Public Storage (PSA) 10-Q30 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 23, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-33519
Entity Registrant Name	Public Storage
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	93-2834996
Entity Address, Address Line One	701 Western Avenue
Entity Address, City or Town	Glendale
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91201-2349
City Area Code	818
Local Phone Number	244-8080
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		175,018,425
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001393311
Common Shares
Document Information [Line Items]
Title of 12(b) Security	Common Shares, $0.10 par value
Trading Symbol	PSA
Security Exchange Name	NYSE
Series F Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value
Trading Symbol	PSAPrF
Security Exchange Name	NYSE
Series G Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value
Trading Symbol	PSAPrG
Security Exchange Name	NYSE
Series H Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value
Trading Symbol	PSAPrH
Security Exchange Name	NYSE
Series I Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value
Trading Symbol	PSAPrI
Security Exchange Name	NYSE
Series J Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value
Trading Symbol	PSAPrJ
Security Exchange Name	NYSE
Series K Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value
Trading Symbol	PSAPrK
Security Exchange Name	NYSE
Series L Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value
Trading Symbol	PSAPrL
Security Exchange Name	NYSE
Series M Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value
Trading Symbol	PSAPrM
Security Exchange Name	NYSE
Series N Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value
Trading Symbol	PSAPrN
Security Exchange Name	NYSE
Series O Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value
Trading Symbol	PSAPrO
Security Exchange Name	NYSE
Series P Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value
Trading Symbol	PSAPrP
Security Exchange Name	NYSE
Series Q Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value
Trading Symbol	PSAPrQ
Security Exchange Name	NYSE
Series R Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value
Trading Symbol	PSAPrR
Security Exchange Name	NYSE
Series S Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value
Trading Symbol	PSAPrS
Security Exchange Name	NYSE
Notes Due 2032
Document Information [Line Items]
Title of 12(b) Security	Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company
Trading Symbol	PSA/32
Security Exchange Name	NYSE
Notes Due 2030
Document Information [Line Items]
Title of 12(b) Security	Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company
Trading Symbol	PSA/30
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and equivalents	$ 542,263	$ 370,002
Real estate facilities, at cost:
Land	5,644,056	5,628,488
Buildings	22,170,780	21,836,750
Real estate facilities, gross	27,814,836	27,465,238
Accumulated depreciation	(9,921,201)	(9,423,974)
Real estate facilities, net	17,893,635	18,041,264
Construction in process	380,746	345,453
Total real estate facilities	18,274,381	18,386,717
Investment in unconsolidated real estate entity	374,161	390,180
Goodwill and other intangible assets, net	320,794	387,267
Other assets	277,163	275,050
Total assets	19,788,762	19,809,216
LIABILITIES AND EQUITY
Notes payable	9,400,520	9,103,277
Accrued and other liabilities	584,594	598,993
Total liabilities	9,985,114	9,702,270
Commitments and contingencies (Note 14)
Public Storage shareholders’ equity:
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 174,000 shares issued (in series) and outstanding, (174,000 shares at December 31, 2023) at liquidation preference	4,350,000	4,350,000
Common Shares, $0.10 par value, 650,000,000 shares authorized, 175,010,887 shares issued (175,670,727 shares at December 31, 2023)	17,501	17,567
Paid-in capital	6,006,460	5,980,760
Accumulated deficit	(592,665)	(267,910)
Accumulated other comprehensive loss	(74,051)	(67,239)
Total Public Storage shareholders’ equity	9,707,245	10,013,178
Noncontrolling interests	96,403	93,768
Total equity	9,803,648	10,106,946
Total liabilities and equity	$ 19,788,762	$ 19,809,216

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	174,000	174,000
Preferred stock, shares outstanding (in shares)	174,000	174,000
Common stock, par value (in USD per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	650,000,000	650,000,000
Common stock, shares issued (in shares)	175,010,887	175,670,727

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Revenues	$ 1,173,211	$ 1,119,770	$ 2,330,431	$ 2,214,002
Expenses:
Depreciation and amortization	283,342	222,133	568,545	443,783
Real estate acquisition and development expense	2,907	3,147	6,624	8,628
General and administrative	26,580	19,769	47,916	36,727
Interest expense	73,236	38,079	141,014	74,180
Operating expenses	687,109	563,008	1,389,626	1,131,489
Other increases (decreases) to net income:
Interest and other income	18,253	18,452	32,219	37,086
Equity in earnings of unconsolidated real estate entity	6,480	9,565	12,570	15,560
Foreign currency exchange gain (loss)	12,449	(1,096)	49,992	(27,956)
Gain on sale of real estate	0	0	874	0
Income before income tax expense	523,284	583,683	1,036,460	1,107,203
Income tax expense	(2,075)	(2,518)	(3,554)	(5,623)
Net income	521,209	581,165	1,032,906	1,101,580
Allocation to noncontrolling interests	(3,082)	(3,136)	(5,831)	(5,843)
Net income allocable to Public Storage shareholders	518,127	578,029	1,027,075	1,095,737
Allocation of net income to:
Preferred shareholders	(48,673)	(48,673)	(97,351)	(97,351)
Restricted share units and unvested LTIP units	(1,088)	(1,097)	(2,149)	(2,539)
Net income allocable to common shareholders	$ 468,366	$ 528,259	$ 927,575	$ 995,847
Net income per common share:
Basic (in USD per share)	$ 2.67	$ 3.01	$ 5.28	$ 5.68
Diluted (in USD per share)	$ 2.66	$ 3	$ 5.26	$ 5.65
Basic weighted average common shares outstanding (in shares)	175,469	175,484	175,585	175,428
Diluted weighted average common shares outstanding (in shares)	176,009	176,212	176,180	176,181
Self-storage facilities
Revenues:
Revenues	$ 1,099,736	$ 1,056,120	$ 2,185,781	$ 2,088,304
Expenses:
Self-storage cost of operations	273,501	257,678	570,915	526,293
Ancillary operations
Revenues:
Revenues	73,475	63,650	144,650	125,698
Expenses:
Ancillary cost of operations	$ 27,543	$ 22,202	$ 54,612	$ 41,878

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 521,209	$ 581,165	$ 1,032,906	$ 1,101,580
Foreign currency translation gain (loss) on investment in Shurgard	462	1,302	(6,813)	5,171
Total comprehensive income	521,671	582,467	1,026,093	1,106,751
Allocation to noncontrolling interests	(3,082)	(3,136)	(5,830)	(5,843)
Comprehensive income allocable to Public Storage shareholders	$ 518,589	$ 579,331	$ 1,020,263	$ 1,100,908

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Public Storage Shareholders' Equity	Cumulative Preferred Shares	Common Shares	Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Common Shares	Common Shares Total Public Storage Shareholders' Equity	Common Shares Common Shares	Common Shares Paid-in Capital
Beginning balance at Dec. 31, 2022	$ 10,166,801	$ 10,073,402	$ 4,350,000	$ 17,527	$ 5,896,423	$ (110,231)	$ (80,317)	$ 93,399
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares in connection with share-based compensation									$ 30,184	$ 30,184	$ 22	$ 30,162
Taxes withheld upon net share settlement of restricted share units	(9,396)	(9,396)			(9,396)
Share-based compensation expense	23,756	23,756			23,756
Contributions by noncontrolling interests	733							733
Net income	1,101,580	1,101,580				1,101,580
Net income allocated to noncontrolling interests	(5,843)	(5,843)				(5,843)		5,843
Distributions to:
Preferred shareholders	(97,351)	(97,351)				(97,351)
Noncontrolling interests	(7,348)							(7,348)
Common shareholders, restricted share unitholders and unvested LTIP unitholders	(1,055,559)	(1,055,559)				(1,055,559)
Other comprehensive income (loss)	5,171	5,171					5,171
Ending balance at Jun. 30, 2023	10,158,571	10,065,944	4,350,000	17,549	5,940,945	(167,404)	(75,146)	92,627
Beginning balance at Mar. 31, 2023	10,138,048	10,045,711	4,350,000	17,547	5,923,564	(168,952)	(76,448)	92,337
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares in connection with share-based compensation									5,005	5,005	2	5,003
Taxes withheld upon net share settlement of restricted share units	(464)	(464)			(464)
Share-based compensation expense	12,842	12,842			12,842
Contributions by noncontrolling interests	729							729
Net income	581,165	581,165				581,165
Net income allocated to noncontrolling interests	(3,136)	(3,136)				(3,136)		3,136
Distributions to:
Preferred shareholders	(48,673)	(48,673)				(48,673)
Noncontrolling interests	(3,575)							(3,575)
Common shareholders, restricted share unitholders and unvested LTIP unitholders	(527,808)	(527,808)				(527,808)
Other comprehensive income (loss)	1,302	1,302					1,302
Ending balance at Jun. 30, 2023	10,158,571	10,065,944	4,350,000	17,549	5,940,945	(167,404)	(75,146)	92,627
Beginning balance at Dec. 31, 2023	10,106,946	10,013,178	4,350,000	17,567	5,980,760	(267,910)	(67,239)	93,768
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares in connection with share-based compensation									10,430	10,430	7	10,423
Taxes withheld upon net share settlement of restricted share units	(5,616)	(5,616)			(5,616)
Share-based compensation expense	23,757	23,757			23,757
Repurchase of common shares	(200,000)	(200,000)		(73)		(199,927)
Contributions by noncontrolling interests	1,418							1,418
Net income	1,032,906	1,032,906				1,032,906
Net income allocated to noncontrolling interests	(5,831)	(5,831)				(5,831)		5,831
Reallocation of equity		(2,864)			(2,864)			2,864
Distributions to:
Preferred shareholders	(97,351)	(97,351)				(97,351)
Noncontrolling interests	(7,477)							(7,477)
Common shareholders, restricted share unitholders and unvested LTIP unitholders	(1,054,552)	(1,054,552)				(1,054,552)
Other comprehensive income (loss)	(6,813)	(6,812)					(6,812)	(1)
Ending balance at Jun. 30, 2024	9,803,648	9,707,245	4,350,000	17,501	6,006,460	(592,665)	(74,051)	96,403
Beginning balance at Mar. 31, 2024	10,045,298	9,948,662	4,350,000	17,572	5,991,606	(336,003)	(74,513)	96,636
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares in connection with share-based compensation									$ 2,597	$ 2,597	$ 2	$ 2,595
Taxes withheld upon net share settlement of restricted share units	(288)	(288)			(288)
Share-based compensation expense	12,452	12,452			12,452
Repurchase of common shares	(200,000)	(200,000)		(73)		(199,927)
Contributions by noncontrolling interests	91							91
Net income	521,209	521,209				521,209
Net income allocated to noncontrolling interests	(3,082)	(3,082)				(3,082)		3,082
Reallocation of equity		95			95			(95)
Distributions to:
Preferred shareholders	(48,673)	(48,673)				(48,673)
Noncontrolling interests	(3,311)							(3,311)
Common shareholders, restricted share unitholders and unvested LTIP unitholders	(526,189)	(526,189)				(526,189)
Other comprehensive income (loss)	462	462					462
Ending balance at Jun. 30, 2024	$ 9,803,648	$ 9,707,245	$ 4,350,000	$ 17,501	$ 6,006,460	$ (592,665)	$ (74,051)	$ 96,403

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Issuance of common shares in connection with share-based compensation (in shares)			47,110
Repurchase of common shares (in shares)	726,865		726,865
Distributions to common shareholders and restricted share unitholders (in USD per share)	$ 3	$ 3	$ 6	$ 6
Common Shares
Issuance of common shares in connection with share-based compensation (in shares)	14,191	26,664	67,025	227,218

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 1,032,906	$ 1,101,580
Adjustments to reconcile net income to net cash flows from operating activities:
Gain on sale of real estate	(874)	0
Depreciation and amortization	568,545	443,783
Equity in earnings of unconsolidated real estate entity	(12,570)	(15,560)
Distributions from cumulative equity in earnings of unconsolidated real estate entity	9,330	17,329
Unrealized foreign currency exchange (gain) loss	(49,858)	27,845
Share-based compensation expense	21,174	21,794
Other non-cash adjustments	5,395	6,658
Changes in operating assets and liabilities, excluding the impact of acquisitions:
Other assets	(6,154)	(19,419)
Accrued and other liabilities	(7,029)	(4,717)
Net cash flows from operating activities	1,560,865	1,579,293
Cash flows from investing activities:
Capital expenditures to maintain real estate facilities	(117,481)	(105,056)
Capital expenditures for property enhancements	(63,027)	(67,319)
Capital expenditures for energy efficiencies (LED lighting, solar)	(25,984)	(25,850)
Development and expansion of real estate facilities	(164,932)	(161,435)
Acquisition of real estate facilities and intangible assets	(21,963)	(190,778)
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entity	13,285	3,165
Proceeds from sale of real estate investments	2,443	0
Net cash flows used in investing activities	(377,659)	(547,273)
Cash flows from financing activities:
Issuance costs on amendment of credit facility	0	(8,377)
Repayments of notes payable	(808,442)	(8,200)
Issuance of notes payable, net of issuance costs	1,151,022	0
Issuance of common shares in connection with share-based compensation	10,364	30,057
Taxes paid upon net share settlement of restricted share units	(5,616)	(9,396)
Repurchase of common shares	(200,000)	0
Contributions by noncontrolling interests	1,418	733
Distributions paid to preferred shareholders, common shareholders, restricted share unitholders and unvested LTIP unitholders	(1,151,394)	(1,152,555)
Distributions paid to noncontrolling interests	(7,477)	(7,348)
Net cash flows used in financing activities	(1,010,125)	(1,155,086)
Net increase (decrease) in cash and equivalents, including restricted cash	173,081	(123,066)
Cash and equivalents, including restricted cash at beginning of the period:
Cash and equivalents	370,002	775,253
Restricted cash included in other assets	30,373	29,904
Cash, equivalents, and restricted cash	400,375	805,157
Cash and equivalents, including restricted cash at end of the period:
Cash and equivalents	542,263	651,665
Restricted cash included in other assets	31,193	30,426
Cash, equivalents, and restricted cash	573,456	682,091
Costs incurred during the period remaining unpaid at period end for:
Capital expenditures to maintain real estate facilities	(9,589)	(6,405)
Capital expenditures for property enhancements	(6,264)	(3,446)
Capital expenditures for energy efficiencies (LED lighting, solar)	(1,582)	(1,177)
Construction or expansion of real estate facilities	(47,175)	(57,850)
Supplemental cash flow information:
Cash paid for interest, net of amounts capitalized	131,333	70,014
Cash paid for income taxes, net of refunds	$ 6,144	$ 8,694

Description of the Business

Description of the Business	6 Months Ended
Description of the Business	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Description of the Business Public Storage (referred to herein as “the Company,” “we,” “us,” or “our”) is a Maryland real estate investment trust (“REIT”) engaged in the ownership and operation of self-storage facilities that offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities such as tenant reinsurance, merchandise sales, and third party management, as well as the acquisition and development of additional self-storage space. Effective August 14, 2023, we are structured as an umbrella partnership REIT, or UPREIT, under which substantially all of our business is conducted through Public Storage OP, L.P. (“PSA OP”), an operating partnership, and its subsidiaries including Public Storage Operating Company (“PSOC”). The primary assets of the parent entity, Public Storage, are general partner and limited partner interests in PSA OP, which holds all of the Company’s assets through its ownership of all of the equity interests in PSOC. As a limited partnership, PSA OP is a variable interest entity and is consolidated by the Company as its primary beneficiary. As of June 30, 2024, the Company owned all of the general partner interests and approximately 99.95% of the limited partnership interests of PSA OP, with the remaining 0.05% of limited partnership interests owned by certain trustees and officers of the Company. At June 30, 2024, we owned interests in 3,049 self-storage facilities (with approximately 218.8 million net rentable square feet) located in 40 states in the United States (“U.S.”) operating under the Public Storage® name, and 1.1 million net rentable square feet of commercial and retail space. In addition, we managed 260 facilities for third parties at June 30, 2024. At June 30, 2024, we owned a 35% common equity interest in Shurgard Self Storage Limited (“Shurgard”), a public company traded on the Euronext Brussels under the “SHUR” symbol, which owned 281 self-storage facilities (with approximately 16 million net rentable square feet) located in seven Western European countries, all operating under the Shurgard® name.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation We have prepared the accompanying interim consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board, and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim consolidated financial statements presented herein reflect all adjustments, primarily of a normal recurring nature, that are necessary to present fairly the interim consolidated financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim consolidated financial statements should be read together with the audited Consolidated Financial Statements and related Notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Certain amounts previously reported in our June 30, 2023 Consolidated Statements of Income have been reclassified to conform to the June 30, 2024 presentation, with respect to the separate presentation of real estate acquisition and development expense in the amount of $3.1 million and $8.6 million for the three and six months ended June 30, 2023, respectively, previously included in general and administrative expense. The reclassification had no impact on our net income. Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 14) are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.). Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Summary of Significant Accounting Policies There have been no significant changes to the Company's significant accounting policies described in Note 2, Basis of Presentation and Summary of Significant Accounting Policies , in Notes to Consolidated Financial Statements included in Item 8 of Part II of the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

Real Estate Facilities

Real Estate Facilities	6 Months Ended
Real Estate Facilities	Jun. 30, 2024
Real Estate [Abstract]
Real Estate Facilities	Real Estate Facilities Activity in real estate facilities during the six months ended June 30, 2024 is as follows: Six Months Ended June 30, 2024 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 27,465,238 Capital expenditures to maintain real estate facilities 112,775 Capital expenditures for property enhancements 69,290 Capital expenditures for energy efficiencies (LED lighting, solar) 27,566 Acquisitions 21,609 Dispositions and other (1,569) Developed or expanded facilities opened for operation 119,927 Ending balance 27,814,836 Accumulated depreciation: Beginning balance (9,423,974) Depreciation expense (497,227) Ending balance (9,921,201) Construction in process: Beginning balance 345,453 Costs incurred to develop and expand real estate facilities 155,826 Write-off of cancelled projects (606) Developed or expanded facilities opened for operation (119,927) Ending balance 380,746 Total real estate facilities at June 30, 2024 $ 18,274,381 During the six months ended June 30, 2024, we acquired two self-storage facilities (0.1 million net rentable square feet of storage space), for a total cost of $22.0 million in cash. Approximately $0.4 million of the total cost was allocated to intangible assets. During the six months ended June 30, 2024, we completed development and redevelopment activities costing $119.9 million, adding 0.7 million net rentable square feet of self-storage space. Construction in process at June 30, 2024 consisted of projects to develop new self-storage facilities and expand existing self-storage facilities. In the six months ended June 30, 2024, we sold a land parcel for $2.4 million in cash and recorded gains on sale of real estate of $0.9 million.

Investment in Unconsolidated Re

Investment in Unconsolidated Real Estate Entity	6 Months Ended
Investment in Unconsolidated Real Estate Entity	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Real Estate Entity	Investment in Unconsolidated Real Estate Entity Throughout all periods presented, we had a 35% equity interest in Shurgard. On November 14, 2023, Shurgard issued 8,163,265 new common shares to institutional investors. Public Storage participated on a pro-rata basis in the offering and acquired 2,863,674 common shares for a cost of $112.6 million, maintaining our 35% equity interest in Shurgard. As a result of the offering, Shurgard common shares that we effectively owned increased from 31,268,459 to 34,132,133 as of June 30, 2024. Based upon the closing price at June 30, 2024 (€36.05 per share of Shurgard common stock, at 1.072 exchange rate of U.S. Dollars to the Euro), the shares we owned had a market value of approximately $1.3 billion. Our equity in earnings of Shurgard comprised our equity share of Shurgard’s net income, less amortization of the Shurgard Basis Differential (defined below). During the six months ended June 30, 2024 and 2023, we received $2.0 million and $1.9 million of trademark license fees that Shurgard pays to us for the use of the Shurgard® trademark, respectively. We eliminated $0.7 million of intra-entity profits and losses for each of the six months ended June 30, 2024 and 2023, representing our equity share of the trademark license fees. We classify the remaining license fees we receive from Shurgard as interest and other income on our income statement. During the six months ended June 30, 2024 and 2023, we received cash dividend distributions from Shurgard totaling $21.9 million and $19.8 million, respectively. Approximately $13.3 million and $3.2 million of total cash distributions from Shurgard during the six months ended June 30, 2024 and 2023, respectively, represented distributions in excess of cumulative equity in earnings from Shurgard, which was classified within cash flows from investing activities in the Consolidated Statements of Cash Flows. At June 30, 2024, our investment in Shurgard’s real estate assets exceeded our pro-rata share of the underlying amounts on Shurgard’s balance sheet by $59.7 million ($63.7 million at December 31, 2023). This differential (the “Shurgard Basis Differential”) includes our basis adjustments in Shurgard’s real estate assets net of related deferred income taxes. The Shurgard Basis Differential is being amortized as a reduction to equity in earnings of the Unconsolidated Real Estate Entity. Such amortization totaled approximately $4.0 million and $3.1 million during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and 2023, we translated the book value of our investment in Shurgard from Euro to U.S. Dollars and recorded $6.8 million other comprehensive loss and $5.2 million other comprehensive income during the six months ended June 30, 2024 and 2023, respectively.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
Goodwill and Other Intangible Assets	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill and other intangible assets consisted of the following (amounts in thousands): At June 30, 2024 At December 31, 2023 Gross Book Value Accumulated Amortization Net Book Value Gross Book Value Accumulated Amortization Net Book Value Goodwill $ 165,843 $ — $ 165,843 $ 165,843 $ — $ 165,843 Shurgard® Trade Name 18,824 — 18,824 18,824 — 18,824 Finite-lived intangible assets, subject to amortization 995,932 (859,805) 136,127 995,578 (792,978) 202,600 Total goodwill and other intangible assets $ 1,180,599 $ (859,805) $ 320,794 $ 1,180,245 $ (792,978) $ 387,267 Finite-lived intangible assets consist primarily of acquired customers in place. Amortization expense related to intangible assets subject to amortization was $31.0 million and $66.8 million for the three and six months ended June 30, 2024, respectively, and $10.8 million and $25.4 million for the same periods in 2023. During the six months ended June 30, 2024, intangibles increased $0.4 million, in connection with the acquisition of real estate facilities (Note 3). The estimated future amortization expense for our finite-lived intangible assets at June 30, 2024 is as follows (amounts in thousands): Year Amount Remainder of 2024 $ 49,786 2025 60,545 2026 19,129 2027 2,797 2028 382 Thereafter 3,488 Total $ 136,127

Credit Facility

Credit Facility	6 Months Ended
Credit Facility	Jun. 30, 2024
Line of Credit Facility [Abstract]
Credit Facility	Credit Facility On June 12, 2023, PSOC entered into an amended revolving credit agreement (the “Credit Facility”), which increased our borrowing limit from $500 million to $1.5 billion and extended the maturity date from April 19, 2024 to June 12, 2027. We have the option to further extend the maturity date by up to one additional year with additional extension fees up to 0.125% of the extended commitment amount. Amounts drawn on the Credit Facility bear annual interest at rates ranging from SOFR Public Storage has provided a full and unconditional guarantee of PSOC’s obligations under the Credit Facility.

Notes Payable

Notes Payable	6 Months Ended
Notes Payable	Jun. 30, 2024
Notes Payable [Abstract]
Notes Payable	Notes Payable Our notes payable (all of which were issued by PSOC), are reflected net of issuance costs (including original issue discounts), which are amortized as interest expense on the effective interest method over the term of each respective note. Our notes payable at June 30, 2024 and December 31, 2023 are set forth in the tables below: Amounts at June 30, 2024 Amounts at December 31, 2023 Coupon Rate Effective Rate Principal Unamortized Costs Book Fair Book Fair ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due April 23, 2024 SOFR 5.818% $ — $ — $ — $ — $ 699,779 $ 700,031 Notes due July 25, 2025 SOFR 5.959% 400,000 (871) 399,129 401,185 398,722 400,295 Notes due February 15, 2026 0.875% 1.030% 500,000 (1,211) 498,789 466,417 498,419 462,362 Notes due November 9, 2026 1.500% 1.640% 650,000 (2,052) 647,948 598,199 647,513 597,131 Notes due April 16, 2027 SOFR 6.233% 700,000 (2,977) 697,023 705,593 — — Notes due September 15, 2027 3.094% 3.218% 500,000 (1,700) 498,300 471,199 498,036 476,394 Notes due May 1, 2028 1.850% 1.962% 650,000 (2,583) 647,417 578,053 647,078 584,520 Notes due November 9, 2028 1.950% 2.044% 550,000 (2,097) 547,903 484,423 547,663 490,758 Notes due January 15, 2029 5.125% 5.260% 500,000 (2,654) 497,346 504,520 497,053 516,899 Notes due May 1, 2029 3.385% 3.459% 500,000 (1,482) 498,518 466,687 498,363 477,692 Notes due May 1, 2031 2.300% 2.419% 650,000 (4,669) 645,331 546,711 644,988 562,240 Notes due November 9, 2031 2.250% 2.322% 550,000 (2,605) 547,395 454,510 547,218 469,845 Notes due August 1, 2033 5.100% 5.207% 700,000 (5,262) 694,738 694,450 694,448 725,753 Notes due August 1, 2053 5.350% 5.474% 900,000 (16,050) 883,950 867,834 592,017 628,413 7,750,000 (46,213) 7,703,787 7,239,781 7,411,297 7,092,333 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% — — — — 110,372 109,380 Notes due November 3, 2025 2.175% 2.175% 259,345 — 259,345 253,711 267,116 261,083 Notes due September 9, 2030 0.500% 0.640% 750,128 (6,930) 743,198 621,860 765,119 638,177 Notes due January 24, 2032 0.875% 0.978% 535,806 (4,054) 531,752 440,467 547,540 455,895 Notes due April 11, 2039 4.080% 4.080% 160,742 (75) 160,667 166,897 — — 1,706,021 (11,059) 1,694,962 1,482,935 1,690,147 1,464,535 Mortgage Debt , secured by 2 real estate facilities with a net book value of $11.5 million 4.365% 4.365% 1,771 — 1,771 1,677 1,833 1,733 $ 9,457,792 $ (57,272) $ 9,400,520 $ 8,724,393 $ 9,103,277 $ 8,558,601 Public Storage has provided a full and unconditional guarantee of PSOC’s obligations under each series of unsecured notes. U.S. Dollar Denominated Unsecured Notes On April 16, 2024, PSOC completed a public offering of $1.0 billion aggregate principal amount of senior notes, including $700 million aggregate principal amount of floating rate senior notes bearing interest at a rate of Compounded SOFR On April 23, 2024, we repaid PSOC’s outstanding $700 million aggregate principal amount of SOFR The U.S. Dollar denominated unsecured notes (the “U.S. Dollar Denominated Unsecured Notes”) have various financial covenants with which we were in compliance at June 30, 2024. Included in these covenants are (a) a maximum Debt to Total Assets of 65% (approximately 17% at June 30, 2024) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x (approximately 13x for the twelve months ended June 30, 2024) as well as covenants limiting the amount we can encumber our properties with mortgage debt. Euro Denominated Unsecured Notes At June 30, 2024, our Euro denominated unsecured notes (the “Euro Notes”) consisted of four tranches: (i) €242.0 million issued to institutional investors on November 3, 2015, (ii) €500.0 million issued in a public offering on January 24, 2020, (iii) €700.0 million issued in a public offering on September 9, 2021, and (iv) €150.0 million issued to institutional investors on April 11, 2024. The Euro Notes have financial covenants similar to those of the U.S. Dollar Denominated Unsecured Notes. The €150.0 million notes issued to institutional investors on April 11, 2024 bear interest at a fixed rate of 4.080% and mature on April 11, 2039. Interest is payable semi-annually. We received $162.5 million in net proceeds upon converting the Euros to U.S. Dollars. On April 11, 2024, we repaid PSOC’s outstanding €100.0 million aggregate principal amount 1.540% senior notes due April 12, 2024 to the same institutional investors for $108.4 million. We reflect changes in the U.S. Dollar equivalent of the amount payable including the associated interest, as a result of changes in foreign exchange rates as “Foreign currency exchange gain (loss)” on our income statement (gains of $12.5 million and $50.4 million for the three and six months ended June 30, 2024, respectively, as compared to losses of $1.1 million and $28.2 million for the three and six months ended June 30, 2023, respectively). Mortgage Notes We assumed our non-recourse mortgage debt in connection with property acquisitions, and we recorded such debt at fair value with any premium or discount to the stated note balance amortized using the effective interest method. At June 30, 2024, the related contractual interest rates of our mortgage notes are fixed, ranging between 3.9% and 7.1%, and mature between September 1, 2028 and July 1, 2030. At June 30, 2024, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total Remainder of 2024 $ — $ 62 $ 62 2025 659,345 131 659,476 2026 1,150,000 138 1,150,138 2027 1,200,000 146 1,200,146 2028 1,200,000 129 1,200,129 Thereafter 5,246,676 1,165 5,247,841 $ 9,456,021 $ 1,771 $ 9,457,792 Weighted average effective rate 3.2% 4.4% 3.2% Interest capitalized as real estate totaled $5.2 million and $3.8 million for the six months ended June 30, 2024 and 2023, respectively.

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
Noncontrolling Interests	Jun. 30, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests There are noncontrolling interests related to several subsidiaries of PSOC we consolidate of which we do not own 100% of the equity. At June 30, 2024, certain of these subsidiaries have issued 499,966 partnership units to third-parties that are redeemable by the holders on a one-for-one basis for common shares of the Company or cash at our option. The holders of these partnership units are entitled to receive the same per-unit cash distributions equal to the dividends paid on our common shares. Noncontrolling interests also include the partnership interests of PSA OP not owned by the Company, including common units (“OP Units”) and vested LTIP units from equity awards we issue to certain officers and trustees of the Company (see Note 11 Share-based Compensation). Vested LTIP units (subject to certain conditions) may be converted into the same number of OP Units of PSA OP, which are redeemable by the holders on a one-for-one basis for common shares of the Company or cash at our option. The holders of OP Units and vested LTIP units are entitled to receive per-unit cash distributions equal to the per-share dividends received by our common shareholders. At June 30, 2024, approximately 0.05% of the partnership interests of PSA OP, representing 87,242 vested LTIP units, were not owned by the Company. There were no outstanding OP Units not owned by the Company at June 30, 2024. We adjust the balance of noncontrolling interests of PSA OP to reflect their proportionate share of the net assets of PSA OP as of the end of each period.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
Shareholders' Equity	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Preferred Shares At June 30, 2024 and December 31, 2023, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At June 30, 2024 At December 31, 2023 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference (Dollar amounts in thousands) Series F 6/2/2022 5.150 % 11,200 $ 280,000 11,200 $ 280,000 Series G 8/9/2022 5.050 % 12,000 300,000 12,000 300,000 Series H 3/11/2024 5.600 % 11,400 285,000 11,400 285,000 Series I 9/12/2024 4.875 % 12,650 316,250 12,650 316,250 Series J 11/15/2024 4.700 % 10,350 258,750 10,350 258,750 Series K 12/20/2024 4.750 % 9,200 230,000 9,200 230,000 Series L 6/17/2025 4.625 % 22,600 565,000 22,600 565,000 Series M 8/14/2025 4.125 % 9,200 230,000 9,200 230,000 Series N 10/6/2025 3.875 % 11,300 282,500 11,300 282,500 Series O 11/17/2025 3.900 % 6,800 170,000 6,800 170,000 Series P 6/16/2026 4.000 % 24,150 603,750 24,150 603,750 Series Q 8/17/2026 3.950 % 5,750 143,750 5,750 143,750 Series R 11/19/2026 4.000 % 17,400 435,000 17,400 435,000 Series S 1/13/2027 4.100 % 10,000 250,000 10,000 250,000 Total Preferred Shares 174,000 $ 4,350,000 174,000 $ 4,350,000 The holders of our Preferred Shares have general preference rights with respect to liquidation, quarterly distributions, and any accumulated unpaid distributions. Except as noted below, holders of the Preferred Shares do not have voting rights. In the event of a cumulative arrearage equal to six quarterly dividends, holders of all outstanding series of preferred shares (voting as a single class without regard to series) will have the right to elect two additional members to serve on our Board of Trustees (our “Board”) until the arrearage has been cured. At June 30, 2024, there were no dividends in arrears. The affirmative vote of at least 66.67% of the outstanding shares of a series of Preferred Shares is required for any material and adverse amendment to the terms of such series. The affirmative vote of at least 66.67% of the outstanding shares of all of our Preferred Shares, voting as a single class, is required to issue shares ranking senior to our Preferred Shares. Except under certain conditions relating to the Company’s qualification as a REIT, the Preferred Shares are not redeemable prior to the dates indicated on the table above. On or after the respective dates, each of the series of Preferred Shares is redeemable at our option, in whole or in part, at $25.00 per depositary share, plus accrued and unpaid dividends. Holders of the Preferred Shares cannot require us to redeem such shares. Upon issuance of our Preferred Shares, we classify the liquidation value as preferred equity on our consolidated balance sheet with any issuance costs recorded as a reduction to Paid-in capital. Common Shares Repurchases Our Board has authorized a share repurchase program pursuant to which management may repurchase up to 35,000,000 of our common shares on the open market or in privately negotiated transactions. During the three and six months ended June 30, 2024, we repurchased 726,865 of our common shares under the repurchase program on the open market for a total cost of $200.0 million. The repurchased shares are constructively retired and returned to an authorized and unissued status. There are 10,551,219 common shares that may yet be repurchased under our repurchase program as of June 30, 2024. Dividends and Distributions Dividends and distributions paid to our common shareholders, restricted share unitholders, deferred share unitholders, and unvested LTIP unitholders, totaled $525.9 million ($3.00 per share) and $527.6 million ($3.00 per share) for the three months ended June 30, 2024 and 2023, respectively, and $1.05 billion ($6.00 per share) and $1.06 billion ($6.00 per share) for the six months ended June 30, 2024 and 2023, respectively. In addition, we accrued $0.3 million and $0.2 million of dividends and distributions to holders of unearned performance-based restricted share units and LTIP units for the three months ended June 30, 2024 and 2023, respectively, and $0.5 million and $0.4 million for the six months ended June 30, 2024 and 2023, respectively. Preferred share dividends paid totaled $48.7 million for each of the three months ended June 30, 2024 and 2023, and $97.4 million for each of the six months ended June 30, 2024 and 2023.

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions At June 30, 2024, Tamara Hughes Gustavson, a current member of our Board, held less than a 0.1% equity interest in, and is a manager of, a limited liability company that owns 66 self-storage facilities in Canada. Two of Ms. Gustavson’s adult children own the remaining equity interest in the limited liability company. These facilities operate under the Public Storage® tradename, which we license to the owners of these facilities for use in Canada on a royalty-free, non-exclusive basis. We have no ownership interest in these facilities and we do not own or operate any facilities in Canada. If we chose to acquire or develop our own facilities in Canada, we would have to share the use of the Public Storage® name in Canada. We have a right of first refusal, subject to limitations, to acquire the stock or assets of the corporation engaged in the operation of these facilities if their owners agree to sell them. Our subsidiaries reinsure risks relating to loss of goods stored by customers in these facilities, and have received premium payments of approximately $1.1 million for each of the six months ended June 30, 2024 and 2023.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
Share-Based Compensation	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation Under various share-based compensation plans and under terms established or modified by our Board or a committee thereof, we grant equity awards to trustees, officers, and key employees, including non-qualified options to purchase the Company’s common shares, restricted share units (“RSUs”), deferred share units (“DSUs”), and unrestricted common shares issued in lieu of trustee compensation. In February 2024, we amended our 2021 Equity and Performance-Based Incentive Plan to further provide for the grant of awards to certain officers and trustees of the Company in the form of LTIP units and appreciation-only LTIP units (“AO LTIP units”) of PSA OP. LTIP units are structured as “profit interests” for U.S. federal income tax purposes. During the six months ended June 30, 2024, we issued LTIP units and AO LTIP units in substitution for 156,632 RSUs and 2,238,874 stock options, respectively. The LTIP units and AO LTIP units issued have the same vesting conditions as the original awards and remain classified as equity awards. The fair value of the LTIP units and AO LTIP units issued is materially the same as the original awards immediately before the substitution. As a result, we did not adjust the share-based compensation costs associated with these substituted awards. We recorded share-based compensation expense associated with our equity awards in the various expense categories in the Consolidated Statements of Income as set forth in the following table. In addition, $1.2 million and $1.8 million of share-based compensation cost was capitalized as real estate facilities for the three and six months ended June 30, 2024, respectively, as compared to $0.6 million and $1.3 million for the same periods of 2023, respectively. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Amounts in thousands) Self-storage cost of operations $ 3,065 $ 3,428 $ 6,310 $ 7,352 Ancillary cost of operations 250 323 626 640 Real estate acquisition and development expense 740 258 1,428 582 General and administrative 6,772 7,940 12,810 13,220 Total $ 10,827 $ 11,949 $ 21,174 $ 21,794 As of June 30, 2024, there was $81.4 million of total unrecognized compensation cost related to share-based compensation arrangements. This cost is expected to be recognized over a weighted-average period of three years. Restricted Share Units and LTIP Units We have service-based and performance-based RSUs and LTIP units outstanding, which generally vest over 5 to 8 years from the grant date. Performance-based RSUs and LTIP units outstanding vest upon meeting certain performance conditions or market conditions. Upon vesting, the grantee of RSUs receives new common shares equal to the number of vested RSUs, less common shares withheld to satisfy the grantee’s statutory tax liabilities arising from the vesting. Vested LTIP units represent noncontrolling interests of PSA OP and may be converted, subject to the satisfaction of all applicable vesting conditions, on a one-for-one basis into common units of PSA OP, which are exchangeable by the holders for cash, or at the Company’s election, on a one-for-one basis into common shares of the Company. Holders of RSUs and LTIP units are entitled to receive per-unit cash distributions equal to the per-share dividends received by our common shareholders, except that holders of performance-based awards are not entitled to receive the full distributions until expiration of the applicable performance period, at which time holders of any earned performance-based awards are entitled to receive a catch-up distribution for the periods prior to such time. Below is a summary of award activity issued in the form of RSUs and LTIP units for the six months ended June 30, 2024. Service-Based Performance-Based (a) Total Unvested awards outstanding January 1, 2024 322,648 94,013 416,661 Granted (b) 4,470 38,320 42,790 Vested (c) (57,744) (9,250) (66,994) Forfeited (9,477) — (9,477) Unvested awards outstanding June 30, 2024 259,897 123,083 382,980 (a) Number of performance-based awards are presented based on the target performance pursuant to the terms of each applicable award when granted and adjusted to the actual number of awards earned based on the actual performance. (b) During the six months ended June 30, 2024, 34,550 performance-based LTIP unit awards (at target) and 3,770 performance-based RSUs were granted to certain executive officers and key employees. The vesting of performance-based LTIP unit awards is dependent upon meeting certain market conditions over a three-year period from March 5, 2024 through March 4, 2027, with continued service-based vesting through the first quarter of 2029. These LTIP unit awards require relative achievement of the Company’s total shareholder return as compared to the weighted average total shareholder return of specified peer groups and can result in grantees earning from zero to a maximum of 69,100 LTIP units. The vesting of performance-based RSUs is dependent upon meeting certain operational performance targets in 2024 and continued service through 2028. (c) 18,813 common shares were issued from the vesting of RSUs. For the three and six months ended June 30, 2024, we incurred share-based compensation cost for RSUs and LTIP units of $8.1 million and $16.0 million, respectively, as compared to $7.7 million and $14.9 million for the same periods in 2023. Stock Options and AO LTIP Units We have service-based and performance-based stock options and AO LTIP units outstanding. Performance-based stock options and AO LTIP units vest upon meeting certain performance conditions or market conditions. Stock options and AO LTIP units generally vest over 1 to 5 years, expire 10 years after the grant date, and have an exercise or conversion price equal to the closing trading price of our common shares on the grant date. Common shares of the Company are issued for options exercised and vested LTIP units are issued for AO LTIP units converted. Employees cannot require the Company to settle their awards in cash. Below is a summary of award activity issued in the form of stock options and AO LTIP units for the six months ended June 30, 2024. Service-Based Performance-Based (a) Total Awards outstanding January 1, 2024 1,629,742 1,421,479 3,051,221 Granted (b) 100,278 63,717 163,995 Exercised or converted (c) (128,374) (32,337) (160,711) Cancelled (10,110) — (10,110) Awards outstanding June 30, 2024 1,591,536 1,452,859 3,044,395 Awards exercisable at June 30, 2024 1,440,708 881,273 2,321,981 (a) Number of performance-based awards are presented based on the target performance pursuant to the terms of each applicable award when granted and adjusted to the actual number of awards earned based on the actual performance. (b) During the six months ended June 30, 2024, 96,678 of service-based AO LTIP unit awards, 63,717 of performance-based AO LTIP unit awards (at target), and 3,600 service-based options were granted to certain executive officers and trustees. The vesting of the performance-based AO LTIP unit awards is dependent upon meeting certain market conditions over a three-year period from March 5, 2024 through March 4, 2027, with continued service-based vesting through the first quarter of 2029. These performance-based AO LTIP unit awards require relative achievement of the Company’s total shareholder return as compared to the weighted average total shareholder return of specified peer groups and can result in grantees earning from zero to a maximum of 127,434 AO LTIP units. (c) 47,110 common shares were issued upon the exercise of stock options. 47,999 vested LTIP units were issued upon conversion of 113,601 AO LTIP units in the six months ended June 30, 2024. For the three and six months ended June 30, 2024, we incurred share-based compensation cost for stock options and AO LTIP units of $3.7 million and $6.6 million, respectively, as compared to $4.6 million and $7.8 million for the same periods in 2023. Trustee Deferral Program

Net Income per Common Share

Net Income per Common Share	6 Months Ended
Net Income per Common Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Income per Common Share	Net Income per Common Share We allocate net income to (i) noncontrolling interests based upon their contractual rights in the respective subsidiaries or for participating noncontrolling interests based upon their participation in both distributed and undistributed earnings of the Company, (ii) preferred shareholders, for distributions paid or payable, (iii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (a “preferred share redemption charge”), and (iv) RSUs and unvested LTIP units, for non-forfeitable dividends and distributions paid and adjusted for participation rights in undistributed earnings of the Company. We calculate basic and diluted net income per common share based upon net income allocable to common shareholders, divided by (i) weighted average common shares for basic net income per common share, and (ii) weighted average common shares adjusted for the impact of dilutive stock options and AO LTIP units outstanding for diluted net income per common share. Stock options and AO LTIP units representing 433,226 common shares were excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2024, as compared to 321,070 common shares for the same periods in 2023, because their effect would have been antidilutive. The following table reconciles the numerators and denominators of the basic and diluted net income per common shares computation for the three and six months ended June 30, 2024 and 2023, respectively (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 468,366 $ 528,259 $ 927,575 $ 995,847 Denominator for basic net income per share - weighted average common shares outstanding 175,469 175,484 175,585 175,428 Net effect of dilutive stock options and AO LTIP units - based on treasury stock method 540 728 595 753 Denominator for dilutive net income per share - weighted average common shares outstanding 176,009 176,212 176,180 176,181 Net income per common share: Basic $ 2.67 $ 3.01 $ 5.28 $ 5.68 Dilutive $ 2.66 $ 3.00 $ 5.26 $ 5.65

Segment Information

Segment Information	6 Months Ended
Segment Information	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information Our operating segments reflect the significant components of our operations where discrete financial information is evaluated separately by our chief operating decision maker. Self-Storage Operations The Self-Storage Operations reportable segment reflects the aggregated rental operations from the self-storage facilities we own through the following operating segments: (i) Same Store Facilities, (ii) Acquired Facilities, (iii) Newly Developed and Expanded Facilities, and (iv) Other Non-Same Store Facilities. The presentation in the table below sets forth the Net Operating Income (“NOI”) of this reportable segment, as well as the related depreciation expense. For all periods presented, substantially all of our real estate facilities, goodwill and other intangible assets, other assets, and accrued and other liabilities are associated with the Self-Storage Operations reportable segment. Ancillary Operations The Ancillary Operations reflects the combined operations of our tenant reinsurance, merchandise sales, and third party property management operating segments. Presentation of Segment Information The following table reconciles NOI and net income attributable to our reportable segment to our consolidated net income: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 1,099,736 $ 1,056,120 $ 2,185,781 $ 2,088,304 Cost of operations (273,501) (257,678) (570,915) (526,293) Net operating income 826,235 798,442 1,614,866 1,562,011 Depreciation and amortization (283,342) (222,133) (568,545) (443,783) Net income 542,893 576,309 1,046,321 1,118,228 Ancillary Operations Revenue 73,475 63,650 144,650 125,698 Cost of operations (27,543) (22,202) (54,612) (41,878) Net operating income 45,932 41,448 90,038 83,820 Total net income allocated to segments 588,825 617,757 1,136,359 1,202,048 Other items not allocated to segments: Real estate acquisition and development expense (2,907) (3,147) (6,624) (8,628) General and administrative (26,580) (19,769) (47,916) (36,727) Interest and other income 18,253 18,452 32,219 37,086 Interest expense (73,236) (38,079) (141,014) (74,180) Equity in earnings of unconsolidated real estate entity 6,480 9,565 12,570 15,560 Foreign currency exchange gain (loss) 12,449 (1,096) 49,992 (27,956) Gain on sale of real estate — — 874 — Income tax expense (2,075) (2,518) (3,554) (5,623) Net income $ 521,209 $ 581,165 $ 1,032,906 $ 1,101,580

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingent Losses We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote. Insurance and Loss Exposure We carry property, earthquake, general liability, employee medical insurance, and workers compensation coverage through internationally recognized insurance carriers, subject to deductibles. Our deductible for general liability is $2.0 million per occurrence. Our annual deductible for property loss is $25.0 million per occurrence. This deductible decreases to $5.0 million once we reach $35.0 million in aggregate losses for occurrences that exceed $5.0 million. Insurance carriers’ aggregate limits on these policies of $75.0 million for property losses and $102.0 million for general liability losses are higher than estimates of maximum probable losses that could occur from individual catastrophic events determined in recent engineering and actuarial studies; however, in case of multiple catastrophic events, these limits could be exceeded. We reinsure a program that provides insurance to our customers from an independent third-party insurer. This program covers customer claims for losses to goods stored at our facilities as a result of specific named perils (earthquakes are not covered by this program), up to a maximum limit of $5,000 per storage unit. We reinsure all risks in this program, but purchase insurance to cover this exposure for a limit of $15.0 million for losses in excess of $5.0 million per occurrence. We are subject to licensing requirements and regulations in all states. Customers participate in the program at their option. At June 30, 2024, there were approximately 1.4 million certificates held by our self-storage customers, representing aggregate coverage of approximately $6.8 billion. Commitments We have construction commitments representing future expected payments for construction under contract totaling $158.0 million at June 30, 2024. We expect to pay approximately $79.9 million in the remainder of 2024, $75.9 million in 2025, and $2.2 million in 2026 for these construction commitments. We have future contractual payments on land, equipment and office space under various lease commitments totaling $63.4 million at June 30, 2024. We expect to pay approximately $1.9 million in the remainder of 2024, $4.1 million in 2025, $4.0 million in 2026, $2.6 million in 2027, $2.5 million in 2028, and $48.3 million thereafter for these commitments.

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to June 30, 2024, we acquired or were under contract to acquire three self-storage facilities across three states with 0.2 million net rentable square feet, for $24.2 million.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 518,127	$ 578,029	$ 1,027,075	$ 1,095,737

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation We have prepared the accompanying interim consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board, and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim consolidated financial statements presented herein reflect all adjustments, primarily of a normal recurring nature, that are necessary to present fairly the interim consolidated financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim consolidated financial statements should be read together with the audited Consolidated Financial Statements and related Notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Certain amounts previously reported in our June 30, 2023 Consolidated Statements of Income have been reclassified to conform to the June 30, 2024 presentation, with respect to the separate presentation of real estate acquisition and development expense in the amount of $3.1 million and $8.6 million for the three and six months ended June 30, 2023, respectively, previously included in general and administrative expense. The reclassification had no impact on our net income. Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 14) are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.). Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	6 Months Ended
Real Estate Facilities (Tables)	Jun. 30, 2024
Real Estate [Abstract]
Schedule of Real Estate Activities	Activity in real estate facilities during the six months ended June 30, 2024 is as follows: Six Months Ended June 30, 2024 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 27,465,238 Capital expenditures to maintain real estate facilities 112,775 Capital expenditures for property enhancements 69,290 Capital expenditures for energy efficiencies (LED lighting, solar) 27,566 Acquisitions 21,609 Dispositions and other (1,569) Developed or expanded facilities opened for operation 119,927 Ending balance 27,814,836 Accumulated depreciation: Beginning balance (9,423,974) Depreciation expense (497,227) Ending balance (9,921,201) Construction in process: Beginning balance 345,453 Costs incurred to develop and expand real estate facilities 155,826 Write-off of cancelled projects (606) Developed or expanded facilities opened for operation (119,927) Ending balance 380,746 Total real estate facilities at June 30, 2024 $ 18,274,381

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
Goodwill and Other Intangible Assets (Tables)	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	Goodwill and other intangible assets consisted of the following (amounts in thousands): At June 30, 2024 At December 31, 2023 Gross Book Value Accumulated Amortization Net Book Value Gross Book Value Accumulated Amortization Net Book Value Goodwill $ 165,843 $ — $ 165,843 $ 165,843 $ — $ 165,843 Shurgard® Trade Name 18,824 — 18,824 18,824 — 18,824 Finite-lived intangible assets, subject to amortization 995,932 (859,805) 136,127 995,578 (792,978) 202,600 Total goodwill and other intangible assets $ 1,180,599 $ (859,805) $ 320,794 $ 1,180,245 $ (792,978) $ 387,267
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The estimated future amortization expense for our finite-lived intangible assets at June 30, 2024 is as follows (amounts in thousands): Year Amount Remainder of 2024 $ 49,786 2025 60,545 2026 19,129 2027 2,797 2028 382 Thereafter 3,488 Total $ 136,127

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
Notes Payable (Tables)	Jun. 30, 2024
Notes Payable [Abstract]
Schedule of Notes Payable	Our notes payable at June 30, 2024 and December 31, 2023 are set forth in the tables below: Amounts at June 30, 2024 Amounts at December 31, 2023 Coupon Rate Effective Rate Principal Unamortized Costs Book Fair Book Fair ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due April 23, 2024 SOFR 5.818% $ — $ — $ — $ — $ 699,779 $ 700,031 Notes due July 25, 2025 SOFR 5.959% 400,000 (871) 399,129 401,185 398,722 400,295 Notes due February 15, 2026 0.875% 1.030% 500,000 (1,211) 498,789 466,417 498,419 462,362 Notes due November 9, 2026 1.500% 1.640% 650,000 (2,052) 647,948 598,199 647,513 597,131 Notes due April 16, 2027 SOFR 6.233% 700,000 (2,977) 697,023 705,593 — — Notes due September 15, 2027 3.094% 3.218% 500,000 (1,700) 498,300 471,199 498,036 476,394 Notes due May 1, 2028 1.850% 1.962% 650,000 (2,583) 647,417 578,053 647,078 584,520 Notes due November 9, 2028 1.950% 2.044% 550,000 (2,097) 547,903 484,423 547,663 490,758 Notes due January 15, 2029 5.125% 5.260% 500,000 (2,654) 497,346 504,520 497,053 516,899 Notes due May 1, 2029 3.385% 3.459% 500,000 (1,482) 498,518 466,687 498,363 477,692 Notes due May 1, 2031 2.300% 2.419% 650,000 (4,669) 645,331 546,711 644,988 562,240 Notes due November 9, 2031 2.250% 2.322% 550,000 (2,605) 547,395 454,510 547,218 469,845 Notes due August 1, 2033 5.100% 5.207% 700,000 (5,262) 694,738 694,450 694,448 725,753 Notes due August 1, 2053 5.350% 5.474% 900,000 (16,050) 883,950 867,834 592,017 628,413 7,750,000 (46,213) 7,703,787 7,239,781 7,411,297 7,092,333 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% — — — — 110,372 109,380 Notes due November 3, 2025 2.175% 2.175% 259,345 — 259,345 253,711 267,116 261,083 Notes due September 9, 2030 0.500% 0.640% 750,128 (6,930) 743,198 621,860 765,119 638,177 Notes due January 24, 2032 0.875% 0.978% 535,806 (4,054) 531,752 440,467 547,540 455,895 Notes due April 11, 2039 4.080% 4.080% 160,742 (75) 160,667 166,897 — — 1,706,021 (11,059) 1,694,962 1,482,935 1,690,147 1,464,535 Mortgage Debt , secured by 2 real estate facilities with a net book value of $11.5 million 4.365% 4.365% 1,771 — 1,771 1,677 1,833 1,733 $ 9,457,792 $ (57,272) $ 9,400,520 $ 8,724,393 $ 9,103,277 $ 8,558,601
Schedule of Maturities of Notes Payable	At June 30, 2024, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total Remainder of 2024 $ — $ 62 $ 62 2025 659,345 131 659,476 2026 1,150,000 138 1,150,138 2027 1,200,000 146 1,200,146 2028 1,200,000 129 1,200,129 Thereafter 5,246,676 1,165 5,247,841 $ 9,456,021 $ 1,771 $ 9,457,792 Weighted average effective rate 3.2% 4.4% 3.2%

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
Shareholders' Equity (Tables)	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Schedule of Preferred Shares	At June 30, 2024 and December 31, 2023, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At June 30, 2024 At December 31, 2023 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference (Dollar amounts in thousands) Series F 6/2/2022 5.150 % 11,200 $ 280,000 11,200 $ 280,000 Series G 8/9/2022 5.050 % 12,000 300,000 12,000 300,000 Series H 3/11/2024 5.600 % 11,400 285,000 11,400 285,000 Series I 9/12/2024 4.875 % 12,650 316,250 12,650 316,250 Series J 11/15/2024 4.700 % 10,350 258,750 10,350 258,750 Series K 12/20/2024 4.750 % 9,200 230,000 9,200 230,000 Series L 6/17/2025 4.625 % 22,600 565,000 22,600 565,000 Series M 8/14/2025 4.125 % 9,200 230,000 9,200 230,000 Series N 10/6/2025 3.875 % 11,300 282,500 11,300 282,500 Series O 11/17/2025 3.900 % 6,800 170,000 6,800 170,000 Series P 6/16/2026 4.000 % 24,150 603,750 24,150 603,750 Series Q 8/17/2026 3.950 % 5,750 143,750 5,750 143,750 Series R 11/19/2026 4.000 % 17,400 435,000 17,400 435,000 Series S 1/13/2027 4.100 % 10,000 250,000 10,000 250,000 Total Preferred Shares 174,000 $ 4,350,000 174,000 $ 4,350,000

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
Share-Based Compensation (Tables)	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Compensation Expense	We recorded share-based compensation expense associated with our equity awards in the various expense categories in the Consolidated Statements of Income as set forth in the following table. In addition, $1.2 million and $1.8 million of share-based compensation cost was capitalized as real estate facilities for the three and six months ended June 30, 2024, respectively, as compared to $0.6 million and $1.3 million for the same periods of 2023, respectively. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Amounts in thousands) Self-storage cost of operations $ 3,065 $ 3,428 $ 6,310 $ 7,352 Ancillary cost of operations 250 323 626 640 Real estate acquisition and development expense 740 258 1,428 582 General and administrative 6,772 7,940 12,810 13,220 Total $ 10,827 $ 11,949 $ 21,174 $ 21,794
Schedule of Restricted Share Units and LTIP Units Activity	Below is a summary of award activity issued in the form of RSUs and LTIP units for the six months ended June 30, 2024. Service-Based Performance-Based (a) Total Unvested awards outstanding January 1, 2024 322,648 94,013 416,661 Granted (b) 4,470 38,320 42,790 Vested (c) (57,744) (9,250) (66,994) Forfeited (9,477) — (9,477) Unvested awards outstanding June 30, 2024 259,897 123,083 382,980 (a) Number of performance-based awards are presented based on the target performance pursuant to the terms of each applicable award when granted and adjusted to the actual number of awards earned based on the actual performance. (b) During the six months ended June 30, 2024, 34,550 performance-based LTIP unit awards (at target) and 3,770 performance-based RSUs were granted to certain executive officers and key employees. The vesting of performance-based LTIP unit awards is dependent upon meeting certain market conditions over a three-year period from March 5, 2024 through March 4, 2027, with continued service-based vesting through the first quarter of 2029. These LTIP unit awards require relative achievement of the Company’s total shareholder return as compared to the weighted average total shareholder return of specified peer groups and can result in grantees earning from zero to a maximum of 69,100 LTIP units. The vesting of performance-based RSUs is dependent upon meeting certain operational performance targets in 2024 and continued service through 2028. (c) 18,813 common shares were issued from the vesting of RSUs.
Schedule of Stock Options and AO LTIP Units Activity	Below is a summary of award activity issued in the form of stock options and AO LTIP units for the six months ended June 30, 2024. Service-Based Performance-Based (a) Total Awards outstanding January 1, 2024 1,629,742 1,421,479 3,051,221 Granted (b) 100,278 63,717 163,995 Exercised or converted (c) (128,374) (32,337) (160,711) Cancelled (10,110) — (10,110) Awards outstanding June 30, 2024 1,591,536 1,452,859 3,044,395 Awards exercisable at June 30, 2024 1,440,708 881,273 2,321,981 (a) Number of performance-based awards are presented based on the target performance pursuant to the terms of each applicable award when granted and adjusted to the actual number of awards earned based on the actual performance. (b) During the six months ended June 30, 2024, 96,678 of service-based AO LTIP unit awards, 63,717 of performance-based AO LTIP unit awards (at target), and 3,600 service-based options were granted to certain executive officers and trustees. The vesting of the performance-based AO LTIP unit awards is dependent upon meeting certain market conditions over a three-year period from March 5, 2024 through March 4, 2027, with continued service-based vesting through the first quarter of 2029. These performance-based AO LTIP unit awards require relative achievement of the Company’s total shareholder return as compared to the weighted average total shareholder return of specified peer groups and can result in grantees earning from zero to a maximum of 127,434 AO LTIP units. (c) 47,110 common shares were issued upon the exercise of stock options. 47,999 vested LTIP units were issued upon conversion of 113,601 AO LTIP units in the six months ended June 30, 2024.

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	6 Months Ended
Net Income per Common Share (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Net Income Per Common Share	The following table reconciles the numerators and denominators of the basic and diluted net income per common shares computation for the three and six months ended June 30, 2024 and 2023, respectively (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 468,366 $ 528,259 $ 927,575 $ 995,847 Denominator for basic net income per share - weighted average common shares outstanding 175,469 175,484 175,585 175,428 Net effect of dilutive stock options and AO LTIP units - based on treasury stock method 540 728 595 753 Denominator for dilutive net income per share - weighted average common shares outstanding 176,009 176,212 176,180 176,181 Net income per common share: Basic $ 2.67 $ 3.01 $ 5.28 $ 5.68 Dilutive $ 2.66 $ 3.00 $ 5.26 $ 5.65

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
Segment Information (Tables)	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Information	The following table reconciles NOI and net income attributable to our reportable segment to our consolidated net income: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 1,099,736 $ 1,056,120 $ 2,185,781 $ 2,088,304 Cost of operations (273,501) (257,678) (570,915) (526,293) Net operating income 826,235 798,442 1,614,866 1,562,011 Depreciation and amortization (283,342) (222,133) (568,545) (443,783) Net income 542,893 576,309 1,046,321 1,118,228 Ancillary Operations Revenue 73,475 63,650 144,650 125,698 Cost of operations (27,543) (22,202) (54,612) (41,878) Net operating income 45,932 41,448 90,038 83,820 Total net income allocated to segments 588,825 617,757 1,136,359 1,202,048 Other items not allocated to segments: Real estate acquisition and development expense (2,907) (3,147) (6,624) (8,628) General and administrative (26,580) (19,769) (47,916) (36,727) Interest and other income 18,253 18,452 32,219 37,086 Interest expense (73,236) (38,079) (141,014) (74,180) Equity in earnings of unconsolidated real estate entity 6,480 9,565 12,570 15,560 Foreign currency exchange gain (loss) 12,449 (1,096) 49,992 (27,956) Gain on sale of real estate — — 874 — Income tax expense (2,075) (2,518) (3,554) (5,623) Net income $ 521,209 $ 581,165 $ 1,032,906 $ 1,101,580

Description of the Business (De

Description of the Business (Details) ft² in Millions	6 Months Ended
Description of the Business (Details) ft² in Millions	Jun. 30, 2024 ft² storage_facility country state	Nov. 14, 2023
Public Storage Parent
Nature Of Business [Line Items]
Ownership interest	99.95%
Trustees and Officers
Nature Of Business [Line Items]
Ownership interest	0.05%
Shurgard
Nature Of Business [Line Items]
PSA number of self-storage facilities \| storage_facility	281
Net rentable area (in square feet) \| ft²	16
Ownership interest (as percent)	35%	35%
Number of countries in which entity operates \| country	7
Public Storage
Nature Of Business [Line Items]
PSA number of self-storage facilities \| storage_facility	3,049
Net rentable area (in square feet) \| ft²	218.8
Number of states with facilities \| state	40
Number of third-party self-storage facilities managed \| storage_facility	260
Public Storage \| Commercial and Retail Space
Nature Of Business [Line Items]
Net rentable area (in square feet) \| ft²	1.1

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Real estate acquisition and development expense	$ 2,907	$ 3,147	$ 6,624	$ 8,628

Real Estate Facilities (Schedul

Real Estate Facilities (Schedule of Real Estate Activities) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Operating facilities, at cost:
Beginning balance (Operating facilities, at cost)	$ 27,465,238
Capital expenditures to maintain real estate facilities	112,775
Capital expenditures for property enhancements	69,290
Capital expenditures for energy efficiencies (LED lighting, solar)	27,566
Acquisitions	21,609
Dispositions and other	(1,569)
Developed or expanded facilities opened for operation	119,927
Ending balance (Operating facilities, at cost)	27,814,836
Accumulated depreciation:
Beginning balance (Accumulated depreciation)	(9,423,974)
Depreciation expense	(497,227)
Ending balance (Accumulated depreciation)	(9,921,201)
Construction in process:
Beginning balance (Construction in process)	345,453
Costs incurred to develop and expand real estate facilities	155,826
Write-off of cancelled projects	(606)
Developed or expanded facilities opened for operation	(119,927)
Ending balance (Construction in process)	380,746
Total real estate facilities	$ 18,274,381	$ 18,386,717

Real Estate Facilities (Narrati

Real Estate Facilities (Narrative) (Details) $ in Thousands, ft² in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) ft² storage_facility	Jun. 30, 2023 USD ($)
Schedule Of Real Estate Facilities [Line Items]
Aggregate costs to develop and expand			$ 119,900
Net rentable area developed or expanded \| ft²			0.7
Proceeds from sale of real estate investments			$ 2,443	$ 0
Gain on sale of real estate	$ 0	$ 0	$ 874	$ 0
Acquisition of Self-Storage Facilities Other Investments
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities acquired \| storage_facility			2
Net rentable area acquired (in Sq.ft) \| ft²			0.1
Total cost of acquisition			$ 22,000
Payments to acquire intangible assets			400
Land Parcel
Schedule Of Real Estate Facilities [Line Items]
Gain on sale of real estate			$ 900

Investment in Unconsolidated _2

Investment in Unconsolidated Real Estate Entity (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Nov. 14, 2023 USD ($) shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 € / shares	Dec. 31, 2023 USD ($) shares
Schedule of Equity Method Investments [Line Items]
Exchange rate translation (as percent)		1.072		1.072
Cash distribution received				$ 9,330	$ 17,329
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entity				13,285	3,165
Gain (loss) of foreign currency translation		$ 462	$ 1,302	$ (6,813)	5,171
Shurgard
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	35%	35%		35%
Issuance of shares (in shares) \| shares	8,163,265
Number of shares acquired on pro-rata (in shares) \| shares	2,863,674
Contributions to unconsolidated real estate entity	$ 112,600
Common stock owned of Shurgard (in shares) \| shares		34,132,133		34,132,133			31,268,459
Share price (in euro per share) \| € / shares						€ 36.05
Market value		$ 1,300,000		$ 1,300,000
License fees received				2,000	1,900
Cash distribution received				21,900	19,800
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entity				13,300	3,200
Basis differential		$ 59,700		59,700			$ 63,700
Amortization of basis differential				4,000	3,100
Shurgard \| Trademark License
Schedule of Equity Method Investments [Line Items]
Cash distribution received				$ 700	$ 700

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Schedule of Intangible Assets and Goodwill) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Indefinite-lived Intangible Assets [Line Items]
Goodwill, gross	$ 165,843	$ 165,843
Goodwill, net	165,843	165,843
Gross Book Value	995,932	995,578
Accumulated Amortization	(859,805)	(792,978)
Total	136,127	202,600
Gross Book Value	1,180,599	1,180,245
Net Book Value	320,794	387,267
Trade Names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 18,824	$ 18,824

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 31	$ 10.8	$ 66.8	$ 25.4
Increase in finite-lived intangible assets			$ 0.4

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 49,786
2025	60,545
2026	19,129
2027	2,797
2028	382
Thereafter	3,488
Total	$ 136,127	$ 202,600

Credit Facility (Details)

Credit Facility (Details) - USD ($)	Jun. 30, 2024	Jun. 12, 2023	Jul. 30, 2024	Dec. 31, 2023	Jun. 11, 2023
Credit Facility
Schedule Of Debt [Line Items]
Credit Facility borrowing capacity		$ 1,500,000,000			$ 500,000,000
Debt instrument, extension fee maximum, percentage of commitment		0.125%
Debt Instrument, Variable Interest Rate, Type		Secured Overnight Financing Rate (SOFR) [Member]
Facility fee percentage	0.10%
Outstanding borrowings	$ 0
Credit Facility \| Subsequent Event
Schedule Of Debt [Line Items]
Outstanding borrowings			$ 0
Credit Facility \| Variable Rate Component One
Schedule Of Debt [Line Items]
Interest rate spread (as percent)	0.70%
Credit Facility \| Minimum
Schedule Of Debt [Line Items]
Facility fee percentage	0.10%
Credit Facility \| Minimum \| Variable Rate Component One
Schedule Of Debt [Line Items]
Interest rate spread (as percent)		0.65%
Credit Facility \| Maximum
Schedule Of Debt [Line Items]
Facility fee percentage	0.30%
Credit Facility \| Maximum \| Variable Rate Component One
Schedule Of Debt [Line Items]
Interest rate spread (as percent)		1.40%
Standby Letters of Credit
Schedule Of Debt [Line Items]
Undrawn standby letters of credit	$ 15,200,000			$ 14,600,000

Notes Payable (Schedule of Note

Notes Payable (Schedule of Notes Payable) (Details) $ in Thousands	Jun. 30, 2024 USD ($) real_estate_facility	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Principal	$ 9,457,792
Unamortized Costs	(57,272)
Book Value	9,400,520	$ 9,103,277
Fair Value	8,724,393	8,558,601
U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Principal	7,750,000
Unamortized Costs	(46,213)
Book Value	7,703,787	7,411,297
Fair Value	$ 7,239,781	7,092,333
U.S. Dollar Denominated Unsecured Debt \| Notes due April 23, 2024
Debt Instrument [Line Items]
Debt Instrument, Variable Interest Rate, Type	Secured Overnight Financing Rate (SOFR) [Member]
Effective Rate	5.818%
Principal	$ 0
Unamortized Costs	0
Book Value	0	699,779
Fair Value	$ 0	700,031
U.S. Dollar Denominated Unsecured Debt \| Notes due April 23, 2024 \| Variable Rate Component One
Debt Instrument [Line Items]
Interest rate spread (as percent)	0.47%
U.S. Dollar Denominated Unsecured Debt \| Notes due July 25, 2025
Debt Instrument [Line Items]
Debt Instrument, Variable Interest Rate, Type	Secured Overnight Financing Rate (SOFR) [Member]
Effective Rate	5.959%
Principal	$ 400,000
Unamortized Costs	(871)
Book Value	399,129	398,722
Fair Value	$ 401,185	400,295
U.S. Dollar Denominated Unsecured Debt \| Notes due July 25, 2025 \| Variable Rate Component One
Debt Instrument [Line Items]
Interest rate spread (as percent)	0.60%
U.S. Dollar Denominated Unsecured Debt \| Notes due February 15, 2026
Debt Instrument [Line Items]
Coupon Rate	0.875%
Effective Rate	1.03%
Principal	$ 500,000
Unamortized Costs	(1,211)
Book Value	498,789	498,419
Fair Value	$ 466,417	462,362
U.S. Dollar Denominated Unsecured Debt \| Notes due November 9, 2026
Debt Instrument [Line Items]
Coupon Rate	1.50%
Effective Rate	1.64%
Principal	$ 650,000
Unamortized Costs	(2,052)
Book Value	647,948	647,513
Fair Value	$ 598,199	597,131
U.S. Dollar Denominated Unsecured Debt \| Notes due April 16, 2027
Debt Instrument [Line Items]
Debt Instrument, Variable Interest Rate, Type	Secured Overnight Financing Rate (SOFR) [Member]
Effective Rate	6.233%
Principal	$ 700,000
Unamortized Costs	(2,977)
Book Value	697,023	0
Fair Value	$ 705,593	0
U.S. Dollar Denominated Unsecured Debt \| Notes due April 16, 2027 \| Variable Rate Component One
Debt Instrument [Line Items]
Interest rate spread (as percent)	0.70%
U.S. Dollar Denominated Unsecured Debt \| Notes due September 15, 2027
Debt Instrument [Line Items]
Coupon Rate	3.094%
Effective Rate	3.218%
Principal	$ 500,000
Unamortized Costs	(1,700)
Book Value	498,300	498,036
Fair Value	$ 471,199	476,394
U.S. Dollar Denominated Unsecured Debt \| Notes due May 1, 2028
Debt Instrument [Line Items]
Coupon Rate	1.85%
Effective Rate	1.962%
Principal	$ 650,000
Unamortized Costs	(2,583)
Book Value	647,417	647,078
Fair Value	$ 578,053	584,520
U.S. Dollar Denominated Unsecured Debt \| Notes due November 9, 2028
Debt Instrument [Line Items]
Coupon Rate	1.95%
Effective Rate	2.044%
Principal	$ 550,000
Unamortized Costs	(2,097)
Book Value	547,903	547,663
Fair Value	$ 484,423	490,758
U.S. Dollar Denominated Unsecured Debt \| Notes due January 15, 2029
Debt Instrument [Line Items]
Coupon Rate	5.125%
Effective Rate	5.26%
Principal	$ 500,000
Unamortized Costs	(2,654)
Book Value	497,346	497,053
Fair Value	$ 504,520	516,899
U.S. Dollar Denominated Unsecured Debt \| Notes due May 1, 2029
Debt Instrument [Line Items]
Coupon Rate	3.385%
Effective Rate	3.459%
Principal	$ 500,000
Unamortized Costs	(1,482)
Book Value	498,518	498,363
Fair Value	$ 466,687	477,692
U.S. Dollar Denominated Unsecured Debt \| Notes due May 1, 2031
Debt Instrument [Line Items]
Coupon Rate	2.30%
Effective Rate	2.419%
Principal	$ 650,000
Unamortized Costs	(4,669)
Book Value	645,331	644,988
Fair Value	$ 546,711	562,240
U.S. Dollar Denominated Unsecured Debt \| Notes due November 9, 2031
Debt Instrument [Line Items]
Coupon Rate	2.25%
Effective Rate	2.322%
Principal	$ 550,000
Unamortized Costs	(2,605)
Book Value	547,395	547,218
Fair Value	$ 454,510	469,845
U.S. Dollar Denominated Unsecured Debt \| Notes due August 1, 2033
Debt Instrument [Line Items]
Coupon Rate	5.10%
Effective Rate	5.207%
Principal	$ 700,000
Unamortized Costs	(5,262)
Book Value	694,738	694,448
Fair Value	$ 694,450	725,753
U.S. Dollar Denominated Unsecured Debt \| Notes due August 1, 2053
Debt Instrument [Line Items]
Coupon Rate	5.35%
Effective Rate	5.474%
Principal	$ 900,000
Unamortized Costs	(16,050)
Book Value	883,950	592,017
Fair Value	867,834	628,413
Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Principal	1,706,021
Unamortized Costs	(11,059)
Book Value	1,694,962	1,690,147
Fair Value	$ 1,482,935	1,464,535
Euro Denominated Unsecured Debt \| Notes due April 12, 2024
Debt Instrument [Line Items]
Coupon Rate	1.54%
Effective Rate	1.54%
Principal	$ 0
Unamortized Costs	0
Book Value	0	110,372
Fair Value	$ 0	109,380
Euro Denominated Unsecured Debt \| Notes due November 3, 2025
Debt Instrument [Line Items]
Coupon Rate	2.175%
Effective Rate	2.175%
Principal	$ 259,345
Unamortized Costs	0
Book Value	259,345	267,116
Fair Value	$ 253,711	261,083
Euro Denominated Unsecured Debt \| Notes due September 9, 2030
Debt Instrument [Line Items]
Coupon Rate	0.50%
Effective Rate	0.64%
Principal	$ 750,128
Unamortized Costs	(6,930)
Book Value	743,198	765,119
Fair Value	$ 621,860	638,177
Euro Denominated Unsecured Debt \| Notes due January 24, 2032
Debt Instrument [Line Items]
Coupon Rate	0.875%
Effective Rate	0.978%
Principal	$ 535,806
Unamortized Costs	(4,054)
Book Value	531,752	547,540
Fair Value	$ 440,467	455,895
Euro Denominated Unsecured Debt \| Notes due April 11, 2039
Debt Instrument [Line Items]
Coupon Rate	4.08%
Effective Rate	4.08%
Principal	$ 160,742
Unamortized Costs	(75)
Book Value	160,667	0
Fair Value	$ 166,897	0
Mortgage Debt
Debt Instrument [Line Items]
Number of real estate facilities securing debt \| real_estate_facility	2
Net book value of real estate facilities securing notes payable	$ 11,500
Coupon Rate	4.365%
Effective Rate	4.365%
Principal	$ 1,771
Unamortized Costs	0
Book Value	1,771	1,833
Fair Value	$ 1,677	$ 1,733

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details) $ in Thousands					3 Months Ended		6 Months Ended
Notes Payable (Narrative) (Details) $ in Thousands	Jun. 30, 2024 USD ($) tranche	Apr. 23, 2024 USD ($)	Apr. 16, 2024 USD ($)	Apr. 11, 2024 USD ($)	Jun. 30, 2024 USD ($) tranche	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) tranche	Jun. 30, 2023 USD ($)	Apr. 11, 2024 EUR (€)	Jul. 26, 2023 USD ($)	Sep. 09, 2021 EUR (€)	Jan. 24, 2020 EUR (€)	Nov. 03, 2015 EUR (€)
Debt Instrument [Line Items]
Total debt	$ 9,457,792				$ 9,457,792		$ 9,457,792
Foreign currency exchange gain (loss)					12,449	$ (1,096)	49,992	$ (27,956)
Interest capitalized as real estate							5,200	3,800
U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 7,750,000				$ 7,750,000		$ 7,750,000
Debt to total assets ratio	17%				17%		17%
Adjusted EBTIDA to interest expense ratio							13
U.S. Dollar Denominated Unsecured Debt \| Minimum
Debt Instrument [Line Items]
Adjusted EBTIDA to interest expense ratio							1.5
Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 1,706,021				$ 1,706,021		$ 1,706,021
Number of tranches \| tranche	4				4		4
Foreign currency exchange gain (loss)					$ 12,500	$ (1,100)	$ 50,400	$ (28,200)
Senior Notes
Debt Instrument [Line Items]
Debt issuance amount			$ 1,000,000
Notes due April 16, 2027 \| U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 700,000				700,000		700,000
Debt Instrument, Variable Interest Rate, Type	Secured Overnight Financing Rate (SOFR) [Member]
Notes due April 16, 2027 \| U.S. Dollar Denominated Unsecured Debt \| Variable Rate Component One
Debt Instrument [Line Items]
Interest rate spread (as percent)	0.70%
Notes due April 16, 2027 \| Senior Notes
Debt Instrument [Line Items]
Total debt			$ 700,000
Debt Instrument, Variable Interest Rate, Type			Secured Overnight Financing Rate (SOFR) [Member]
Notes due April 16, 2027 \| Senior Notes \| Variable Rate Component One
Debt Instrument [Line Items]
Interest rate spread (as percent)			0.70%
Notes due August 1, 2053 \| U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 900,000				$ 900,000		$ 900,000
Interest rate (as percent)	5.35%				5.35%		5.35%
Notes due August 1, 2053 \| Senior Notes
Debt Instrument [Line Items]
Total debt			$ 300,000							$ 600,000
Interest rate (as percent)			5.35%
Debt instrument issued at discount			$ 5,300
Net proceeds from conversion of currency			$ 988,500
Notes due April 23, 2024 \| U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 0				$ 0		$ 0
Debt Instrument, Variable Interest Rate, Type	Secured Overnight Financing Rate (SOFR) [Member]
Notes due April 23, 2024 \| U.S. Dollar Denominated Unsecured Debt \| Variable Rate Component One
Debt Instrument [Line Items]
Interest rate spread (as percent)	0.47%
Notes due April 23, 2024 \| Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Variable Interest Rate, Type		Secured Overnight Financing Rate (SOFR) [Member]
Repayments of outstanding amount		$ 700,000
Notes due April 23, 2024 \| Senior Notes \| Variable Rate Component One
Debt Instrument [Line Items]
Interest rate spread (as percent)		0.47%
Maximum Covenant \| U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Debt to total assets ratio	65%				65%		65%
Notes due November 3, 2025 \| Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Debt issuance amount \| €													€ 242,000,000
Total debt	$ 259,345				$ 259,345		$ 259,345
Interest rate (as percent)	2.175%				2.175%		2.175%
Notes due January 24, 2032 \| Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Debt issuance amount \| €												€ 500,000,000
Total debt	$ 535,806				$ 535,806		$ 535,806
Interest rate (as percent)	0.875%				0.875%		0.875%
Notes due September 9, 2030 \| Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Debt issuance amount \| €											€ 700,000,000
Total debt	$ 750,128				$ 750,128		$ 750,128
Interest rate (as percent)	0.50%				0.50%		0.50%
Notes due April 11, 2039 \| Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Debt issuance amount \| €									€ 150,000,000
Total debt	$ 160,742				$ 160,742		$ 160,742
Interest rate (as percent)	4.08%				4.08%		4.08%
Notes due April 11, 2039 \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as percent)									4.08%
Net proceeds from conversion of currency				$ 162,500
Notes due April 12, 2024 \| Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Debt issuance amount \| €									€ 100,000,000
Total debt	$ 0				$ 0		$ 0
Interest rate (as percent)	1.54%				1.54%		1.54%
Notes due April 12, 2024 \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as percent)									1.54%
Repayments of senior notes				$ 108,400
Mortgage Debt \| Minimum
Debt Instrument [Line Items]
Interest rate (as percent)	3.90%				3.90%		3.90%
Mortgage Debt \| Maximum
Debt Instrument [Line Items]
Interest rate (as percent)	7.10%				7.10%		7.10%

Notes Payable (Schedule of Matu

Notes Payable (Schedule of Maturities of Notes Payable) (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
Remainder of 2024	$ 62
2025	659,476
2026	1,150,138
2027	1,200,146
2028	1,200,129
Thereafter	5,247,841
Total debt	$ 9,457,792
Weighted average effective rate	3.20%
Unsecured Debt
Debt Instrument [Line Items]
Remainder of 2024	$ 0
2025	659,345
2026	1,150,000
2027	1,200,000
2028	1,200,000
Thereafter	5,246,676
Total debt	$ 9,456,021
Weighted average effective rate	3.20%
Mortgage Debt
Debt Instrument [Line Items]
Remainder of 2024	$ 62
2025	131
2026	138
2027	146
2028	129
Thereafter	1,165
Total debt	$ 1,771
Weighted average effective rate	4.40%

Noncontrolling Interests (Detai

Noncontrolling Interests (Details)	Jun. 30, 2024 shares
LTIP Units
Noncontrolling Interest [Line Items]
Partnership units conversion ratio	1
Vested LTIP units outstanding (in shares)	87,242
Trustees and Officers
Noncontrolling Interest [Line Items]
Ownership interest of noncontrolling owners	0.05%
Noncontrolling Interests
Noncontrolling Interest [Line Items]
Convertible partnership units (in shares)	499,966
Partnership units conversion ratio	1

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule of Preferred Shares) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	174,000	174,000
Liquidation Preference	$ 4,350,000	$ 4,350,000
Series F Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Jun. 02, 2022
Dividend Rate	5.15%
Preferred stock, shares outstanding (in shares)	11,200	11,200
Liquidation Preference	$ 280,000	$ 280,000
Series G Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Aug. 09, 2022
Dividend Rate	5.05%
Preferred stock, shares outstanding (in shares)	12,000	12,000
Liquidation Preference	$ 300,000	$ 300,000
Series H Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Mar. 11, 2024
Dividend Rate	5.60%
Preferred stock, shares outstanding (in shares)	11,400	11,400
Liquidation Preference	$ 285,000	$ 285,000
Series I Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Sep. 12, 2024
Dividend Rate	4.875%
Preferred stock, shares outstanding (in shares)	12,650	12,650
Liquidation Preference	$ 316,250	$ 316,250
Series J Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Nov. 15, 2024
Dividend Rate	4.70%
Preferred stock, shares outstanding (in shares)	10,350	10,350
Liquidation Preference	$ 258,750	$ 258,750
Series K Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Dec. 20, 2024
Dividend Rate	4.75%
Preferred stock, shares outstanding (in shares)	9,200	9,200
Liquidation Preference	$ 230,000	$ 230,000
Series L Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Jun. 17, 2025
Dividend Rate	4.625%
Preferred stock, shares outstanding (in shares)	22,600	22,600
Liquidation Preference	$ 565,000	$ 565,000
Series M Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Aug. 14, 2025
Dividend Rate	4.125%
Preferred stock, shares outstanding (in shares)	9,200	9,200
Liquidation Preference	$ 230,000	$ 230,000
Series N Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Oct. 06, 2025
Dividend Rate	3.875%
Preferred stock, shares outstanding (in shares)	11,300	11,300
Liquidation Preference	$ 282,500	$ 282,500
Series O Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Nov. 17, 2025
Dividend Rate	3.90%
Preferred stock, shares outstanding (in shares)	6,800	6,800
Liquidation Preference	$ 170,000	$ 170,000
Series P Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Jun. 16, 2026
Dividend Rate	4%
Preferred stock, shares outstanding (in shares)	24,150	24,150
Liquidation Preference	$ 603,750	$ 603,750
Series Q Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Aug. 17, 2026
Dividend Rate	3.95%
Preferred stock, shares outstanding (in shares)	5,750	5,750
Liquidation Preference	$ 143,750	$ 143,750
Series R Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Nov. 19, 2026
Dividend Rate	4%
Preferred stock, shares outstanding (in shares)	17,400	17,400
Liquidation Preference	$ 435,000	$ 435,000
Series S Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Jan. 13, 2027
Dividend Rate	4.10%
Preferred stock, shares outstanding (in shares)	10,000	10,000
Liquidation Preference	$ 250,000	$ 250,000

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details)	3 Months Ended		6 Months Ended
Shareholders' Equity (Narrative) (Details)	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2024 USD ($) dividend board_member $ / shares shares	Jun. 30, 2023 USD ($) $ / shares
Stockholders' Equity Note [Abstract]
Number of quarterly dividends in arrearage before preferred shareholders can elect additional board members \| dividend			6
Number of additional board members the preferred shareholders can elect in the case of an excess arrearage of quarterly dividends \| board_member			2
Amount of preferred dividends in arrears			$ 0
Affirmative vote of outstanding shares of a series of Preferred Shares required for any material and adverse amendment to the terms of series, percent			66.67%
Affirmative vote of outstanding shares of all Preferred Shares, voting as a single class, required to issue shares ranking senior to Preferred Shares, percent			66.67%
Redemption price per share (in USD per share) \| $ / shares	$ 25		$ 25
Number of shares authorized for repurchase (in shares) \| shares	35,000,000		35,000,000
Shares repurchased (in shares) \| shares	726,865		726,865
Repurchase of common shares	$ 200,000,000		$ 200,000,000
Share repurchase program, remaining authorized, number of shares (in shares) \| shares	10,551,219		10,551,219
Common stock dividends paid in aggregate	$ 525,900,000	$ 527,600,000	$ 1,050,000,000	$ 1,060,000,000
Distributions to common shareholders and restricted share unitholders (in USD per share) \| $ / shares	$ 3	$ 3	$ 6	$ 6
Dividends and distributions accrued	$ 300,000	$ 200,000	$ 500,000	$ 400,000
Preferred share dividends	$ 48,700,000	$ 48,700,000	$ 97,400,000	$ 97,400,000

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	6 Months Ended
Related Party Transactions (Details) $ in Millions	Jun. 30, 2024 USD ($) adult_children storage_facility	Jun. 30, 2023 USD ($)
Related Party Transaction [Line Items]
Tenants reinsurance premiums earned by subsidiaries \| $	$ 1.1	$ 1.1
Hughes Owned Canadian Facilities \| Canada \| Related Party
Related Party Transaction [Line Items]
Number of self-storage facilities \| storage_facility	66
Number of Ms. Gustavson's adult children owning remaining equity in LLC \| adult_children	2
Ownership interest by parent	0%
Tamara Hughes Gustavson \| Hughes Owned Canadian Facilities \| Canada \| Related Party
Related Party Transaction [Line Items]
Ownership interest of noncontrolling owners (less than)	0.10%

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
RSUs substituted by LTIP Units (in shares)			156,632
Stock options substituted by AO LTIP Units (in shares)			2,238,874
Share-based compensation cost capitalized	$ 1.2	$ 0.6	$ 1.8	$ 1.3
Unrecognized compensation cost	$ 81.4		$ 81.4
Compensation recognition period (in years)			3 years

Share-Based Compensation (Sched

Share-Based Compensation (Schedule of Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-based compensation cost capitalized	$ 1,200	$ 600	$ 1,800	$ 1,300
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	10,827	11,949	21,174	21,794
Self-storage cost of operations
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	3,065	3,428	6,310	7,352
Ancillary cost of operations
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	250	323	626	640
Real estate acquisition and development expense
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	740	258	1,428	582
General and administrative
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	$ 6,772	$ 7,940	$ 12,810	$ 13,220

Share-Based Compensation (Restr

Share-Based Compensation (Restricted Share Units and LTIP Units) (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 10,827	$ 11,949	$ 21,174	$ 21,794
Restricted Share Units and LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 8,100	$ 7,700	$ 16,000	$ 14,900
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Partnership units conversion ratio	1		1
PSA OP Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Partnership units conversion ratio	1		1
Minimum \| Restricted Share Units and LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			5 years
Maximum \| Restricted Share Units and LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			8 years

Share-Based Compensation (Res_2

Share-Based Compensation (Restricted Share Units and LTIP Units Activity) (Details)	6 Months Ended
	Jun. 30, 2024 shares
Number of Restricted Share Units
Shares issued from vesting (in shares)	18,813
Restricted Share Units and LTIP Units
Number of Restricted Share Units
Unvested awards outstanding, beginning balance (in shares)	416,661
Granted (in shares)	42,790
Vested (in shares)	(66,994)
Forfeited (in shares)	(9,477)
Unvested awards outstanding, ending balance (in shares)	382,980
Service-Based
Number of Restricted Share Units
Unvested awards outstanding, beginning balance (in shares)	322,648
Granted (in shares)	4,470
Vested (in shares)	(57,744)
Forfeited (in shares)	(9,477)
Unvested awards outstanding, ending balance (in shares)	259,897
Performance-Based
Number of Restricted Share Units
Unvested awards outstanding, beginning balance (in shares)	94,013
Granted (in shares)	38,320
Vested (in shares)	(9,250)
Forfeited (in shares)	0
Unvested awards outstanding, ending balance (in shares)	123,083
Performance-Based LTIP Units
Number of Restricted Share Units
Granted (in shares)	34,550
Award performance period (in years)	3 years
Performance-Based LTIP Units \| Minimum
Number of Restricted Share Units
Number of units, grantees earnings (in shares)	0
Performance-Based LTIP Units \| Maximum
Number of Restricted Share Units
Number of units, grantees earnings (in shares)	69,100
Performance-Based RSUs
Number of Restricted Share Units
Granted (in shares)	3,770

Share-Based Compensation (Stock

Share-Based Compensation (Stock Options and AO LTIP Units) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 10,827	$ 11,949	$ 21,174	$ 21,794
Stock Options and AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)			10 years
Share-based compensation expense	$ 3,700	$ 4,600	$ 6,600	$ 7,800
Minimum \| Stock Options and AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			1 year
Maximum \| Stock Options and AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			5 years

Share-Based Compensation (Sto_2

Share-Based Compensation (Stock Options and AO LTIP Units Activity) (Details) - shares	6 Months Ended
	Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Employee stock-based compensation and exercise of stock options (in shares)	47,110
Stock Options and AO LTIP Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Number of options outstanding, beginning balance (in shares)	3,051,221
Granted (in shares)	163,995
Exercised (in shares)	(160,711)
Cancelled (in shares)	(10,110)
Number of options outstanding, ending balance (in shares)	3,044,395
Number of options exercisable (in shares)	2,321,981
Service-Based
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Number of options outstanding, beginning balance (in shares)	1,629,742
Granted (in shares)	100,278
Exercised (in shares)	(128,374)
Cancelled (in shares)	(10,110)
Number of options outstanding, ending balance (in shares)	1,591,536
Number of options exercisable (in shares)	1,440,708
Performance-Based
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Number of options outstanding, beginning balance (in shares)	1,421,479
Granted (in shares)	63,717
Exercised (in shares)	(32,337)
Cancelled (in shares)	0
Number of options outstanding, ending balance (in shares)	1,452,859
Number of options exercisable (in shares)	881,273
Service-Based AO LTIP Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Stock options granted (in shares)	96,678
Service-Based Options
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Stock options granted (in shares)	3,600
Performance-Based AO LTIP Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Stock options granted (in shares)	63,717
Award performance period (in years)	3 years
Performance-Based AO LTIP Units \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Number of units, grantees earnings (in shares)	0
Performance-Based AO LTIP Units \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Number of units, grantees earnings (in shares)	127,434
LTIP Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Conversion of partnership units (in shares)	47,999
AO LTIP Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Conversion of partnership units (in shares)	113,601

Share-Based Compensation (Trust

Share-Based Compensation (Trustee Deferral Program) (Narrative) (Details) - shares	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Deferred Stock Units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,054
Granted DSUs (in shares)	871
Restricted share units outstanding (in shares)	10,952	10,769
Unrestricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	231

Net Income per Common Share (De

Net Income per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	433,226	321,070	433,226	321,070
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders	$ 468,366	$ 528,259	$ 927,575	$ 995,847
Denominator for basic net income per share - weighted average common shares outstanding (in shares)	175,469,000	175,484,000	175,585,000	175,428,000
Net effect of dilutive stock options and AO LTIP units - based on treasury stock method (in shares)	540,000	728,000	595,000	753,000
Denominator for dilutive net income per share - weighted average common shares outstanding (in shares)	176,009,000	176,212,000	176,180,000	176,181,000
Basic (in USD per share)	$ 2.67	$ 3.01	$ 5.28	$ 5.68
Diluted (in USD per share)	$ 2.66	$ 3	$ 5.26	$ 5.65

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 1,173,211	$ 1,119,770	$ 2,330,431	$ 2,214,002
Depreciation and amortization	(283,342)	(222,133)	(568,545)	(443,783)
Real estate acquisition and development expense	(2,907)	(3,147)	(6,624)	(8,628)
General and administrative	(26,580)	(19,769)	(47,916)	(36,727)
Interest and other income	18,253	18,452	32,219	37,086
Interest expense	(73,236)	(38,079)	(141,014)	(74,180)
Equity in earnings of unconsolidated real estate entity	6,480	9,565	12,570	15,560
Foreign currency exchange gain (loss)	12,449	(1,096)	49,992	(27,956)
Gain on sale of real estate	0	0	874	0
Income tax expense	(2,075)	(2,518)	(3,554)	(5,623)
Net income	521,209	581,165	1,032,906	1,101,580
Operating Segments
Segment Reporting Information [Line Items]
Net income	588,825	617,757	1,136,359	1,202,048
Segment Reconciling Items
Segment Reporting Information [Line Items]
Real estate acquisition and development expense	(2,907)	(3,147)	(6,624)	(8,628)
General and administrative	(26,580)	(19,769)	(47,916)	(36,727)
Interest and other income	18,253	18,452	32,219	37,086
Interest expense	(73,236)	(38,079)	(141,014)	(74,180)
Equity in earnings of unconsolidated real estate entity	6,480	9,565	12,570	15,560
Foreign currency exchange gain (loss)	12,449	(1,096)	49,992	(27,956)
Gain on sale of real estate	0	0	874	0
Income tax expense	(2,075)	(2,518)	(3,554)	(5,623)
Self-Storage Operations Reportable Segment \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	1,099,736	1,056,120	2,185,781	2,088,304
Cost of operations	(273,501)	(257,678)	(570,915)	(526,293)
Net operating income	826,235	798,442	1,614,866	1,562,011
Depreciation and amortization	(283,342)	(222,133)	(568,545)	(443,783)
Net income	542,893	576,309	1,046,321	1,118,228
Ancillary Operations \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	73,475	63,650	144,650	125,698
Net operating income	45,932	41,448	90,038	83,820
Cost of operations	$ (27,543)	$ (22,202)	$ (54,612)	$ (41,878)

Commitments and Contingencies (

Commitments and Contingencies (Details) certificate in Millions	Jun. 30, 2024 USD ($) certificate
Commitments and Contingencies Disclosure [Abstract]
Deductible for general liability	$ 2,000,000
Deductible for property loss	25,000,000
Reduced deductible for property loss	5,000,000
Aggregate loss threshold for reduced deductible for property loss	35,000,000
Minimum loss per occurrence to reach aggregate loss threshold for reduced deductible for property loss	5,000,000
Aggregate limit for property loss coverage	75,000,000
Aggregate limit for general liability coverage	102,000,000
Tenant insurance program against claims, maximum amount	5,000
Third-party insurance coverage for claims paid exceeding amount for individual event	15,000,000
Third-party limit for insurance coverage claims paid for individual event	$ 5,000,000
Number of tenant certificate holders participating in insurance program, approximate \| certificate	1.4
Aggregate coverage of tenants participating in insurance program	$ 6,800,000,000
Construction commitments	158,000,000
Construction commitments remainder of 2024	79,900,000
Construction commitments 2025	75,900,000
Construction commitments 2026	2,200,000
Various lease commitments	63,400,000
Various lease commitments remainder of 2024	1,900,000
Various lease commitments 2025	4,100,000
Various lease commitments 2026	4,000,000
Various lease commitments 2027	2,600,000
Various lease commitments 2028	2,500,000
Various lease commitments thereafter	$ 48,300,000

Subsequent Events (Details)

Subsequent Events (Details) - Acquisition of Self-Storage Facilities Other Investments ft² in Millions, $ in Millions	1 Months Ended	6 Months Ended
	Jul. 30, 2024 USD ($) storage_facility ft² state	Jun. 30, 2024 USD ($) ft²
Subsequent Event [Line Items]
Net rentable area acquired (in Sq.ft) \| ft²		0.1
Total cost of acquisition \| $		$ 22
Subsequent Event
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired \| storage_facility	3
Number of states self-storage facilities acquired or under contracts to be acquired \| state	3
Net rentable area acquired (in Sq.ft) \| ft²	0.2
Total cost of acquisition \| $	$ 24.2