647) (0.1) % Total provision $ 20,925 2.2 % $ 20,324 2.3 % $ 13,810 2.6 %
Schedule of Major Sources of Temporary Differences Stated at their Deferred Tax Effects	The major sources of temporary differences stated at their deferred tax effects are as follows: December 31, 2022 December 31, 2021 Deferred tax liabilities: Fixed assets $ (32,551) $ (30,499) Operating and Finance lease right-of-use assets (6,610) (6,016) Other (48) (61) State deferred taxes (3,607) (3,842) Total deferred tax liabilities (42,816) (40,418) Deferred tax assets: Captive insurance subsidiary 335 396 Accrued liabilities 2,541 2,383 Stock compensation 3,467 3,076 Operating and Finance lease liabilities 8,418 7,936 Other 48 916 State deferred taxes 5,232 6,548 Total deferred tax assets 20,041 21,255 Valuation allowance (1,148) (2,241) Net deferred income tax liabilities $ (23,923) $ (21,404)

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
Segment Information (Tables)	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of Financial Information of Business Segments	Financial information for the Company’s business segments is set forth below: Year Ended December 31, 2022 2021 2020 Revenues: Self-Storage Operations $ 1,654,735 $ 1,340,990 $ 1,157,522 Tenant Reinsurance 185,531 170,108 146,561 Total segment revenues $ 1,840,266 $ 1,511,098 $ 1,304,083 Operating expenses: Self-Storage Operations $ 435,342 $ 368,608 $ 360,615 Tenant Reinsurance 33,560 29,488 26,494 Total segment operating expenses $ 468,902 $ 398,096 $ 387,109 Net operating income: Self-Storage Operations $ 1,219,393 $ 972,382 $ 796,907 Tenant Reinsurance 151,971 140,620 120,067 Total segment net operating income: $ 1,371,364 $ 1,113,002 $ 916,974 Total segment net operating income $ 1,371,364 $ 1,113,002 $ 916,974 Other components of net income: Property management fees and other income 83,904 66,264 52,129 Transaction related costs (1,548) — — General and administrative expense (129,251) (102,194) (96,594) Depreciation and amortization expense (288,316) (241,879) (224,444) Gain on real estate transactions 14,249 140,760 18,075 Interest expense (219,171) (166,183) (168,626) Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes — — (3,675) Interest income 69,422 49,703 15,192 Equity in earnings and dividend income from unconsolidated real estate entities 41,428 32,358 22,361 Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets — 6,251 — Income tax expense (20,925) (20,324) (13,810) Net income $ 921,156 $ 877,758 $ 517,582

Description of Business (Detail

Description of Business (Details)	Dec. 31, 2022 store state
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of storage facilities in which the entity had equity interests	1,451
Number of stores managed for third parties	887
Number of stores owned and/or managed	2,338
Number of states in which storage facilities are located \| state	41

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Variable Interest Entities (Details)	Dec. 31, 2021 store variable_interest_entity
Accounting Policies [Abstract]
Number of consolidated VIEs \| variable_interest_entity	1
Consolidated VIEs, number of stores \| store	4

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring $ in Thousands	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets - Cash flow hedge swap agreements	$ 54,839
Other liabilities - Cash flow hedge swap agreements	73
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets - Cash flow hedge swap agreements	0
Other liabilities - Cash flow hedge swap agreements	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets - Cash flow hedge swap agreements	54,839
Other liabilities - Cash flow hedge swap agreements	73
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets - Cash flow hedge swap agreements	0
Other liabilities - Cash flow hedge swap agreements	$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value
Fair Value of Financial Instruments [Line Items]
Notes receivable from Preferred and Common Operating Partnership unit holders	$ 95,965	$ 101,824
Fixed rate notes receivable	5,191	105,954
Fixed rate debt	4,320,014	4,643,072
Carrying Value
Fair Value of Financial Instruments [Line Items]
Notes receivable from Preferred and Common Operating Partnership unit holders	101,900	101,900
Fixed rate notes receivable	5,241	104,251
Fixed rate debt	$ 4,762,196	$ 4,506,435

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Real Estate Assets (Details)	12 Months Ended
	Dec. 31, 2022 store
Property, Plant and Equipment [Line Items]
Number of properties whereby leases cannot be classified as ground or building leases	3
Number of properties whereby leases have been assumed at rates lower than the current market rates	8
Buildings, improvements and other intangibles \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Buildings, improvements and other intangibles \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	39 years

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Other Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Equipment and fixtures, net	$ 42,808	$ 29,060
Amortization expense	$ 288,316	241,879	$ 224,444
Equipment and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Equipment and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Software development
Property, Plant and Equipment [Line Items]
Equipment and fixtures, net	$ 23,165	21,493
Amortization expense	$ 5,147	$ 3,072

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Risk Management and Use of Financial Instruments (Details)	12 Months Ended
	Dec. 31, 2022 item
Accounting Policies [Abstract]
Number of main components of economic risk	3

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Revenue and Expense Recognition (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) claim	Dec. 31, 2021 claim	Dec. 31, 2020 claim
Disaggregation of Revenue [Line Items]
Minimum amount of insurance coverage	$ 2,000
Maximum amount of insurance coverage	10,000
Average amount of insurance coverage	$ 3,500
Number of claims made \| claim	8,542	8,748	8,226
Management Services Agreements (MSA) \| Minimum
Disaggregation of Revenue [Line Items]
Contract term	3 years
Management Services Agreements (MSA) \| Maximum
Disaggregation of Revenue [Line Items]
Contract term	5 years

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Schedule of Unpaid Claims Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Tenant Reinsurance Claims:
Unpaid claims liability at beginning of year	$ 9,112	$ 8,294	$ 8,109
Claims and claim adjustment expense for claims incurred in the current year	20,533	16,901	14,534
Claims and claim adjustment expense (benefit) for claims incurred in the prior years	179	122	(1,351)
Payments for current year claims	(18,137)	(11,913)	(9,697)
Payments for prior year claims	(5,289)	(4,292)	(3,301)
Unpaid claims liability at the end of the year	$ 6,398	$ 9,112	$ 8,294

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Advertising expense	$ 19,285	$ 18,793	$ 28,336

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Percentage of all distributions to stockholders which qualified as a return of capital	0%
Unrecognized tax benefits	$ 0	$ 0
Interest or penalties related to uncertain tax provisions	$ 0	$ 0

Summary of Significant Accou_14

Summary of Significant Accounting Policies - Earnings Per Common Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per common share (in shares)	1,328,177	972,655	8,273,612
Average share price (in dollars per share)	$ 183.21
Series A Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per common share (in shares)	0	0	875,480
Instruments to be settled in cash (at least)	$ 101,700,000

Summary of Significant Accou_15

Summary of Significant Accounting Policies - Schedule of Antidilutive Shares Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equivalent Shares (if converted) (in shares)	1,328,177	972,655	8,273,612
Common OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equivalent Shares (if converted) (in shares)	0	0	5,853,814
Series A Units (Variable Only)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equivalent Shares (if converted) (in shares)	0	0	875,480
Series B Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equivalent Shares (if converted) (in shares)	187,664	246,618	400,771
Series D Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equivalent Shares (if converted) (in shares)	1,140,513	726,037	1,143,547

Summary of Significant Accou_16

Summary of Significant Accounting Policies - Schedule of Computation of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Net income attributable to common stockholders	$ 860,688	$ 827,649	$ 481,779
Earnings and dividends allocated to participating securities	(1,201)	(1,183)	(706)
Earnings for basic computations	859,487	826,466	481,073
Income allocated to noncontrolling interest - Preferred Operating Partnership Units and Operating Partnership Units	50,706	43,093	0
Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units)	(2,288)	(2,288)	0
Net income for diluted computations	$ 907,905	$ 867,271	$ 481,073
Weighted average common shares outstanding:
Average number of common shares outstanding - basic (in shares)	134,050,815	133,374,938	129,541,531
OP Units (in shares)	6,749,995	5,752,902	0
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares related to exchangeable senior notes and dilutive stock options (in shares)	5,098	12,708	43,298
Average number of common shares outstanding - diluted (in shares)	141,681,388	140,016,028	129,584,829
Earnings per common share
Basic (in dollars per share)	$ 6.41	$ 6.20	$ 3.71
Diluted (in dollars per share)	$ 6.41	$ 6.19	$ 3.71
Series A Units
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Series A Units (in shares)	875,480	875,480	0

Summary of Significant Accou_17

Summary of Significant Accounting Policies - Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Real estate assets - operating lease right-of-use assets	$ 221,725	$ 227,949
Operating lease liabilities	$ 229,035	$ 233,356

Real Estate Assets - Schedule o

Real Estate Assets - Schedule of Components of Real Estate Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Land	$ 2,356,746	$ 2,151,319
Buildings, improvements and other intangibles	9,425,468	8,227,094
Right of use asset - finance lease	136,259	117,718
Intangible assets - tenant relationships	152,775	134,577
Intangible lease rights	12,943	12,443
Gross operating real estate assets	12,084,191	10,643,151
Less: accumulated depreciation and amortization	(2,138,524)	(1,867,750)
Net operating real estate assets	9,945,667	8,775,401
Real estate under development/redevelopment	52,311	59,248
Net real estate assets	9,997,978	8,834,649
Real estate assets held for sale included in real estate assets, net	$ 0	$ 8,436

Real Estate Assets - Additional

Real Estate Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
Average period that a tenant is expected to utilize the facility	18 months
Amortization related to the tenant relationships and lease rights	$ 13,981	$ 4,778	$ 2,258
Real Estate Properties [Line Items]
Intangible assets, accumulated amortization	$ 144,144	$ 130,561
Minimum
Real Estate Properties [Line Items]
Remaining amortization period	6 years
Maximum
Real Estate Properties [Line Items]
Remaining amortization period	39 years

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Equipment and fixtures, net	$ 42,808	$ 29,060
Deferred line of credit financing costs, net	4,846	7,408
Prepaid expenses and deposits	50,318	39,384
Receivables, net	85,937	83,050
Goodwill	170,811	0
Restricted cash	4,867	5,068	$ 18,885	$ 4,987
Fair value of interest rate swaps	54,839	270
Other assets, net	$ 414,426	$ 164,240

Property Acquisitions and Dis_3

Property Acquisitions and Dispositions - Acquisitions of Operating Stores (Details) $ in Thousands		12 Months Ended
	Sep. 15, 2022 store	Dec. 31, 2022 USD ($) store	Dec. 31, 2021 USD ($) store	Dec. 31, 2020 USD ($)
Real Estate [Abstract]
Number of Stores \| store	106	153	74
Total		$ 1,366,348	$ 1,344,574
Cash Paid		1,193,261	1,011,483
Loan Assumed		0	20,028	$ 0
Finance Lease Liability		6,823	26,998
Investments in Real Estate Ventures		1,085	5,383	$ 0
Net Liabilities/ (Assets) Assumed		(786)	4,292
Value of Equity Issued		$ 165,965	$ 276,390

Property Acquisitions and Dis_4

Property Acquisitions and Dispositions - Additional Information (Details) storage_unit in Thousands, $ in Thousands					12 Months Ended
	Sep. 15, 2022 USD ($) store land_parcel shares	Jun. 01, 2022 USD ($) storage_unit	Dec. 16, 2021 USD ($) store	Mar. 01, 2021 USD ($) store	Dec. 31, 2022 USD ($) store shares	Dec. 31, 2021 USD ($) store shares	Dec. 31, 2020 USD ($)
Property Acquisitions [Line Items]
Purchase price	$ 590,000
Preferred stock, issued (in shares) \| shares					0	0
Value of Equity Issued					$ 165,965	$ 276,390
Number of Stores \| store	106				153	74
Parcels of land acquired \| land_parcel	8
Transaction related costs					$ 1,548	$ 0	$ 0
Proceeds from sale of real estate assets and investments in real estate ventures					38,700
Gain on sale					$ 14,200
Joint venture investment				$ 33,878
Bargold
Property Acquisitions [Line Items]
Number of storage units \| storage_unit		17
Bargold
Property Acquisitions [Line Items]
Occupancy rate		0.97
Transaction related costs		$ 1,465
Total consideration transferred		$ 179,302
Operating Partnership
Property Acquisitions [Line Items]
Preferred stock, issued (in shares) \| shares	619,294
Value of Equity Issued	$ 125,000
Unconsolidated Joint Venture
Property Acquisitions [Line Items]
Equity method ownership percentage				55%
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Property Acquisitions [Line Items]
Number of stores sold \| store			16	16
Proceeds from sale of real estate assets			$ 200,292	$ 132,759
Gain (loss) on disposition of assets			$ (73,854)	$ (63,477)

Property Acquisitions and Dis_5

Property Acquisitions and Dispositions - Reconciliation of Purchase Price (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 01, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Common OP Units
Property Acquisitions And Dispositions [Line Items]
Equity interests issued		$ 16,000	$ 0	$ 0
Bargold
Property Acquisitions And Dispositions [Line Items]
Total cash paid by the company	$ 157,302
Total consideration transferred	179,302
Bargold \| Series D Units
Property Acquisitions And Dispositions [Line Items]
Equity interests issued	16,000
Bargold \| Common OP Units
Property Acquisitions And Dispositions [Line Items]
Equity interests issued	$ 6,000

Property Acquisitions and Dis_6

Property Acquisitions and Dispositions - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 01, 2022	Dec. 31, 2021
Property Acquisitions And Dispositions [Line Items]
Goodwill	$ 170,811		$ 0
Bargold
Property Acquisitions And Dispositions [Line Items]
Cash and cash equivalents		$ 175
Fixed assets		6,411
Other assets		125
Accounts payables and accrued liabilities assumed		(1,090)
Nets asset acquired		8,491
Goodwill		170,811
Total assets acquired		179,302
Bargold \| Developed technology
Property Acquisitions And Dispositions [Line Items]
Finite lived tangible assets		500
Bargold \| Trademarks
Property Acquisitions And Dispositions [Line Items]
Finite lived tangible assets		500
Bargold \| Customer relationships
Property Acquisitions And Dispositions [Line Items]
Finite lived tangible assets		$ 1,870

Property Acquisitions and Dis_7

Property Acquisitions and Dispositions - Revenue Earnings of Acquired Company (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2022
Property Acquisitions And Dispositions [Line Items]
Total revenues	$ 1,592,021	$ 1,930,816
Bargold
Property Acquisitions And Dispositions [Line Items]
Total revenues		9,374
Net income from operations		$ 1,718

Investments in Unconsolidated_3

Investments in Unconsolidated Real Estate Entities - Schedule of Investments in Unconsolidated Real Estate Ventures (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2019	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		318
Investment balance		$ 515,060	$ 393,744
Equity in earnings of PRISA Self Storage LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		84
Equity Ownership %		4%
Excess Profit %		4%
Investment balance		$ 8,596	8,792
Equity in earnings of Storage Portfolio II JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		36
Equity Ownership %		10%
Excess Profit %		30%
Investment balance		$ (7,200)	(6,116)
Equity in earnings of Storage Portfolio IV JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		32
Equity Ownership %		10%
Excess Profit %		30%
Investment balance		$ 49,139	40,174
Equity in earnings of Storage Portfolio I LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		24
Equity Ownership %		34%
Excess Profit %		49%
Investment balance		$ (41,372)	(40,168)
Equity in earnings of PR II EXR JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		23
Equity Ownership %		25%
Excess Profit %		25%
Investment balance		$ 110,172	70,403
Equity in earnings of ESS-CA TIVS JV LP
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		16
Equity Ownership %		55%
Excess Profit %		60%
Investment balance		$ 30,778	32,288
Equity in earnings of VRS Self Storage, LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		16
Equity Ownership %		45%
Excess Profit %		54%
Investment balance		$ (15,399)	(14,269)
ARA-EXR JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		12
Equity Ownership %		10%
Excess Profit %		30%
Investment balance		$ 19,137	0
ESS-NYFL JV LP
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		11
Equity Ownership %		16%
Excess Profit %		24%
Investment balance		$ 11,332	11,796
Equity in earnings of Extra Space Northern Properties Six LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		10
Equity Ownership %		10%
Excess Profit %		35%
Investment balance		$ (3,382)	(3,029)
Equity in earnings of Alan Jathoo JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		9
Equity Ownership %		10%
Excess Profit %		10%
Investment balance		$ 7,414	7,621
Equity in earnings of Bristol Investments LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		8
Equity Ownership %		10%
Excess Profit %		30%
Investment balance		$ 2,110	2,628
ESS - BGO Atlanta GA JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		7
Equity Ownership %		20%
Excess Profit %		35%
Investment balance		$ 30,467	0
Storage Portfolio V JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		6
Equity Ownership %		10%
Excess Profit %		30%
Investment balance		$ 9,517	0
Equity in earnings of PR EXR Self Storage, LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		5
Equity Ownership %		25%
Excess Profit %		40%
Investment balance		$ 58,476	59,393
Storage Portfolio III JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		5
Equity Ownership %		10%
Excess Profit %		30%
Investment balance		$ 5,467	5,596
Other unconsolidated real estate ventures
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		14
Investment balance		$ 39,808	18,635
Other unconsolidated real estate ventures \| Minimum
Schedule of Equity Method Investments [Line Items]
Equity Ownership %		20%
Excess Profit %		20%
Other unconsolidated real estate ventures \| Maximum
Schedule of Equity Method Investments [Line Items]
Equity Ownership %		50%
Excess Profit %		50%
Dividend income from SmartStop preferred stock
Schedule of Equity Method Investments [Line Items]
Investment balance		$ 200,000	$ 200,000
Investment, preferred dividend rate	6.25%
Period after which preferred stock dividend is subject to increase		5 years

Investments in Unconsolidated_4

Investments in Unconsolidated Real Estate Entities - Additional Information (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2021 USD ($) joint_venture store	Dec. 31, 2022 USD ($) store	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Schedule of Equity Method Investments [Line Items]
Interest sold, number of unconsolidated joint ventures \| joint_venture	2
Proceeds from sale of unconsolidated joint ventures	$ 1,888
Gain (loss) on sale	$ 525
Interest purchased, number of unconsolidated joint ventures	2	4
Number of joint venture stores purchased \| store		27
Investment		$ 66,592
Number of stores acquired \| store		10
Purchase price		$ 54,724
Amortization amount of excess purchase price included in equity earnings		$ 24,839
Amortization period of excess purchase price included in equity earnings		39 years
Management fee revenues		$ 24,389	$ 17,619	$ 15,657
WICNN JV LLC And GFN JV, LLC
Schedule of Equity Method Investments [Line Items]
Gain (loss) on sale	$ 5,739
Number of stores sold \| store	17

Investments in Unconsolidated_5

Investments in Unconsolidated Real Estate Entities - Schedule of Equity in Earnings of Unconsolidated Real Estate Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	$ 41,428	$ 32,358	$ 22,361
Dividend income from SmartStop preferred stock
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	12,509	12,500	9,968
Equity in earnings of PRISA Self Storage LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	3,272	2,719	2,229
Equity in earnings of Storage Portfolio II JV LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	3,398	1,802	559
Equity in earnings of Storage Portfolio IV JV LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	917	112	0
Equity in earnings of Storage Portfolio I LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	4,684	2,833	1,636
Equity in earnings of PR II EXR JV LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	1,229	(8)	0
Equity in earnings of ESS-CA TIVS JV LP
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	2,753	1,274	0
Equity in earnings of VRS Self Storage, LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	5,401	4,352	3,509
Equity in earnings of ARA-EXR JV LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	180	0	0
Equity in earnings of ESS-NYFL JV LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	803	427	(331)
Equity in earnings of Extra Space Northern Properties Six LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	1,734	1,363	1,088
Equity in earnings of ESS-BGO Atlanta GA JV LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	55	0	0
Equity in earnings of Alan Jathoo JV LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	482	270	57
Equity in earnings of Bristol Investments LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	350	177	(67)
Equity in earnings of Storage Portfolio V JV LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	(33)	0	0
Equity in earnings of PR EXR Self Storage, LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	1,030	491	(211)
Equity in earnings of WICNN JV LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	0	1,050	1,878
Equity in earnings of GFN JV, LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	0	546	788
Other unconsolidated real estate ventures
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	$ 2,664	$ 2,450	$ 1,258

Investments in Debt Securitie_3

Investments in Debt Securities and Notes Receivable - Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
Dividends and Interest Receivable	$ 66,170	$ 38,066
Investments in debt securities and notes receivable	858,049	719,187
Notes Receivable - Bridge Loans
Schedule of Held-to-maturity Securities [Line Items]
Notes receivable	491,879	279,042
Notes Receivable - Senior Mezzanine Loan, net
Schedule of Held-to-maturity Securities [Line Items]
Notes receivable	0	102,079
NexPoint Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Debt securities - NexPoint Preferred Stock	$ 300,000	$ 300,000

Investments in Debt Securitie_4

Investments in Debt Securities and Notes Receivable - Additional Information (Details) $ in Thousands	1 Months Ended				12 Months Ended
	Dec. 31, 2022 USD ($) extension_option shares	Feb. 28, 2022 USD ($)	Nov. 30, 2020 USD ($) shares	Jul. 31, 2020 USD ($) store	Dec. 31, 2022 USD ($) extension_option shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Schedule of Held-to-maturity Securities [Line Items]
Investment in debt securities			$ 300,000		$ 0	$ 0	$ 300,000
Debt securities, term					6 years
Debt securities, extension option \| extension_option	2				2
Debt securities, extension term					1 year
Debt securities, period after which preferred dividends increase annually	6 years
Number of stores held as collateral \| store				62
Payments to purchase notes receivable					$ 529,245	317,482	313,355
Proceeds from sale of notes receivable					$ 210,048	$ 172,002	$ 62,764
Bridge loans, extension option \| extension_option	2				2
Bridge loans, extension term					1 year
Notes Receivable - Bridge Loans
Schedule of Held-to-maturity Securities [Line Items]
Payments to purchase notes receivable					$ 529,245
Bridge loans, original maturities					3 years
Principal amount of notes sold					$ (211,240)
Notes Receivable - Senior Mezzanine Loan, net
Schedule of Held-to-maturity Securities [Line Items]
Purchase of note receivable				$ 103,000
Note receivable interest rate				5.50%
Payments to purchase notes receivable				$ 101,142
Proceeds from sale of notes receivable		$ 103,315
JCAP Series A Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Investment in debt securities			$ 200,000
Investment in debt securities (in shares) \| shares			200,000
JCAP Series B Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Investment in debt securities			$ 100,000
Investment in debt securities (in shares) \| shares			100,000
JCAP Series D Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Shares exchanged (in shares) \| shares	300,000				300,000
Shares exchanged, value (in dollars)	$ 300,000
Debt securities, dividend rate					8.50%

Debt - Additional Information (

Debt - Additional Information (Details)	1 Months Ended	12 Months Ended
Debt - Additional Information (Details)	Jul. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) extension_option	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	May 31, 2021 USD ($)
Debt Instrument [Line Items]
Fixed-rate debt to total debt percentage		64.70%
Weighted average interest rate, fixed debt		3.40%
Weighted average interest rate, variable debt		5.50%
Variable rate		4.10%
Senior Notes
Debt Instrument [Line Items]
Redemption price as percentage of principal amount of notes plus accrued and unpaid interest		100%
Senior Notes \| Senior Notes Due 2029
Debt Instrument [Line Items]
Principal amount of notes issued			$ 400,000,000
Fixed interest rate			3.90%
Senior Notes \| Senior Notes Due 2032
Debt Instrument [Line Items]
Principal amount of notes issued				$ 600,000,000
Fixed interest rate				2.35%
Senior Notes \| Senior Notes Due 2031
Debt Instrument [Line Items]
Principal amount of notes issued					$ 450,000,000
Fixed interest rate					2.55%
Line of Credit
Debt Instrument [Line Items]
Number of extensions available \| extension_option		2
Extension term		6 months
Debt Capacity		$ 3,600,000,000
Line of Credit \| Unsecured Debt Tranche One
Debt Instrument [Line Items]
Debt Capacity	$ 175,000,000
Line of Credit \| Unsecured Debt Tranche Two
Debt Instrument [Line Items]
Debt Capacity	$ 425,000,000
Line of Credit \| Base rate
Debt Instrument [Line Items]
Basis spread on variable rate		0%
Line of Credit \| Base rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0%
Line of Credit \| Base rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		0.60%
Line of Credit \| Federal funds rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Line of Credit \| Adjusted Secured Overnight Financing Rate \| Unsecured Debt Tranche One
Debt Instrument [Line Items]
Basis spread on variable rate	0.95%
Line of Credit \| Adjusted Secured Overnight Financing Rate \| Unsecured Debt Tranche Two
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1%
Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.70%
Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.60%

Debt - Schedule of Components o

Debt - Schedule of Components of Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Combined weighted average interest rate	4.10%
Notes Payable
Debt Instrument [Line Items]
Total	$ 6,419,424	$ 5,448,509
Less: Unamortized debt issuance costs	(32,962)	(25,762)
Total	6,386,462	5,422,747
Notes Payable \| Secured notes payable
Debt Instrument [Line Items]
Fixed rate notes payable	521,820	930,830
Variable rate notes payable	$ 772,604	392,679
Notes Payable \| Secured notes payable \| Minimum
Debt Instrument [Line Items]
Fixed Rate	2.55%
Combined weighted average interest rate	5.36%
Notes Payable \| Secured notes payable \| Maximum
Debt Instrument [Line Items]
Fixed Rate	4.50%
Combined weighted average interest rate	5.80%
Notes Payable \| Unsecured notes payable
Debt Instrument [Line Items]
Fixed rate notes payable	$ 4,240,376	3,575,000
Variable rate notes payable	$ 884,624	$ 550,000
Notes Payable \| Unsecured notes payable \| Minimum
Debt Instrument [Line Items]
Fixed Rate	2.35%
Combined weighted average interest rate	5.41%
Notes Payable \| Unsecured notes payable \| Maximum
Debt Instrument [Line Items]
Fixed Rate	5.12%

Debt - Schedule of Lines of Cre

Debt - Schedule of Lines of Credit (Details) - Line of Credit	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Debt Capacity	$ 3,600,000,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt Capacity	1,250,000,000
Tranche 1 Term Loan Facility
Line of Credit Facility [Line Items]
Debt Capacity	400,000,000
Tranche 2 Term Loan Facility
Line of Credit Facility [Line Items]
Debt Capacity	425,000,000
Tranche 3 Term Loan Facility
Line of Credit Facility [Line Items]
Debt Capacity	245,000,000
Tranche 4 Term Loan Facility
Line of Credit Facility [Line Items]
Debt Capacity	255,000,000
Tranche 5 Term Loan Facility
Line of Credit Facility [Line Items]
Debt Capacity	425,000,000
Tranche 6 Term Loan Facility
Line of Credit Facility [Line Items]
Debt Capacity	175,000,000
Tranche 7 Term Loan Facility
Line of Credit Facility [Line Items]
Debt Capacity	$ 425,000,000

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Notes Payable (Details) - Notes Payable - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
2023	$ 386,684
2024	425,000
2025	709,899
2026	808,960
2027	872,884
Thereafter	3,215,997
Total	$ 6,419,424	$ 5,448,509

Debt - Schedule of Information

Debt - Schedule of Information on Lines of Credit (Details)		12 Months Ended
Debt - Schedule of Information on Lines of Credit (Details)	Jan. 13, 2023 extension_option	Dec. 31, 2022 USD ($) extension_option	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Amount Drawn		$ 945,000,000	$ 535,000,000
Lines Of Credit
Debt Instrument [Line Items]
Amount Drawn		945,000,000
Capacity		1,390,000,000
Credit Line 1
Debt Instrument [Line Items]
Amount Drawn		35,000,000
Capacity		$ 140,000,000
Interest Rate		5.70%
Credit Line 1 \| Subsequent Event
Debt Instrument [Line Items]
Number of extensions available \| extension_option	1
Extension term	1 year
Credit Line 2
Debt Instrument [Line Items]
Amount Drawn		$ 910,000,000
Capacity		$ 1,250,000,000
Interest Rate		5.30%
Number of extensions available \| extension_option		2
Extension term		6 months
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Credit Line 1
Debt Instrument [Line Items]
Basis spread on variable rate		1.35%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Credit Line 2
Debt Instrument [Line Items]
Basis spread on variable rate		0.95%

Derivatives - Additional Inform

Derivatives - Additional Information (Details) $ in Thousands	Dec. 31, 2022 USD ($) derivative
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Estimated amount of unrealized gains (losses) expected to be reclassified as interest expense in next fiscal year	$ (37,005)
Number of derivative financial instruments \| derivative	19
Combined notional amount	$ 1,837,714
Derivatives with contingent features, net liability position	$ 0

Derivatives - Schedule Summariz

Derivatives - Schedule Summarizing Terms of Entity's Derivative Financial Instruments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Notional amounts	$ 1,837,714
Cash flow hedging \| Swap Agreements \| Minimum
Derivative [Line Items]
Notional amounts	$ 32,014
Strike rate	1.07%
Cash flow hedging \| Swap Agreements \| Maximum
Derivative [Line Items]
Notional amounts	$ 220,000
Strike rate	4.20%

Derivatives - Schedule of Balan

Derivatives - Schedule of Balance Sheet Classification and Fair Value of Entity's Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other assets
Derivative [Line Items]
Asset derivatives	$ 54,839	$ 271
Other liabilities
Derivative [Line Items]
Liability derivatives	$ 73	$ 39,569

Derivatives - Schedule of Infor

Derivatives - Schedule of Information Relating to Gain (Loss) Recognized on Swap Agreements (Details) - Swap Agreements - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) recognized in OCI	$ 88,372	$ 23,580
Gain (loss) reclassified from OCI	$ (7,877)	$ (35,764)	$ (26,794)

Exchangeable Senior Notes - Add

Exchangeable Senior Notes - Additional Information (Details) - 2015 Notes			1 Months Ended
	Nov. 02, 2020 USD ($) shares	Oct. 01, 2020 USD ($) shares	Sep. 30, 2015 USD ($) day	Dec. 31, 2022
Debt Instrument [Line Items]
Principal amount of notes issued			$ 575,000,000
Fixed interest rate			3.125%
Related debt issuance costs			$ 11,992,000
Underwriting fee percentage			2%
Amortization period			5 years
Redemption price as percentage of principal amount of notes plus accrued and unpaid interest			100%
Redemption price as percentage of principal amount of notes at request of debt holders and upon occurrence of designated event			100%
Notes exchange, threshold percentage			130%
Notes exchange, threshold trading days \| day			20
Notes exchange, threshold consecutive trading days \| day			30
Effective interest rate				4%
Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Repurchase of exchangeable senior notes		$ 71,513,000
Repurchase of exchangeable senior notes with common stock (in shares) \| shares		124,819
Repurchase of exchangeable senior notes with common stock		$ 13,495,000
Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Repurchase of exchangeable senior notes	$ 503,487,000
Repurchase of exchangeable senior notes with common stock (in shares) \| shares	1,198,962
Repurchase of exchangeable senior notes with common stock	$ 138,900,000
Principal amount of Notes exchanged	503,432,000
Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Repurchase of exchangeable senior notes	$ 55,000
Minimum
Debt Instrument [Line Items]
Number of days of written notice to holders of notes required for redemption			30 days
Maximum
Debt Instrument [Line Items]
Number of days of written notice to holders of notes required for redemption			60 days

Exchangeable Senior Notes - Int

Exchangeable Senior Notes - Interest Cost Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Contractual interest	$ 0	$ 0	$ 13,476
Amortization of discount	0	0	3,675
Total interest expense recognized	$ 0	$ 0	$ 17,151

Exchangeable Senior Notes - Rep

Exchangeable Senior Notes - Repurchase of Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total consideration paid for repurchase	$ 4,207,700	$ 5,500,290	$ 2,014,730
Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal amount repurchased	0	0	575,000
Extinguishment of liability component	0	0	575,000
Reacquisition of equity component	0	0	0
Total consideration paid for repurchase	0	0	575,000
Extinguishment of liability component	0	0	(575,000)
Discount on exchangeable senior notes	0	0	0
Related debt issuance costs	0	0	0
Gain/(loss) on repurchase	$ 0	$ 0	$ 0

Stockholders' Equity (Details)

Stockholders' Equity (Details)			7 Months Ended	12 Months Ended
Stockholders' Equity (Details)	Aug. 09, 2021 USD ($)	Mar. 23, 2021 USD ($) $ / shares shares	Aug. 08, 2021 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) item $ / shares shares	Dec. 31, 2020 USD ($)	Dec. 31, 2021 $ / shares shares	Oct. 15, 2020 USD ($)
Changes In Equity And Comprehensive Income Line Items [Line Items]
Common stock, authorized (in shares)				500,000,000		500,000,000
Common stock, par value (dollars per share) \| $ / shares				$ 0.01		$ 0.01
Preferred stock, authorized (in shares)				50,000,000		50,000,000
Preferred stock, par value (dollars per share) \| $ / shares				$ 0.01		$ 0.01
Common stock, issued (in shares)				133,921,020		133,922,305
Common stock, outstanding (in shares)				133,921,020		133,922,305
Preferred stock, issued (in shares)				0		0
Preferred stock, outstanding (in shares)				0		0
Number of votes, common stockholder rights \| item				1
Common stock sold (in shares)		1,600,000		0
Average share price (in dollars per share) \| $ / shares		$ 129.13
Net proceeds from sale of stock \| $		$ 206,572,000
Share repurchase program, aggregate value \| $							$ 400,000,000
Shares repurchased (in shares)				381,786
Average price (dollars per share) \| $ / shares				$ 165.03
Shares repurchased (in dollars) \| $				$ 63,008,000	$ 67,873,000
Share repurchase program, remaining authorization value \| $				$ 336,992,000
“At the market” equity program
Changes In Equity And Comprehensive Income Line Items [Line Items]
Aggregate offering price \| $	$ 800,000,000
Common stock sold (in shares)			585,685
Average share price (in dollars per share) \| $ / shares			$ 115.90
Net proceeds from sale of stock \| $			$ 66,617,000

Noncontrolling Interest Repre_3

Noncontrolling Interest Represented By Preferred Operating Partnership Units - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands

1 Months Ended

12 Months Ended

24 Months Ended

Jan. 25, 2023

Jan. 03, 2023

Sep. 15, 2022

May 10, 2022

Aug. 31, 2021

Apr. 18, 2017

Jun. 25, 2007

Dec. 31, 2014

Oct. 31, 2014

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2014

Jun. 30, 2007

Noncontrolling Interest [Line Items]

Loan to holders of preferred OP units

$ 100,000

Stock issued for redemption (in shares)

15,265

Fixed liquidation value (in shares)

8,457,422

Value of units issued

$ 165,965

276,390

Redemption of noncontrolling interests

$ 0

Redemption of units for cash

Noncontrolling Interest [Line Items]

Redemption of noncontrolling interests

4,617

788

Series B Units | Redemption of units for cash

Noncontrolling Interest [Line Items]

Redemption of noncontrolling interests

4,500

$ 1,000

Operating Partnership

Noncontrolling Interest [Line Items]

Reduction of noncontrolling interest for note receivable

1,900

Value of units issued

$ 125,000

Operating Partnership | Redemption of units for cash

Noncontrolling Interest [Line Items]

Redemption of noncontrolling interests

$ 1,654

$ 173

Series A Units

Noncontrolling Interest [Line Items]

Fixed priority return on preferred OP units, amount

$ 101,700

Fixed priority return on preferred OP units, stated return rate

2.30%

Fixed priority return on preferred OP units, liquidation value

$ 115,000

Preferred units outstanding (in shares)

875,480

Series A Units | Subsequent Event

Noncontrolling Interest [Line Items]

Stock issued for redemption (in shares)

851,698

Redemption of noncontrolling interests

$ 5,000

Series A Units | Holders Of Series A Preferred Operating Partnership Units

Noncontrolling Interest [Line Items]

Loan to holders of preferred OP units

$ 100,000

Maximum number of preferred OP units converted prior to the maturity date of the loan (in shares)

114,500

Note receivable interest rate

2.10%

Additional units redeemed (in shares)

Series A Units | Holders Of Series A Preferred Operating Partnership Units | Subsequent Event

Noncontrolling Interest [Line Items]

Repayment of note receivable

$ 100,000

Series B Units

Noncontrolling Interest [Line Items]

Preferred units outstanding (in shares)

1,342,727

Liquidation value (in dollars per share)

$ 25

Fixed liquidation value

$ 33,568

Annual rate of return percent

Redemption of noncontrolling interests (in shares)

113,360

Series C Units

Noncontrolling Interest [Line Items]

Note receivable interest rate

Notes receivable

$ 20,230

Series D Units

Noncontrolling Interest [Line Items]

Liquidation value (in dollars per share)

$ 25

Fixed liquidation value

$ 211,436

Number of units issued (in shares)

88,319,000

Series D Units | Subsequent Event

Noncontrolling Interest [Line Items]

Redemption of noncontrolling interests (in shares)

890,594,000

Stock issued for redemption (in shares)

154,307

Series D Units | Minimum

Noncontrolling Interest [Line Items]

Annual rate of return percent

Series D Units | Maximum

Noncontrolling Interest [Line Items]

Annual rate of return percent

Noncontrolling Interest Repre_4

Noncontrolling Interest Represented By Preferred Operating Partnership Units - Preferred OP Units (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Preferred OP Units	$ 261,502	$ 259,110
Series A Units
Noncontrolling Interest [Line Items]
Preferred OP Units	16,498	15,606
Series B Units
Noncontrolling Interest [Line Items]
Preferred OP Units	33,568	38,068
Series D Units
Noncontrolling Interest [Line Items]
Preferred OP Units	$ 211,436	$ 205,436

Noncontrolling Interests In O_3

Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests - Additional Information (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) property joint_venture $ / shares shares	Dec. 31, 2021 USD ($)
Noncontrolling Interest [Line Items]
Period used as a denomination to determine the average closing price of common stock	10 days
Ten day average closing stock price (in dollars per share) \| $ / shares	$ 147.10
OP units outstanding (in units) \| shares	7,214,649
Consideration to be paid on redemption of common OP units	$ 1,061,275
Operating Partnership
Noncontrolling Interest [Line Items]
Ownership interest held by entity (as a percent)	93.30%
Voting interests of third-party owners	6.70%
Other \| FL
Noncontrolling Interest [Line Items]
Number of owned stores \| property	4
Operating Partnership
Noncontrolling Interest [Line Items]
Reduction of noncontrolling interest for note receivable	$ 1,900	$ 1,900
Common Stock
Noncontrolling Interest [Line Items]
Unit conversion ratio	1
Other
Noncontrolling Interest [Line Items]
Number of consolidated joint ventures \| joint_venture	5

Noncontrolling Interests In O_4

Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests - Schedule of OP Unit Activity (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Abstract]
OP Units redeemed for common stock (in shares)	0	165,652	123,993
OP Units redeemed for cash (in shares)	24,824	4,500	0
Cash paid for OP Units redeemed	$ 4,617	$ 788	$ 0
OP Units issued in conjunction with acquisitions (in shares)	711,037	897,803	0
Value of OP Units issued in conjunction with business combination and acquisitions	$ 141,000	$ 188,319	$ 0

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Dec. 31, 2022 USD ($) lease	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Real Estate Investment Property, Net	Real Estate Investment Property, Net
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Noncash acquisition, finance lease liability \| $	$ 6,823	$ 26,998
Store Lease
Lessee, Lease, Description [Line Items]
Number of leases	60
Store Lease \| Minimum
Lessee, Lease, Description [Line Items]
Operating and finance lease, original lease term	10 years
Operating and finance lease, extension term	5 years
Store Lease \| Maximum
Lessee, Lease, Description [Line Items]
Operating and finance lease, original lease term	99 years
Operating and finance lease, extension term	35 years
Corporate Office And Call Center Lease \| Minimum
Lessee, Lease, Description [Line Items]
Operating lease, original lease term	5 years 4 months
Corporate Office And Call Center Lease \| Maximum
Lessee, Lease, Description [Line Items]
Operating lease, original lease term	14 years
Regional Office Lease
Lessee, Lease, Description [Line Items]
Number of leases	15
Operating lease, renewal term	3 years
Regional Office Lease \| Minimum
Lessee, Lease, Description [Line Items]
Operating lease, original lease term	2 years
Regional Office Lease \| Maximum
Lessee, Lease, Description [Line Items]
Operating lease, original lease term	5 years
District Office Lease
Lessee, Lease, Description [Line Items]
Operating lease, original lease term	12 months

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finance lease cost:
Amortization of finance lease right-of-use assets	$ 3,751	$ 3,049
Interest expense related to finance lease liabilities	4,018	2,812
Operating lease cost	32,182	29,258
Variable lease cost	11,287	8,100
Short-term lease cost	32	51
Total lease cost	51,270	43,270
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows for finance lease payments	4,018	2,812
Operating cash outflows for operating lease payments	25,384	23,961
Total cash flows for lease liability measurement	29,402	26,773
Right-of-use assets obtained in exchange for new operating lease liabilities	16,298	6,655	$ 8,014
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 6,823	$ 67,992
Weighted average remaining lease term - finance leases (years)	54 years 1 month 28 days	54 years 11 months 19 days
Weighted average remaining lease term - operating leases (years)	20 years 10 days	21 years 3 months
Weighted average discount rate - finance leases	3.31%	3.18%
Weighted average discount rate - operating leases	3.65%	3.63%

Leases - Undiscounted Cash Flow

Leases - Undiscounted Cash Flows on an Annual Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating
2023	$ 30,716
2024	30,584
2025	30,344
2026	30,598
2027	31,063
Thereafter	143,651
Total	296,956
Present value adjustments	(67,921)
Lease liabilities	229,035	$ 233,356
Finance
2023	6,433
2024	6,542
2025	6,571
2026	6,715
2027	6,842
Thereafter	360,936
Total	394,039
Present value adjustments	(248,486)
Lease liabilities	145,553
Total
2023	37,149
2024	37,126
2025	36,915
2026	37,313
2027	37,905
Thereafter	504,587
Total	690,995
Present value adjustments	(316,407)
Lease liabilities	$ 374,588

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance under plans (in shares)	784,635
Intrinsic value of options exercised	$ 0	$ 3,925	$ 10,016
Options granted (in shares)	0	0	0
Weighted average forfeiture rate	4.60%
Net proceeds from exercise of stock options	$ 0	$ 4,572	$ 4,759
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Compensation cost	$ 0	0	27
Net proceeds from exercise of stock options	0	4,572	4,759
Unrecognized compensation cost	$ 0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average forfeiture rate	10%
Compensation cost	$ 12,086	9,260	9,244
Unrecognized compensation cost	$ 20,465
Unrecognized compensation cost, period of recognition	2 years 2 months 19 days
Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Performance-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Compensation cost	$ 9,299	8,043	7,048
Unrecognized compensation cost	$ 13,241	$ 8,859	$ 6,406
Unrecognized compensation cost, period of recognition	3 years	3 years	3 years
Performance component weight percentage	50%
Minimum shares issued for each PSU (in shares)	0
Maximum shares issued for each PSU (in shares)	2
Dividend yield	0%	0%	0%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Balance at the beginning of the period (in shares)	9,272	71,594	206,524
Exercised (in shares)	0	(62,322)	(134,930)
Balance at the end of the period (in shares)	9,272	9,272	71,594
Vested and Expected to Vest (in shares)		9,272
Exercisable at the end of the period (in shares)		9,272
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 82.47	$ 74.54	$ 48.88
Exercised (in dollars per share)	0	73.36	35.26
Balance at the end of the period (in dollars per share)	$ 82.47	82.47	$ 74.54
Vested and Expected to Vest (in dollars per share)		82.47
Exercisable at the end of the period (in dollars per share)		$ 82.47
Weighted Average Remaining Contractual Life (Years)
Outstanding at the beginning of period		2 years 11 months 23 days
Vested		2 years 11 months 23 days
Exercisable at the end of period		2 years 11 months 23 days
Aggregate intrinsic value
Outstanding at the end of the period		$ 600
Vested		600
Exercisable at the end of the period		$ 600

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary Stock Options Outstanding and Exercisable (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
$65.36 - $65.36
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (in dollars per share)	$ 65.36
Exercise price range, upper limit (in dollars per share)	$ 65.36
Options outstanding (in shares) \| shares	1,582
Options outstanding, weighted average remaining contractual life	2 years 1 month 24 days
Weighted average exercise price (in dollars per share)	$ 65.36
Options exercisable (in shares) \| shares	1,582
Options exercisable, weighted average exercise price (in dollars per share)	$ 65.36
$85.99 - $85.99
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (in dollars per share)	85.99
Exercise price range, upper limit (in dollars per share)	$ 85.99
Options outstanding (in shares) \| shares	7,690
Options outstanding, weighted average remaining contractual life	3 years 1 month 24 days
Weighted average exercise price (in dollars per share)	$ 85.99
Options exercisable (in shares) \| shares	7,690
Options exercisable, weighted average exercise price (in dollars per share)	$ 85.99

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Employee and Director Share Grant Activity (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shares
Balance at the beginning of the period (in shares)	199,778	209,032	212,608
Granted (in shares)	105,677	99,802	95,671
Released (in shares)	(86,781)	(96,248)	(94,164)
Cancelled (in shares)	(10,614)	(12,808)	(5,083)
Balance at the end of the period (in shares)	208,060	199,778	209,032
Weighted-Average Grant-Date Fair Value
Balance at the beginning of the period (in dollars per share)	$ 115.16	$ 95.86	$ 91.62
Granted (in dollars per share)	201.12	132.75	98.81
Released (in dollars per share)	112.31	91.65	89.43
Cancelled (in dollars per share)	147.03	113.89	93.16
Balance at the end of the period (in dollars per share)	$ 158.38	$ 115.16	$ 95.86

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of PSU Activity (Details) - Performance-Based Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Units
Balance at the beginning of the period (in shares)	135,408	123,311	108,140
Granted (in shares)	61,085	40,832	45,242
Released (in shares)	(49,334)	(28,735)	(30,071)
Balance at the end of the period (in shares)	147,159	135,408	123,311
Weighted-Average Grant-Date Fair Value
Balance at the beginning of the period (in dollars per share)	$ 111.69	$ 104.25	$ 95.94
Granted (in dollars per share)	223.96	138.04	129.38
Released (in dollars per share)	194.21	117.19	112.16
Balance at the end of the period (in dollars per share)	$ 130.63	$ 111.69	$ 104.25

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Used to Calculate Fair Value of Awards (Details) - Performance-Based Stock Units - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value	$ 21,659	$ 30,701	$ 12,266
Risk-free rate	1.80%	0.22%	1.42%
Volatility	29.30%	28.50%	18.40%
Expected term (in years)	2 years 10 months 24 days	2 years 10 months 24 days	2 years 10 months 24 days
Dividend yield	0%	0%	0%
Unrecognized compensation cost	$ 13,241	$ 8,859	$ 6,406
Term over which compensation cost recognized (in years)	3 years	3 years	3 years

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Employee contribution to retirement saving plan as a percentage of annual salary, maximum	60%
Matching contributions made by the entity during the period	$ 5,169	$ 4,239	$ 3,980
Percentage of company's matching contributions of first 3 percent of employee's compensation	100%
Percentage of employee's compensation that qualifies for 100 percent matching contribution by the company	3%
Maximum percentage of the company's matching contributions of next 2 percent of employee's compensation	50%
Percentage of employee's compensation that qualifies for 50 percent matching contribution by the company	2%

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Federal
Current expense	$ 20,592	$ 21,017	$ 15,553
Tax credits/true-up	(6,071)	(4,979)	(5,610)
Change in deferred expense	1,909	818	594
Total tax expense	16,430	16,856	10,537
State
Current expense	4,546	3,520	3,347
Tax credits/true-up	31	(138)	(135)
Change in deferred expense	(82)	86	61
Total tax expense	4,495	3,468	3,273
Current expense	25,138	24,537	18,900
Tax credits/true-up	(6,040)	(5,117)	(5,745)
Change in deferred expense	1,827	904	655
Total provision	$ 20,925	$ 20,324	$ 13,810

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected tax at statutory rate	$ 197,887	$ 188,600	$ 111,760
Non-taxable REIT income	(172,966)	(166,137)	(94,270)
State and local tax expense - net of federal benefit	4,160	3,259	3,075
Change in valuation allowance	(1,093)	(1,061)	(363)
Tax credits/true-up	(6,040)	(5,117)	(5,745)
Miscellaneous	(1,023)	780	(647)
Total provision	$ 20,925	$ 20,324	$ 13,810
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Expected tax at statutory rate	21%	21%	21%
Non-taxable REIT income	(18.40%)	(18.50%)	(17.70%)
State and local tax expense - net of federal benefit	0.40%	0.40%	0.60%
Change in valuation allowance	(0.10%)	(0.10%)	(0.10%)
Tax credits/true-up	(0.60%)	(0.60%)	(1.10%)
Miscellaneous	(0.10%)	0.10%	(0.10%)
Total provision	2.20%	2.30%	2.60%

Income Taxes - Sources of Tempo

Income Taxes - Sources of Temporary Differences (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax liabilities:
Fixed assets	$ (32,551)	$ (30,499)
Operating and Finance lease right-of-use assets	(6,610)	(6,016)
Other	(48)	(61)
State deferred taxes	(3,607)	(3,842)
Total deferred tax liabilities	(42,816)	(40,418)
Deferred tax assets:
Captive insurance subsidiary	335	396
Accrued liabilities	2,541	2,383
Stock compensation	3,467	3,076
Operating and Finance lease liabilities	8,418	7,936
Other	48	916
State deferred taxes	5,232	6,548
Total deferred tax assets	20,041	21,255
Valuation allowance	(1,148)	(2,241)
Net deferred income tax liabilities	$ (23,923)	$ (21,404)

Segment Information - Additiona

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Schedule

Segment Information - Schedule of Financial Information of Business Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 1,924,170	$ 1,577,362	$ 1,356,212
Operating expenses	888,017	742,169	708,147
Net operating income	1,050,402	975,953	666,140
Property management fees and other income	83,904	66,264	52,129
Transaction related costs	(1,548)	0	0
General and administrative expense	(129,251)	(102,194)	(96,594)
Depreciation and amortization expense	(288,316)	(241,879)	(224,444)
Gain on real estate transactions	14,249	140,760	18,075
Interest expense	(219,171)	(166,183)	(168,626)
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes	0	0	(3,675)
Interest income	69,422	49,703	15,192
Equity in earnings and dividend income from unconsolidated real estate entities	41,428	32,358	22,361
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets	0	6,251	0
Income tax expense	(20,925)	(20,324)	(13,810)
Net income	921,156	877,758	517,582
Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,840,266	1,511,098	1,304,083
Operating expenses	468,902	398,096	387,109
Net operating income	1,371,364	1,113,002	916,974
Operating Segments \| Self-Storage Operations
Segment Reporting Information [Line Items]
Revenues	1,654,735	1,340,990	1,157,522
Operating expenses	435,342	368,608	360,615
Net operating income	1,219,393	972,382	796,907
Operating Segments \| Tenant Reinsurance
Segment Reporting Information [Line Items]
Revenues	185,531	170,108	146,561
Operating expenses	33,560	29,488	26,494
Net operating income	$ 151,971	$ 140,620	$ 120,067

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2022 USD ($) store
Commitment to acquire stores
Other Commitments [Line Items]
Number of properties to be acquired	12
Other commitment \| $	$ 156,678
Commitment to acquire stores, scheduled to close in next fiscal year
Other Commitments [Line Items]
Number of properties to be acquired	10
Commitment to acquire stores, scheduled to close in 2024
Other Commitments [Line Items]
Number of properties to be acquired	2
Commitment to acquire stores with joint venture partners
Other Commitments [Line Items]
Number of properties to be acquired	7
Other commitment \| $	$ 26,002

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Property Summary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) store
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	1,133
Debt	$ 1,294,423
Land Initial Cost	2,353,802
Building and Improvements Initial Cost	8,486,066
Adjustments and Costs to Land and Building Subsequent to Acquisition	1,296,634
Gross carrying amount - Land	2,356,746
Gross carrying amount - Building and improvements	9,779,756
Gross carrying amount - Total	12,136,502
Accumulated Depreciation	$ 2,138,524
Self storage facilities \| AL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	9
Debt	$ 5,687
Land Initial Cost	12,759
Building and Improvements Initial Cost	78,243
Adjustments and Costs to Land and Building Subsequent to Acquisition	4,164
Gross carrying amount - Land	12,759
Gross carrying amount - Building and improvements	82,407
Gross carrying amount - Total	95,166
Accumulated Depreciation	$ 12,590
Self storage facilities \| AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	25
Debt	$ 23,676
Land Initial Cost	37,192
Building and Improvements Initial Cost	150,772
Adjustments and Costs to Land and Building Subsequent to Acquisition	12,588
Gross carrying amount - Land	37,190
Gross carrying amount - Building and improvements	163,362
Gross carrying amount - Total	200,552
Accumulated Depreciation	$ 36,053
Self storage facilities \| CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	177
Debt	$ 334,247
Land Initial Cost	665,423
Building and Improvements Initial Cost	1,394,380
Adjustments and Costs to Land and Building Subsequent to Acquisition	199,150
Gross carrying amount - Land	663,569
Gross carrying amount - Building and improvements	1,595,384
Gross carrying amount - Total	2,258,953
Accumulated Depreciation	$ 379,484
Self storage facilities \| CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	17
Debt	$ 28,137
Land Initial Cost	17,224
Building and Improvements Initial Cost	81,144
Adjustments and Costs to Land and Building Subsequent to Acquisition	18,733
Gross carrying amount - Land	17,942
Gross carrying amount - Building and improvements	99,159
Gross carrying amount - Total	117,101
Accumulated Depreciation	$ 28,713
Self storage facilities \| CT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	7
Debt	$ 6,609
Land Initial Cost	9,789
Building and Improvements Initial Cost	61,688
Adjustments and Costs to Land and Building Subsequent to Acquisition	5,631
Gross carrying amount - Land	9,789
Gross carrying amount - Building and improvements	67,319
Gross carrying amount - Total	77,108
Accumulated Depreciation	$ 12,866
Self storage facilities \| FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	112
Debt	$ 170,965
Land Initial Cost	203,643
Building and Improvements Initial Cost	869,142
Adjustments and Costs to Land and Building Subsequent to Acquisition	102,902
Gross carrying amount - Land	205,335
Gross carrying amount - Building and improvements	970,352
Gross carrying amount - Total	1,175,687
Accumulated Depreciation	$ 189,822
Self storage facilities \| GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	67
Debt	$ 74,374
Land Initial Cost	89,898
Building and Improvements Initial Cost	455,894
Adjustments and Costs to Land and Building Subsequent to Acquisition	42,551
Gross carrying amount - Land	89,882
Gross carrying amount - Building and improvements	498,461
Gross carrying amount - Total	588,343
Accumulated Depreciation	$ 100,924
Self storage facilities \| HI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	14
Debt	$ 0
Land Initial Cost	28,537
Building and Improvements Initial Cost	160,978
Adjustments and Costs to Land and Building Subsequent to Acquisition	14,085
Gross carrying amount - Land	28,537
Gross carrying amount - Building and improvements	175,063
Gross carrying amount - Total	203,600
Accumulated Depreciation	$ 38,133
Self storage facilities \| ID
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	2
Debt	$ 0
Land Initial Cost	4,047
Building and Improvements Initial Cost	25,235
Adjustments and Costs to Land and Building Subsequent to Acquisition	20
Gross carrying amount - Land	4,047
Gross carrying amount - Building and improvements	25,255
Gross carrying amount - Total	29,302
Accumulated Depreciation	$ 162
Self storage facilities \| IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	60
Debt	$ 16,627
Land Initial Cost	61,580
Building and Improvements Initial Cost	344,755
Adjustments and Costs to Land and Building Subsequent to Acquisition	38,447
Gross carrying amount - Land	61,033
Gross carrying amount - Building and improvements	383,749
Gross carrying amount - Total	444,782
Accumulated Depreciation	$ 62,487
Self storage facilities \| IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	91
Debt	$ 0
Land Initial Cost	64,531
Building and Improvements Initial Cost	494,469
Adjustments and Costs to Land and Building Subsequent to Acquisition	8,141
Gross carrying amount - Land	64,528
Gross carrying amount - Building and improvements	502,613
Gross carrying amount - Total	567,141
Accumulated Depreciation	$ 20,388
Self storage facilities \| KS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	1
Debt	$ 0
Land Initial Cost	366
Building and Improvements Initial Cost	1,897
Adjustments and Costs to Land and Building Subsequent to Acquisition	1,123
Gross carrying amount - Land	366
Gross carrying amount - Building and improvements	3,020
Gross carrying amount - Total	3,386
Accumulated Depreciation	$ 1,442
Self storage facilities \| KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	13
Debt	$ 31,483
Land Initial Cost	8,531
Building and Improvements Initial Cost	77,872
Adjustments and Costs to Land and Building Subsequent to Acquisition	19,485
Gross carrying amount - Land	9,303
Gross carrying amount - Building and improvements	96,585
Gross carrying amount - Total	105,888
Accumulated Depreciation	$ 18,590
Self storage facilities \| LA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	5
Debt	$ 0
Land Initial Cost	10,005
Building and Improvements Initial Cost	51,934
Adjustments and Costs to Land and Building Subsequent to Acquisition	5,144
Gross carrying amount - Land	10,006
Gross carrying amount - Building and improvements	57,077
Gross carrying amount - Total	67,083
Accumulated Depreciation	$ 6,501
Self storage facilities \| MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	47
Debt	$ 33,948
Land Initial Cost	77,617
Building and Improvements Initial Cost	276,254
Adjustments and Costs to Land and Building Subsequent to Acquisition	60,272
Gross carrying amount - Land	77,798
Gross carrying amount - Building and improvements	336,345
Gross carrying amount - Total	414,143
Accumulated Depreciation	$ 110,133
Self storage facilities \| MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	35
Debt	$ 77,135
Land Initial Cost	109,414
Building and Improvements Initial Cost	345,585
Adjustments and Costs to Land and Building Subsequent to Acquisition	33,514
Gross carrying amount - Land	108,822
Gross carrying amount - Building and improvements	379,690
Gross carrying amount - Total	488,512
Accumulated Depreciation	$ 99,014
Self storage facilities \| MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	8
Debt	$ 5,486
Land Initial Cost	10,900
Building and Improvements Initial Cost	63,388
Adjustments and Costs to Land and Building Subsequent to Acquisition	5,498
Gross carrying amount - Land	10,900
Gross carrying amount - Building and improvements	68,886
Gross carrying amount - Total	79,786
Accumulated Depreciation	$ 11,008
Self storage facilities \| MN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	7
Debt	$ 0
Land Initial Cost	9,696
Building and Improvements Initial Cost	74,960
Adjustments and Costs to Land and Building Subsequent to Acquisition	6,537
Gross carrying amount - Land	9,696
Gross carrying amount - Building and improvements	81,497
Gross carrying amount - Total	91,193
Accumulated Depreciation	$ 7,755
Self storage facilities \| MO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	6
Debt	$ 0
Land Initial Cost	5,633
Building and Improvements Initial Cost	34,252
Adjustments and Costs to Land and Building Subsequent to Acquisition	7,499
Gross carrying amount - Land	5,591
Gross carrying amount - Building and improvements	41,793
Gross carrying amount - Total	47,384
Accumulated Depreciation	$ 8,587
Self storage facilities \| MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	3
Debt	$ 0
Land Initial Cost	2,914
Building and Improvements Initial Cost	29,630
Adjustments and Costs to Land and Building Subsequent to Acquisition	1,410
Gross carrying amount - Land	2,914
Gross carrying amount - Building and improvements	31,040
Gross carrying amount - Total	33,954
Accumulated Depreciation	$ 4,105
Self storage facilities \| NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	23
Debt	$ 0
Land Initial Cost	38,463
Building and Improvements Initial Cost	150,475
Adjustments and Costs to Land and Building Subsequent to Acquisition	12,017
Gross carrying amount - Land	38,461
Gross carrying amount - Building and improvements	162,494
Gross carrying amount - Total	200,955
Accumulated Depreciation	$ 22,883
Self storage facilities \| NH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	2
Debt	$ 0
Land Initial Cost	754
Building and Improvements Initial Cost	4,054
Adjustments and Costs to Land and Building Subsequent to Acquisition	1,401
Gross carrying amount - Land	817
Gross carrying amount - Building and improvements	5,392
Gross carrying amount - Total	6,209
Accumulated Depreciation	$ 2,881
Self storage facilities \| NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	64
Debt	$ 109,010
Land Initial Cost	142,724
Building and Improvements Initial Cost	651,442
Adjustments and Costs to Land and Building Subsequent to Acquisition	57,849
Gross carrying amount - Land	145,950
Gross carrying amount - Building and improvements	706,065
Gross carrying amount - Total	852,015
Accumulated Depreciation	$ 184,072
Self storage facilities \| NM
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	11
Debt	$ 18,648
Land Initial Cost	31,826
Building and Improvements Initial Cost	68,779
Adjustments and Costs to Land and Building Subsequent to Acquisition	5,978
Gross carrying amount - Land	31,826
Gross carrying amount - Building and improvements	74,758
Gross carrying amount - Total	106,584
Accumulated Depreciation	$ 14,760
Self storage facilities \| NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	14
Debt	$ 30,597
Land Initial Cost	15,252
Building and Improvements Initial Cost	74,376
Adjustments and Costs to Land and Building Subsequent to Acquisition	7,085
Gross carrying amount - Land	15,252
Gross carrying amount - Building and improvements	81,461
Gross carrying amount - Total	96,713
Accumulated Depreciation	$ 17,259
Self storage facilities \| NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	28
Debt	$ 13,807
Land Initial Cost	121,945
Building and Improvements Initial Cost	237,795
Adjustments and Costs to Land and Building Subsequent to Acquisition	46,207
Gross carrying amount - Land	122,680
Gross carrying amount - Building and improvements	283,267
Gross carrying amount - Total	405,947
Accumulated Depreciation	$ 85,218
Self storage facilities \| OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	24
Debt	$ 11,374
Land Initial Cost	19,973
Building and Improvements Initial Cost	77,180
Adjustments and Costs to Land and Building Subsequent to Acquisition	10,995
Gross carrying amount - Land	19,973
Gross carrying amount - Building and improvements	88,175
Gross carrying amount - Total	108,148
Accumulated Depreciation	$ 18,509
Self storage facilities \| OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	1
Debt	$ 0
Land Initial Cost	721
Building and Improvements Initial Cost	6,125
Adjustments and Costs to Land and Building Subsequent to Acquisition	0
Gross carrying amount - Land	721
Gross carrying amount - Building and improvements	6,125
Gross carrying amount - Total	6,846
Accumulated Depreciation	$ 65
Self storage facilities \| OR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	8
Debt	$ 16,431
Land Initial Cost	15,066
Building and Improvements Initial Cost	68,044
Adjustments and Costs to Land and Building Subsequent to Acquisition	2,617
Gross carrying amount - Land	15,066
Gross carrying amount - Building and improvements	70,661
Gross carrying amount - Total	85,727
Accumulated Depreciation	$ 12,199
Self storage facilities \| PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	21
Debt	$ 10,894
Land Initial Cost	39,704
Building and Improvements Initial Cost	203,360
Adjustments and Costs to Land and Building Subsequent to Acquisition	17,340
Gross carrying amount - Land	39,032
Gross carrying amount - Building and improvements	221,371
Gross carrying amount - Total	260,403
Accumulated Depreciation	$ 38,174
Self storage facilities \| RI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	2
Debt	$ 3,835
Land Initial Cost	3,191
Building and Improvements Initial Cost	6,926
Adjustments and Costs to Land and Building Subsequent to Acquisition	1,550
Gross carrying amount - Land	3,191
Gross carrying amount - Building and improvements	8,476
Gross carrying amount - Total	11,667
Accumulated Depreciation	$ 3,729
Self storage facilities \| SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	23
Debt	$ 27,850
Land Initial Cost	36,617
Building and Improvements Initial Cost	148,900
Adjustments and Costs to Land and Building Subsequent to Acquisition	12,120
Gross carrying amount - Land	36,618
Gross carrying amount - Building and improvements	161,019
Gross carrying amount - Total	197,637
Accumulated Depreciation	$ 33,901
Self storage facilities \| TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	22
Debt	$ 44,489
Land Initial Cost	35,981
Building and Improvements Initial Cost	151,674
Adjustments and Costs to Land and Building Subsequent to Acquisition	13,587
Gross carrying amount - Land	35,981
Gross carrying amount - Building and improvements	165,262
Gross carrying amount - Total	201,243
Accumulated Depreciation	$ 30,348
Self storage facilities \| TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	111
Debt	$ 111,417
Land Initial Cost	205,385
Building and Improvements Initial Cost	760,041
Adjustments and Costs to Land and Building Subsequent to Acquisition	75,963
Gross carrying amount - Land	205,237
Gross carrying amount - Building and improvements	836,152
Gross carrying amount - Total	1,041,389
Accumulated Depreciation	$ 166,839
Self storage facilities \| UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	10
Debt	$ 16,670
Land Initial Cost	9,008
Building and Improvements Initial Cost	39,295
Adjustments and Costs to Land and Building Subsequent to Acquisition	3,615
Gross carrying amount - Land	9,008
Gross carrying amount - Building and improvements	42,910
Gross carrying amount - Total	51,918
Accumulated Depreciation	$ 13,949
Self storage facilities \| VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	53
Debt	$ 58,133
Land Initial Cost	156,074
Building and Improvements Initial Cost	517,534
Adjustments and Costs to Land and Building Subsequent to Acquisition	32,574
Gross carrying amount - Land	156,075
Gross carrying amount - Building and improvements	550,107
Gross carrying amount - Total	706,182
Accumulated Depreciation	$ 108,891
Self storage facilities \| DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	9
Debt	$ 5,030
Land Initial Cost	13,762
Building and Improvements Initial Cost	60,926
Adjustments and Costs to Land and Building Subsequent to Acquisition	12,572
Gross carrying amount - Land	13,764
Gross carrying amount - Building and improvements	73,496
Gross carrying amount - Total	87,260
Accumulated Depreciation	$ 16,483
Self storage facilities \| DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	1
Debt	$ 7,864
Land Initial Cost	14,394
Building and Improvements Initial Cost	18,172
Adjustments and Costs to Land and Building Subsequent to Acquisition	566
Gross carrying amount - Land	14,394
Gross carrying amount - Building and improvements	18,738
Gross carrying amount - Total	33,132
Accumulated Depreciation	3,383
Other corporate assets
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Debt	0
Land Initial Cost	0
Building and Improvements Initial Cost	0
Adjustments and Costs to Land and Building Subsequent to Acquisition	207,609
Gross carrying amount - Land	0
Gross carrying amount - Building and improvements	207,609
Gross carrying amount - Total	207,609
Accumulated Depreciation	67,700
Intangible tenant relationships and lease rights
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Debt	0
Land Initial Cost	0
Building and Improvements Initial Cost	165,718
Adjustments and Costs to Land and Building Subsequent to Acquisition	0
Gross carrying amount - Land	0
Gross carrying amount - Building and improvements	165,718
Gross carrying amount - Total	165,718
Accumulated Depreciation	144,144
Construction in Progress/Undeveloped Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Debt	0
Land Initial Cost	23,263
Building and Improvements Initial Cost	2,778
Adjustments and Costs to Land and Building Subsequent to Acquisition	51,836
Gross carrying amount - Land	22,693
Gross carrying amount - Building and improvements	55,184
Gross carrying amount - Total	77,877
Accumulated Depreciation	632
Right of use asset - finance lease
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Debt	0
Land Initial Cost	0
Building and Improvements Initial Cost	0
Adjustments and Costs to Land and Building Subsequent to Acquisition	136,259
Gross carrying amount - Land	0
Gross carrying amount - Building and improvements	136,259
Gross carrying amount - Total	136,259
Accumulated Depreciation	$ 3,748

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Activity in Real Estate Facilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real estate, gross:
Balance at end of year	$ 12,136,502,000
Accumulated depreciation:
Balance at end of year	2,138,524,000
Net real estate assets:
Net non-lease real estate assets	9,997,978,000	$ 8,834,649,000	$ 7,893,802,000
Aggregate cost of real estate for U.S. federal income tax purposes	9,886,378
Operating facilities
Real estate, gross:
Balance at beginning of year	10,643,722,000	9,507,788,000	9,129,558,000
Acquisitions	1,390,463,000	1,500,703,000	255,235,000
Improvements	95,282,000	80,131,000	66,693,000
Transfers from construction in progress	70,565,000	62,462,000	40,988,000
Dispositions and other	(116,007,000)	(507,362,000)	15,314,000
Balance at end of year	12,084,025,000	10,643,722,000	9,507,788,000
Accumulated depreciation:
Balance at beginning of year	1,868,321,000	1,681,429,000	1,473,851,000
Depreciation expense	276,155,000	230,445,000	217,364,000
Dispositions and other	(6,081,000)	(43,553,000)	(9,786,000)
Balance at end of year	2,138,395,000	1,868,321,000	1,681,429,000
Real estate under development/redevelopment
Real estate, gross:
Balance at beginning of year	59,248,000	67,443,000	41,157,000
Current development	63,597,000	54,267,000	67,274,000
Transfers from construction in progress	(70,565,000)	(62,462,000)	(40,988,000)
Dispositions and other	68,000	0	0
Balance at end of year	52,348,000	$ 59,248,000	$ 67,443,000
Right of use asset - finance lease
Real estate, gross:
Balance at end of year	136,259,000
Accumulated depreciation:
Balance at end of year	$ 3,748,000