0001628280-22-013050 | 10-Q | XBRL Viewer

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Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2022	May 02, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-32269
Entity Registrant Name	EXTRA SPACE STORAGE INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1076777
Entity Address, Address Line One	2795 East Cottonwood Parkway, Suite 300
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84121
City Area Code	801
Local Phone Number	365-4600
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	EXR
Security Exchange Name	NYSE
Entity 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		134,279,862
Amendment Flag	false
Entity Central Index Key	0001289490
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Real estate assets, net	$ 8,940,724	$ 8,834,649
Real estate assets - operating lease right-of-use assets	236,961	227,949
Investments in unconsolidated real estate entities	475,291	457,326
Investments in debt securities and notes receivable	694,107	719,187
Cash and cash equivalents	65,978	71,126
Restricted cash	6,688	5,068
Other assets, net	172,001	159,172
Total assets	10,591,750	10,474,477
Liabilities, Noncontrolling Interests and Equity:
Notes payable, net	1,293,563	1,320,755
Unsecured term loans, net	1,742,459	1,741,926
Unsecured senior notes, net	2,756,644	2,360,066
Revolving lines of credit	220,000	535,000
Operating lease liabilities	242,842	233,356
Cash distributions in unconsolidated real estate ventures	64,506	63,582
Accounts payable and accrued expenses	136,856	142,285
Other liabilities	256,716	291,531
Total liabilities	6,713,586	6,688,501
Commitments and contingencies
Extra Space Storage Inc. stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized, 134,251,076 and 133,922,305 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	1,343	1,339
Additional paid-in capital	3,329,608	3,285,948
Accumulated other comprehensive income (loss)	6,457	(42,546)
Accumulated deficit	(127,193)	(128,245)
Total Extra Space Storage Inc. stockholders' equity	3,210,215	3,116,496
Noncontrolling interest represented by Preferred Operating Partnership units, net	256,051	259,110
Noncontrolling interests in Operating Partnership, net and other noncontrolling interests	411,898	410,370
Total noncontrolling interests and equity	3,878,164	3,785,976
Total liabilities, noncontrolling interests and equity	$ 10,591,750	$ 10,474,477

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	134,251,076	133,922,305
Common stock, outstanding (in shares)	134,251,076	133,922,305

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Property rental	$ 379,808	$ 303,593
Tenant reinsurance	43,797	39,619
Management fees and other income	19,957	15,645
Total revenues	443,562	358,857
Expenses:
Property operations	103,542	92,367
Tenant reinsurance	7,042	7,161
General and administrative	29,762	23,540
Depreciation and amortization	67,906	58,599
Total expenses	208,252	181,667
Gain on real estate transactions	0	63,883
Income from operations	235,310	241,073
Interest expense	(42,538)	(40,695)
Interest income	18,989	12,304
Income before equity in earnings and dividend income from unconsolidated real estate ventures and income tax expense	211,761	212,682
Equity in earnings and dividend income from unconsolidated real estate entities	9,097	6,956
Income tax expense	(3,141)	(4,137)
Net income	217,717	215,501
Net income allocated to Preferred Operating Partnership noncontrolling interests	(4,333)	(3,680)
Net income allocated to Operating Partnership and other noncontrolling interests	(9,805)	(8,823)
Net income attributable to common stockholders	$ 203,579	$ 202,998
Earnings per common share
Basic (in dollars per share)	$ 1.52	$ 1.54
Diluted (in dollars per share)	$ 1.51	$ 1.53
Weighted average number of shares
Basic (in shares)	134,180,175	132,007,556
Diluted (in shares)	141,581,862	139,676,548
Cash dividends paid per common share (in dollars per share)	$ 1.50	$ 1.00

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 217,717	$ 215,501
Other comprehensive income:
Change in fair value of interest rate swaps	51,649	23,013
Total comprehensive income	269,366	238,514
Less: comprehensive income attributable to noncontrolling interests	16,784	13,603
Comprehensive income attributable to common stockholders	$ 252,582	$ 224,911

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Condensed Consolidated Statement of Noncontrolling Interests and Equity - USD ($) $ in Thousands	Total	Redemption of Operating Partnership units for stock	Redemption of Operating Partnership units for cash	Redemption of Operating Partnership units for cash Series B Units	Noncontrolling Interest - Preferred Operating Partnership	Noncontrolling Interest - Preferred Operating Partnership Redemption of Operating Partnership units for cash Series B Units	Noncontrolling Interest - Operating Partnership	Noncontrolling Interest - Operating Partnership Redemption of Operating Partnership units for stock	Noncontrolling Interest - Operating Partnership Redemption of Operating Partnership units for cash	Noncontrolling Interest - Other	Common Stock	Common Stock Redemption of Operating Partnership units for stock	Additional Paid-in Capital	Additional Paid-in Capital Redemption of Operating Partnership units for stock	Additional Paid-in Capital Redemption of Operating Partnership units for cash	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance, beginning of period at Dec. 31, 2020	$ 2,936,124				$ 172,052		$ 215,892			$ 401	$ 1,314		$ 3,000,458			$ (99,093)	$ (354,900)
Balance, beginning of period (in shares) at Dec. 31, 2020											131,357,961
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon the exercise of options (in shares)											56,722
Issuance of common stock upon the exercise of options	4,254												4,254
Issuance of common stock in connection with share based compensation (in shares)											89,793
Issuance of common stock in connection with share based compensation	3,652												3,652
Restricted stock grants cancelled (in shares)											(2,499)
Issuance of common stock, net of offering costs	273,720										$ 22		273,698
Issuance of common stock, net of offering costs (in shares)											2,185,685
Redemption of Operating Partnership units		$ 0						$ (193)						$ 193
Redemption of Operating Partnership units (in shares)												5,000
Noncontrolling interest in consolidated joint venture	(50)									(50)
Net income (loss)	215,501				3,680		8,828			(5)							202,998
Other comprehensive income	23,013				144		956									21,913
Distributions to Operating Partnership units held by noncontrolling interests	(9,025)				(3,224)		(5,801)
Dividends paid on common stock	(132,540)																(132,540)
Balance, end of period at Mar. 31, 2021	3,314,649				172,652		219,682			346	$ 1,336		3,282,255			(77,180)	(284,442)
Balance, end of period (in shares) at Mar. 31, 2021											133,692,662
Balance, beginning of period at Dec. 31, 2021	$ 3,785,976				259,110		410,053			317	$ 1,339		3,285,948			(42,546)	(128,245)
Balance, beginning of period (in shares) at Dec. 31, 2021	133,922,305										133,922,305
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with share based compensation (in shares)											142,784
Issuance of common stock in connection with share based compensation	$ 4,542												4,542
Restricted stock grants cancelled (in shares)											(779)
Redemption of Operating Partnership units			$ (2,672)	$ (3,375)		$ (3,375)			$ (829)						$ (1,843)
Issuance of common stock in conjunction with acquisitions	40,965										$ 4		40,961
Issuance of common stock in conjunction with acquisitions (in shares)											186,766
Net income (loss)	217,717				4,333		9,805										203,579
Other comprehensive income	51,649				313		2,333									49,003
Distributions to Operating Partnership units held by noncontrolling interests	(14,111)				(4,330)		(9,781)
Dividends paid on common stock	(202,527)																(202,527)
Balance, end of period at Mar. 31, 2022	$ 3,878,164				$ 256,051		$ 411,581			$ 317	$ 1,343		$ 3,329,608			$ 6,457	$ (127,193)
Balance, end of period (in shares) at Mar. 31, 2022	134,251,076										134,251,076

Condensed Consolidated Statement of Noncontrolling Interests and Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends paid on common stock (in dollars per share)	$ 1.50	$ 1.00

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 217,717	$ 215,501
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	67,906	58,599
Amortization of deferred financing costs	1,984	2,286
Non-cash lease expense	474	487
Compensation expense related to stock-based awards	4,542	3,652
Accrual of interest income added to principal of debt securities and notes receivable	(9,951)	(8,533)
Gain on real estate transactions	0	(63,883)
Distributions from unconsolidated real estate ventures in excess of earnings	2,795	1,863
Changes in operating assets and liabilities:
Other assets	(6,209)	(2,737)
Accounts payable and accrued expenses	(7,665)	(2,691)
Other liabilities	15,872	(664)
Net cash provided by operating activities	287,465	203,880
Cash flows from investing activities:
Acquisition of real estate assets	(195,805)	(161,752)
Development and redevelopment of real estate assets	(14,716)	(14,086)
Proceeds from sale of real estate assets and investments in real estate ventures	0	132,733
Investment in unconsolidated real estate entities	(4,321)	(250)
Return of investment in unconsolidated real estate ventures	342	31,169
Issuance and purchase of notes receivable	(134,408)	(25,772)
Principal payments received from notes receivable	195,803	0
Proceeds from sale of notes receivable	39,718	81,250
Purchase of equipment and fixtures	(7,985)	(697)
Net cash provided by (used in) investing activities	(121,372)	42,595
Cash flows from financing activities:
Proceeds from the sale of common stock, net of offering costs	0	273,720
Proceeds from notes payable and revolving lines of credit	889,829	1,747,000
Principal payments on notes payable and revolving lines of credit	(1,230,924)	(2,193,409)
Proceeds from issuance of public bonds, net	400,000	0
Deferred financing costs	(5,842)	(1,689)
Net proceeds from exercise of stock options	0	4,254
Redemption of Operating Partnership units held by noncontrolling interests	(2,672)	0
Redemption of Preferred B Units for cash	(3,375)	0
Contributions from noncontrolling interests	0	0
Dividends paid on common stock	(202,527)	(132,540)
Distributions to noncontrolling interests	(14,110)	(9,025)
Net cash used in financing activities	(169,621)	(311,689)
Net decrease in cash, cash equivalents, and restricted cash	(3,528)	(65,214)
Cash, cash equivalents, and restricted cash, beginning of the period	76,194	128,009
Cash, cash equivalents, and restricted cash, end of the period	72,666	62,795
Supplemental schedule of cash flow information
Interest paid	43,197	44,887
Income taxes paid	703	1,047
Redemption of Operating Partnership units held by noncontrolling interests for common stock
Noncontrolling interests in Operating Partnership	0	(4,005)
Common stock and paid-in capital	0	4,005
Acquisition and establishment of operating lease right of use assets and lease liabilities
Real estate assets - operating lease right-of-use assets	1,440	2,369
Operating lease liabilities	(1,440)	(2,369)
Acquisitions of real estate assets
Real estate assets, net	40,492	41,491
Value of Operating Partnership and Preferred Operating Partnership units issued	(40,965)	0
Investment in unconsolidated real estate ventures	747	0
Net liabilities assumed	(274)	0
Finance lease liability	0	(41,491)
Accrued construction costs and capital expenditures
Acquisition of real estate assets	2,236	1,723
Accounts payable and accrued expenses	(2,236)	(1,723)
Redemption of Preferred Operating Partnership units for common stock
Preferred Operating Partnership units	0	(2,724)
Additional paid-in capital	0	2,724
Establishment of finance lease assets and lease liabilities
Real estate assets, net	0	40,993
Other liabilities	0	(40,993)
Investment in unconsolidated real estate ventures received on sale of stores to joint venture
Investment in unconsolidated real estate ventures	0	33,878
Real estate assets	$ 0	$ (33,878)

Organization	3 Months Ended
Organization	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION Extra Space Storage Inc. (the “Company”) is a fully integrated, self-administered and self-managed real estate investment trust (“REIT”), formed as a Maryland corporation on April 30, 2004, to own, operate, manage, acquire, develop and redevelop self-storage properties ("stores") located throughout the United States. The Company was formed to continue the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since 1977. The Company’s interest in its stores is held through its operating partnership, Extra Space Storage LP (the “Operating Partnership”), which was formed on May 5, 2004. The Company’s primary assets are general partner and limited partner interests in the Operating Partnership. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT. The Company invests in stores by acquiring wholly-owned stores or by acquiring an equity interest in real estate entities. At March 31, 2022, the Company had direct and indirect equity interests in 1,283 stores. In addition, the Company managed 847 stores for third parties, bringing the total number of stores which it owns and/or manages to 2,130. These stores are located in 41 states and Washington, D.C. The Company also offers tenant reinsurance at its owned and managed stores that insures the value of goods in the storage units.

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of the Company are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of results that may be expected for the year ending December 31, 2022. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the Company’s audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission. Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" (“ASU 2020-04”). ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions that reference LIBOR or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 is effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2024. The Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. The Company also elected to apply additional expedients related to contract modifications, changes in critical terms, and updates to the designated hedged risks as qualifying changes are made to applicable debt and derivative contracts. Application of these expedients preserves the presentation of derivatives and debt contracts consistent with past presentation. In January 2021, the FASB issued ASU 2021-01, "Reference Rate Reform (Topic 848): Scope", which refines the scope of Topic 848 and clarifies some of its guidance. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Fair Value Disclosures

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Disclosures

FAIR VALUE DISCLOSURES

Derivative Financial Instruments

Currently, the Company uses interest rate swaps to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate forward curves.

The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. In conjunction with the FASB’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of March 31, 2022, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy.

The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2022, aggregated by the level in the fair value hierarchy within which those measurements fall.


	Fair Value Measurements at Reporting Date Using
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Other assets - Cash flow hedge swap agreements	$	—	$	13,981	$	—
Other liabilities - Cash flow hedge swap agreements	$	—	$	2,189	$	—

The Company did not have any significant assets or liabilities that are re-measured on a recurring basis using significant unobservable inputs as of March 31, 2022 or December 31, 2021.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Long-lived assets held for use are evaluated for impairment when events or circumstances indicate there may be impairment. The Company reviews each store at least annually to determine if any such events or circumstances have occurred or exist. The Company focuses on stores where occupancy and/or rental income have decreased by a significant amount. For these stores, the Company determines whether the decrease is temporary or permanent, and whether the store will likely recover the lost occupancy and/or revenue in the short term. In addition, the Company reviews stores in the lease-up stage and compares actual operating results to original projections.

When the Company determines that an event that may indicate impairment has occurred, the Company compares the carrying value of the related long-lived assets to the undiscounted future net operating cash flows attributable to the assets. An impairment loss is recorded if the net carrying value of the assets exceeds the undiscounted future net operating cash flows attributable to the assets. The impairment loss recognized equals the excess of net carrying value over the related fair value of the assets.

When real estate assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the fair value of the assets, net of selling costs. If the estimated fair value, net of selling costs, of the assets that have been identified as held for sale is less than the net carrying value of the assets, the Company would recognize an impairment loss on the assets held for sale. The operations of assets held for sale or sold during the period is presented as part of normal operations for all periods presented. As of March 31, 2022, the Company had two operating stores classified as held for sale which are included in real estate assets, net.

The Company assesses annually whether there are any indicators that the value of the Company’s investments in unconsolidated real estate ventures may be impaired annually and when events or circumstances indicate that there may be impairment. An investment is impaired if management’s estimate of the fair value of the investment is less than its carrying value. To the extent impairment has occurred, and is considered to be other than temporary, the loss is measured as the excess of the carrying amount of the investment over the fair value of the investment.

In connection with the Company’s acquisition of stores, the purchase price is allocated to the tangible and intangible assets and liabilities acquired based on their relative fair values, which are estimated using significant unobservable inputs. The value of the tangible assets, consisting of land and buildings, is determined as if vacant. Intangible assets, which represent the value of existing tenant relationships, are recorded at their fair values based on the avoided cost to replace the current leases. The Company measures the value of tenant relationships based on the rent lost due to the amount of time required to replace existing customers, which is based on the Company’s historical experience with turnover in its stores. Any debt assumed as part of an acquisition is recorded at fair value based on current interest rates compared to contractual rates. Acquisition-related transaction costs are capitalized as part of the purchase price.

Fair Value of Financial Instruments

The carrying values of cash and cash equivalents, restricted cash, receivables, other financial instruments included in other assets, accounts payable and accrued expenses, variable-rate notes payable, lines of credit and other liabilities reflected in the condensed consolidated balance sheets at March 31, 2022 and December 31, 2021 approximate fair value. Restricted cash is comprised of funds deposited with financial institutions located throughout the United States primarily relating to earnest money deposits on potential acquisitions.

The fair values of the Company’s notes receivable from Preferred and Common Operating Partnership unit holders and other fixed rate notes receivable were based on the discounted estimated future cash flows of the notes (categorized within Level 3 of the fair value hierarchy); the discount rate used approximated the current market rate for loans with similar maturities and credit quality. The fair values of the Company’s fixed-rate notes payable were estimated using the discounted estimated future cash payments to be made on such debt (categorized within Level 3 of the fair value hierarchy); the discount rates used approximated current market rates for loans, or groups of loans, with similar maturities and credit quality.

The fair values of the Company’s fixed-rate assets and liabilities were as follows for the periods indicated:


	March 31, 2022				December 31, 2021
	Fair Value		Carrying Value		Fair Value		Carrying Value
Notes receivable from Preferred and Common Operating Partnership unit holders	$	98,054	$	101,900	$	101,824	$	101,900
Fixed rate notes receivable	$	1,248	$	1,251	$	105,954	$	104,251
Fixed rate debt	$	4,780,095	$	4,860,356	$	4,643,072	$	4,506,435

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Real Estate Assets

3 Months Ended

Mar. 31, 2022

Real Estate [Abstract]

Real Estate Assets

REAL ESTATE ASSETS

The components of real estate assets are summarized as follows:


	March 31, 2022		December 31, 2021
Land	$	2,186,751	$	2,151,319
Buildings, improvements and other intangibles	8,347,651		8,227,094
Right of use asset - finance lease	114,668		117,718
Intangible assets - tenant relationships	135,535		134,577
Intangible lease rights	12,443		12,443
	10,797,048		10,643,151
Less: accumulated depreciation and amortization	(1,929,716)		(1,867,750)
Net operating real estate assets	8,867,332		8,775,401
Real estate under development/redevelopment	73,392		59,248
Real estate assets, net	$	8,940,724	$	8,834,649
Real estate assets held for sale included in real estate assets, net	$	23,742	$	8,436

As of March 31, 2022, the Company had two stores classified as held for sale. The estimated fair value less selling costs of these assets is greater than the carrying value of the assets, and therefore no loss has been recorded related to these assets. Assets held for sale are included in the self-storage operations segment of the Company’s segment information.

Earnings Per Common Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Common Share

EARNINGS PER COMMON SHARE

Basic earnings per common share is computed using the two-class method by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. All outstanding unvested restricted stock awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common stockholders; accordingly, they are considered participating securities that are included in the two-class method. Diluted earnings per common share measures the performance of the Company over the reporting period while giving effect to all potential common shares that were dilutive and outstanding during the period. The denominator includes the weighted average number of basic shares and the number of additional common shares that would have been outstanding if the potential common shares that were dilutive had been issued, and is calculated using either the two-class, treasury stock or as if-converted method, whichever is most dilutive. Potential common shares are securities (such as options, convertible debt, Series A Participating Redeemable Preferred Units (“Series A Units”), Series B Redeemable Preferred Units (“Series B Units”), Series D Redeemable Preferred Units (“Series D Units” and, together with the Series A Units and Series B Units, the “Preferred OP Units”) and common Operating Partnership units (“OP Units”)) that do not have a current right to participate in earnings of the Company but could do so in the future by virtue of their option, redemption or conversion right.

In computing the dilutive effect of convertible securities, net income is adjusted to add back any changes in earnings in the period associated with the convertible security. The numerator also is adjusted for the effects of any other non-discretionary changes in income or loss that would result from the assumed conversion of those potential common shares. In computing diluted earnings per common share, only potential common shares that are dilutive (i.e. those that reduce earnings per common share) are included. For the three months ended March 31, 2022 and 2021, there were no anti-dilutive options.

For the purposes of computing the diluted impact of the potential exchange of the Preferred Operating Partnership units for common shares upon redemption, where the Company has the option to redeem in cash or shares and where the Company has stated the intent and ability to settle the redemption in shares, the Company divided the total value of the Preferred Operating Partnership units by the average share price for the period presented. The average share price for the three months ended March 31, 2022 and 2021 was $198.83 and $121.07, respectively.

The following table presents the number of Preferred Operating Partnership units, and the potential common shares, that were excluded from the computation of earnings per share as their effect would have been anti-dilutive.


	For the Three Months Ended March 31,
	2022	2021
	Equivalent Shares (if converted)	Equivalent Shares (if converted)


Series B Units	182,974	337,839
Series D Units	1,033,222	—
	1,216,196	337,839

For the purposes of computing the diluted impact on earnings per share of the potential exchange of Series A Units for common shares upon redemption, where the Company has the option to redeem in cash or shares and where the Company has stated the positive intent and ability to settle at least $101,700 of the instrument in cash (or net settle a portion of the Series A Units against the related outstanding note receivable), only the amount of the instrument in excess of $101,700 is considered in the calculation of shares contingently issuable for the purposes of computing diluted earnings per share as allowed by ASC 260-10-45-46. Accordingly, the number of shares included in the computation for diluted earnings per share related to the Series A Units is equal to the number of Series A Units outstanding, with no additional shares included related to the fixed $101,700 amount.

The computation of earnings per common share is as follows for the periods presented:


	For the Three Months Ended March 31,
	2022		2021
Net income attributable to common stockholders	$	203,579	$	202,998
Earnings and dividends allocated to participating securities	(286)		(312)
Earnings for basic computations	203,293		202,686

Income allocated to noncontrolling interest - Preferred Operating Partnership Units and Operating Partnership Units	11,693		11,894
Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units)	(572)		(572)
Net income for diluted computations	$	214,414	$	214,008

Weighted average common shares outstanding:
Average number of common shares outstanding - basic	134,180,175		132,007,556
OP Units	6,520,781		5,800,729
Series A Units	875,480		875,480

Series D Units	—		969,374

Shares related to dilutive stock options	5,426		23,409
Average number of common shares outstanding - diluted	141,581,862		139,676,548
Earnings per common share
Basic	$	1.52	$	1.54
Diluted	$	1.51	$	1.53

Store Acquisitions

3 Months Ended

Mar. 31, 2022

Real Estate [Abstract]

Store Acquisitions

STORE ACQUISITIONS

Store Acquisitions

The following table shows the Company’s acquisitions of stores for the three months ended March 31, 2022 and 2021. The table excludes purchases of raw land and improvements made to existing assets. All acquisitions are considered asset acquisitions under ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business."


		Consideration Paid						Total
Quarter	Number of Stores	Cash Paid		Investments in Real Estate Ventures		Net Liabilities/ (Assets) Assumed		Value of OP Units Issued		Real estate assets



Q1 2022	14	$	185,910	$	747	$	274	$	40,965	$	227,896





Q1 2021	9	148,940		—		2,944		—		151,884

Investments in Unconsolidated Real Estate Entities

3 Months Ended

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Real Estate Entities

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

Investments in unconsolidated real estate entities and cash distributions in unconsolidated real estate ventures represent the Company's interest in preferred stock of SmartStop Self Storage REIT, Inc. ("SmartStop") and the Company's noncontrolling interest in real estate joint ventures that own stores. The Company accounts for its investment in SmartStop preferred stock, which does not have a readily determinable fair value, at the transaction price less impairment, if any. The Company accounts for its investments in joint ventures using the equity method of accounting. The Company initially records these investments at cost and subsequently adjusts for cash contributions, distributions and net equity in income or loss, which is allocated in accordance with the provisions of the applicable partnership or joint venture agreement.

In these joint ventures, the Company and the joint venture partner generally receive a preferred return on their invested capital. To the extent that cash or profits in excess of these preferred returns are generated through operations or capital transactions, the Company would receive a higher percentage of the excess cash or profits than its equity interest.

The Company separately reports investments with net equity less than zero in cash distributions in unconsolidated real estate ventures in the condensed consolidated balance sheets. The net equity of certain joint ventures is less than zero because distributions have exceeded the Company's investment in and share of income from these joint ventures. This is generally the result of financing distributions, capital events or operating distributions that are usually greater than net income, as net income includes non-cash charges for depreciation and amortization while distributions do not.

Net investments in unconsolidated real estate ventures and cash distributions in unconsolidated real estate ventures consist of the following:


	Number of Stores	Equity Ownership %	Excess Profit % (1)	March 31,		December 31,
				2022		2021
PRISA Self Storage LLC	85	4%	4%	$	8,746	$	8,792
Storage Portfolio II JV LLC	36	10%	30%	(6,336)		(6,116)
Storage Portfolio IV JV LLC	29	10%	30%	44,156		40,174
Storage Portfolio I LLC	24	34%	49%	(40,447)		(40,168)
PR II EXR JV LLC	18	25%	25%	70,131		70,403
ESS-CA TIVS JV LP	16	55%	60%	32,582		32,288
VRS Self Storage, LLC	16	45%	54%	(14,619)		(14,269)
ESS-NYFL JV LP	11	16%	24%	11,746		11,796
Extra Space Northern Properties Six LLC	10	10%	35%	(3,104)		(3,029)
Alan Jathoo JV LLC	9	10%	10%	7,556		7,621
ESS Bristol Investments LLC	8	10%	30%	2,204		2,628
PR EXR Self Storage, LLC	5	25%	40%	59,172		59,393
Storage Portfolio III JV LLC	5	10%	30%	5,562		5,596

Other minority owned stores	16	20-50%	20-50%	33,436		18,635
SmartStop Self Storage REIT, Inc. Preferred Stock (2)	n/a	n/a	n/a	200,000		200,000
Net Investments in and Cash distributions in unconsolidated real estate entities	288			$	410,785	$	393,744

(1) Includes pro-rata equity ownership share and maximum potential promoted interest.

(2) The Company invested in shares of convertible preferred stock of SmartStop. The dividend rate for the preferred shares is 6.25% per annum, subject to increase after five years. The preferred shares are generally not redeemable for five years, except in the case of a change of control or initial listing of SmartStop. Dividend income from this investment is included on the equity in earnings and dividend income from unconsolidated real estate entities line on the Company's condensed consolidated statements of operations.

During the three months ended March 31, 2022, the Company contributed a total of $4,321 of cash to its joint ventures, including its pro-rata portion of the purchase price of two operating stores.

Investments in Debt Securities and Notes Receivable

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Investments in Debt Securities and Notes Receivable

INVESTMENTS IN DEBT SECURITIES AND NOTES RECEIVABLEInvestments in debt securities and notes receivable consists of the Company's investment in mandatorily redeemable preferred stock of Jernigan Capital, Inc. ("JCAP") in connection with JCAP's acquisition by affiliates of NexPoint Advisors, L.P. ("NexPoint Investment") and receivables due to the Company under its bridge loan program. Information about these balances is as follows:


	March 31, 2022		December 31, 2021
Debt securities - NexPoint Series A Preferred Stock	$	200,000	$	200,000
Debt securities - NexPoint Series B Preferred Stock	100,000		100,000
Notes Receivable-Bridge Loans	348,185		279,042
Notes Receivable-Senior Mezzanine Loan, net	—		102,079
Dividends Receivable	45,922		38,066
	$	694,107	$	719,187

In November 2020, the Company invested $300,000 in the preferred stock of JCAP in connection with the acquisition of JCAP by affiliates of NexPoint Advisors, L.P. This investment consists of 200,000 Series A Preferred Shares valued at a total of $200,000, and 100,000 Series B Preferred Shares valued at a total of $100,000. The JCAP preferred stock is mandatorily redeemable after five years, with two one-year extension options. NexPoint may redeem the Preferred Shares at any time, subject to certain prepayment penalties. The Company accounts for the JCAP preferred stock as a held to maturity debt security at amortized cost. The Series A Preferred Shares and the Series B Preferred Shares have initial dividend rates of 10.0% and 12.0%, respectively. If the investment is not retired after five years, the preferred dividends increase annually.

In July 2020, the Company purchased a senior mezzanine note receivable with a principal amount of $103,000. This note receivable bore interest at 5.5%, matured in December 2023 and was collateralized through an equity interest in which it or its subsidiaries wholly own 62 storage facilities. The Company paid cash of $101,142 for the loan receivable and accounted for the discount at amortized cost. The discount was being amortized over the term of the loan receivable. In February 2022, a junior mezzanine lender exercised its right to buy the Company’s position for the full principal balance plus interest due, as a result of which the Company sold this note for a total of $103,315 in cash. The remaining unamortized discount was recognized in the quarter as interest income.

The Company provides bridge loan financing to third-party self-storage operators. These notes receivable consist of mortgage loans receivable, collateralized by self-storage properties. These notes receivable typically have a term of three years with two one-year extensions, and have variable interest rates. The Company intends to sell the majority of the mortgage receivables. During the three months ended March 31, 2022 the Company sold a total principal amount of $39,718 of its mortgage bridge loans receivable to third parties for a total of $39,718 in cash and closed on $134,408 in new mortgage bridge loans.

Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

DEBT

In May 2021, the Operating Partnership executed its initial public bond issuance by selling $450.0 million principal amount of 2.550% Senior Notes due 2031 (the "Notes Due 2031"). Interest on the Notes Due 2031 is paid semi-annually in arrears on June 1 and December 1 of each year. The Notes Due 2031 will mature on June 1, 2031, and the Operating Partnership may redeem the Notes Due 2031 at its option and sole discretion at any time prior to March 31, 2031 for cash equal to the outstanding principal amount plus the present value of the remaining scheduled interest payments, plus any accrued but unpaid interest.

In September 2021, the Operating Partnership executed a public bond issuance by selling $600.0 million principal amount of 2.350% Senior Notes due 2032 (the "Notes Due 2032"). Interest on the Notes Due 2032 is paid semi-annually in arrears on March 15 and September 15 of each year. The Notes Due 2032 will mature on March 15, 2032, and the Operating Partnership may redeem the Notes Due 2032 at its option and sole discretion at any time prior to March 15, 2032 for cash equal to the outstanding principal amount plus the present value of the remaining scheduled interest payments, plus any accrued but unpaid interest.

In March 2022, the Operating Partnership executed a public bond issuance by selling $400.0 million principal amount of 3.900% Senior Notes due 2029 (the "Notes Due 2029"). Interest on the Notes Due 2029 is paid semi-annually in arrears on April 1 and October 1 of each year. The Notes Due 2029 will mature on April 1, 2029, and the Operating Partnership may redeem the Notes Due 2029 at its option and sole discretion at any time prior to April 1, 2029 for cash equal to the outstanding principal amount plus the present value of the remaining scheduled interest payments, plus any accrued but unpaid interest.

The Operating Partner may redeem the Notes Due 2029, the Notes Due 2031 and/or the Notes Due 2032 in whole at any time or in part from time to time, at the Operating Partnership’s option and sole discretion, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes being redeemed and (ii) a make-whole premium calculated in accordance with the indenture governing the notes, plus, in each case, accrued and unpaid interest thereon to, but not including, the applicable redemption date. Notwithstanding the foregoing, on or after the date three months prior to the maturity date of the applicable notes, the redemption price will be equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest thereon to, but not including, the applicable redemption date.

Certain events are considered events of default, which may result in the accelerated maturity of the Notes Due 2029, the Notes Due 2031 and/or the Notes Due 2032, including, among other things, a default for 30 days in the payment of any

installment of interest under the notes or a default in the payment of the principal amount or redemption price due with respect to the notes, when the same become due and payable.

The Notes Due 2029, the Notes Due 2031 and the Notes Due 2032 are unsecured, and are fully and unconditionally guaranteed by the Company, ESS Holdings Business Trust I, and ESS Holdings Business Trust II (the "Guarantors," and together with the Operating Partnership, the "Obligated Group"), on a joint and several basis. The guarantee of the Notes Due 2031 and the Notes Due 2032 will be a senior unsecured obligation of each Guarantor. The Guarantors have no material operations separate from the operation of the Operating Partnership and no material assets, other than their respective investments directly or indirectly in the Operating Partnership, and therefore the assets, liabilities, and results of operations of the Obligated Group are not materially different than those reported in the Company's financial statements.

The components of term debt are summarized as follows:


Term Debt	March 31, 2022		December 31, 2021		Fixed Rate	Variable Rate (2)	Maturity Dates
Secured fixed-rate (1)	$	929,980	$	930,830	2.46% - 4.50%		October 2022 - February 2030
Secured variable-rate (1)	368,038		392,679			1.29% - 1.95%	October 2022 - September 2030
Unsecured fixed-rate	3,930,376		3,575,000		1.40% - 4.39%		February 2024 - March 2032
Unsecured variable-rate	594,624		550,000			1.40%	February 2024 - October 2026
Total	5,823,018		5,448,509

Less: Unamortized debt issuance costs	(30,352)		(25,762)
Total	$	5,792,666	$	5,422,747

(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents.
(2) Basis rate is 30-day USD LIBOR, 30-day SOFR look-forward and SOFR.

At March 31, 2022, the terms of the Second Amended and Restated Credit Agreement dated June 22, 2021 (the "Credit Agreement") are as follows:

Debt Capacity

Maturity Date

Revolving Credit Facility

1,250,000

June 2025

Tranche 1 Term Loan Facility (1)

400,000

January 2027

Tranche 2 Term Loan Facility (1)

425,000

October 2026

Tranche 3 Term Loan Facility (1)

245,000

January 2025

Tranche 4 Term Loan Facility (1)

255,000

June 2026

Tranche 5 Term Loan Facility (1)

425,000

February 2024

3,000,000

(1) The term loan amounts have been fully drawn as of March 31, 2022.

Pursuant to the terms of the Credit Agreement, the Company may request an extension of the term of the revolving credit facility for up to two additional periods of six months each, after satisfying certain conditions.

As of March 31, 2022, amounts outstanding under the revolving credit facility bore interest at floating rates, at the Company’s option, equal to either (i) LIBOR plus the applicable Eurodollar rate margin or (ii) the applicable base rate which is the applicable margin plus the highest of (a) 0.0%, (b) the federal funds rate plus 0.50%, (c) U.S. Bank’s prime rate or (d) the Eurodollar rate plus 1.00%. Per the Credit Agreement, the applicable Eurodollar rate margin and applicable base rate margin are based on the Company’s achieved debt rating, with the Eurodollar rate margin ranging from 0.7% to 1.6% per annum and the applicable base rate margin ranging from 0.00% to 0.60% per annum.

The Credit Agreement is guaranteed by the Company and is not secured by any assets of the Company. The Company's unsecured debt is subject to certain financial covenants. As of March 31, 2022, the Company was in compliance with all of its financial covenants.

The following table summarizes the scheduled maturities of term debt, excluding available extensions, at March 31, 2022:



2022	$	232,486
2023	467,316
2024	425,000
2025	399,531
2026	803,537
Thereafter	3,495,148
	$	5,823,018

All of the Company’s lines of credit are guaranteed by the Company. The following table presents information on the Company’s lines of credit, the proceeds of which are used to repay debt and for general corporate purposes, for the periods indicated:


	As of March 31, 2022
Revolving Lines of Credit	Amount Drawn		Capacity		Interest Rate	Maturity	Basis Rate (1)
Credit Line 1 (2)	$	—	$	140,000	1.9%	7/1/2023	LIBOR plus 1.45%
Credit Line 2 (3)(4)	220,000		1,250,000		1.3%	6/20/2025	LIBOR plus 0.85%
	$	220,000	$	1,390,000
(1) 30-day USD LIBOR
(2) Secured by mortgages on certain real estate assets. No remaining extensions available.
(3) Unsecured. Two six-month extensions available.
(4) Basis Rate as of March 31, 2022. Rate is subject to change based on the Company's investment grade rating.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Derivatives

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

DERIVATIVES

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and by using derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposure that arises from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings.

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (“OCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. A portion of these changes is excluded from accumulated other comprehensive income as it is allocated to noncontrolling interests. During the three months ended March 31, 2022 and 2021, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. In the coming 12 months, the Company estimates that $5,472 will be reclassified as an increase to interest expense.

The Company held 19 derivative financial instruments which had a total combined notional amount of $1,934,369 as of March 31, 2022.

Fair Values of Derivative Instruments

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the condensed consolidated balance sheets:


	Asset / Liability Derivatives
Derivatives designated as hedging instruments:	March 31, 2022		December 31, 2021
Other assets	$	13,981	$	271
Other liabilities	$	2,189	$	39,569

Effect of Derivative Instruments

The table below presents the effect of the Company’s derivative financial instruments on the condensed consolidated statements of operations for the periods presented. No tax effect has been presented as the derivative instruments are held by the Company:


	Gain (loss) recognized in OCI For the Three Months Ended March 31,				Location of amounts reclassified from OCI into income	Gain (loss) reclassified from OCI For the Three Months Ended March 31,
Type	2022		2021			2022		2021
Swap Agreements	$	42,741	$	14,176	Interest expense	$	(8,912)	$	(8,845)

Credit-risk-related Contingent Features

The Company has agreements with some of its derivative counterparties that contain provisions pursuant to which the Company could be declared in default of its derivative obligations if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender.

The Company also has an agreement with some of its derivative counterparties that incorporates the loan covenant provisions of the Company’s indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with the loan covenant provisions would result in the Company being in default on any derivative instrument obligations covered by the agreement.

As of March 31, 2022, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $1,743. As of March 31, 2022, the Company had not posted any collateral related to these agreements. If the Company had breached any of these provisions as of March 31, 2022, it could have been required to cash settle its obligations under the agreements at their termination value of $1,743, including accrued interest.

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITYOn January 7, 2022, the Company issued 186,766 shares of its common stock to acquire two stores for $40,965. On August 9, 2021, the Company filed its $800,000 "at the market" equity program with the Securities and Exchange Commission using a shelf registration statement on Form S-3, and entered into separate equity distribution agreements with ten sales agents. No shares have been sold under the current "at the market" equity program. From January 1, 2021, through August 8, 2021, the Company sold 585,685 shares of common stock under its prior "at the market" equity program resulting in net proceeds of $66,617. On March 23, 2021, the Company sold 1,600,000 shares of its common stock in a registered offering structured as a bought deal at a price of $129.13 per share resulting in net proceeds of $206,572. On October 15, 2020, the Company's board of directors authorized a new share repurchase program allowing for the repurchase of shares with an aggregate value up to $400,000. No shares have been repurchased under the current program.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Noncontrolling Interest Represented by Preferred Operating Partnership Units

3 Months Ended

Mar. 31, 2022

Noncontrolling Interest [Abstract]

Noncontrolling Interest Represented by Preferred Operating Partnership Units

NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS

Classification of Noncontrolling Interests

GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section, but separate from the company’s equity. It also requires the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity.

The Company has evaluated the terms of the Operating Partnership’s preferred units and classifies the noncontrolling interest represented by such preferred units as stockholders’ equity in the accompanying condensed consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling interest as permanent equity in the condensed consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount and (2) the redemption value as of the end of the period in which the determination is made.

At March 31, 2022 and December 31, 2021, the noncontrolling interests represented by the Preferred OP Units qualified for classification as permanent equity on the Company's condensed consolidated balance sheets. The partnership agreement of the Operating Partnership (as amended, the "Partnership Agreement") provides for the designation and issuance of the OP Units. As of March 31, 2022 and December 31, 2021, noncontrolling interests in Preferred OP Units were presented net of notes receivable from Preferred OP Unit holders of $100,000 as more fully described below. The balances for each of the specific Preferred OP Units as presented in the Statement of Noncontrolling Interests and Equity as of the periods indicated is as follows:


	March 31, 2022		December 31, 2021
Series A Units	$	15,922	$	15,606
Series B Units	34,693		38,068
Series D Units	205,436		205,436
	$	256,051	$	259,110

Series A Participating Redeemable Preferred Units

The Partnership Agreement provides for the designation and issuance of the Series A Units. The Series A Units have priority over all other partnership interests of the Operating Partnership with respect to distributions and liquidation.

The Series A Units were issued in June 2007. Series A Units in the amount of $101,700 bear a fixed priority return of 2.3% and originally had a fixed liquidation value of $115,000. The remaining balance participates in distributions with, and has a liquidation value equal to that of the OP Units. The Series A Units are redeemable at the option of the holder, which redemption obligation may be satisfied, at the Company’s option, in cash or shares of its common stock. As a result of the redemption of 114,500 Series A Units in October 2014, the remaining fixed liquidation value was reduced to $101,700, which represents 875,480 Series A Units.

On June 25, 2007, the Operating Partnership loaned the holder of the Series A Units $100,000. The loan bears interest at 2.1%. The loan is secured by the borrower’s Series A Units. No future redemption of Series A Units can be made unless the loan secured by the Series A Units is also repaid. The Series A Units are shown on the balance sheet net of the $100,000 loan because the borrower under the loan is also the holder of the Series A Units.

Series B Redeemable Preferred Units

The Partnership Agreement provides for the designation and issuance of the Series B Units. The Series B Units rank junior to the Series A Units, on parity with the Series C Units and Series D Units, and senior to all other partnership interests of the Operating Partnership with respect to distributions and liquidation.

The Series B Units were issued in 2013 and 2014. The Series B Units have a liquidation value of $25.00 per unit for a fixed liquidation value of $34,693 which represents 1,387,727 Series B Units. Holders of the Series B Units receive distributions at an annual rate of 6.0%. These distributions are cumulative. The Series B Units became redeemable at the option of the holder on the first anniversary of the date of issuance, which redemption obligation may be satisfied at the Company’s option in cash or shares of its common stock.

On February 15, 2022, 135,000 Series B Units were redeemed for $3,375 in cash.

Series C Redeemable Preferred Units

The Partnership Agreement provides for the designation and issuance of the Series C Units. The Series C Units ranked junior to the Series A Units, on parity with the Series B Units and Series D Units, and senior to all other partnership interests of the Operating Partnership with respect to distributions and liquidation.

As of March 31, 2022 and December 31, 2021, there were no outstanding Series C Units.

Series D Redeemable Preferred Units

The Partnership Agreement provides for the designation and issuance of the Series D Units. The Series D Units rank junior to the Series A Units, on parity with the Series B Units and Series C Units, and senior to all other partnership interests of the Operating Partnership with respect to distributions and liquidation.

The Series D Units have a liquidation value of $25.00 per unit, for a fixed liquidation value of $205,435, which represents 8,217,422 Series D Units. Holders of the Series D Units receive distributions at an annual rate between 3.0% and 5.0%. These distributions are cumulative. The Series D Units become redeemable at the option of the holder on the first anniversary of the date of issuance, which redemption obligation may be satisfied at the Company’s option in cash or shares of its common stock. In addition, certain of the Series D Units are exchangeable for OP Units at the option of the holder until the tenth anniversary of the date of issuance, with the number of OP Units to be issued equal to $25.00 per Series D Unit, divided by the value of a share of common stock as of the exchange date.

The Series D Units have been issued at various times from 2014 to 2021. During the year ended December 31, 2021, the Operating Partnership issued a total of 3,522,937 Series D units valued at $88,073.

NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP AND OTHER NONCONTROLLING INTERESTS

Noncontrolling Interest in Operating Partnership

The Company’s interest in its stores is held through the Operating Partnership. Between its general partner and limited partner interests, the Company held a 94.0% ownership interest in the Operating Partnership as of March 31, 2022. The remaining ownership interests in the Operating Partnership (including Preferred OP Units) of 6.0% are held by certain former owners of assets acquired by the Operating Partnership. As of March 31, 2022 and December 31, 2021, the noncontrolling interests in the Operating Partnership are shown on the balance sheet net of a note receivable of $1,900 because a borrower under the note receivable is also a holder of OP Units. This note receivable originated in December 2014, bears interest at 5.0% per annum and matures on December 15, 2024.

The noncontrolling interest in the Operating Partnership represents OP Units that are not owned by the Company. OP Units are redeemable at the option of the holder, which redemption may be satisfied at the Company's option in cash, based upon the fair market value of an equivalent number of shares of the Company’s common stock (based on the ten-day average trading price) at the time of the redemption, or shares of the Company's common stock on a one-for-one basis, subject to anti-dilution adjustments provided in the Partnership Agreement. As of March 31, 2022, the ten-day average closing price of the Company's common stock was $199.65 and there were 6,515,408 OP Units outstanding. Assuming that all of the OP Unit holders exercised their right to redeem all of their OP Units on March 31, 2022 and the Company elected to pay the OP Unit holders cash, the Company would have paid $1,300,801 in cash consideration to redeem the units.

OP Unit activity is summarized as follows for the periods presented:


	For the Three Months Ended March 31,
	2022		2021
OP Units redeemed for common stock	—		5,000
OP Units redeemed for cash	13,028		—
Cash paid for OP Units redeemed	$	2,672	$	—

GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section, but separate from the company’s equity. It also requires the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations, and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity.

The Company has evaluated the terms of the OP Units and classifies the noncontrolling interest represented by the OP Units as stockholders’ equity in the accompanying condensed consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling amount as permanent equity in the condensed consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount and (2) the redemption value as of the end of the period in which the determination is made.

Other Noncontrolling Interests

Other noncontrolling interests represent the ownership interests of third parties in one consolidated joint ventures as of March 31, 2022. This joint venture owns one property that is under development in Florida. The voting interests of the third-party owners are 10.0%.

Noncontrolling Interest in Operating Partnership and Other Noncontrolling Interests

3 Months Ended

Mar. 31, 2022

Noncontrolling Interest [Abstract]

Noncontrolling Interest in Operating Partnership and Other Noncontrolling Interests

NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS

Classification of Noncontrolling Interests


	March 31, 2022		December 31, 2021
Series A Units	$	15,922	$	15,606
Series B Units	34,693		38,068
Series D Units	205,436		205,436
	$	256,051	$	259,110

Series A Participating Redeemable Preferred Units

Series B Redeemable Preferred Units

On February 15, 2022, 135,000 Series B Units were redeemed for $3,375 in cash.

Series C Redeemable Preferred Units

As of March 31, 2022 and December 31, 2021, there were no outstanding Series C Units.

Series D Redeemable Preferred Units

NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP AND OTHER NONCONTROLLING INTERESTS

Noncontrolling Interest in Operating Partnership

OP Unit activity is summarized as follows for the periods presented:


	For the Three Months Ended March 31,
	2022		2021
OP Units redeemed for common stock	—		5,000
OP Units redeemed for cash	13,028		—
Cash paid for OP Units redeemed	$	2,672	$	—

GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section, but separate from the company’s equity. It also requires the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations, and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity.

Other Noncontrolling Interests

Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company’s segment disclosures present the measure used by the chief operating decision makers ("CODMs") for purposes of assessing each segment’s performance. The Company’s CODMs are comprised of several members of its executive management team who use net operating income ("NOI") to assess the performance of the business for the Company’s

reportable operating segments. NOI for the Company's self-storage operations represents total property revenue less direct property operating expenses. NOI for the Company's tenant reinsurance segment represents tenant reinsurance revenues less tenant reinsurance expense.

The Company has two reportable segments: (1) self-storage operations and (2) tenant reinsurance. The self-storage operations activities include rental operations of wholly-owned stores. The Company's consolidated revenues equal total segment revenues plus property management fees and other income. Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in the stores operated by the Company. Excluded from segment revenues and net operating income is property management fees and other income.

For all periods presented, substantially all of the Company's real estate assets, intangible assets, other assets, and accrued and other liabilities are associated with the self-storage operations segment. Financial information for the Company’s business segments is set forth below:


	For the Three Months Ended March 31,
	2022		2021
Revenues:
Self-Storage Operations	$	379,808	$	303,593
Tenant Reinsurance	43,797		39,619
Total segment revenues	$	423,605	$	343,212

Operating expenses:
Self-Storage Operations	$	103,542	$	92,367
Tenant Reinsurance	7,042		7,161
Total segment operating expenses	$	110,584	$	99,528

Net operating income:
Self-Storage Operations	$	276,266	$	211,226
Tenant Reinsurance	36,755		32,458
Total segment net operating income:	$	313,021	$	243,684

Other components of net income:
Management fees and other income	$	19,957	$	15,645
General and administrative expense	(29,762)		(23,540)
Depreciation and amortization expense	(67,906)		(58,599)
Gain on real estate transactions	—		63,883
Interest expense	(42,538)		(40,695)

Interest income	18,989		12,304

Equity in earnings and dividend income from unconsolidated real estate entities	9,097		6,956

Income tax expense	(3,141)		(4,137)
Net income	$	217,717	$	215,501

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES As of March 31, 2022, the Company was involved in various legal proceedings and was subject to various claims and complaints arising in the ordinary course of business. Because litigation is inherently unpredictable, the outcome of these matters cannot presently be determined with any degree of certainty. In accordance with applicable accounting guidance, management establishes an accrued liability for litigation when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. The estimated loss, if any, is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. The Company could in the future incur judgments or enter into settlements of claims that could have a material adverse effect on its results of operations in any particular period, notwithstanding the fact that the Company is currently vigorously defending any legal proceedings against it. As of March 31, 2022, the Company was under agreement to acquire 18 stores at a total purchase price of $266,595. Twelve stores are scheduled to close in 2022 and six stores are scheduled to close in 2023. Additionally, the Company is under agreement to acquire four stores with joint venture partners, for a total investment of $13,010. Three stores are scheduled to close in 2022 and one store is scheduled to close in 2023. Although there can be no assurance, the Company is not aware of any material environmental liability, for which it believes it will be ultimately responsible, that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s stores, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to its stores could result in future material environmental liabilities.

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements of the Company are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of results that may be expected for the year ending December 31, 2022. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the Company’s audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" (“ASU 2020-04”). ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions that reference LIBOR or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 is effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2024. The Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. The Company also elected to apply additional expedients related to contract modifications, changes in critical terms, and updates to the designated hedged risks as qualifying changes are made to applicable debt and derivative contracts. Application of these expedients preserves the presentation of derivatives and debt contracts consistent with past presentation. In January 2021, the FASB issued ASU 2021-01, "Reference Rate Reform (Topic 848): Scope", which refines the scope of Topic 848 and clarifies some of its guidance. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis


	Fair Value Measurements at Reporting Date Using
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Other assets - Cash flow hedge swap agreements	$	—	$	13,981	$	—
Other liabilities - Cash flow hedge swap agreements	$	—	$	2,189	$	—

Schedule of Fair Value of Financial Instruments

The fair values of the Company’s fixed-rate assets and liabilities were as follows for the periods indicated:


	March 31, 2022				December 31, 2021
	Fair Value		Carrying Value		Fair Value		Carrying Value
Notes receivable from Preferred and Common Operating Partnership unit holders	$	98,054	$	101,900	$	101,824	$	101,900
Fixed rate notes receivable	$	1,248	$	1,251	$	105,954	$	104,251
Fixed rate debt	$	4,780,095	$	4,860,356	$	4,643,072	$	4,506,435

Real Estate Assets (Tables)

3 Months Ended

Mar. 31, 2022

Real Estate [Abstract]

Schedule of Components of Real Estate Assets

The components of real estate assets are summarized as follows:


	March 31, 2022		December 31, 2021
Land	$	2,186,751	$	2,151,319
Buildings, improvements and other intangibles	8,347,651		8,227,094
Right of use asset - finance lease	114,668		117,718
Intangible assets - tenant relationships	135,535		134,577
Intangible lease rights	12,443		12,443
	10,797,048		10,643,151
Less: accumulated depreciation and amortization	(1,929,716)		(1,867,750)
Net operating real estate assets	8,867,332		8,775,401
Real estate under development/redevelopment	73,392		59,248
Real estate assets, net	$	8,940,724	$	8,834,649
Real estate assets held for sale included in real estate assets, net	$	23,742	$	8,436

Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Antidilutive Shares Excluded from Computation of Earnings Per Share


	For the Three Months Ended March 31,
	2022	2021
	Equivalent Shares (if converted)	Equivalent Shares (if converted)


Series B Units	182,974	337,839
Series D Units	1,033,222	—
	1,216,196	337,839

Schedule of Computation of Earnings Per Common Share

The computation of earnings per common share is as follows for the periods presented:


	For the Three Months Ended March 31,
	2022		2021
Net income attributable to common stockholders	$	203,579	$	202,998
Earnings and dividends allocated to participating securities	(286)		(312)
Earnings for basic computations	203,293		202,686

Income allocated to noncontrolling interest - Preferred Operating Partnership Units and Operating Partnership Units	11,693		11,894
Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units)	(572)		(572)
Net income for diluted computations	$	214,414	$	214,008

Weighted average common shares outstanding:
Average number of common shares outstanding - basic	134,180,175		132,007,556
OP Units	6,520,781		5,800,729
Series A Units	875,480		875,480

Series D Units	—		969,374

Shares related to dilutive stock options	5,426		23,409
Average number of common shares outstanding - diluted	141,581,862		139,676,548
Earnings per common share
Basic	$	1.52	$	1.54
Diluted	$	1.51	$	1.53

Store Acquisitions (Tables)

3 Months Ended

Mar. 31, 2022

Real Estate [Abstract]

Schedule of Operating Properties Acquired


		Consideration Paid						Total
Quarter	Number of Stores	Cash Paid		Investments in Real Estate Ventures		Net Liabilities/ (Assets) Assumed		Value of OP Units Issued		Real estate assets



Q1 2022	14	$	185,910	$	747	$	274	$	40,965	$	227,896





Q1 2021	9	148,940		—		2,944		—		151,884

Investments in Unconsolidated Real Estate Entities (Tables)

3 Months Ended

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of investments in unconsolidated real estate ventures

Net investments in unconsolidated real estate ventures and cash distributions in unconsolidated real estate ventures consist of the following:


	Number of Stores	Equity Ownership %	Excess Profit % (1)	March 31,		December 31,
				2022		2021
PRISA Self Storage LLC	85	4%	4%	$	8,746	$	8,792
Storage Portfolio II JV LLC	36	10%	30%	(6,336)		(6,116)
Storage Portfolio IV JV LLC	29	10%	30%	44,156		40,174
Storage Portfolio I LLC	24	34%	49%	(40,447)		(40,168)
PR II EXR JV LLC	18	25%	25%	70,131		70,403
ESS-CA TIVS JV LP	16	55%	60%	32,582		32,288
VRS Self Storage, LLC	16	45%	54%	(14,619)		(14,269)
ESS-NYFL JV LP	11	16%	24%	11,746		11,796
Extra Space Northern Properties Six LLC	10	10%	35%	(3,104)		(3,029)
Alan Jathoo JV LLC	9	10%	10%	7,556		7,621
ESS Bristol Investments LLC	8	10%	30%	2,204		2,628
PR EXR Self Storage, LLC	5	25%	40%	59,172		59,393
Storage Portfolio III JV LLC	5	10%	30%	5,562		5,596

Other minority owned stores	16	20-50%	20-50%	33,436		18,635
SmartStop Self Storage REIT, Inc. Preferred Stock (2)	n/a	n/a	n/a	200,000		200,000
Net Investments in and Cash distributions in unconsolidated real estate entities	288			$	410,785	$	393,744

(1) Includes pro-rata equity ownership share and maximum potential promoted interest.

Investments in Debt Securities and Notes Receivable (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Investments in Debt Securities and Bridge Loans Receivable

Information about these balances is as follows:


	March 31, 2022		December 31, 2021
Debt securities - NexPoint Series A Preferred Stock	$	200,000	$	200,000
Debt securities - NexPoint Series B Preferred Stock	100,000		100,000
Notes Receivable-Bridge Loans	348,185		279,042
Notes Receivable-Senior Mezzanine Loan, net	—		102,079
Dividends Receivable	45,922		38,066
	$	694,107	$	719,187

Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Components of Debt

The components of term debt are summarized as follows:


Term Debt	March 31, 2022		December 31, 2021		Fixed Rate	Variable Rate (2)	Maturity Dates
Secured fixed-rate (1)	$	929,980	$	930,830	2.46% - 4.50%		October 2022 - February 2030
Secured variable-rate (1)	368,038		392,679			1.29% - 1.95%	October 2022 - September 2030
Unsecured fixed-rate	3,930,376		3,575,000		1.40% - 4.39%		February 2024 - March 2032
Unsecured variable-rate	594,624		550,000			1.40%	February 2024 - October 2026
Total	5,823,018		5,448,509

Less: Unamortized debt issuance costs	(30,352)		(25,762)
Total	$	5,792,666	$	5,422,747

(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents.
(2) Basis rate is 30-day USD LIBOR, 30-day SOFR look-forward and SOFR.

Schedule of Information on Lines of Credit

At March 31, 2022, the terms of the Second Amended and Restated Credit Agreement dated June 22, 2021 (the "Credit Agreement") are as follows:

Debt Capacity

Maturity Date

Revolving Credit Facility

1,250,000

June 2025

Tranche 1 Term Loan Facility (1)

400,000

January 2027

Tranche 2 Term Loan Facility (1)

425,000

October 2026

Tranche 3 Term Loan Facility (1)

245,000

January 2025

Tranche 4 Term Loan Facility (1)

255,000

June 2026

Tranche 5 Term Loan Facility (1)

425,000

February 2024

3,000,000

(1) The term loan amounts have been fully drawn as of March 31, 2022.

The following table presents information on the Company’s lines of credit, the proceeds of which are used to repay debt and for general corporate purposes, for the periods indicated:


	As of March 31, 2022
Revolving Lines of Credit	Amount Drawn		Capacity		Interest Rate	Maturity	Basis Rate (1)
Credit Line 1 (2)	$	—	$	140,000	1.9%	7/1/2023	LIBOR plus 1.45%
Credit Line 2 (3)(4)	220,000		1,250,000		1.3%	6/20/2025	LIBOR plus 0.85%
	$	220,000	$	1,390,000
(1) 30-day USD LIBOR
(2) Secured by mortgages on certain real estate assets. No remaining extensions available.
(3) Unsecured. Two six-month extensions available.
(4) Basis Rate as of March 31, 2022. Rate is subject to change based on the Company's investment grade rating.

Schedule of Maturities of Notes Payable

The following table summarizes the scheduled maturities of term debt, excluding available extensions, at March 31, 2022:



2022	$	232,486
2023	467,316
2024	425,000
2025	399,531
2026	803,537
Thereafter	3,495,148
	$	5,823,018

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Derivatives (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of balance sheet classification and fair value of entity's derivative financial instruments

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the condensed consolidated balance sheets:


	Asset / Liability Derivatives
Derivatives designated as hedging instruments:	March 31, 2022		December 31, 2021
Other assets	$	13,981	$	271
Other liabilities	$	2,189	$	39,569

Schedule of information relating to gain (loss) recognized on swap agreements


	Gain (loss) recognized in OCI For the Three Months Ended March 31,				Location of amounts reclassified from OCI into income	Gain (loss) reclassified from OCI For the Three Months Ended March 31,
Type	2022		2021			2022		2021
Swap Agreements	$	42,741	$	14,176	Interest expense	$	(8,912)	$	(8,845)

Noncontrolling Interest (Tables)

3 Months Ended

Mar. 31, 2022

Noncontrolling Interest [Abstract]

Balances of OP Units

The balances for each of the specific Preferred OP Units as presented in the Statement of Noncontrolling Interests and Equity as of the periods indicated is as follows:


	March 31, 2022		December 31, 2021
Series A Units	$	15,922	$	15,606
Series B Units	34,693		38,068
Series D Units	205,436		205,436
	$	256,051	$	259,110

Noncontrolling Interest in Operating Partnership and Other Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2022

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

OP Unit activity is summarized as follows for the periods presented:


	For the Three Months Ended March 31,
	2022		2021
OP Units redeemed for common stock	—		5,000
OP Units redeemed for cash	13,028		—
Cash paid for OP Units redeemed	$	2,672	$	—

Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule of Financial Information of Business Segments

Financial information for the Company’s business segments is set forth below:


	For the Three Months Ended March 31,
	2022		2021
Revenues:
Self-Storage Operations	$	379,808	$	303,593
Tenant Reinsurance	43,797		39,619
Total segment revenues	$	423,605	$	343,212

Operating expenses:
Self-Storage Operations	$	103,542	$	92,367
Tenant Reinsurance	7,042		7,161
Total segment operating expenses	$	110,584	$	99,528

Net operating income:
Self-Storage Operations	$	276,266	$	211,226
Tenant Reinsurance	36,755		32,458
Total segment net operating income:	$	313,021	$	243,684

Other components of net income:
Management fees and other income	$	19,957	$	15,645
General and administrative expense	(29,762)		(23,540)
Depreciation and amortization expense	(67,906)		(58,599)
Gain on real estate transactions	—		63,883
Interest expense	(42,538)		(40,695)

Interest income	18,989		12,304

Equity in earnings and dividend income from unconsolidated real estate entities	9,097		6,956

Income tax expense	(3,141)		(4,137)
Net income	$	217,717	$	215,501

Organization (Detail)	Mar. 31, 2022 store state
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating storage facilities in which the entity has equity interests (in stores)	1,283
Number of stores owned by franchisees and third parties	847
Number of operating stores owned and/or managed	2,130
Number of states in which operating storage facilities are located \| state	41

Fair Value Disclosures - Assets and Liabilities on a Recurring Basis (Detail) - Recurring Basis $ in Thousands	Mar. 31, 2022 USD ($)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets - Cash flow hedge swap agreements	$ 0
Other liabilities - Cash flow hedge swap agreements	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets - Cash flow hedge swap agreements	13,981
Other liabilities - Cash flow hedge swap agreements	2,189
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets - Cash flow hedge swap agreements	0
Other liabilities - Cash flow hedge swap agreements	$ 0

Fair Value Disclosures - Additional Information (Detail)	Mar. 31, 2022 store
Fair Value Disclosures [Abstract]
Number of operating stores held-for-sale	2

Fair Value Disclosures - Schedule of Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value
Fair Value of Financial Instruments [Line Items]
Notes receivable from Preferred and Common Operating Partnership unit holders	$ 98,054	$ 101,824
Fixed rate notes receivable	1,248	105,954
Fixed rate debt	4,780,095	4,643,072
Carrying Value
Fair Value of Financial Instruments [Line Items]
Notes receivable from Preferred and Common Operating Partnership unit holders	101,900	101,900
Fixed rate notes receivable	1,251	104,251
Fixed rate debt	$ 4,860,356	$ 4,506,435

Real Estate Assets - Schedule of Components of Real Estate Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Land	$ 2,186,751	$ 2,151,319
Buildings, improvements and other intangibles	8,347,651	8,227,094
Right of use asset - finance lease	114,668	117,718
Intangible assets - tenant relationships	135,535	134,577
Intangible lease rights	12,443	12,443
Gross operating real estate assets	10,797,048	10,643,151
Less: accumulated depreciation and amortization	(1,929,716)	(1,867,750)
Net operating real estate assets	8,867,332	8,775,401
Real estate under development/redevelopment	73,392	59,248
Net real estate assets	8,940,724	8,834,649
Real estate assets held for sale included in real estate assets, net	$ 23,742	$ 8,436

Real Estate Assets - Additional Information (Details)	Mar. 31, 2022 store
Real Estate [Abstract]
Number of operating stores held-for-sale	2

Earnings Per Common Share - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per common share (in shares)	1,216,196	337,839
Average share price (in dollars per share)	$ 198.83	$ 121.07
Series A Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exchangeable preferred operating partnership units settled in cash, minimum	$ 101,700
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per common share (in shares)	0	0

Earnings Per Common Share - Antidilutive Shares (Detail) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per common share (in shares)	1,216,196	337,839
Series B Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per common share (in shares)	182,974	337,839
Series D Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per common share (in shares)	1,033,222	0

Earnings Per Common Share - Schedule of Computation (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to common stockholders	$ 203,579	$ 202,998
Earnings and dividends allocated to participating securities	(286)	(312)
Earnings for basic computations	203,293	202,686
Income allocated to noncontrolling interest - Preferred Operating Partnership Units and Operating Partnership Units	11,693	11,894
Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units)	(572)	(572)
Net income for diluted computations	$ 214,414	$ 214,008
Weighted average common shares outstanding:
Average number of common shares outstanding - basic (in shares)	134,180,175	132,007,556
OP Units (in shares)	6,520,781	5,800,729
Shares related to exchangeable senior notes and dilutive stock options (in shares)	5,426	23,409
Average number of common shares outstanding - diluted (in shares)	141,581,862	139,676,548
Earnings per common share
Basic (in dollars per share)	$ 1.52	$ 1.54
Diluted (in dollars per share)	$ 1.51	$ 1.53
Series A Units
Weighted average common shares outstanding:
Preferred Units (in shares)	875,480	875,480
Series D Units
Weighted average common shares outstanding:
Preferred Units (in shares)	0	969,374

Store Acquisitions (Detail) $ in Thousands	3 Months Ended
Store Acquisitions (Detail) $ in Thousands	Mar. 31, 2022 USD ($) store	Mar. 31, 2021 USD ($) store
Real Estate [Abstract]
Number of Stores \| store	14	9
Cash Paid	$ 185,910	$ 148,940
Investments in Real Estate Ventures	747	0
Net Liabilities/ (Assets) Assumed	274	2,944
Value of OP Units Issued	40,965	0
Total	$ 227,896	$ 151,884

Investments in Unconsolidated Real Estate Entities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) store property	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property	288
Investment balance	$ 410,785		$ 393,744
Amount invested	$ 4,321	$ 250
Number of joint venture stores purchased \| store	2
PRISA Self Storage LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property	85
Equity Ownership %	4.00%
Excess Profit %	4.00%
Investment balance	$ 8,746		8,792
Storage Portfolio II JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property	36
Equity Ownership %	10.00%
Excess Profit %	30.00%
Investment balance	$ (6,336)		(6,116)
Storage Portfolio IV JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property	29
Equity Ownership %	10.00%
Excess Profit %	30.00%
Investment balance	$ 44,156		40,174
Storage Portfolio I LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property	24
Equity Ownership %	34.00%
Excess Profit %	49.00%
Investment balance	$ (40,447)		(40,168)
PR II EXR JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property	18
Equity Ownership %	25.00%
Excess Profit %	25.00%
Investment balance	$ 70,131		70,403
ESS-CA TIVS JV LP
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property	16
Equity Ownership %	55.00%
Excess Profit %	60.00%
Investment balance	$ 32,582		32,288
VRS Self Storage, LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property	16
Equity Ownership %	45.00%
Excess Profit %	54.00%
Investment balance	$ (14,619)		(14,269)
ESS-NYFL JV LP
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property	11
Equity Ownership %	16.00%
Excess Profit %	24.00%
Investment balance	$ 11,746		11,796
Extra Space Northern Properties Six LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property	10
Equity Ownership %	10.00%
Excess Profit %	35.00%
Investment balance	$ (3,104)		(3,029)
Alan Jathoo JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property	9
Equity Ownership %	10.00%
Excess Profit %	10.00%
Investment balance	$ 7,556		7,621
ESS Bristol Investments LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property	8
Equity Ownership %	10.00%
Excess Profit %	30.00%
Investment balance	$ 2,204		2,628
PR EXR Self Storage, LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property	5
Equity Ownership %	25.00%
Excess Profit %	40.00%
Investment balance	$ 59,172		59,393
Storage Portfolio III JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property	5
Equity Ownership %	10.00%
Excess Profit %	30.00%
Investment balance	$ 5,562		5,596
Other minority owned stores
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property	16
Investment balance	$ 33,436		18,635
Other minority owned stores \| Minimum
Schedule of Equity Method Investments [Line Items]
Equity Ownership %	20.00%
Excess Profit %	20.00%
Other minority owned stores \| Maximum
Schedule of Equity Method Investments [Line Items]
Equity Ownership %	50.00%
Excess Profit %	50.00%
SmartStop Self Storage REIT, Inc. Preferred Stock
Schedule of Equity Method Investments [Line Items]
Investment balance	$ 200,000		$ 200,000
Investment, preferred dividend rate	6.25%
Period after which preferred stock dividend is subject to increase	5 years
Investment redemption restriction period	5 years

Investments in Debt Securities and Notes Receivable - Schedule (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
Dividends Receivable	$ 45,922	$ 38,066
Investments in debt securities and notes receivable	694,107	719,187
Notes Receivable-Bridge Loans
Schedule of Held-to-maturity Securities [Line Items]
Notes receivable	348,185	279,042
Notes Receivable-Senior Mezzanine Loan
Schedule of Held-to-maturity Securities [Line Items]
Notes receivable	0	102,079
JCAP Series A Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Debt securities	200,000	200,000
JCAP Series B Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Debt securities	$ 100,000	$ 100,000

Investments in Debt Securities and Notes Receivable - Additional Information (Details) $ in Thousands	1 Months Ended			3 Months Ended
	Feb. 28, 2022 USD ($)	Nov. 30, 2020 USD ($) extension_option shares	Jul. 31, 2020 USD ($) store	Mar. 31, 2022 USD ($) extension_option	Mar. 31, 2021 USD ($)
Schedule of Held-to-maturity Securities [Line Items]
Investment in debt securities		$ 300,000
Debt securities, term		5 years
Debt securities, extension option \| extension_option		2
Debt securities, extension term		1 year
Debt securities, period after which preferred dividends increase annually		5 years
Collateral, number of facilities \| store			62
Payments for issuance/purchase of notes receivable				$ 134,408	$ 25,772
Proceeds from sale of notes receivable				$ 39,718	$ 81,250
Bridge loans, extension option \| extension_option				2
Bridge loans, extension term				1 year
Notes Receivable-Senior Mezzanine Loan
Schedule of Held-to-maturity Securities [Line Items]
Purchase of note receivable			$ 103,000
Note receivable interest rate			5.50%
Payments for issuance/purchase of notes receivable			$ 101,142
Proceeds from sale of notes receivable	$ 103,315
Notes Receivable-Bridge Loans
Schedule of Held-to-maturity Securities [Line Items]
Payments for issuance/purchase of notes receivable				$ 134,408
Proceeds from sale of notes receivable				$ 39,718
Bridge loans, original maturities				3 years
Principal amount of notes sold				$ 39,718
JCAP Series A Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Investment in debt securities		$ 200,000
Investment in debt securities (in shares) \| shares		200,000
Debt securities, dividend rate		10.00%
JCAP Series B Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Investment in debt securities		$ 100,000
Investment in debt securities (in shares) \| shares		100,000
Debt securities, dividend rate		12.00%

Debt - Additional Information (Details)	3 Months Ended
Debt - Additional Information (Details)	Mar. 31, 2022 USD ($) extension_option	Sep. 30, 2021 USD ($)	May 31, 2021 USD ($)
Line of Credit
Debt Instrument [Line Items]
Number of extensions available \| extension_option	2
Extension term	6 months
Line of Credit \| Base rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Line of Credit \| Base rate \| Investment grade election \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Line of Credit \| Base rate \| Investment grade election \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.60%
Line of Credit \| Federal funds rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Line of Credit \| Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Line of Credit \| Eurodollar \| Investment grade election \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.70%
Line of Credit \| Eurodollar \| Investment grade election \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%
Senior Notes
Debt Instrument [Line Items]
Redemption price	100.00%
Senior Notes \| Senior Notes Due 2031
Debt Instrument [Line Items]
Principal amount of notes issued			$ 450,000,000
Debt stated interest rate			2.55%
Senior Notes \| Senior Notes Due 2032
Debt Instrument [Line Items]
Principal amount of notes issued		$ 600,000,000
Debt stated interest rate		2.35%
Senior Notes \| Senior Notes Due 2029
Debt Instrument [Line Items]
Principal amount of notes issued	$ 400,000,000
Debt stated interest rate	3.90%

Debt - Schedule of Components of Notes Payable (Details) - Notes Payable - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total	$ 5,823,018	$ 5,448,509
Less: Unamortized debt issuance costs	(30,352)	(25,762)
Total	5,792,666	5,422,747
Secured notes payable
Debt Instrument [Line Items]
Fixed rate notes payable	929,980	930,830
Variable rate notes payable	$ 368,038	392,679
Secured notes payable \| Minimum
Debt Instrument [Line Items]
Fixed Rate	2.46%
Variable Rate	1.29%
Secured notes payable \| Maximum
Debt Instrument [Line Items]
Fixed Rate	4.50%
Variable Rate	1.95%
Unsecured notes payable
Debt Instrument [Line Items]
Fixed rate notes payable	$ 3,930,376	3,575,000
Variable rate notes payable	$ 594,624	$ 550,000
Variable Rate	1.40%
Unsecured notes payable \| Minimum
Debt Instrument [Line Items]
Fixed Rate	1.40%
Unsecured notes payable \| Maximum
Debt Instrument [Line Items]
Fixed Rate	4.39%

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

Debt - Schedule of Maturities of Notes Payable (Details) - Notes Payable - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
2022	$ 232,486
2023	467,316
2024	425,000
2025	399,531
2026	803,537
Thereafter	3,495,148
Total	$ 5,823,018	$ 5,448,509

Debt - Schedule of Information on Lines of Credit (Details)	3 Months Ended
	Mar. 31, 2022 USD ($) extension_option	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Amount Drawn	$ 220,000,000	$ 535,000,000
Lines Of Credit
Debt Instrument [Line Items]
Amount Drawn	220,000,000
Capacity	1,390,000,000
Credit Line 1
Debt Instrument [Line Items]
Amount Drawn	0
Capacity	$ 140,000,000
Interest Rate	1.90%
Credit Line 2
Debt Instrument [Line Items]
Amount Drawn	$ 220,000,000
Capacity	$ 1,250,000,000
Interest Rate	1.30%
Number of extensions available \| extension_option	2
Extension term	6 months
LIBOR \| Credit Line 1
Debt Instrument [Line Items]
Basis spread on variable rate	1.45%
LIBOR \| Credit Line 2
Debt Instrument [Line Items]
Basis spread on variable rate	0.85%

Derivatives - Additional Information (Detail) $ in Thousands	Mar. 31, 2022 USD ($) derivative
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Estimated amount of unrealized gains (losses) expected to be reclassified as interest expense in next fiscal year	$ (5,472)
Number of derivative financial instruments \| derivative	19
Combined notional amount	$ 1,934,369
Fair value - net liability position	1,743
Contingent cash settlement value	$ 1,743

Derivatives - Schedule of Balance Sheet Classification and Fair Value of Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other assets
Derivative [Line Items]
Other assets - Cash flow hedge swap agreements	$ 13,981	$ 271
Other liabilities
Derivative [Line Items]
Other liabilities - Cash flow hedge swap agreements	$ 2,189	$ 39,569

Derivatives - Gain (Loss) Recognized on Swap Agreements (Detail) - Swap Agreements - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative [Line Items]
Gain (loss) recognized in OCI	$ 42,741	$ 14,176
Gain (loss) reclassified from OCI	$ (8,912)	$ (8,845)

Stockholders' Equity (Detail)				3 Months Ended	7 Months Ended
Stockholders' Equity (Detail)	Jan. 07, 2022 USD ($) store shares	Aug. 09, 2021 USD ($) sales_agent	Mar. 23, 2021 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) shares	Aug. 08, 2021 USD ($) shares	Oct. 15, 2020 USD ($)
Class of Stock [Line Items]
Issuance of common stock in conjunction with acquisitions (in shares) \| shares	186,766
Number of stores acquired through issuance of common stock \| store	2
Issuance of common stock in conjunction with acquisitions	$ 40,965,000			$ 40,965,000
Number of sales agents \| sales_agent		10
Shares issued (in shares) \| shares			1,600,000
Net proceeds			$ 206,572,000
Average sales price (in dollars per share) \| $ / shares			$ 129.13
Share repurchase program, authorized amount						$ 400,000,000
Repurchase of common stock (in shares) \| shares				0
At the Market Equity Distribution Agreement
Class of Stock [Line Items]
Aggregate offering price of common shares		$ 800,000,000
Shares issued (in shares) \| shares					585,685
Net proceeds					$ 66,617,000

Noncontrolling Interest Represented by Preferred Operating Partnership Units - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		3 Months Ended		12 Months Ended	24 Months Ended
	Feb. 15, 2022	Apr. 18, 2017	Oct. 31, 2014	Jun. 30, 2007	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2014	Jun. 25, 2007
Noncontrolling Interest [Line Items]
Loans and notes to affiliates					$ 100,000		$ 100,000
Preferred units outstanding (in shares)					6,515,408
Note receivable interest rate					5.00%
Value of units issued					$ 40,965	$ 0
Series A Units
Noncontrolling Interest [Line Items]
Fixed priority return on preferred OP units, amount			$ 101,700	$ 101,700
Fixed priority return on preferred OP units, stated return rate				2.30%
Fixed priority return on preferred OP units, liquidation value				$ 115,000
Preferred units outstanding (in shares)			875,480
Series B Units
Noncontrolling Interest [Line Items]
Preferred units outstanding (in shares)								1,387,727
Liquidation value (in dollars per share)								$ 25.00
Fixed liquidation value								$ 34,693
Annual rate of return percentage								6.00%
Redemption of Operating Partnership units (in shares)	135,000
Redemption of Operating Partnership units	$ 3,375
Series D Units
Noncontrolling Interest [Line Items]
Liquidation value (in dollars per share)					$ 25.00
Fixed liquidation value					$ 205,435
Fixed liquidation value (in shares)					8,217,422
Number of units issued (in shares)							3,522,937
Value of units issued							$ 88,073
Series D Units \| Minimum
Noncontrolling Interest [Line Items]
Annual rate of return percentage					3.00%
Series D Units \| Maximum
Noncontrolling Interest [Line Items]
Annual rate of return percentage					5.00%
Operating Partnership Holders of A Units \| Series A Units
Noncontrolling Interest [Line Items]
Loans and notes to affiliates									$ 100,000
Maximum number of preferred OP units converted prior to the maturity date of the loan (in shares)			114,500
Note receivable interest rate		2.10%

Noncontrolling Interest Represented by Preferred Operating Partnership Units - Balances of OP Units (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Noncontrolling interest represented by Preferred Operating Partnership units, net	$ 256,051	$ 259,110
Series A Units
Noncontrolling Interest [Line Items]
Noncontrolling interest represented by Preferred Operating Partnership units, net	15,922	15,606
Series B Units
Noncontrolling Interest [Line Items]
Noncontrolling interest represented by Preferred Operating Partnership units, net	34,693	38,068
Series D Units
Noncontrolling Interest [Line Items]
Noncontrolling interest represented by Preferred Operating Partnership units, net	$ 205,436	$ 205,436

Noncontrolling Interest in Operating Partnership and Other Noncontrolling Interests - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) property joint_venture $ / shares shares	Dec. 31, 2021 USD ($)
Noncontrolling Interest [Line Items]
Note receivable interest rate	5.00%
Period used as a denomination to determine the average closing price of common stock	10 days
Ten day average closing stock price (in dollars per share) \| $ / shares	$ 199.65
Preferred units outstanding (in shares) \| shares	6,515,408
Consideration to be paid on redemption of common OP units	$ 1,300,801
Noncontrolling Interest - Operating Partnership
Noncontrolling Interest [Line Items]
Loan receivable, reduction of noncontrolling interests	$ 1,900	$ 1,900
Common Stock
Noncontrolling Interest [Line Items]
OP units conversion ratio	1
Other noncontrolling interests
Noncontrolling Interest [Line Items]
Number of consolidated joint ventures \| joint_venture	1
Number of operating stores owned \| property	1
Noncontrolling Interest - Operating Partnership
Noncontrolling Interest [Line Items]
Ownership interest held	94.00%
Ownership interest held by joint venture partner	6.00%
Other noncontrolling interests
Noncontrolling Interest [Line Items]
Ownership interest held by joint venture partner	10.00%

Noncontrolling Interest in Operating Partnership and Other Noncontrolling Interests - Schedule of OP Unit Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Noncontrolling Interest [Abstract]
OP Units redeemed for common stock (in shares)	0	5,000
OP Units redeemed for cash (in shares)	13,028	0
Cash paid for OP Units redeemed	$ 2,672	$ 0

Segment Information - Additional Information (Detail)	3 Months Ended
Segment Information - Additional Information (Detail)	Mar. 31, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Schedule of Financial Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenues:	$ 443,562	$ 358,857
Operating expenses:	208,252	181,667
Net operating income:	235,310	241,073
Management fees and other income	19,957	15,645
General and administrative expense	(29,762)	(23,540)
Depreciation and amortization expense	(67,906)	(58,599)
Gain on real estate transactions	0	63,883
Interest expense	(42,538)	(40,695)
Interest income	18,989	12,304
Equity in earnings and dividend income from unconsolidated real estate entities	9,097	6,956
Income tax expense	(3,141)	(4,137)
Net income	217,717	215,501
Operating Segments
Segment Reporting Information [Line Items]
Revenues:	423,605	343,212
Operating expenses:	110,584	99,528
Net operating income:	313,021	243,684
Self-Storage Operations \| Operating Segments
Segment Reporting Information [Line Items]
Revenues:	379,808	303,593
Operating expenses:	103,542	92,367
Net operating income:	276,266	211,226
Tenant Reinsurance \| Operating Segments
Segment Reporting Information [Line Items]
Revenues:	43,797	39,619
Operating expenses:	7,042	7,161
Net operating income:	$ 36,755	$ 32,458

Commitments and Contingencies (Detail) $ in Thousands	Mar. 31, 2022 USD ($) store
Commitment to acquire stores
Other Commitments [Line Items]
Number of real estate properties to be acquired	18
Purchase price \| $	$ 266,595
Commitment to acquire stores, scheduled to close in current fiscal year
Other Commitments [Line Items]
Number of real estate properties to be acquired	12
Commitment to acquire stores, scheduled to close in next fiscal year
Other Commitments [Line Items]
Number of real estate properties to be acquired	6
Commitment to acquire stores with joint venture partners
Other Commitments [Line Items]
Number of real estate properties to be acquired	4
Purchase price \| $	$ 13,010
Commitment to acquire stores with joint venture partners, scheduled to close in current fiscal year
Other Commitments [Line Items]
Number of real estate properties to be acquired	3
Commitment to acquire stores with joint venture partners, scheduled to close in next fiscal year
Other Commitments [Line Items]
Number of real estate properties to be acquired	1