0001628280-24-008044 | 10-K | XBRL Viewer

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Investments in Debt Securities and Notes Receivable - Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Held-to-maturity Securities [Line Items]
Dividends and Interest Receivable	$ 10,042	$ 66,170
Investments in debt securities and notes receivable	904,769	858,049
Notes Receivable - Bridge Loans
Schedule of Held-to-maturity Securities [Line Items]
Notes receivable	594,727	491,879
NexPoint Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Debt securities - Preferred Stock	$ 300,000	$ 300,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Stock-Based Compensation - Assumptions Used to Calculate Fair Value of Awards (Details) - Performance-Based Stock Units - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value	$ 30,256	$ 21,659	$ 30,701
Risk-free rate	4.60%	1.80%	0.22%
Volatility	29.30%	29.30%	28.50%
Expected term (in years)	2 years 9 months 18 days	2 years 10 months 24 days	2 years 10 months 24 days
Dividend yield	0.00%	0.00%	0.00%
Unrecognized compensation cost	$ 18,798	$ 13,241	$ 8,859
Term over which compensation cost recognized (in years)	3 years	3 years	3 years

- Definition

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+ Details

Summary of Significant Accounting Policies - Revenue and Expense Recognition (Details) claim in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) claim
Disaggregation of Revenue [Line Items]
Maximum amount of insurance coverage	$ 10,000
Number of claims made \| claim	1.0
Average amount of insurance coverage	$ 3,000,000,000
Management Services Agreements (MSA) \| Minimum
Disaggregation of Revenue [Line Items]
Contract term	3 years
Management Services Agreements (MSA) \| Maximum
Disaggregation of Revenue [Line Items]
Contract term	5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its wholly- or majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Principles of Consolidation

The Company accounts for arrangements that are not controlled through voting or similar rights as variable interest entities (“VIEs”). An enterprise is required to consolidate a VIE if it is the primary beneficiary of the VIE. A VIE is created when (i) the equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (ii) the entity’s equity holders as a group either: (a) lack the power, through voting or similar rights, to direct the activities of the entity that most significantly impact the entity’s economic performance, (b) are not obligated to absorb expected losses of the entity if they occur, or (c) do not have the right to receive expected residual returns of the entity if they occur. If an entity is deemed to be a VIE, the enterprise that is deemed to have a variable interest, or combination of variable interests, that provides the enterprise with a controlling financial interest in the VIE, is considered the primary beneficiary and must consolidate the VIE.

The Company has concluded that under certain circumstances when the Company enters into arrangements for the formation of joint ventures or when entering into a new bridge loan agreement, a VIE may be created under condition (i), (ii), (b) or (c) of the previous paragraph. For each VIE created, the Company has performed a qualitative analysis, including considering which party, if any, has the power to direct the activities most significant to the economic performance of each VIE and whether that party has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. If the Company is determined to be the primary beneficiary of the VIE, the assets, liabilities and operations of the VIE are consolidated with the Company’s financial statements.

The Company determined that its operating partnership met the definition of a VIE and is consolidated. Additionally, as of December 31, 2023 the Company determined in addition to its operating partnership that it had one consolidated joint venture VIE, consisting of one store.

Substantially all of the assets and liabilities of the Company are related to the operating partnership VIE. The assets and credit of the VIE can only be used to satisfy the VIE's own contractual obligations, and the VIE's creditors have no recourse to the general credit of the Company.

The Company’s investments in real estate joint ventures, where the Company has significant influence, but not control, and joint ventures which are VIEs in which the Company is not the primary beneficiary, are recorded under the equity method of accounting on the accompanying consolidated financial statements.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Fair Value Disclosures

Derivative financial instruments

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

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

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2023, aggregated by the level in the fair value hierarchy within which those measurements fall.


			Fair Value Measurements at Reporting Date Using
Description	December 31, 2023		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	$	26,183	$	—	$	26,183	$	—
Other liabilities - Cash flow hedge swap agreements	$	5,030	$	—	$	5,030	$	—

There were no transfers of assets and liabilities between Level 1 and Level 2 during the year ended December 31, 2023. The Company did not have any significant assets or liabilities that are re-measured on a recurring basis using significant unobservable inputs as of December 31, 2023 or 2022.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

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

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

When real estate assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the fair value of the assets, net of selling costs. The Company compares the carrying value of the related long-lived assets to the undiscounted future net operating cash flows attributable to the assets (categorized within Level 3 of the fair value hierarchy). If the estimated fair value, net of selling costs, of the assets that have been identified as held for sale is less than the net carrying value of the assets, the Company would recognize a loss on the assets held for sale. The operations of assets held for sale or sold during the period are presented as part of normal operations for all periods presented.

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

The Company evaluates goodwill for impairment at least annually and whenever events, circumstances, and other related factors indicate that fair value of the related reporting unit may be less than the carrying value. If the fair value of the reporting unit is determined to exceed the aggregate carrying amount, no impairment charge is recorded. Otherwise, an impairment charge is recorded to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. No impairments of goodwill were recorded for any period presented herein.

As of December 31, 2023 and 2022, the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis.

Fair Value of Financial Instruments

The carrying values of cash and cash equivalents, restricted cash, receivables, other financial instruments included in other assets, accounts payable and accrued expenses, variable-rate notes payable, investments in debt securities and notes receivable, revolving lines of credit and other liabilities reflected in the consolidated balance sheets at December 31, 2023 and 2022, approximate fair value.

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

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


	December 31, 2023				December 31, 2022
	Fair Value		Carrying Value		Fair Value		Carrying Value
Notes receivable from Preferred and Common Operating Partnership unit holders	$	1,886	$	1,900	$	95,965	$	101,900
Fixed rate notes receivable	$	—	$	—	$	5,191	$	5,241
Fixed rate debt	$	7,482,054	$	8,048,605	$	4,320,014	$	4,762,196

Real Estate Assets

Real estate assets are stated at cost, less accumulated depreciation. Direct and allowable internal costs associated with the development, construction, renovation, and improvement of real estate assets are capitalized. Interest, property taxes, and other

costs associated with development incurred during the construction period are capitalized. The construction period begins when expenditures for the real estate assets have been made and activities that are necessary to prepare the asset for its intended use are in progress. The construction period ends when the asset is substantially complete and ready for its intended use.

Expenditures for maintenance and repairs are charged to expense as incurred. Major replacements and betterments that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation is computed using the straight-line method over the estimated useful lives of the buildings and improvements, which are generally between five and 39 years.

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

Intangible lease rights represent: (1) purchase price amounts allocated to leases on three stores that cannot be classified as ground or building leases; these rights are amortized to expense over the life of the leases and (2) intangibles related to ground leases on nine stores where the leases were assumed by the Company at rates that were lower than the current market rates for similar leases. The values associated with these assumed leases were recorded as intangibles, which will be amortized over the lease terms.

Real Estate Sales

In general, sales of real estate and related profits/losses are recognized when all consideration has changed hands and risks and rewards of ownership have been transferred. Certain types of continuing involvement preclude sale treatment and related profit recognition; other forms of continuing involvement allow for sale recognition but require deferral of profit recognition.

Investments in Unconsolidated Real Estate Entities

Investments in unconsolidated real estate entities and Cash distributions in unconsolidated real estate ventures represent the Company's noncontrolling interest in real estate joint ventures that own stores and the Company's interest in preferred stock of SmartStop Self Storage REIT, Inc. ("SmartStop") and Strategic Storage Trust VI, Inc. ("Strategic Storage"), an affiliate of SmartStop. The Company’s investments in real estate joint ventures, where the Company has significant influence, but not control and joint ventures which are VIEs in which the Company is not the primary beneficiary, are recorded under the equity method of accounting in the accompanying consolidated financial statements.

Under the equity method, the Company’s investment in real estate ventures is stated at cost and adjusted for the Company’s share of net earnings or losses and reduced by distributions. Equity in earnings of real estate ventures is generally recognized based on the Company’s ownership interest in the earnings of each of the unconsolidated real estate ventures. For the purposes of presentation in the statement of cash flows, the Company follows the “nature of distribution” approach for classification of distributions from joint ventures. Under this approach, cash flows are classified on the basis of the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as a cash inflow from operating activities) or a return of investment (classified as a cash inflow from investing activities).

The Company evaluated its investments in preferred stock of non-public real estate entities and determined it did not have significant influence over the entity, and the investment in preferred stock does not have a readily determinable fair value, therefore it has been recorded at the transaction price. The Company periodically evaluates the investment for impairment. No impairments were recorded during the year ended December 31, 2023.

Investments in Debt Securities and Notes Receivable

The Company accounts for its investment in debt securities and loans receivable at amortized cost. The Company recognizes interest income related to the debt securities and notes receivable using the effective interest method, with deferred fees and costs amortized over the lives of the related loans as yield adjustment.

Cash and Cash Equivalents

The Company’s cash is deposited with financial institutions located throughout the United States and at times may exceed federally insured limits. The Company considers all highly liquid debt instruments with a maturity date of three months or less to be cash equivalents.

Derivative Instruments and Hedging Activities

The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.

Risk Management and Use of Financial Instruments

In the normal course of its ongoing business operations, the Company encounters economic risk. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk on its interest-bearing liabilities. Credit risk is the risk of inability or unwillingness of tenants to make contractually required payments. Market risk is the risk of declines in the value of stores due to changes in rental rates, interest rates or other market factors affecting the value of stores held by the Company. The Company has entered into interest rate swap agreements to manage a portion of its interest rate risk.

Redemption of Common Operating Partnership Units

The Company has the option to redeem common Operating Partnership Units in cash or shares of common stock. Redemption of common Operating Partnership units for shares of common stock, when redeemed under the original provisions of the Operating Partnership agreement, is accounted for by reclassifying the underlying net book value of the units from noncontrolling interest to the Company’s equity. Redemption of common Operating Partnership units for cash is accounted for by reducing the underlying net book value of the units from noncontrolling interest.

Revenue and Expense Recognition

Rental revenues are recognized as earned based upon amounts that are currently due from tenants. Leases are generally on month-to-month terms. Prepaid rents are recognized on a straight-line basis over the term of the leases. Promotional discounts are recognized as a reduction to rental income over the promotional period. Late charges, administrative fees and merchandise sales are recognized as income when earned.

The Company's management fees are earned subject to the terms of the related management services agreements ("MSAs"). These MSAs provide that the Company will perform management services, which include leasing and operating the property and providing accounting, marketing, banking, maintenance and other services. These services are provided in exchange for monthly management fees, which are based on a percentage of revenues collected from stores owned by third parties and unconsolidated joint ventures. MSAs generally have original terms from three to five years, after which

management services are provided on a month-to-month basis unless terminated. Management fees are due on the last day of each calendar month that management services are provided.

The Company accounts for the management services provided to a customer as a single performance obligation which are rendered over time each month. The total amount of consideration from the contract is variable as it is based on monthly revenues, which are influenced by multiple factors, some of which are outside the Company's control. Therefore, the Company recognizes the revenue at the end of each month once the uncertainty is resolved. Due to the standardized terms of the MSAs, the Company accounts for all MSAs in a similar, consistent manner. Therefore, no disaggregated information relating to MSAs is presented.

Property expenses, including utilities, property taxes, repairs and maintenance and other costs to manage the facilities are recognized as incurred. The Company accrues for property tax expense based upon invoice amounts and estimates. If these estimates are incorrect, the timing of expense recognition could be affected.

Tenant reinsurance premiums are recognized as revenue over the period of insurance coverage. Each tenant chooses the amount of insurance coverage they want through the tenant reinsurance program. Tenants can purchase policies in amounts up to 10,000 dollars of insurance coverage in exchange for a monthly fee. As of December 31, 2023, the total number of tenant insurance policies was 1.0 million, which was an aggregate coverage of approximately $3.0 billion. The Company’s exposure per claim is limited by the maximum amount of coverage chosen by each tenant.

Advertising Costs

The Company incurs advertising costs primarily attributable to digital and other advertising. These costs are expensed as incurred. The Company recognized $32,795, $19,285 and $18,793 in advertising expense for the years ended December 31, 2023, 2022 and 2021, respectively, which are included in property operating expenses on the Company’s consolidated statements of operations.

Income Taxes

The Company has elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). In order to maintain its qualification as a REIT, among other requirements, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Company is not subject to U.S. federal income tax with respect to that portion of its income which meets certain criteria and is distributed annually to stockholders. The Company plans to continue to operate so that it meets the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. For any taxable year that the Company fails to qualify as a REIT and for which applicable statutory relief provisions did not apply, the Company would be subject to U.S. federal corporate income tax on all of its taxable income for at least that year and the ensuing four years. The Company is subject to certain state and local taxes. Provision for such taxes has been included in income tax expense on the Company’s consolidated statements of operations. For the year ended December 31, 2023, 0% (unaudited) of all distributions to stockholders qualified as a return of capital.

The Company owns and may acquire direct or indirect interests in entities that have elected or will elect to be taxed as REITs under the Internal Revenue Code (each, a “Subsidiary REIT ”). A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to the Company. If a Subsidiary REIT were to fail to qualify as a REIT, then (i) that Subsidiary REIT would become subject to U.S. federal income tax, (ii) shares in such Subsidiary REIT would cease to be qualifying assets for purposes of the asset tests applicable to REITs, and (iii) it is possible that the Company would fail certain of the asset tests applicable to REITs, in which event the Company would fail to qualify as a REIT unless it could avail itself of certain relief provisions.

The Company has elected to treat certain corporate subsidiaries, including Extra Space Management, Inc. (“ESMI”), as a taxable REIT subsidiary (“TRS”). In general, a TRS may perform additional services for tenants and may engage in any real estate or non-real estate related business. A TRS is subject to U.S. federal corporate income tax and may also be subject to state and local income taxes. ESM Reinsurance Limited, a wholly-owned subsidiary of ESMI, generates income from insurance premiums that are subject to U.S. federal corporate income tax and state insurance premiums tax.

Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. At December 31, 2023 and 2022, there were no material unrecognized tax benefits. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. As of December 31, 2023 and 2022, the Company had no interest or penalties related to uncertain tax provisions.

Stock-Based Compensation

The measurement and recognition of compensation expense for all share-based payment awards to employees and directors are based on estimated fair values. Awards granted are valued at fair value and any compensation expense is recognized over the service periods of each award.

Earnings Per Common Share

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

For the purposes of computing the diluted impact of the potential exchange of the Preferred OP Units for common shares upon redemption, where the Company has the option to redeem in cash or shares and where the Company has stated the intent and ability to settle the redemption in shares, the Company divided the total liquidation value of the Preferred OP Units by the average share price of $142.16 for the year ended December 31, 2023.

The following table presents the number of weighted OP Units and Preferred OP Units, and the potential common shares, that were excluded from the computation of earnings per share as their effect would have been anti-dilutive:


	For the Year Ended December 31,
	2023	2022	2021
	Equivalent Shares (if converted)	Equivalent Shares (if converted)	Equivalent Shares (if converted)
Common OP Units	7,970,487	—	—

Series B Units	236,130	187,664	246,618
Series D Units	1,332,049	1,140,513	726,037
	9,538,666	1,328,177	972,655

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

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


	For the Year Ended December 31,
	2023		2022		2021
Net income attributable to common stockholders	$	803,198	$	860,688	$	827,649
Earnings and dividends allocated to participating securities	(1,230)		(1,201)		(1,183)
Earnings for basic computations	801,968		859,487		826,466

Income allocated to noncontrolling interest - Preferred Operating Partnership Units and Operating Partnership Units	—		50,706		43,093
Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units)	—		(2,288)		(2,288)
Net income for diluted computations	$	801,968	$	907,905	$	867,271

Weighted average common shares outstanding:
Average number of common shares outstanding - basic	169,216,989		134,050,815		133,374,938
OP Units	—		6,749,995		5,752,902
Series A Units	—		875,480		875,480



Shares related to dilutive stock options	3,893		5,098		12,708
Average number of common shares outstanding - diluted	169,220,882		141,681,388		140,016,028
Earnings per common share
Basic	$	4.74	$	6.41	$	6.20
Diluted	$	4.74	$	6.41	$	6.19

Recently Issued Accounting Standards

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" (“ASU 2020-04”). ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions that reference LIBOR or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 is effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2024. The Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. The Company also elected to apply additional expedients related to contract modifications, changes in critical terms, and updates to the designated hedged risks as qualifying changes are made to applicable debt and derivative contracts. Application of these expedients preserves the presentation of derivatives and debt contracts consistent with past presentation. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately for all companies. ASU 2022-06 had no impact on the Company’s consolidated financial statements for the year ended December 31, 2022.

Summary of Significant Accounting Policies - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring $ in Thousands	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets - Cash flow hedge swap agreements	$ 26,183
Other liabilities - Cash flow hedge swap agreements	5,030
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	26,183
Other liabilities - Cash flow hedge swap agreements	5,030
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

Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Federal
Current expense	$ 26,516	$ 20,592	$ 21,017
Tax credits/true-up	(7,742)	(6,071)	(4,979)
Change in deferred expense	(4,151)	1,909	818
Total tax expense	14,623	16,430	16,856
State
Current expense	6,035	4,546	3,520
Tax credits/true-up	0	31	(138)
Change in deferred expense	901	(82)	86
Total tax expense	6,936	4,495	3,468
Current expense	32,551	25,138	24,537
Tax credits/true-up	(7,742)	(6,040)	(5,117)
Change in deferred expense	(3,250)	1,827	904
Total provision	$ 21,559	$ 20,925	$ 20,324

Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finance lease cost:
Amortization of finance lease right-of-use assets	$ 3,961	$ 3,751
Interest expense related to finance lease liabilities	4,483	4,018
Operating lease cost	35,783	32,182
Variable lease cost	11,632	11,287
Short-term lease cost	24	32
Total lease cost	55,883	51,270
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows for finance lease payments	4,483	4,018
Operating cash outflows for operating lease payments	29,234	25,384
Total cash flows for lease liability measurement	33,717	29,402
Right-of-use assets obtained in exchange for new operating lease liabilities	265	16,298	$ 6,655
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 0	$ 6,823	$ 26,998
Weighted average remaining lease term - finance leases (years)	54 years	54 years 1 month 28 days
Weighted average remaining lease term - operating leases (years)	18 years 8 months 4 days	20 years 10 days
Weighted average discount rate - finance leases	3.31%	3.31%
Weighted average discount rate - operating leases	3.91%	3.65%

Summary of Significant Accounting Policies - Real Estate Assets (Details)	12 Months Ended
	Dec. 31, 2023 store
Property, Plant and Equipment [Line Items]
Number of properties whereby leases cannot be classified as ground or building leases	3
Number of properties whereby leases have been assumed at rates lower than the current market rates	9
Buildings, improvements and other intangibles \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Buildings, improvements and other intangibles \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	39 years

Noncontrolling Interest Represented By Preferred Operating Partnership Units - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands							1 Months Ended		12 Months Ended			24 Months Ended
	Dec. 31, 2023	Jan. 25, 2023	Jan. 03, 2023	Jun. 01, 2022	Jun. 30, 2007	Jun. 25, 2007	Nov. 30, 2023	Oct. 31, 2014	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2014
Noncontrolling Interest [Line Items]
Other receivables	$ 100,000								$ 100,000	$ 100,000
Note receivable interest rate									5.00%
Redemption of units for cash
Noncontrolling Interest [Line Items]
Redemption of noncontrolling interests for cash									$ 108	4,617	$ 788
Operating Partnership \| Redemption of units for cash
Noncontrolling Interest [Line Items]
Redemption of noncontrolling interests for cash									$ 89	$ 1,654	$ 173
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)	0							875,480	0
Stock issued for redemption (in shares)		851,698
Redemption of noncontrolling interests for cash		$ 5,000
Series A Units \| Holders Of Series A Preferred Operating Partnership Units
Noncontrolling Interest [Line Items]
Other receivables		$ 100,000				$ 100,000
Maximum number of preferred OP units converted prior to the maturity date of the loan (in shares)								114,500
Note receivable interest rate						2.10%
Additional units redeemed (in shares)						0
Series B Units
Noncontrolling Interest [Line Items]
Liquidation value (in dollars per share)	$ 25.00								$ 25.00
Fixed liquidation value	$ 33,567								$ 33,567
Preferred units outstanding (in shares)	1,342,727								1,342,727
Annual rate of return percent												6.00%
Series D Units
Noncontrolling Interest [Line Items]
Liquidation value (in dollars per share)	$ 25.00								$ 25.00
Fixed liquidation value	$ 188,793								$ 188,793
Fixed liquidation value (in shares)	7,551,735								7,551,735
Redemption of noncontrolling interests (in shares)			890,594				15,093
Stock issued for redemption (in shares)			154,307
Noncontrolling interest, increase from subsidiary issuance (in shares)				240,000
Noncontrolling interest, increase from subsidiary issuance				$ 6,000
Series D Units \| Redemption of units for cash
Noncontrolling Interest [Line Items]
Redemption of noncontrolling interests for cash							$ 377
Series D Units \| Minimum
Noncontrolling Interest [Line Items]
Annual rate of return percent	3.00%
Series D Units \| Maximum
Noncontrolling Interest [Line Items]
Annual rate of return percent	5.00%

Stock-Based Compensation - Summary Stock Options Outstanding and Exercisable (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
$65.36 - $65.36
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (in dollars per share)	$ 65.36
Exercise price range, upper limit (in dollars per share)	$ 65.36
Options outstanding (in shares) \| shares	1,582
Options outstanding, weighted average remaining contractual life	1 year 1 month 24 days
Weighted average exercise price (in dollars per share)	$ 65.36
Options exercisable (in shares) \| shares	1,582
Options exercisable, weighted average exercise price (in dollars per share)	$ 65.36
$85.99 - $85.99
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (in dollars per share)	85.99
Exercise price range, upper limit (in dollars per share)	$ 85.99
Options outstanding (in shares) \| shares	7,690
Options outstanding, weighted average remaining contractual life	2 years 1 month 24 days
Weighted average exercise price (in dollars per share)	$ 85.99
Options exercisable (in shares) \| shares	7,690
Options exercisable, weighted average exercise price (in dollars per share)	$ 85.99

Investments in Unconsolidated Real Estate Entities - Schedule of Investments in Unconsolidated Real Estate Ventures (Details) $ in Thousands	1 Months Ended
	Oct. 31, 2019 USD ($)	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		472
Investment balance		$ 1,000,548	$ 515,060
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		$ 9,435	8,596
HF1 Sovran HHF Storage Holdings LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		37
Equity Ownership %		20.00%
Excess Profit %		20.00%
Investment balance		$ 105,339	0
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		$ (8,314)	(7,200)
Storage Portfolio IV JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		32
Equity Ownership %		10.00%
Excess Profit %		30.00%
Investment balance		$ 48,184	49,139
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		$ (42,487)	(41,372)
PR II EXR JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		23
Equity Ownership %		25.00%
Excess Profit %		25.00%
Investment balance		$ 108,160	110,172
HF2 Sovran HHF Storage Holdings II LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		22
Equity Ownership %		15.00%
Excess Profit %		15.00%
Investment balance		$ 41,613	0
HF5 Life Storage-HIERS Storage LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		17
Equity Ownership %		20.00%
Excess Profit %		20.00%
Investment balance		$ 26,051	0
HF6 191 V Life Storage Holdings LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		17
Equity Ownership %		20.00%
Excess Profit %		20.00%
Investment balance		$ 12,702	0
ESS-CA TIVS JV LP
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		16
Equity Ownership %		55.00%
Investment balance		$ 29,128	30,778
ESS-CA TIVS JV LP \| Minimum
Schedule of Equity Method Investments [Line Items]
Excess Profit %		55.00%
ESS-CA TIVS JV LP \| Maximum
Schedule of Equity Method Investments [Line Items]
Excess Profit %		65.00%
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		$ (16,386)	(15,399)
HF10 Life Storage HHF Wasatch Holdings LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		16
Equity Ownership %		20.00%
Excess Profit %		20.00%
Investment balance		$ 20,019	0
Other unconsolidated real estate ventures
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property		131
Investment balance		$ 317,104	180,346
Other unconsolidated real estate ventures \| Minimum
Schedule of Equity Method Investments [Line Items]
Equity Ownership %		10.00%
Excess Profit %		10.00%
Other unconsolidated real estate ventures \| 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	200,000
Investment, preferred dividend rate	6.25%
Period after which preferred stock dividend is subject to increase	5 years
Strategic Storage Trust VI, Inc. Preferred Stock
Schedule of Equity Method Investments [Line Items]
Investment balance		$ 150,000	$ 0

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2023
Retirement Benefits [Abstract]
Employee Benefit Plan	EMPLOYEE BENEFIT PLAN The Company has a retirement savings plan under Section 401(k) of the Internal Revenue Code under which eligible employees can contribute up to 60% of their annual salary, subject to a statutory prescribed annual limit. For the years ended December 31, 2023, 2022 and 2021, the Company made matching contributions to the plan of $6,576, $5,169, and $4,239 respectively, based on 100% of the first 3% and up to 50% of the next 2% of an employee’s compensation.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
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+ Details

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Goodwill	$ 170,811	$ 170,811
Receivables, net	134,716	85,937
Prepaid expenses and deposits	85,153	50,318
Other intangible assets, net	66,332	0
Trade name	50,000	0
Fair value of interest rate swaps	26,183	54,839
Equipment and fixtures, net	48,697	42,808
Deferred line of credit financing costs, net	9,787	4,846
Restricted cash	6,021	4,867	$ 5,068	$ 18,885
Other assets, net	$ 597,700	$ 414,426

Property Acquisitions and Dispositions - Revenues and Earnings of Acquired Company (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Total revenues	$ 1,930,816	$ 1,592,021
Bargold
Business Acquisition [Line Items]
Total revenues	9,374
Net income from operations	$ 1,718

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Balance at the beginning of the period (in shares)	9,272	9,272	71,594
Exercised (in shares)	0	0	(62,322)
Balance at the end of the period (in shares)	9,272	9,272	9,272
Vested and Expected to Vest (in shares)		9,272
Exercisable at the end of the period (in shares)		9,272
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 82.47	$ 82.47	$ 74.54
Exercised (in dollars per share)	0	0	73.36
Balance at the end of the period (in dollars per share)	$ 82.47	82.47	$ 82.47
Vested and Expected to Vest (in dollars per share)		82.47
Exercisable at the end of the period (in dollars per share)		$ 82.47
Weighted Average Remaining Contractual Life (Years)
Outstanding at the beginning of period		1 year 11 months 23 days
Vested		1 year 11 months 23 days
Exercisable at the end of period		1 year 11 months 23 days
Aggregate intrinsic value
Outstanding at the end of the period		$ 1,338
Vested		1,338
Exercisable at the end of the period		$ 1,338

Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Percentage of all distributions to stockholders which qualified as a return of capital	0.00%
Unrecognized tax benefits	$ 0	$ 0
Interest or penalties related to uncertain tax provisions	$ 0	$ 0

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Salt Lake City, Utah
Auditor Firm ID	42

Property Acquisitions and Dispositions - Additional Information (Details) $ in Thousands									1 Months Ended	12 Months Ended
	Jul. 25, 2023 USD ($)	Jul. 20, 2023 USD ($) store shares	Sep. 15, 2022 USD ($) store shares	Jun. 21, 2022 USD ($) store	Jun. 01, 2022 USD ($) storage_unit	May 18, 2022 USD ($) store	Dec. 16, 2021 USD ($) store	Mar. 01, 2021 USD ($) store	Jun. 30, 2021 joint_venture	Dec. 31, 2023 USD ($) store joint_venture shares	Dec. 31, 2022 USD ($) store shares	Dec. 31, 2021 USD ($)
Asset Acquisition [Line Items]
Repayments of debt										$ 7,088,984	$ 4,207,700	$ 5,500,290
Total purchase price			$ 590,000							$ 147,729	$ 1,366,348
Preferred stock, issued (in shares) \| shares										0	0
Value of units issued										$ 0	$ 165,965
Number of stores acquired \| store			106							14	153
Parcels of land acquired \| store			8
Transaction costs										$ 0	$ 1,548	$ 0
Proceeds from sale of real estate assets and investments in real estate ventures						$ 38,700
Number of stores disposed of \| store				1		1
Gain on sale				$ 14,200
Interest purchased, number of unconsolidated joint ventures \| joint_venture									2	17
Joint venture investment								$ 33,878
Unconsolidated Joint Venture
Asset Acquisition [Line Items]
Equity method ownership percentage								55.00%
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Asset Acquisition [Line Items]
Number of stores sold \| store							16	16
Proceeds from sale of real estate assets							$ 200,292	$ 132,759
Gain (loss) on disposition of assets							$ (73,854)	$ (63,477)
Operating Partnership
Asset Acquisition [Line Items]
Preferred stock, issued (in shares) \| shares			619,294
Value of units issued			$ 125,000
Bargold
Asset Acquisition [Line Items]
Total consideration transferred					$ 179,302
Transaction costs					$ 1,465
Life Storage, Inc
Asset Acquisition [Line Items]
Repayments of debt		$ 375,000
Bargold
Asset Acquisition [Line Items]
Number of storage units \| storage_unit					17,000
Occupancy rate					0.97
Senior Notes \| Senior Notes, Assumed From Life Storage
Asset Acquisition [Line Items]
Repayments of debt	$ 2,351,100
Senior note balances	$ 48,900
Life Storage, Inc
Asset Acquisition [Line Items]
Number of wholly owned stores acquired \| store		757
Number of consolidated joint venture stores acquired \| store		1
Equity interest issued conversion ratio \| shares		0.895
Consideration transferred		$ 11,602,808
Real estate assets, estimated useful life		39 years
Tenant relationships, estimated useful life		18 months
Intangible assets, amortization period		36 months
Total purchase price		$ 12,850,127
Interest purchased, number of unconsolidated joint ventures \| joint_venture										16
Life Storage, Inc \| Line of Credit
Asset Acquisition [Line Items]
Extinguishment of debt		1,160,000
Life Storage, Inc \| Secured Debt
Asset Acquisition [Line Items]
Repayments of debt		$ 32,000

Noncontrolling Interest Represented By Preferred Operating Partnership Units (Tables)

12 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

Preferred OP Units

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


	December 31, 2023		December 31, 2022
Series A Units	$	—	$	16,498
Series B Units	33,567		33,568
Series D Units	188,793		211,436
	$	222,360	$	261,502

Derivatives - Schedule of Information Relating to Gain (Loss) Recognized on Swap Agreements (Details) - Swap Agreements - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) recognized in OCI	$ 8,730	$ 88,372
Gain (loss) reclassified from OCI	$ 41,541	$ (7,877)	$ (35,764)

Summary of Significant Accounting Policies - Schedule of Antidilutive Shares Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equivalent Shares (if converted) (in shares)	9,538,666	1,328,177	972,655
Common OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equivalent Shares (if converted) (in shares)	7,970,487	0	0
Series B Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equivalent Shares (if converted) (in shares)	236,130	187,664	246,618
Series D Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equivalent Shares (if converted) (in shares)	1,332,049	1,140,513	726,037

Investments in Unconsolidated Real Estate Entities (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Unconsolidated Real Estate Entities

Net Investments in unconsolidated real estate entities and Cash distributions in unconsolidated real estate ventures consist of the following:


	Number of Stores	Equity Ownership %	Excess Profit % (1)	December 31,
				2023		2022
PRISA Self Storage LLC	85	4%	4%	$	9,435	$	8,596
HF1 Sovran HHF Storage Holdings LLC	37	20%	20%	105,339		—
Storage Portfolio II JV LLC	36	10%	30%	(8,314)		(7,200)
Storage Portfolio IV JV LLC	32	10%	30%	48,184		49,139
Storage Portfolio I LLC	24	34%	49%	(42,487)		(41,372)
PR II EXR JV LLC	23	25%	25%	108,160		110,172
HF2 Sovran HHF Storage Holdings II LLC	22	15%	15%	41,613		—
HF5 Life Storage-HIERS Storage LLC	17	20%	20%	26,051		—
HF6 191 V Life Storage Holdings LLC	17	20%	20%	12,702		—
ESS-CA TIVS JV LP	16	55%	55%-65%	29,128		30,778
VRS Self Storage, LLC	16	45%	54%	(16,386)		(15,399)
HF10 Life Storage HHF Wasatch Holdings LLC	16	20%	20%	20,019		—
Other unconsolidated real estate ventures	131	10%-50%	10%-50%	317,104		180,346
SmartStop Self Storage REIT, Inc. Preferred Stock (2)	n/a	n/a	n/a	200,000		200,000
Strategic Storage Trust VI, Inc. Preferred Stock (3)	n/a	n/a	n/a	150,000		—
Net Investments in and Cash distributions in unconsolidated real estate entities	472			$	1,000,548	$	515,060

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

(2)In October 2019, the Company invested $200,000 in shares of convertible preferred stock of SmartStop with a dividend rate of 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.

(3)In May 2023, the Company invested $150,000 in shares of convertible preferred stock of Strategic Storage with a dividend rate of 8.35% per annum, subject to increase after five years. The preferred shares are generally not redeemable for three years, except in the case of a change of control or initial listing of Strategic Storage. 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.

Schedule of Equity in Earnings of Unconsolidated Real Estate Ventures

Equity in earnings and dividend income from unconsolidated real estate entities consists of the following:


	For the Year Ended December 31,
	2023		2022		2021
Equity in earnings of PRISA Self Storage LLC	$	3,320	$	3,272	$	2,719
Equity in earnings of HF1 Sovran HHF Storage Holdings LLC (1)	1,553		—		—
Equity in earnings of Storage Portfolio II JV LLC	3,094		3,398		1,802
Equity in earnings of Storage Portfolio IV JV LLC	1,319		917		112
Equity in earnings of Storage Portfolio I LLC	5,182		4,684		2,833
Equity in earnings of PR II EXR JV LLC	2,227		1,229		(8)
Equity in earnings of HF2 Sovran HHF Storage Holdings II LLC (1)	691		—		—
Equity in earnings of HF5 Life Storage-HIERS Storage LLC (1)	377		—		—
Equity in earnings of HF6 191 V Life Storage Holdings LLC (1)	(735)		—		—
Equity in earnings of ESS-CA TIVS JV LP	3,873		2,753		1,274
Equity in earnings of VRS Self Storage, LLC	5,253		5,401		4,352
Equity in earnings of HF10 Life Storage HHF Wasatch Holdings LLC (1)	40		—		—
Equity in earnings of other minority owned stores (1)	7,740		7,265		6,774
Dividend income from SmartStop preferred stock	12,500		12,509		12,500
Dividend income from Strategic Storage preferred stock	8,401		—		—

	$	54,835	$	41,428	$	32,358

(1)The earnings of the 16 joint ventures from the Life Storage Merger are from the close of acquisition on July 20, 2023.

Summary of Significant Accounting Policies - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value
Fair Value of Financial Instruments [Line Items]
Notes receivable from Preferred and Common Operating Partnership unit holders	$ 1,886	$ 95,965
Fixed rate notes receivable	0	5,191
Fixed rate debt	7,482,054	4,320,014
Carrying Value
Fair Value of Financial Instruments [Line Items]
Notes receivable from Preferred and Common Operating Partnership unit holders	1,900	101,900
Fixed rate notes receivable	0	5,241
Fixed rate debt	$ 8,048,605	$ 4,762,196

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Redemption of units for cash	Redemption of units for stock	Series A Units Redemption of units for stock and cash	Series B Units Redemption of units for cash	Series B Units Redemption of units for stock	Series D Units	Series D Units Redemption of units for cash	Series D Units Redemption of units for stock	Preferred Operating Partnership	Preferred Operating Partnership Series A Units Redemption of units for stock and cash	Preferred Operating Partnership Series B Units Redemption of units for cash	Preferred Operating Partnership Series B Units Redemption of units for stock	Preferred Operating Partnership Series D Units	Preferred Operating Partnership Series D Units Redemption of units for cash	Preferred Operating Partnership Series D Units Redemption of units for stock	Operating Partnership	Operating Partnership Redemption of units for cash	Operating Partnership Redemption of units for stock	Other	Common stock	Common stock Redemption of units for stock	Common stock Series A Units Redemption of units for stock and cash	Common stock Series B Units Redemption of units for stock	Common stock Series D Units Redemption of units for stock	Additional Paid-in Capital	Additional Paid-in Capital Redemption of units for cash	Additional Paid-in Capital Redemption of units for stock	Additional Paid-in Capital Series A Units Redemption of units for stock and cash	Additional Paid-in Capital Series B Units Redemption of units for stock	Additional Paid-in Capital Series D Units Redemption of units for stock	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2020	$ 2,936,124									$ 172,052							$ 215,892			$ 401	$ 1,314					$ 3,000,458						$ (99,093)	$ (354,900)
Beginning balance (in shares) at Dec. 31, 2020																					131,357,961
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon the exercise of options	$ 4,572																									4,572
Issuance of common stock upon the exercise of options (in shares)	62,322																				62,322
Issuance of common stock in connection with share based compensation	$ 17,303																									17,303
Issuance of common stock in connection with share based compensation (in shares)																					148,228
Restricted stock grants cancelled (in shares)																					(12,808)
Issuance of common stock, net of offering costs (in shares)																					2,185,685
Issuance of common stock, net of offering costs	273,189																				$ 22					273,167
Redemption of noncontrolling interests		$ (788)	$ 0			$ 0							$ (2,834)					$ (173)	$ (6,373)			$ 2		$ 1			$ (615)	$ 6,371		$ 2,833
Redemption of noncontrolling interests (in shares)																						165,652		15,265
Repayment of receivable with Operating Partnership units pledged as collateral	411																411
Issuance of Operating Partnership units in conjunction with acquisitions	188,319						$ 88,074							$ 88,074			188,319
Purchase of remaining equity interest in existing consolidated joint venture	(18,141)																									(18,141)
Noncontrolling interest in consolidated joint ventures	(82)																			(82)
Net income (loss)	877,758									14,697							35,414			(2)													827,649
Other comprehensive income (loss)	59,325									366							2,412															56,547
Distributions to Operating Partnership units held by noncontrolling interests	(39,094)									(13,245)							(25,849)
Dividends paid on common stock	(600,994)																																(600,994)
Ending balance at Dec. 31, 2021	$ 3,785,976									259,110							410,053			317	$ 1,339					3,285,948						(42,546)	(128,245)
Ending balance (in shares) at Dec. 31, 2021																					133,922,305
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon the exercise of options (in shares)	0
Issuance of common stock in connection with share based compensation	$ 21,388																				$ 2					21,386
Issuance of common stock in connection with share based compensation (in shares)																					204,349
Issuance of Preferred D units in the Operating Partnership in conjunction with business combination							$ 6,000							$ 6,000
Issuance of common stock in conjunction with acquisition (in shares)																					186,766
Issuance of common stock in conjunction with acquisitions	40,963																				$ 2					40,961
Restricted stock grants cancelled (in shares)																					(10,614)
Issuance of Operating Partnership units in conjunction with business combination	16,000																16,000
Redemption of noncontrolling interests		(4,617)			$ (4,500)							$ (4,500)						(1,654)									(2,963)
Issuance of Operating Partnership units in conjunction with acquisitions	125,000																125,000
Repurchase of common stock, net of offering costs	(63,008)																				$ (4)												(63,004)
Repurchase of common stock, net of offering costs (in shares)																					(381,786)
Noncontrolling interest in consolidated joint ventures	771																			771
Net income (loss)	921,156									17,623							42,853			(8)													860,688
Other comprehensive income (loss)	96,249									577							4,328															91,344
Distributions to Operating Partnership units held by noncontrolling interests	(57,793)									(17,308)							(40,485)
Dividends paid on common stock	(805,311)																																(805,311)
Ending balance at Dec. 31, 2022	$ 4,078,274									261,502							556,095			1,080	$ 1,339					3,345,332						48,798	(135,872)
Ending balance (in shares) at Dec. 31, 2022	133,921,020																				133,921,020
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon the exercise of options (in shares)	0
Issuance of common stock in connection with share based compensation	$ 26,638																				$ 2					26,636
Issuance of common stock in connection with share based compensation (in shares)																					149,995
Taxes paid upon net settlement of share based compensation	$ (7,640)																									(7,640)
Taxes paid upon net settlement of share based compensation (in shares)																					(8,295)
Restricted stock grants cancelled (in shares)																					(10,084)
Redemption of noncontrolling interests		$ (108)	$ 0	$ (5,316)				$ (377)	$ 0		$ (16,339)				$ (377)	$ (22,265)		$ (89)	$ (225)				$ 8		$ 2		$ (19)	$ 225	$ 11,015		$ 22,263
Redemption of noncontrolling interests (in shares)																						2,803	851,698		154,307
Repurchase of common stock, net of offering costs (in shares)	0
Life Storage Merger issuance of common stock and Operating Partnership units	$ 11,602,808																249,470				$ 762					11,352,576
Life Storage Merger issuance of common stock and Operating Partnership Units (in shares)																					76,217,359
Noncontrolling interest in consolidated joint ventures	7,959																			7,959
Net income (loss)	850,453									9,011							38,369			(125)													803,198
Other comprehensive income (loss)	(32,752)																(1,389)															(31,363)
Distributions to Operating Partnership units held by noncontrolling interests	(59,649)									(9,172)							(50,477)
Dividends paid on common stock	(1,046,341)																																(1,046,341)
Ending balance at Dec. 31, 2023	$ 15,413,949									$ 222,360							$ 791,754			$ 8,914	$ 2,113					$ 14,750,388						$ 17,435	$ (379,015)
Ending balance (in shares) at Dec. 31, 2023	211,278,803																				211,278,803

Description of Business (Details)	Dec. 31, 2023 store state
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of storage facilities in which the entity had equity interests	2,377
Number of stores managed for third parties	1,337
Number of stores owned and/or managed	3,714
Number of states in which storage facilities are located \| state	42

Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company’s segment disclosures present the measure used by the chief operating decision makers ("CODMs") for purposes of assessing each segment’s performance. The Company’s CODMs are comprised of several members of its executive management team who use net operating income ("NOI") to assess the performance of the business for the Company’s reportable operating segments. The Company’s segments are comprised of two reportable segments: (1) self-storage operations and (2) tenant reinsurance. NOI for self-storage operations represents total property revenue less direct property operating expenses. NOI for tenant reinsurance represents tenant reinsurance revenues less tenant reinsurance expense.

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

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


	Year Ended December 31,
	2023		2022		2021
Revenues:
Self-Storage Operations	$	2,222,578	$	1,654,735	$	1,340,990
Tenant Reinsurance	235,680		185,531		170,108
Total segment revenues	$	2,458,258	$	1,840,266	$	1,511,098

Operating expenses:
Self-Storage Operations	$	612,036	$	435,342	$	368,608
Tenant Reinsurance	58,874		33,560		29,488
Total segment operating expenses	$	670,910	$	468,902	$	398,096

Net operating income:
Self-Storage Operations	$	1,610,542	$	1,219,393	$	972,382
Tenant Reinsurance	176,806		151,971		140,620
Total segment net operating income:	$	1,787,348	$	1,371,364	$	1,113,002

Total segment net operating income	$	1,787,348	$	1,371,364	$	1,113,002
Other components of net income:
Property management fees and other income	101,986		83,904		66,264
Transaction costs	—		(1,548)		—
Life Storage Merger transition costs	(66,732)		—		—
General and administrative expense	(146,408)		(129,251)		(102,194)
Depreciation and amortization expense	(506,053)		(288,316)		(241,879)
Gain on real estate transactions	—		14,249		140,760

Interest expense	(419,035)		(219,171)		(166,183)
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes	(18,786)		—		—
Interest income	84,857		69,422		49,703

Equity in earnings and dividend income from unconsolidated real estate entities	54,835		41,428		32,358
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets	—		—		6,251
Income tax expense	(21,559)		(20,925)		(20,324)
Net income	$	850,453	$	921,156	$	877,758

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends paid on common stock (in dollars per share)	$ 6.48	$ 6.00	$ 4.50

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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)	211,278,803	133,921,020
Common stock, outstanding (in shares)	211,278,803	133,921,020

Derivatives - Schedule of Balance Sheet Classification and Fair Value of Entity's Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other assets
Derivative [Line Items]
Asset derivatives	$ 26,183	$ 54,839
Other liabilities
Derivative [Line Items]
Liability derivatives	$ 5,030	$ 73

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation


						Building and Improvements Initial Cost		Adjustments and Costs to Land and Building Subsequent to Acquisition		Gross carrying amount at December 31, 2023
Self - Storage Facilities by State:	Store Count			Land Initial Cost								Building and Improvements				Accumulated Depreciation
		Debt								Land				Total
AL	37	$	5,686	$	52,358	$	380,499	$	5,593	$	52,356	$	386,094	$	438,450	$	18,152
AZ	46	22,349		135,775		523,811		14,566		135,774		538,378		674,152		44,843
CA	218	328,992		921,260		2,322,145		250,704		919,806		2,574,302		3,494,108		436,926
CO	27	26,374		49,985		192,497		20,004		50,703		211,783		262,486		33,009
CT	23	6,399		43,453		373,628		6,530		43,452		380,158		423,610		18,276
FL	245	167,386		672,426		2,894,604		122,780		674,576		3,015,234		3,689,810		239,687
GA	119	78,837		303,954		1,179,911		47,713		303,941		1,227,636		1,531,577		123,363
HI	14	—		29,836		160,978		22,962		29,836		183,939		213,775		43,351
ID	2	—		4,047		25,235		59		4,047		25,294		29,341		812
IL	105	16,231		210,472		1,107,463		43,952		209,924		1,151,964		1,361,888		82,109
IN	91	—		64,531		494,467		14,626		64,875		524,169		589,044		34,445
KS	1	—		366		1,897		1,150		366		3,047		3,413		1,555
KY	15	30,470		10,026		88,389		21,129		10,799		108,745		119,544		21,462
LA	10	—		16,673		126,604		5,591		16,674		132,194		148,868		8,844
MA	64	39,808		120,291		534,152		65,286		120,472		599,257		719,729		123,019
MD	44	74,081		157,195		450,952		36,025		156,605		487,567		644,172		111,043
ME	5	—		2,352		86,339		195		2,352		86,534		88,886		926
MI	8	4,301		10,900		63,388		6,630		10,900		70,018		80,918		13,061
MN	8	—		14,925		104,513		6,940		14,925		111,453		126,378		10,240
MO	28	—		31,800		347,070		8,250		31,758		355,362		387,120		13,743
MS	7	—		9,053		82,098		1,977		9,052		84,076		93,128		5,559
NC	52	—		93,492		557,728		14,431		93,489		572,161		665,650		32,134
NH	17	—		50,952		195,719		1,735		51,015		197,391		248,406		5,097
NJ	88	99,207		308,001		1,071,004		70,630		313,354		1,136,281		1,449,635		209,349
NM	11	25,153		31,826		68,779		6,909		31,826		75,689		107,515		17,000
NV	33	30,458		97,497		469,028		9,504		97,497		478,532		576,029		23,846
NY	79	12,895		340,256		1,195,359		66,207		340,991		1,260,831		1,601,822		105,190
OH	50	10,140		71,460		388,236		13,917		71,459		402,154		473,613		24,721
OK	4	—		3,917		28,534		159		3,917		28,693		32,610		429
OR	8	23,904		15,066		68,044		2,938		15,066		70,982		86,048		14,126
PA	31	10,635		57,671		356,325		29,609		56,997		386,607		443,604		46,425
RI	6	3,712		6,132		55,033		1,793		6,131		56,827		62,958		4,517
SC	40	27,701		65,032		385,333		13,408		65,036		398,737		463,773		41,190
TN	29	44,491		50,603		252,731		15,296		50,603		268,027		318,630		36,356
TX	241	104,794		534,804		2,603,707		97,822		534,655		2,701,678		3,236,333		212,009
UT	10	16,265		9,008		39,295		9,775		9,008		49,070		58,078		15,445
VA	73	56,422		198,998		842,848		37,952		198,998		880,800		1,079,798		127,878
WA	14	4,874		51,011		147,943		13,780		51,013		161,720		212,733		19,542
WI	1	—		1,076		16,054		70		1,076		16,123		17,199		173
DC	1	7,540		14,394		18,172		634		14,394		18,806		33,200		3,904
Other corporate assets		—		—		—		245,910		—		245,910		245,910		92,553
Intangible tenant relationships and lease rights		—		—		348,762		—		—		348,762		348,762		204,135
Construction in Progress/Undeveloped Land		—		22,985		2,779		124,265		34,987		118,745		153,732		—
Right of use asset - finance lease		—		—		—		143,841		—		143,843		143,843		3,960
Totals (1)	1,905	$	1,279,105	$	4,885,859	$	20,652,053	$	1,623,247	$	4,904,705	$	22,275,573	$	27,180,278	$	2,624,404

(1) No right-of-use assets related to operating leases are included in the ending net real estate assets information above.

Activity in real estate facilities during the years ended December 31, 2023, 2022 and 2021 is as follows:


	2023		2022		2021
Operating facilities
Balance at beginning of year	$	12,084,025	$	10,643,722	$	9,507,788
Acquisitions	14,715,285		1,390,463		1,500,703
Improvements	175,932		95,282		80,131
Transfers from construction in progress	87,485		70,565		62,462
Dispositions and other	(1,194)		(116,007)		(507,362)
Balance at end of year	$	27,061,533	$	12,084,025	$	10,643,722
Accumulated depreciation:
Balance at beginning of year	$	2,138,395	$	1,868,321	$	1,681,429
Depreciation expense	486,010		276,155		230,445
Dispositions and other	—		(6,081)		(43,553)
Balance at end of year	$	2,624,405	$	2,138,395	$	1,868,321
Real estate under development/redevelopment:
Balance at beginning of year	$	52,348	$	59,248	$	67,443
Current development	153,920		63,597		54,267
Transfers to operating facilities	(87,523)		(70,565)		(62,462)
Dispositions and other	—		68		—
Balance at end of year	$	118,745	$	52,348	$	59,248
Net non-lease real estate assets	$	24,555,873	$	9,997,978	$	8,834,649

(1) No right-of-use assets related to operating leases are included in the ending net real estate assets information above.

As of December 31, 2023, the aggregate cost of real estate for U.S. federal income tax purposes was $17,961,173.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 850,453	$ 921,156	$ 877,758
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	506,053	288,316	241,879
Amortization of deferred financing costs	18,949	8,773	10,587
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes	18,786	0	0
Compensation expense related to share-based awards	26,638	21,386	17,303
Accrual of interest income added to principal of debt securities and notes receivable	(37,907)	(38,412)	(34,550)
Gain on real estate transactions	0	(14,249)	(140,760)
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets	0	0	(6,251)
Distributions from unconsolidated real estate ventures	20,060	13,162	7,035
Changes in operating assets and liabilities:
Other assets	(32,507)	695	(22,022)
Accounts payable and accrued expenses	35,031	29,027	10,951
Other liabilities	(3,082)	8,285	(9,494)
Net cash provided by operating activities	1,402,474	1,238,139	952,436
Cash flows from investing activities:
Acquisition of real estate assets and improvements	(320,711)	(1,291,491)	(1,233,298)
Life Storage Merger, net of cash acquired	(1,182,411)	0	0
Cash paid for business combination	0	(157,302)	0
Development and redevelopment of real estate assets	(100,181)	(62,019)	(56,226)
Proceeds from sale of real estate assets and investments in real estate ventures	2,132	39,367	572,728
Investment in unconsolidated real estate entities	(180,279)	(118,963)	(54,602)
Return of investment in unconsolidated real estate ventures	0	342	31,534
Issuance and purchase of notes receivable	(330,499)	(529,245)	(317,482)
Proceeds from sale of notes receivable	167,495	210,048	172,002
Principal payments received from notes receivable	142,192	283,636	51,463
Purchase of equipment and fixtures	(15,994)	(22,832)	(3,659)
Net cash used in investing activities	(1,818,256)	(1,648,459)	(837,540)
Cash flows from financing activities:
Proceeds from the sale of common stock, net of offering costs	0	0	273,189
Proceeds from unsecured term loans and senior notes and revolving lines of credit	8,663,003	5,584,111	5,706,981
Principal payments on unsecured term loans and senior notes and revolving lines of credit	(7,088,984)	(4,207,700)	(5,500,290)
Deferred financing costs	(39,418)	(9,321)	(10,698)
Proceeds from principal payments on note receivable collateralized by OP Units	0	0	411
Net proceeds from exercise of stock options	0	0	4,572
Repurchase of common stock	0	(63,008)	0
Redemption of Preferred OP units for cash	(5,377)	(4,500)	0
Redemption of Operating Partnership units for cash	(108)	(4,617)	(788)
Contributions from noncontrolling interests	74	0	0
Distributions to minority investors	(70)	0	0
Dividends paid on common stock	(1,046,341)	(805,311)	(600,994)
Distributions to noncontrolling interests	(59,649)	(57,793)	(39,094)
Net cash provided by (used in) financing activities	423,130	431,861	(166,711)
Net increase (decrease) in cash, cash equivalents, and restricted cash	7,348	21,541	(51,815)
Cash, cash equivalents, and restricted cash, beginning of the period	97,735	76,194	128,009
Cash, cash equivalents, and restricted cash, end of the period	105,083	97,735	76,194
Cash and equivalents	99,062	92,868	71,126
Restricted cash included in other assets	6,021	4,867	5,068
Cash, cash equivalents, and restricted cash	105,083	97,735	76,194
Supplemental schedule of cash flow information
Interest paid	338,552	197,069	152,170
Income taxes paid	22,753	18,957	26,252
Redemption of Operating Partnership units held by noncontrolling interests for common stock
Noncontrolling interests in Operating Partnership	(116,336)	0	(6,373)
Common stock and paid-in capital	16,336	0	6,373
Noncontrolling interests in Operating Partnership Note Receivable Payoff	100,000	0	0
Redemption of Preferred Operating Partnership units for common stock
Preferred Operating Partnership units	(33,604)	0	(2,834)
Additional paid-in capital	33,604	0	2,834
Acquisition and establishment of operating lease right of use assets and lease liabilities
Real estate assets - operating lease right-of-use assets	265	16,298	6,655
Operating lease liabilities	(265)	(16,298)	(6,655)
Acquisitions of real estate assets
Real estate assets, net	0	171,703	318,036
Value of equity issued	0	(165,965)	(276,393)
Net liabilities assumed	0	0	(20,028)
Investment in unconsolidated real estate ventures	0	1,085	5,383
Finance lease liability	0	(6,823)	(26,998)
Life Storage Merger real estate assets
Real estate assets, net	13,575,501	0	0
Unsecured senior notes	(2,106,866)	0	0
Accounts payable, accrued expenses and other liabilities	(191,077)	0	0
Equity investment in joint venture partnerships	325,250	0	0
Accrued construction costs and capital expenditures
Acquisition of real estate assets	10,508	368	1,323
Accounts payable and accrued expenses	(10,508)	(368)	(1,323)
Establishment of finance lease assets and lease liabilities
Real estate assets, net	0	0	67,992
Other liabilities	0	0	(67,992)
Preferred OP Units
Issuance of OP and Preferred OP units in conjunction with business combination
Equity interests issued	0	(6,000)	0
Common OP Units
Issuance of OP and Preferred OP units in conjunction with business combination
Equity interests issued	0	(16,000)	0
Common stock
Life Storage Merger real estate assets
Value of common stock issued	(11,353,338)	0	0
Value of OP units issued	(11,353,338)	0	0
Operating Partnership
Life Storage Merger real estate assets
Value of common stock issued	(249,470)	0	0
Value of OP units issued	$ (249,470)	$ 0	$ 0

Property Acquisitions and Dispositions - Asset Acquisition - Life Storage (Details) - USD ($) $ in Thousands			12 Months Ended
	Jul. 20, 2023	Sep. 15, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Asset Acquisition [Line Items]
Total consideration		$ 590,000	$ 147,729	$ 1,366,348
Equity investment in joint venture partnerships			325,250	0	$ 0
Unsecured senior notes			(2,106,866)	0	0
Accounts payable, accrued expenses and other liabilities			$ (191,077)	$ 0	$ 0
Life Storage, Inc
Asset Acquisition [Line Items]
Equity	$ 11,602,808
Cash for payoff of Life Storage credit facility and debt	1,192,000
Transaction Costs	55,318
Total consideration	12,850,127
Real estate assets	14,587,735
Equity investment in joint venture partnerships	325,250
Cash and other assets	107,423
Intangible assets - other	82,000
Trade name	50,000
Unsecured senior notes	(2,106,866)
Accounts payable, accrued expenses and other liabilities	(191,077)
Noncontrolling interests	(4,338)
Fair value of net assets acquired	12,850,127
Life Storage, Inc \| Common stock
Asset Acquisition [Line Items]
Equity	11,353,338
Life Storage, Inc \| OP units
Asset Acquisition [Line Items]
Equity	$ 249,470

Investments in Unconsolidated Real Estate Entities

12 Months Ended

Dec. 31, 2023

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

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

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

Net Investments in unconsolidated real estate entities and Cash distributions in unconsolidated real estate ventures consist of the following:


	Number of Stores	Equity Ownership %	Excess Profit % (1)	December 31,
				2023		2022
PRISA Self Storage LLC	85	4%	4%	$	9,435	$	8,596
HF1 Sovran HHF Storage Holdings LLC	37	20%	20%	105,339		—
Storage Portfolio II JV LLC	36	10%	30%	(8,314)		(7,200)
Storage Portfolio IV JV LLC	32	10%	30%	48,184		49,139
Storage Portfolio I LLC	24	34%	49%	(42,487)		(41,372)
PR II EXR JV LLC	23	25%	25%	108,160		110,172
HF2 Sovran HHF Storage Holdings II LLC	22	15%	15%	41,613		—
HF5 Life Storage-HIERS Storage LLC	17	20%	20%	26,051		—
HF6 191 V Life Storage Holdings LLC	17	20%	20%	12,702		—
ESS-CA TIVS JV LP	16	55%	55%-65%	29,128		30,778
VRS Self Storage, LLC	16	45%	54%	(16,386)		(15,399)
HF10 Life Storage HHF Wasatch Holdings LLC	16	20%	20%	20,019		—
Other unconsolidated real estate ventures	131	10%-50%	10%-50%	317,104		180,346
SmartStop Self Storage REIT, Inc. Preferred Stock (2)	n/a	n/a	n/a	200,000		200,000
Strategic Storage Trust VI, Inc. Preferred Stock (3)	n/a	n/a	n/a	150,000		—
Net Investments in and Cash distributions in unconsolidated real estate entities	472			$	1,000,548	$	515,060

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

In June 2021, the Company sold its interest in two unconsolidated joint ventures to its joint venture partner. The Company received proceeds of $1,888 in cash, and recorded a gain of $525 which is included in Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest in the Company's condensed consolidated statements of operations. The Company also purchased its joint venture partners' interests in two unconsolidated joint ventures.

Also in June 2021, the WICNN JV LLC and GFN JV, LLC joint ventures sold all 17 of the stores owned by the joint ventures to a third party. Subsequent to the sales, these joint ventures were dissolved. As a result of these transactions, the Company recorded a gain of $5,739, which is included in Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest in the Company's consolidated statements of operations.

In accordance with ASC 810, the Company reviews all of its joint venture relationships annually to ensure that there are no entities that require consolidation. As of December 31, 2023, there were no previously unconsolidated entities that were required to be consolidated as a result of this review.

The Company entered into 17 new unconsolidated real estate joint ventures (including 16 from the Life Storage Merger), which added a total of 146 stores and a total investment of $305,921 to the Company's portfolio during the year ended December 31, 2023. Additionally, the Company's existing joint ventures added nine stores for a total investment of $27,583 during the year ended December 31, 2023. The Company accounts for its investment in these ventures under the equity method of accounting.

Equity in earnings and dividend income from unconsolidated real estate entities consists of the following:


	For the Year Ended December 31,
	2023		2022		2021
Equity in earnings of PRISA Self Storage LLC	$	3,320	$	3,272	$	2,719
Equity in earnings of HF1 Sovran HHF Storage Holdings LLC (1)	1,553		—		—
Equity in earnings of Storage Portfolio II JV LLC	3,094		3,398		1,802
Equity in earnings of Storage Portfolio IV JV LLC	1,319		917		112
Equity in earnings of Storage Portfolio I LLC	5,182		4,684		2,833
Equity in earnings of PR II EXR JV LLC	2,227		1,229		(8)
Equity in earnings of HF2 Sovran HHF Storage Holdings II LLC (1)	691		—		—
Equity in earnings of HF5 Life Storage-HIERS Storage LLC (1)	377		—		—
Equity in earnings of HF6 191 V Life Storage Holdings LLC (1)	(735)		—		—
Equity in earnings of ESS-CA TIVS JV LP	3,873		2,753		1,274
Equity in earnings of VRS Self Storage, LLC	5,253		5,401		4,352
Equity in earnings of HF10 Life Storage HHF Wasatch Holdings LLC (1)	40		—		—
Equity in earnings of other minority owned stores (1)	7,740		7,265		6,774
Dividend income from SmartStop preferred stock	12,500		12,509		12,500
Dividend income from Strategic Storage preferred stock	8,401		—		—

	$	54,835	$	41,428	$	32,358

(1)The earnings of the 16 joint ventures from the Life Storage Merger are from the close of acquisition on July 20, 2023.

Equity in earnings of certain of our joint ventures includes the amortization of the Company’s excess purchase price of $60,253 of these equity investments over its original basis. The excess basis is amortized over 39 years.

The Company provides management services to joint ventures for a fee. Management fee revenues for affiliated real estate joint ventures for the years ended December 31, 2023, 2022 and 2021 were $31,755, $24,389 and $17,619, respectively.

Stock-Based Compensation - Summary of PSU Activity (Details) - Performance-Based Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Units
Balance at the beginning of the period (in shares)	147,159	135,408	123,311
Granted (in shares)	86,795	61,085	40,832
Released (in shares)	(45,242)	(49,334)	(28,735)
Balance at the end of the period (in shares)	188,712	147,159	135,408
Weighted-Average Grant-Date Fair Value
Balance at the beginning of the period (in dollars per share)	$ 130.63	$ 111.69	$ 104.25
Granted (in dollars per share)	207.28	223.96	138.04
Released (in dollars per share)	162.18	194.21	117.19
Balance at the end of the period (in dollars per share)	$ 158.32	$ 130.63	$ 111.69

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income attributable to common stockholders	$ 803,198	$ 860,688	$ 827,649

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Schedule of Maturities of Notes Payable (Details) - Notes Payable - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2024	$ 648,250
2025	1,123,120
2026	1,409,581
2027	1,316,907
2028	1,029,000
2029	1,542,759
2030	1,344,488
2031	1,650,000
2032	600,000
Total	$ 10,664,105	$ 6,419,424

Property Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

Asset Acquisitions

The following table summarizes the fair value of total consideration transferred in the Life Storage Merger:


Consideration Type	July 20, 2023
Common stock	$	11,353,338
OP units	249,470
Cash for payoff of Life Storage credit facility and debt	1,192,000
Transaction Costs	55,318
Total consideration	$	12,850,127

The following table summarizes the estimated fair values assigned to the assets acquired and liabilities assumed:


	July 20, 2023
Real estate assets	$	14,587,735
Equity investment in joint venture partnerships	325,250
Cash and other assets	107,423
Intangible assets - other	82,000
Trade name	50,000
Unsecured senior notes	(2,106,866)
Accounts payable, accrued expenses and other liabilities	(191,077)
Noncontrolling interests	(4,338)
Fair value of net assets acquired	$	12,850,127


	December 31, 2023				Three Months Ended December 31, 2023		For the Year Ended December 31, 2023
Intangible Assets:	Gross Carrying Amount		Accumulated Amortization		Amortization Expense		Amortization Expense
Trade name	$	50,000	$	—	$	—	$	—
Intangible assets - other	82,000		15,695		9,417		15,695
	132,000		15,695		9,417		15,695


	Estimated Aggregate Amortization Expense
Intangible Assets:	2024		2025		2026
Trade name	$	—	$	—	$	—
Intangible assets - other	23,375		19,833		11,569
	$	23,375	$	19,833	$	11,569

Schedule of Operating Properties Acquired

The following table shows the Company’s acquisitions of stores for the years ended December 31, 2023 and 2022. The table excludes purchases of raw land and improvements made to existing assets.


		Consideration Paid														Total
Period	Number of Stores	Total		Cash Paid		Loan Assumed		Finance Lease Liability		Investments in Real Estate Ventures		Net Liabilities/ (Assets) Assumed		Value of Equity Issued			Real estate assets
Total 2023	14	$	147,729	$	135,577	$	12,000	$	—	$	—	$	152	$	—		$	147,729




Total 2022	153	$	1,366,348	$	1,193,261	$	—	$	6,823	$	1,085	$	(786)	$	165,965		$	1,366,348

Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date:


Cash and cash equivalents	$	175
Fixed assets	6,411
Developed technology	500
Trademarks	500
Customer relationships	1,870
Other assets	125
Accounts payables and accrued liabilities assumed	(1,090)
Nets asset acquired	8,491
Goodwill	170,811
Total assets acquired	$	179,302

Revenues and Earnings of Acquired Company

The following table summarizes the revenues and earnings related to Bargold since the acquisition date of June 1, 2022, which are included in the Company's consolidated statement of operations for the year ended December 31, 2022:


Total revenues	$	9,374
Net income from operations	$	1,718

Net income was excluded as it was impracticable to report expenses due to the lack of historical accrual basis accounting.


	For the Year Ended December 31, 2022		For the Year Ended December 31, 2021
	Pro Forma		Pro Forma
Total revenues	$	1,930,816	$	1,592,021

Reconciliation of Purchase Price

The following table summarizes the total consideration transferred to acquire Bargold:




Total cash paid by the company	$	157,302
Fair value of Series D Units issued	16,000
Fair value of OP Units issued	6,000
Total consideration transferred	$	179,302

Derivatives - Additional Information (Details) $ in Thousands	Dec. 31, 2023 USD ($) derivative
Derivative [Line Items]
Estimated amount of unrealized gains (losses) expected to be reclassified as interest expense in next fiscal year	$ (19,010)
Combined notional amount	1,448,566
Derivatives with contingent features, net liability position	5,082
Derivative, termination value	$ 5,082
Interest Rate Swap, Active
Derivative [Line Items]
Number of derivative financial instruments \| derivative	15
Interest Rate Swap, Forward-Starting
Derivative [Line Items]
Number of derivative financial instruments \| derivative	4

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2023 USD ($) store
Commitment to acquire stores
Other Commitments [Line Items]
Number of properties to be acquired	8
Other commitment \| $	$ 73,811
Commitment to acquire stores, scheduled to close in 2024
Other Commitments [Line Items]
Number of properties to be acquired	8
Commitment to acquire stores, scheduled to close in next fiscal year
Other Commitments [Line Items]
Number of properties to be acquired	0
Commitment to acquire stores with joint venture partners
Other Commitments [Line Items]
Number of properties to be acquired	2
Other commitment \| $	$ 2,764

Derivatives

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

DERIVATIVES

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

Cash Flow Hedges of Interest Rate Risk

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

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (“OCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. A portion of these changes is excluded from accumulated other comprehensive income as it is allocated to noncontrolling interests. During the years ended December 31, 2023, 2022 and 2021, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. During 2024, the Company estimates that $19,010 will be reclassified as a decrease to interest expense.

The following table summarizes the terms of the Company’s 15 active and four forward-starting derivative financial instruments, which have a total combined current notional amount of $1,448,566 as of December 31, 2023:

Hedge Product

Range of Notional Amounts

Strike

Effective Dates

Maturity Dates

Swap Agreements

$32,000 - $245,000

0.96% - 4.33%

6/27/2018 - 7/14/2025

1/29/2024 - 2/1/2028

Fair Values of Derivative Instruments

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


	Asset / Liability Derivatives
Derivatives designated as hedging instruments:	December 31, 2023		December 31, 2022
Other assets	$	26,183	$	54,839
Other liabilities	$	5,030	$	73

Effect of Derivative Instruments

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


	Gain (loss) recognized in OCI for the Year Ended December 31,				Location of amounts reclassified from OCI into income	Gain (loss) reclassified from OCI for the Year Ended December 31,
Type	2023		2022			2023		2022		2021
Swap Agreements	$	8,730	$	88,372	Interest expense	$	41,541	$	(7,877)	$	(35,764)

Credit-Risk-Related Contingent Features

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

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

As of December 31, 2023, 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 $5,082. As of December 31, 2023, the Company had not posted any collateral related to these agreements. If the Company had breached any of these provisions as of December 31, 2023, it could have been required to cash settle its obligations under these agreements at their termination value of $5,082.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES As of December 31, 2023, the Company was under agreement to acquire 8 stores at a total purchase price of $73,811. Eight stores are scheduled to close in 2024 and none are scheduled to close in 2025. Additionally, the Company is under agreement to acquire two stores in 2024 with joint venture partners, for a total investment of $2,764. The Company is involved in various legal proceedings and is subject to various claims and complaints arising in the ordinary course of business. Because litigation is inherently unpredictable, the outcome of these matters cannot presently be determined with any degree of certainty. In accordance with applicable accounting guidance, management establishes an accrued liability for litigation when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. The estimated loss, if any, is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. The Company could in the future incur judgments or enter into settlements of claims that could have a material adverse effect on its results of operations in any particular period, notwithstanding the fact that the Company is currently vigorously defending any legal proceedings against it. As of December 31, 2023, the Company was involved in various legal proceedings and was subject to various claims and complaints arising in the ordinary course of business. In the opinion of management, such litigation, claims and complaints are not expected to have a material adverse effect on the Company’s financial condition or results of operations. Although there can be no assurance, the Company is not aware of any material environmental liability, for which it believes it will be ultimately responsible, that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to its properties could result in future material environmental liabilities.

Noncontrolling Interest Represented By Preferred Operating Partnership Units - Preferred OP Units (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Noncontrolling interest represented by Preferred Operating Partnership units, net	$ 222,360	$ 261,502
Series A Units
Noncontrolling Interest [Line Items]
Noncontrolling interest represented by Preferred Operating Partnership units, net	0	16,498
Series B Units
Noncontrolling Interest [Line Items]
Noncontrolling interest represented by Preferred Operating Partnership units, net	33,567	33,568
Series D Units
Noncontrolling Interest [Line Items]
Noncontrolling interest represented by Preferred Operating Partnership units, net	$ 188,793	$ 211,436

Property Acquisitions and Dispositions - Reconciliation of Purchase Price (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 01, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common OP Units
Business Acquisition [Line Items]
Equity interests issued		$ 0	$ 16,000	$ 0
Bargold
Business Acquisition [Line Items]
Total cash paid by the company	$ 157,302
Total consideration transferred	179,302
Bargold \| Series D Units
Business Acquisition [Line Items]
Equity interests issued	16,000
Bargold \| Common OP Units
Business Acquisition [Line Items]
Equity interests issued	$ 6,000

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

As of December 31, 2023, 477,624 shares were available for issuance under the Company’s 2015 Incentive Award Plan (the “Plan”).

Options are exercisable once vested. Options are exercisable at such times and subject to such terms as determined by the Compensation Committee, but under no circumstances may be exercised if such exercise would cause a violation of the ownership limit in the Company’s charter. Options expire 10 years from the date of grant.

As defined under the terms of the Plan, restricted stock grants may be awarded. The stock grants are subject to a vesting period over which the restrictions are released and the stock certificates are given to the grantee. During the vesting period, the grantee is not permitted to sell, transfer, pledge, encumber or assign shares of restricted stock granted under the Plan; however, the grantee has the ability to vote the shares and receive nonforfeitable dividends paid on shares. Unless otherwise determined by the Compensation Committee at the time of grant, the forfeiture and transfer restrictions on the shares lapse over a one-year period or a four-year period beginning on the date of grant. For actions taken prior to July 2020, references to the Compensation Committee refer to its predecessor, the CNG Committee; the Board split the CNG Committee into two committees, the Compensation Committee and the Nominating and Governance Committee, effective July 1, 2020.

Option Grants

A summary of stock option activity is as follows:


Options	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value as of December 31, 2022

Outstanding at December 31, 2020	71,594	$	74.54

Exercised	(62,322)	73.36

Outstanding at December 31, 2021	9,272	$	82.47

Exercised	—	—

Outstanding at December 31, 2022	9,272	82.47

Exercised	—	—

Outstanding at December 31, 2023	9,272	$	82.47	1.98	$1,338

Vested	9,272	$	82.47	1.98	$1,338
Ending Exercisable	9,272	$	82.47	1.98	$1,338

The aggregate intrinsic value in the table above represents the total value (the difference between the Company’s closing stock price on the last trading day of 2023 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2023. The amount of

aggregate intrinsic value will change based on the fair market value of the Company’s stock. The total intrinsic value of options exercised for the years ended December 31, 2023, 2022 and 2021 was $0, $0 and $3,925, respectively.

There have been no options granted since 2016. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes model incorporates assumptions to value stock-based awards. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant for the estimated life of the option. The Company uses actual historical data to calculate the expected price volatility, dividend yield and average expected term. The forfeiture rate, which is estimated at a weighted-average of 4.6% of unvested options outstanding as of December 31, 2023, is adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimates.

A summary of stock options outstanding and exercisable as of December 31, 2023, is as follows:


	Options Outstanding				Options Exercisable
Exercise Price	Shares	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Shares	Weighted Average Exercise Price
$65.36 - $65.36	1,582	1.15	$	65.36	1,582	$	65.36
$85.99 - $85.99	7,690	2.15	85.99		7,690	85.99

The Company recorded no compensation expense relating to outstanding options in general and administrative expense for the years ended December 31, 2023, 2022 and 2021. Net proceeds received for the years ended December 31, 2023, 2022 and 2021, related to option exercises was $0, $0 and $4,572, respectively. At December 31, 2023, there was no unrecognized compensation expense related to non-vested stock options under the Plan.

Common Stock Granted to Employees and Directors

The Company recorded $14,205, $12,086 and $9,260 of expense in general and administrative expense in its statement of operations related to restricted stock awards granted to employees and directors for the years ended December 31, 2023, 2022 and 2021, respectively. The forfeiture rate, which is estimated at a weighted-average of 10.0% of unvested awards outstanding as of December 31, 2023, is adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimates. At December 31, 2023 there was $20,222 of total unrecognized compensation expense related to non-vested restricted stock awards under the Plan. That cost is expected to be recognized over a weighted-average period of 2.09 years. The fair value of common stock awards is determined based on the closing trading price of the Company’s common stock on the grant date.

A summary of the Company’s employee and director share grant activity is as follows:


Restricted Stock Grants	Shares	Weighted-Average Grant-Date Fair Value
Unreleased at December 31, 2020	209,032	$	95.86
Granted	99,802	132.75
Released	(96,248)	91.65
Cancelled	(12,808)	113.89
Unreleased at December 31, 2021	199,778	$	115.16
Granted	105,677	201.12
Released	(86,781)	112.31
Cancelled	(10,614)	147.03
Unreleased at December 31, 2022	208,060	$	158.38
Granted	98,263	158.04
Released	(90,662)	147.21
Cancelled	(10,084)	165.36
Unreleased at December 31, 2023	205,577	$	162.81

Performance-based Stock Units

The performance-based stock units (the "PSUs") granted to executives represent the right to earn shares of the Company's common stock. These awards have two financial performance components: (1) the Company's core FFO performance ("FFO Target"), and (2) the Company's total stockholder return relative to the performance of a defined group of peers ("TSR Target"). Each of these performance components are weighted 50% and are measured over the performance period, which is defined as the three-year period ending December 31 from the year of grant. At the end of the performance period, the financial performance components are reviewed to determine the number of shares actually granted to executives, which can be as low as zero shares and up to a maximum of two shares issued for each PSU. A summary of the PSU activity is as follows:


Performance-Based Stock Units	Units	Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2020	123,311	$	104.25
Granted	40,832	138.04
Released	(28,735)	$	117.19
Unvested at December 31, 2021	135,408	$	111.69
Granted	61,085	223.96
Released	(49,334)	$	194.21
Unvested at December 31, 2022	147,159	$	130.63
Granted	86,795	207.28
Released	(45,242)	$	162.18
Unvested at December 31, 2023	188,712	$	158.32

The Company recorded $12,433, $9,299 and $8,043 of expense in general and administrative expense in its statement of operations related to PSUs granted to employees for the years ended December 31, 2023, 2022 and 2021, respectively. The Company estimated the fair value of the PSUs as of the grant date, using the closing trading price of the Company's common stock on the grant date to value the FFO Target portion. A Monte Carlo simulation model was used to calculate the fair value of the TSR Target portion of the PSUs, using the following assumptions:


	For the Year Ended December 31,
	2023	2022	2021
Intrinsic value	$30,256	$21,659	$30,701
Risk-free rate	4.6%	1.8%	0.22%
Volatility	29.3%	29.3%	28.5%
Expected term (in years)	2.8	2.9	2.9
Dividend yield	—%	—%	—%
Unrecognized compensation cost	$18,798	$13,241	$8,859
Term over which compensation cost recognized (in years)	3	3	3

Under the terms of the PSUs, dividends for the entire measurement period are paid in cash when the shares are released, so a dividend yield of zero was used. The valuation model applied in this calculation utilizes subjective assumptions that could potentially change over time, including the probabilities associated with achieving the FFO Targets (categorized within Level 3 of the fair value hierarchy). Therefore, the amount of unrecognized compensation expense at December 31, 2023 noted above does not necessarily represent the expense that will ultimately be realized by the Company in the statement of operations.

Debt - Schedule of Components of Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Combined weighted average interest rate	4.60%
Notes Payable
Debt Instrument [Line Items]
Total	$ 10,664,105	$ 6,419,424
Less: Discount on unsecured senior notes	(274,350)	0
Less: Unamortized debt issuance costs	(55,007)	(32,962)
Total	10,334,748	6,386,462
Notes Payable \| Secured notes payable
Debt Instrument [Line Items]
Fixed rate notes payable	401,319	521,820
Variable rate notes payable	$ 877,786	772,604
Notes Payable \| Secured notes payable \| Minimum
Debt Instrument [Line Items]
Fixed Rate	2.67%
Combined weighted average interest rate	6.35%
Notes Payable \| Secured notes payable \| Maximum
Debt Instrument [Line Items]
Fixed Rate	4.62%
Combined weighted average interest rate	6.88%
Notes Payable \| Unsecured notes payable
Debt Instrument [Line Items]
Fixed rate notes payable	$ 7,921,633	4,240,376
Variable rate notes payable	$ 1,463,367	$ 884,624
Notes Payable \| Unsecured notes payable \| Minimum
Debt Instrument [Line Items]
Fixed Rate	2.08%
Combined weighted average interest rate	6.30%
Notes Payable \| Unsecured notes payable \| Maximum
Debt Instrument [Line Items]
Fixed Rate	5.90%
Combined weighted average interest rate	6.63%

Investments in Debt Securities and Notes Receivable

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments in Debt Securities and Notes Receivable

INVESTMENTS IN DEBT SECURITIES AND NOTES RECEIVABLE

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


	December 31, 2023		December 31, 2022
Debt securities - Preferred Stock	$	300,000	$	300,000
Notes Receivable - Bridge Loans	594,727		491,879

Dividends and Interest Receivable	10,042		66,170
	$	904,769	$	858,049

In November 2020, the Company invested $300,000 in the preferred stock of JCAP in connection with the acquisition of JCAP by affiliates of NexPoint. This investment consisted of 200,000 Series A Preferred Shares valued at a total of $200,000, and 100,000 Series B Preferred Shares valued at a total of $100,000. In December 2022, the Company completed a modification with Nexpoint Storage Partners (as successor in interest to JCAP) that exchanged the Series A and B Preferred Shares for 300,000 Series D Preferred Shares, valued at a total of $300,000. The JCAP Series D preferred stock is mandatorily

redeemable after six years from the modification in December 2022, with two one-year extension options. NexPoint may redeem the Preferred Shares at any time, subject to certain prepayment penalties. The Company accounts for the JCAP preferred stock as a held to maturity debt security at amortized cost and evaluates whether the fair value is below the amortized cost basis at each reporting period. The Series D Preferred Shares have initial dividend rates of 8.5%. If the investment is not retired after six years, the preferred dividends increase annually.

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

The Company provides bridge loan financing to third-party self-storage operators. These notes receivable consist of mortgage loans receivable, which are collateralized by self-storage properties, and unsecured mezzanine loans receivable. As of December 31, 2023, 70% of the notes held are mortgage receivables. The Company intends to sell a portion of the mortgage receivables. These notes receivable typically have a term of three years with two one-year extensions, and have variable interest rates. During the year ended December 31, 2023, the Company sold a total principal amount of $167,495 of its mortgage bridge loans receivable to third parties for a total of $167,495 in cash, closed on $283,039 in initial loan draws, and recorded $27,366 of draws from interest holdbacks.

The bridge loans typically have a loan to value ratio between 70% and 80%. None of the debt securities or notes receivable are in past-due or nonaccrual status and the allowance for potential credit losses is immaterial.

Leases - Undiscounted Cash Flows on an Annual Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating
2024	$ 34,983
2025	34,919
2026	35,245
2027	35,635
2028	36,194
Thereafter	131,194
Total	308,170
Present value adjustments	(71,655)
Lease liabilities	236,515	$ 229,035
Finance
2024	6,542
2025	6,572
2026	6,715
2027	6,842
2028	6,953
Thereafter	353,983
Total	387,607
Present value adjustments	(244,004)
Lease liabilities	143,603
Total
2024	41,525
2025	41,491
2026	41,960
2027	42,477
2028	43,147
Thereafter	485,177
Total	695,777
Present value adjustments	(315,659)
Lease liabilities	$ 380,118

Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

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


	For the Year Ended December 31,
	2023		2022		2021
OP Units redeemed for common stock	2,803		—		165,652
OP Units redeemed for cash	1,000		24,824		4,500
Cash paid for OP Units redeemed	$	108	$	4,617	$	788
OP Units issued in conjunction with business combination and acquisitions	1,674,748		711,037		897,803
Value of OP Units issued in conjunction with business combination and acquisitions	$	249,470	$	141,000	$	188,319

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 850,453	$ 921,156	$ 877,758
Other comprehensive income:
Change in fair value of interest rate swaps	(32,752)	96,249	59,325
Total comprehensive income	817,701	1,017,405	937,083
Less: comprehensive income attributable to noncontrolling interests	45,866	65,373	52,887
Comprehensive income attributable to common stockholders	$ 771,835	$ 952,032	$ 884,196

- 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.

+ References + Details

- 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

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Property rental	$ 2,222,578	$ 1,654,735	$ 1,340,990
Tenant reinsurance	235,680	185,531	170,108
Management fees and other income	101,986	83,904	66,264
Total revenues	2,560,244	1,924,170	1,577,362
Expenses:
Property operations	612,036	435,342	368,608
Tenant reinsurance	58,874	33,560	29,488
Transaction costs	0	1,548	0
Life Storage Merger transition costs	66,732	0	0
General and administrative	146,408	129,251	102,194
Depreciation and amortization	506,053	288,316	241,879
Total expenses	1,390,103	888,017	742,169
Gain on real estate transactions	0	14,249	140,760
Income from operations	1,170,141	1,050,402	975,953
Interest expense	(419,035)	(219,171)	(166,183)
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes	(18,786)	0	0
Interest income	84,857	69,422	49,703
Income before equity in earnings and dividend income from unconsolidated real estate entities and income tax expense	817,177	900,653	859,473
Equity in earnings and dividend income from unconsolidated real estate entities	54,835	41,428	32,358
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets	0	0	6,251
Income tax expense	(21,559)	(20,925)	(20,324)
Net income	850,453	921,156	877,758
Net income allocated to Preferred Operating Partnership noncontrolling interests	(9,011)	(17,623)	(14,697)
Net income allocated to Operating Partnership and other noncontrolling interests	(38,244)	(42,845)	(35,412)
Net income attributable to common stockholders	$ 803,198	$ 860,688	$ 827,649
Earnings per common share
Basic (in dollars per share)	$ 4.74	$ 6.41	$ 6.20
Diluted (in dollars per share)	$ 4.74	$ 6.41	$ 6.19
Weighted average number of shares
Basic (in shares)	169,216,989	134,050,815	133,374,938
Diluted (in shares)	169,220,882	141,681,388	140,016,028

Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Advertising expense	$ 32,795	$ 19,285	$ 18,793

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Real estate assets, net	$ 24,555,873	$ 9,997,978
Real estate assets - operating lease right-of-use assets	227,241	221,725
Investments in unconsolidated real estate entities	1,071,617	582,412
Investments in debt securities and notes receivable	904,769	858,049
Cash and cash equivalents	99,062	92,868
Other assets, net	597,700	414,426
Total assets	27,456,262	12,167,458
Liabilities, Noncontrolling Interests and Equity:
Notes payable, net	1,273,549	1,288,555
Unsecured term loans, net	2,650,581	2,340,116
Unsecured senior notes, net	6,410,618	2,757,791
Revolving lines of credit	682,000	945,000
Operating lease liabilities	236,515	229,035
Cash distributions in unconsolidated real estate ventures	71,069	67,352
Accounts payable and accrued expenses	334,518	171,680
Other liabilities	383,463	289,655
Total liabilities	12,042,313	8,089,184
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, 211,278,803 and 133,921,020 shares issued and outstanding at December 31, 2023 and 2022, respectively	2,113	1,339
Additional paid-in capital	14,750,388	3,345,332
Accumulated other comprehensive income	17,435	48,798
Accumulated deficit	(379,015)	(135,872)
Total Extra Space Storage Inc. stockholders' equity	14,390,921	3,259,597
Noncontrolling interest represented by Preferred Operating Partnership units, net	222,360	261,502
Noncontrolling interests in Operating Partnership, net and other noncontrolling interests	800,668	557,175
Total noncontrolling interests and equity	15,413,949	4,078,274
Total liabilities, noncontrolling interests and equity	$ 27,456,262	$ 12,167,458

Other Assets

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

OTHER ASSETS

The components of other assets are summarized as follows:


	December 31, 2023		December 31, 2022
Goodwill	$	170,811	$	170,811
Receivables, net	134,716		85,937
Prepaid expenses and deposits	85,153		50,318
Other intangible assets, net	66,332		—
Trade name	50,000		—
Fair value of interest rate swaps	26,183		54,839
Equipment and fixtures, net	48,697		42,808
Deferred line of credit financing costs, net	9,787		4,846
Restricted cash	6,021		4,867
	$	597,700	$	414,426

Depreciation of equipment and fixtures is computed on a straight-line basis over three to five years. The Company capitalizes certain costs during the application development stage when developing software for internal use. As of December 31, 2023 and 2022, unamortized software costs were $18,844 and $23,165. During the year ended December 31, 2023 and 2022, the Company recorded amortization expense of $5,377 and $5,147, respectively, relating to capitalized software costs.

Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests

12 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests

NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS

Classification of Noncontrolling Interests

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

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

At December 31, 2023 and 2022, the noncontrolling interests represented by the Preferred OP Units qualified for classification as permanent equity on the Company's consolidated balance sheets. The partnership agreement of the Operating Partnership (as amended, the "Partnership Agreement") provides for the designation and issuance of the OP Units. As of December 31, 2023 and 2022, noncontrolling interests in Preferred OP Units were presented net of notes receivable from Preferred Operating Partnership unit holders of $100,000 as of December 31, 2023 and 2022, respectively, as more fully described below. The balances for each of the specific preferred OP units as presented in the Statement of Noncontrolling Interests and Equity as of the periods indicated is as follows:


	December 31, 2023		December 31, 2022
Series A Units	$	—	$	16,498
Series B Units	33,567		33,568
Series D Units	188,793		211,436
	$	222,360	$	261,502

Series A Participating Redeemable Preferred Units

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

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

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

On January 25, 2023, the redemption obligation for all outstanding Series A Units was satisfied in $5,000 cash and 851,698 shares of its common stock, which was net of the noncash settlement of the $100,000 loan. As a

result of this redemption, no Series A Units were outstanding as of December 31, 2023.

Series B Redeemable Preferred Units

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

The Series B Units were issued in 2013 and 2014, have been redeemed at various times, and have a liquidation value of $25.00 per unit for a current fixed liquidation value of $33,567 which represents 1,342,727 Series B Units outstanding at December 31, 2023. Holders of the Series B Units receive distributions at an annual rate of 6.0%. These distributions are cumulative. The Series B Units became redeemable at the option of the holder on the first anniversary of the date of issuance, which redemption obligations may be satisfied at the Company’s option in cash or shares of its common stock.

Series C Convertible 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 December 31, 2023 and December 31, 2022, 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 interest of the Operating Partnership with respect to distributions and liquidation.

The Series D Units have a liquidation value of $25.00 per unit, for a current fixed liquidation value of $188,793 which represents 7,551,735 Series D Units outstanding at December 31, 2023. Holders of the Series D Units receive distributions at an annual rate between 3.0% and 5.0%. These distributions are cumulative. The Series D Units become redeemable at the option of the holder on the first anniversary of the date of issuance, which redemption obligation may be satisfied at the Company’s option in cash or shares of its common stock. In addition, certain of the Series D Units are exchangeable for common OP Units until the tenth anniversary of the date of issuance, with the number of common OP Units to be issued equal to $25.00 per Series D Unit, divided by the value of a share of common stock as of the exchange date.

In January 2023, 890,594 Series D units were redeemed for 154,307 shares of common stock. In November 2023, 15,093 Series D units were redeemed for cash of $377.

The Series D Units have been issued at various times from 2014 to 2022. On June 1, 2022, the Operating Partnership

issued a total of 240,000 Series D Units valued at $6,000 in connection with the acquisition of Bargold.

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 95.2% majority ownership interest in the Operating Partnership as of December 31, 2023. The remaining ownership interests in the Operating Partnership (including Preferred OP Units) of 4.8% are held by certain former owners of assets acquired by the Operating Partnership. As of December 31, 2023 and 2022, the noncontrolling interests in the Operating Partnership are shown on the balance sheet net of notes receivable of $1,900 and $1,900, respectively, because the borrowers under the loan receivable are also holders of OP Units (Note 12). This loan receivable bears interest at 5.0% per annum and matures on December 15, 2024.

The noncontrolling interest in the Operating Partnership represents OP Units that are not owned by the Company. OP Units are redeemable at the option of the holder, which redemption may be satisfied at the Company's option in cash based upon the fair market value of an equivalent number of shares of the Company’s common stock (based on the ten-day average trading price) at the time of the redemption, or shares of the Company's common stock on a one-for-one basis, subject to anti-dilution adjustments provided in the Operating Partnership agreement. As of December 31, 2023, the ten-day average closing stock price was $156.68 and there were 8,885,594 OP Units outstanding. Assuming that all of the OP Unit holders exercised their right to redeem all of their OP Units on December 31, 2023 and the Company elected to pay the OP Unit holders cash, the Company would have paid $1,392,195 in cash consideration to redeem the units.

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


	For the Year Ended December 31,
	2023		2022		2021
OP Units redeemed for common stock	2,803		—		165,652
OP Units redeemed for cash	1,000		24,824		4,500
Cash paid for OP Units redeemed	$	108	$	4,617	$	788
OP Units issued in conjunction with business combination and acquisitions	1,674,748		711,037		897,803
Value of OP Units issued in conjunction with business combination and acquisitions	$	249,470	$	141,000	$	188,319

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

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

Other Noncontrolling Interests

Other noncontrolling interests represent the ownership interest of partners in nine consolidated joint ventures as of December 31, 2023. These joint ventures have ownership in 12 stores; two are operating and the remaining are under development. The voting interests of the partners are 31% or less.

Property Acquisitions and Dispositions - Asset Acquisitions - Schedule of Operating Properties Acquired (Details) $ in Thousands		12 Months Ended
	Sep. 15, 2022 USD ($) store	Dec. 31, 2023 USD ($) store	Dec. 31, 2022 USD ($) store
Business Combination and Asset Acquisition [Abstract]
Number of Stores \| store	106	14	153
Total		$ 147,729	$ 1,366,348
Cash Paid		135,577	1,193,261
Loan Assumed		12,000	0
Finance Lease Liability		0	6,823
Investments in Real Estate Ventures		0	1,085
Net Liabilities/ (Assets) Assumed		152	(786)
Value of Equity Issued		0	165,965
Total purchase price	$ 590,000	$ 147,729	$ 1,366,348

Schedule III - Real Estate and Accumulated Depreciation - Activity in Real Estate Facilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real estate, gross:
Balance at end of year	$ 27,180,278,000
Accumulated depreciation:
Balance at end of year	2,624,404,000
Net real estate assets:
Net non-lease real estate assets	24,555,873,000	$ 9,997,978,000	$ 8,834,649,000
Aggregate cost of real estate for U.S. federal income tax purposes	17,961,173,000
Operating facilities
Real estate, gross:
Balance at beginning of year	12,084,025,000	10,643,722,000	9,507,788,000
Acquisitions	14,715,285,000	1,390,463,000	1,500,703,000
Improvements	175,932,000	95,282,000	80,131,000
Transfers from construction in progress	87,485,000	70,565,000	62,462,000
Dispositions and other	(1,194,000)	(116,007,000)	(507,362,000)
Balance at end of year	27,061,533,000	12,084,025,000	10,643,722,000
Accumulated depreciation:
Balance at beginning of year	2,138,395,000	1,868,321,000	1,681,429,000
Depreciation expense	486,010,000	276,155,000	230,445,000
Dispositions and other	0	(6,081,000)	(43,553,000)
Balance at end of year	2,624,405,000	2,138,395,000	1,868,321,000
Real estate under development/redevelopment
Real estate, gross:
Balance at beginning of year	52,348,000	59,248,000	67,443,000
Current development	153,920,000	63,597,000	54,267,000
Transfers from construction in progress	(87,523,000)	(70,565,000)	(62,462,000)
Dispositions and other	0	68,000	0
Balance at end of year	$ 118,745,000	$ 52,348,000	$ 59,248,000

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2023	Feb. 22, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-32269
Entity Registrant Name	EXTRA SPACE STORAGE INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1076777
Entity Address, Address Line One	2795 East Cottonwood Parkway, Suite 300
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84121
City Area Code	801
Local Phone Number	365-4600
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	EXR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 19,343,600,223
Entity Common Stock, Shares Outstanding		211,574,552
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be issued in connection with the registrant’s annual stockholders’ meeting to be held in 2024 are incorporated by reference into Part III of this Annual Report on Form 10-K.
Amendment Flag	false
Entity Central Index Key	0001289490
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY

Income Taxes - Reconciliation of Statutory Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected tax at statutory rate	$ 183,111	$ 197,887	$ 188,600
Non-taxable REIT income	(161,316)	(172,966)	(166,137)
State and local tax expense - net of federal benefit	8,779	4,160	3,259
Change in valuation allowance	(1,148)	(1,093)	(1,061)
Tax credits/true-up	(7,742)	(6,040)	(5,117)
Miscellaneous	(125)	(1,023)	780
Total provision	$ 21,559	$ 20,925	$ 20,324
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Expected tax at statutory rate	21.00%	21.00%	21.00%
Non-taxable REIT income	(18.50%)	(18.40%)	(18.50%)
State and local tax expense - net of federal benefit	1.00%	0.40%	0.40%
Change in valuation allowance	(0.10%)	(0.10%)	(0.10%)
Tax credits/true-up	(0.90%)	(0.60%)	(0.60%)
Miscellaneous	0.00%	(0.10%)	0.10%
Total provision	2.50%	2.20%	2.30%

Other Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Other Assets - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Assets [Line Items]
Equipment and fixtures, net	$ 48,697	$ 42,808
Depreciation and amortization	506,053	288,316	$ 241,879
Software development
Other Assets [Line Items]
Equipment and fixtures, net	18,844	23,165
Depreciation and amortization	$ 5,377	$ 5,147
Minimum \| Equipment and fixtures
Other Assets [Line Items]
Estimated useful life	3 years
Maximum \| Equipment and fixtures
Other Assets [Line Items]
Estimated useful life	5 years

Property Acquisitions and Dispositions - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jun. 01, 2022
Business Acquisition [Line Items]
Goodwill	$ 170,811	$ 170,811
Bargold
Business Acquisition [Line Items]
Cash and cash equivalents			$ 175
Fixed assets			6,411
Other assets			125
Accounts payables and accrued liabilities assumed			(1,090)
Nets asset acquired			8,491
Goodwill			170,811
Total assets acquired			179,302
Bargold \| Developed technology
Business Acquisition [Line Items]
Finite-lived intangible assets			500
Bargold \| Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets			500
Bargold \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets			$ 1,870

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of stock option activity is as follows:


Options	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value as of December 31, 2022

Outstanding at December 31, 2020	71,594	$	74.54

Exercised	(62,322)	73.36

Outstanding at December 31, 2021	9,272	$	82.47

Exercised	—	—

Outstanding at December 31, 2022	9,272	82.47

Exercised	—	—

Outstanding at December 31, 2023	9,272	$	82.47	1.98	$1,338

Vested	9,272	$	82.47	1.98	$1,338
Ending Exercisable	9,272	$	82.47	1.98	$1,338

Schedule of Stock Options Outstanding and Exercisable

A summary of stock options outstanding and exercisable as of December 31, 2023, is as follows:


	Options Outstanding				Options Exercisable
Exercise Price	Shares	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Shares	Weighted Average Exercise Price
$65.36 - $65.36	1,582	1.15	$	65.36	1,582	$	65.36
$85.99 - $85.99	7,690	2.15	85.99		7,690	85.99

Summary of Company's Employee and Director Share Grant Activity

A summary of the Company’s employee and director share grant activity is as follows:


Restricted Stock Grants	Shares	Weighted-Average Grant-Date Fair Value
Unreleased at December 31, 2020	209,032	$	95.86
Granted	99,802	132.75
Released	(96,248)	91.65
Cancelled	(12,808)	113.89
Unreleased at December 31, 2021	199,778	$	115.16
Granted	105,677	201.12
Released	(86,781)	112.31
Cancelled	(10,614)	147.03
Unreleased at December 31, 2022	208,060	$	158.38
Granted	98,263	158.04
Released	(90,662)	147.21
Cancelled	(10,084)	165.36
Unreleased at December 31, 2023	205,577	$	162.81

Schedule of Nonvested Performance-based Units Activity

A summary of the PSU activity is as follows:


Performance-Based Stock Units	Units	Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2020	123,311	$	104.25
Granted	40,832	138.04
Released	(28,735)	$	117.19
Unvested at December 31, 2021	135,408	$	111.69
Granted	61,085	223.96
Released	(49,334)	$	194.21
Unvested at December 31, 2022	147,159	$	130.63
Granted	86,795	207.28
Released	(45,242)	$	162.18
Unvested at December 31, 2023	188,712	$	158.32

Schedule of Weighted Average Assumptions Used to Estimate Fair Value of Awards

A Monte Carlo simulation model was used to calculate the fair value of the TSR Target portion of the PSUs, using the following assumptions:


	For the Year Ended December 31,
	2023	2022	2021
Intrinsic value	$30,256	$21,659	$30,701
Risk-free rate	4.6%	1.8%	0.22%
Volatility	29.3%	29.3%	28.5%
Expected term (in years)	2.8	2.9	2.9
Dividend yield	—%	—%	—%
Unrecognized compensation cost	$18,798	$13,241	$8,859
Term over which compensation cost recognized (in years)	3	3	3

Debt - Schedule of Information on Lines of Credit (Details)		12 Months Ended
	Jan. 13, 2023 extension_option	Dec. 31, 2023 USD ($) extension_option	Aug. 11, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Amount Drawn		$ 682,000,000		$ 945,000,000
Lines Of Credit
Debt Instrument [Line Items]
Amount Drawn		682,000,000
Capacity		2,140,000,000
Credit Line 1
Debt Instrument [Line Items]
Amount Drawn		40,000,000
Capacity		$ 140,000,000
Interest Rate		6.70%
Number of extensions available \| extension_option	1
Extension term	1 year
Credit Line 2
Debt Instrument [Line Items]
Amount Drawn		$ 642,000,000
Capacity		$ 2,000,000,000	$ 60,000,000
Interest Rate		6.30%
Number of extensions available \| extension_option		2
Extension term		6 months
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Credit Line 1
Debt Instrument [Line Items]
Basis spread on variable rate		1.35%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Credit Line 2
Debt Instrument [Line Items]
Basis spread on variable rate		0.775%

Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests - Schedule of OP Unit Activity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Abstract]
OP Units redeemed for common stock (in shares)	2,803	0	165,652
OP Units redeemed for cash (in shares)	1,000	24,824	4,500
Cash paid for OP Units redeemed	$ 108	$ 4,617	$ 788
OP Units issued in conjunction with acquisitions (in shares)	1,674,748	711,037	897,803
Value of OP Units issued in conjunction with business combination and acquisitions	$ 249,470	$ 141,000	$ 188,319

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 18, 2023, Joseph D. Margolis, our Chief Executive Officer and Director, terminated a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) and originally adopted on February 24, 2023, for the sale of up to 20,000 shares of our common stock until January 3, 2024.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Joseph D. Margolis [Member]
Trading Arrangements, by Individual
Name	Joseph D. Margolis
Title	Chief Executive Officer and Director
Rule 10b5-1 Arrangement Terminated	true
Termination Date	December 18, 2023
Arrangement Duration	297 days
Aggregate Available	20,000	20,000

Schedule III - Real Estate and Accumulated Depreciation - Property Summary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) store
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	1,905
Debt	$ 1,279,105
Land Initial Cost	4,885,859
Building and Improvements Initial Cost	20,652,053
Adjustments and Costs to Land and Building Subsequent to Acquisition	1,623,247
Gross carrying amount - Land	4,904,705
Gross carrying amount - Building and improvements	22,275,573
Gross carrying amount - Total	27,180,278
Accumulated Depreciation	$ 2,624,404
Self storage facilities \| AL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	37
Debt	$ 5,686
Land Initial Cost	52,358
Building and Improvements Initial Cost	380,499
Adjustments and Costs to Land and Building Subsequent to Acquisition	5,593
Gross carrying amount - Land	52,356
Gross carrying amount - Building and improvements	386,094
Gross carrying amount - Total	438,450
Accumulated Depreciation	$ 18,152
Self storage facilities \| AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	46
Debt	$ 22,349
Land Initial Cost	135,775
Building and Improvements Initial Cost	523,811
Adjustments and Costs to Land and Building Subsequent to Acquisition	14,566
Gross carrying amount - Land	135,774
Gross carrying amount - Building and improvements	538,378
Gross carrying amount - Total	674,152
Accumulated Depreciation	$ 44,843
Self storage facilities \| CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	218
Debt	$ 328,992
Land Initial Cost	921,260
Building and Improvements Initial Cost	2,322,145
Adjustments and Costs to Land and Building Subsequent to Acquisition	250,704
Gross carrying amount - Land	919,806
Gross carrying amount - Building and improvements	2,574,302
Gross carrying amount - Total	3,494,108
Accumulated Depreciation	$ 436,926
Self storage facilities \| CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	27
Debt	$ 26,374
Land Initial Cost	49,985
Building and Improvements Initial Cost	192,497
Adjustments and Costs to Land and Building Subsequent to Acquisition	20,004
Gross carrying amount - Land	50,703
Gross carrying amount - Building and improvements	211,783
Gross carrying amount - Total	262,486
Accumulated Depreciation	$ 33,009
Self storage facilities \| CT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	23
Debt	$ 6,399
Land Initial Cost	43,453
Building and Improvements Initial Cost	373,628
Adjustments and Costs to Land and Building Subsequent to Acquisition	6,530
Gross carrying amount - Land	43,452
Gross carrying amount - Building and improvements	380,158
Gross carrying amount - Total	423,610
Accumulated Depreciation	$ 18,276
Self storage facilities \| FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	245
Debt	$ 167,386
Land Initial Cost	672,426
Building and Improvements Initial Cost	2,894,604
Adjustments and Costs to Land and Building Subsequent to Acquisition	122,780
Gross carrying amount - Land	674,576
Gross carrying amount - Building and improvements	3,015,234
Gross carrying amount - Total	3,689,810
Accumulated Depreciation	$ 239,687
Self storage facilities \| GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	119
Debt	$ 78,837
Land Initial Cost	303,954
Building and Improvements Initial Cost	1,179,911
Adjustments and Costs to Land and Building Subsequent to Acquisition	47,713
Gross carrying amount - Land	303,941
Gross carrying amount - Building and improvements	1,227,636
Gross carrying amount - Total	1,531,577
Accumulated Depreciation	$ 123,363
Self storage facilities \| HI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	14
Debt	$ 0
Land Initial Cost	29,836
Building and Improvements Initial Cost	160,978
Adjustments and Costs to Land and Building Subsequent to Acquisition	22,962
Gross carrying amount - Land	29,836
Gross carrying amount - Building and improvements	183,939
Gross carrying amount - Total	213,775
Accumulated Depreciation	$ 43,351
Self storage facilities \| ID
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	2
Debt	$ 0
Land Initial Cost	4,047
Building and Improvements Initial Cost	25,235
Adjustments and Costs to Land and Building Subsequent to Acquisition	59
Gross carrying amount - Land	4,047
Gross carrying amount - Building and improvements	25,294
Gross carrying amount - Total	29,341
Accumulated Depreciation	$ 812
Self storage facilities \| IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	105
Debt	$ 16,231
Land Initial Cost	210,472
Building and Improvements Initial Cost	1,107,463
Adjustments and Costs to Land and Building Subsequent to Acquisition	43,952
Gross carrying amount - Land	209,924
Gross carrying amount - Building and improvements	1,151,964
Gross carrying amount - Total	1,361,888
Accumulated Depreciation	$ 82,109
Self storage facilities \| IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	91
Debt	$ 0
Land Initial Cost	64,531
Building and Improvements Initial Cost	494,467
Adjustments and Costs to Land and Building Subsequent to Acquisition	14,626
Gross carrying amount - Land	64,875
Gross carrying amount - Building and improvements	524,169
Gross carrying amount - Total	589,044
Accumulated Depreciation	$ 34,445
Self storage facilities \| KS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	1
Debt	$ 0
Land Initial Cost	366
Building and Improvements Initial Cost	1,897
Adjustments and Costs to Land and Building Subsequent to Acquisition	1,150
Gross carrying amount - Land	366
Gross carrying amount - Building and improvements	3,047
Gross carrying amount - Total	3,413
Accumulated Depreciation	$ 1,555
Self storage facilities \| KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	15
Debt	$ 30,470
Land Initial Cost	10,026
Building and Improvements Initial Cost	88,389
Adjustments and Costs to Land and Building Subsequent to Acquisition	21,129
Gross carrying amount - Land	10,799
Gross carrying amount - Building and improvements	108,745
Gross carrying amount - Total	119,544
Accumulated Depreciation	$ 21,462
Self storage facilities \| LA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	10
Debt	$ 0
Land Initial Cost	16,673
Building and Improvements Initial Cost	126,604
Adjustments and Costs to Land and Building Subsequent to Acquisition	5,591
Gross carrying amount - Land	16,674
Gross carrying amount - Building and improvements	132,194
Gross carrying amount - Total	148,868
Accumulated Depreciation	$ 8,844
Self storage facilities \| MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	64
Debt	$ 39,808
Land Initial Cost	120,291
Building and Improvements Initial Cost	534,152
Adjustments and Costs to Land and Building Subsequent to Acquisition	65,286
Gross carrying amount - Land	120,472
Gross carrying amount - Building and improvements	599,257
Gross carrying amount - Total	719,729
Accumulated Depreciation	$ 123,019
Self storage facilities \| MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	44
Debt	$ 74,081
Land Initial Cost	157,195
Building and Improvements Initial Cost	450,952
Adjustments and Costs to Land and Building Subsequent to Acquisition	36,025
Gross carrying amount - Land	156,605
Gross carrying amount - Building and improvements	487,567
Gross carrying amount - Total	644,172
Accumulated Depreciation	$ 111,043
Self storage facilities \| ME
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	5
Debt	$ 0
Land Initial Cost	2,352
Building and Improvements Initial Cost	86,339
Adjustments and Costs to Land and Building Subsequent to Acquisition	195
Gross carrying amount - Land	2,352
Gross carrying amount - Building and improvements	86,534
Gross carrying amount - Total	88,886
Accumulated Depreciation	$ 926
Self storage facilities \| MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	8
Debt	$ 4,301
Land Initial Cost	10,900
Building and Improvements Initial Cost	63,388
Adjustments and Costs to Land and Building Subsequent to Acquisition	6,630
Gross carrying amount - Land	10,900
Gross carrying amount - Building and improvements	70,018
Gross carrying amount - Total	80,918
Accumulated Depreciation	$ 13,061
Self storage facilities \| MN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	8
Debt	$ 0
Land Initial Cost	14,925
Building and Improvements Initial Cost	104,513
Adjustments and Costs to Land and Building Subsequent to Acquisition	6,940
Gross carrying amount - Land	14,925
Gross carrying amount - Building and improvements	111,453
Gross carrying amount - Total	126,378
Accumulated Depreciation	$ 10,240
Self storage facilities \| MO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	28
Debt	$ 0
Land Initial Cost	31,800
Building and Improvements Initial Cost	347,070
Adjustments and Costs to Land and Building Subsequent to Acquisition	8,250
Gross carrying amount - Land	31,758
Gross carrying amount - Building and improvements	355,362
Gross carrying amount - Total	387,120
Accumulated Depreciation	$ 13,743
Self storage facilities \| MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	7
Debt	$ 0
Land Initial Cost	9,053
Building and Improvements Initial Cost	82,098
Adjustments and Costs to Land and Building Subsequent to Acquisition	1,977
Gross carrying amount - Land	9,052
Gross carrying amount - Building and improvements	84,076
Gross carrying amount - Total	93,128
Accumulated Depreciation	$ 5,559
Self storage facilities \| NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	52
Debt	$ 0
Land Initial Cost	93,492
Building and Improvements Initial Cost	557,728
Adjustments and Costs to Land and Building Subsequent to Acquisition	14,431
Gross carrying amount - Land	93,489
Gross carrying amount - Building and improvements	572,161
Gross carrying amount - Total	665,650
Accumulated Depreciation	$ 32,134
Self storage facilities \| NH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	17
Debt	$ 0
Land Initial Cost	50,952
Building and Improvements Initial Cost	195,719
Adjustments and Costs to Land and Building Subsequent to Acquisition	1,735
Gross carrying amount - Land	51,015
Gross carrying amount - Building and improvements	197,391
Gross carrying amount - Total	248,406
Accumulated Depreciation	$ 5,097
Self storage facilities \| NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	88
Debt	$ 99,207
Land Initial Cost	308,001
Building and Improvements Initial Cost	1,071,004
Adjustments and Costs to Land and Building Subsequent to Acquisition	70,630
Gross carrying amount - Land	313,354
Gross carrying amount - Building and improvements	1,136,281
Gross carrying amount - Total	1,449,635
Accumulated Depreciation	$ 209,349
Self storage facilities \| NM
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	11
Debt	$ 25,153
Land Initial Cost	31,826
Building and Improvements Initial Cost	68,779
Adjustments and Costs to Land and Building Subsequent to Acquisition	6,909
Gross carrying amount - Land	31,826
Gross carrying amount - Building and improvements	75,689
Gross carrying amount - Total	107,515
Accumulated Depreciation	$ 17,000
Self storage facilities \| NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	33
Debt	$ 30,458
Land Initial Cost	97,497
Building and Improvements Initial Cost	469,028
Adjustments and Costs to Land and Building Subsequent to Acquisition	9,504
Gross carrying amount - Land	97,497
Gross carrying amount - Building and improvements	478,532
Gross carrying amount - Total	576,029
Accumulated Depreciation	$ 23,846
Self storage facilities \| NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	79
Debt	$ 12,895
Land Initial Cost	340,256
Building and Improvements Initial Cost	1,195,359
Adjustments and Costs to Land and Building Subsequent to Acquisition	66,207
Gross carrying amount - Land	340,991
Gross carrying amount - Building and improvements	1,260,831
Gross carrying amount - Total	1,601,822
Accumulated Depreciation	$ 105,190
Self storage facilities \| OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	50
Debt	$ 10,140
Land Initial Cost	71,460
Building and Improvements Initial Cost	388,236
Adjustments and Costs to Land and Building Subsequent to Acquisition	13,917
Gross carrying amount - Land	71,459
Gross carrying amount - Building and improvements	402,154
Gross carrying amount - Total	473,613
Accumulated Depreciation	$ 24,721
Self storage facilities \| OK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	4
Debt	$ 0
Land Initial Cost	3,917
Building and Improvements Initial Cost	28,534
Adjustments and Costs to Land and Building Subsequent to Acquisition	159
Gross carrying amount - Land	3,917
Gross carrying amount - Building and improvements	28,693
Gross carrying amount - Total	32,610
Accumulated Depreciation	$ 429
Self storage facilities \| OR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	8
Debt	$ 23,904
Land Initial Cost	15,066
Building and Improvements Initial Cost	68,044
Adjustments and Costs to Land and Building Subsequent to Acquisition	2,938
Gross carrying amount - Land	15,066
Gross carrying amount - Building and improvements	70,982
Gross carrying amount - Total	86,048
Accumulated Depreciation	$ 14,126
Self storage facilities \| PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	31
Debt	$ 10,635
Land Initial Cost	57,671
Building and Improvements Initial Cost	356,325
Adjustments and Costs to Land and Building Subsequent to Acquisition	29,609
Gross carrying amount - Land	56,997
Gross carrying amount - Building and improvements	386,607
Gross carrying amount - Total	443,604
Accumulated Depreciation	$ 46,425
Self storage facilities \| RI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	6
Debt	$ 3,712
Land Initial Cost	6,132
Building and Improvements Initial Cost	55,033
Adjustments and Costs to Land and Building Subsequent to Acquisition	1,793
Gross carrying amount - Land	6,131
Gross carrying amount - Building and improvements	56,827
Gross carrying amount - Total	62,958
Accumulated Depreciation	$ 4,517
Self storage facilities \| SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	40
Debt	$ 27,701
Land Initial Cost	65,032
Building and Improvements Initial Cost	385,333
Adjustments and Costs to Land and Building Subsequent to Acquisition	13,408
Gross carrying amount - Land	65,036
Gross carrying amount - Building and improvements	398,737
Gross carrying amount - Total	463,773
Accumulated Depreciation	$ 41,190
Self storage facilities \| TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	29
Debt	$ 44,491
Land Initial Cost	50,603
Building and Improvements Initial Cost	252,731
Adjustments and Costs to Land and Building Subsequent to Acquisition	15,296
Gross carrying amount - Land	50,603
Gross carrying amount - Building and improvements	268,027
Gross carrying amount - Total	318,630
Accumulated Depreciation	$ 36,356
Self storage facilities \| TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	241
Debt	$ 104,794
Land Initial Cost	534,804
Building and Improvements Initial Cost	2,603,707
Adjustments and Costs to Land and Building Subsequent to Acquisition	97,822
Gross carrying amount - Land	534,655
Gross carrying amount - Building and improvements	2,701,678
Gross carrying amount - Total	3,236,333
Accumulated Depreciation	$ 212,009
Self storage facilities \| UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	10
Debt	$ 16,265
Land Initial Cost	9,008
Building and Improvements Initial Cost	39,295
Adjustments and Costs to Land and Building Subsequent to Acquisition	9,775
Gross carrying amount - Land	9,008
Gross carrying amount - Building and improvements	49,070
Gross carrying amount - Total	58,078
Accumulated Depreciation	$ 15,445
Self storage facilities \| VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	73
Debt	$ 56,422
Land Initial Cost	198,998
Building and Improvements Initial Cost	842,848
Adjustments and Costs to Land and Building Subsequent to Acquisition	37,952
Gross carrying amount - Land	198,998
Gross carrying amount - Building and improvements	880,800
Gross carrying amount - Total	1,079,798
Accumulated Depreciation	$ 127,878
Self storage facilities \| WA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	14
Debt	$ 4,874
Land Initial Cost	51,011
Building and Improvements Initial Cost	147,943
Adjustments and Costs to Land and Building Subsequent to Acquisition	13,780
Gross carrying amount - Land	51,013
Gross carrying amount - Building and improvements	161,720
Gross carrying amount - Total	212,733
Accumulated Depreciation	$ 19,542
Self storage facilities \| WI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	1
Debt	$ 0
Land Initial Cost	1,076
Building and Improvements Initial Cost	16,054
Adjustments and Costs to Land and Building Subsequent to Acquisition	70
Gross carrying amount - Land	1,076
Gross carrying amount - Building and improvements	16,123
Gross carrying amount - Total	17,199
Accumulated Depreciation	$ 173
Self storage facilities \| DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count \| store	1
Debt	$ 7,540
Land Initial Cost	14,394
Building and Improvements Initial Cost	18,172
Adjustments and Costs to Land and Building Subsequent to Acquisition	634
Gross carrying amount - Land	14,394
Gross carrying amount - Building and improvements	18,806
Gross carrying amount - Total	33,200
Accumulated Depreciation	3,904
Other corporate assets
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Debt	0
Land Initial Cost	0
Building and Improvements Initial Cost	0
Adjustments and Costs to Land and Building Subsequent to Acquisition	245,910
Gross carrying amount - Land	0
Gross carrying amount - Building and improvements	245,910
Gross carrying amount - Total	245,910
Accumulated Depreciation	92,553
Intangible tenant relationships and lease rights
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Debt	0
Land Initial Cost	0
Building and Improvements Initial Cost	348,762
Adjustments and Costs to Land and Building Subsequent to Acquisition	0
Gross carrying amount - Land	0
Gross carrying amount - Building and improvements	348,762
Gross carrying amount - Total	348,762
Accumulated Depreciation	204,135
Construction in Progress/Undeveloped Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Debt	0
Land Initial Cost	22,985
Building and Improvements Initial Cost	2,779
Adjustments and Costs to Land and Building Subsequent to Acquisition	124,265
Gross carrying amount - Land	34,987
Gross carrying amount - Building and improvements	118,745
Gross carrying amount - Total	153,732
Accumulated Depreciation	0
Right of use asset - finance lease
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Debt	0
Land Initial Cost	0
Building and Improvements Initial Cost	0
Adjustments and Costs to Land and Building Subsequent to Acquisition	143,841
Gross carrying amount - Land	0
Gross carrying amount - Building and improvements	143,843
Gross carrying amount - Total	143,843
Accumulated Depreciation	$ 3,960

Derivatives (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Summarizing Terms of Entity's Derivative Financial Instruments

Hedge Product

Range of Notional Amounts

Strike

Effective Dates

Maturity Dates

Swap Agreements

$32,000 - $245,000

0.96% - 4.33%

6/27/2018 - 7/14/2025

1/29/2024 - 2/1/2028

Schedule of Balance Sheet Classification and Fair Value of Entity's Derivative Financial Instruments

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


	Asset / Liability Derivatives
Derivatives designated as hedging instruments:	December 31, 2023		December 31, 2022
Other assets	$	26,183	$	54,839
Other liabilities	$	5,030	$	73

Schedule of Information Relating to Gain (Loss) Recognized on Swap Agreements


	Gain (loss) recognized in OCI for the Year Ended December 31,				Location of amounts reclassified from OCI into income	Gain (loss) reclassified from OCI for the Year Ended December 31,
Type	2023		2022			2023		2022		2021
Swap Agreements	$	8,730	$	88,372	Interest expense	$	41,541	$	(7,877)	$	(35,764)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Financial Information of Business Segments

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


	Year Ended December 31,
	2023		2022		2021
Revenues:
Self-Storage Operations	$	2,222,578	$	1,654,735	$	1,340,990
Tenant Reinsurance	235,680		185,531		170,108
Total segment revenues	$	2,458,258	$	1,840,266	$	1,511,098

Operating expenses:
Self-Storage Operations	$	612,036	$	435,342	$	368,608
Tenant Reinsurance	58,874		33,560		29,488
Total segment operating expenses	$	670,910	$	468,902	$	398,096

Net operating income:
Self-Storage Operations	$	1,610,542	$	1,219,393	$	972,382
Tenant Reinsurance	176,806		151,971		140,620
Total segment net operating income:	$	1,787,348	$	1,371,364	$	1,113,002

Total segment net operating income	$	1,787,348	$	1,371,364	$	1,113,002
Other components of net income:
Property management fees and other income	101,986		83,904		66,264
Transaction costs	—		(1,548)		—
Life Storage Merger transition costs	(66,732)		—		—
General and administrative expense	(146,408)		(129,251)		(102,194)
Depreciation and amortization expense	(506,053)		(288,316)		(241,879)
Gain on real estate transactions	—		14,249		140,760

Interest expense	(419,035)		(219,171)		(166,183)
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes	(18,786)		—		—
Interest income	84,857		69,422		49,703

Equity in earnings and dividend income from unconsolidated real estate entities	54,835		41,428		32,358
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets	—		—		6,251
Income tax expense	(21,559)		(20,925)		(20,324)
Net income	$	850,453	$	921,156	$	877,758

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Other Assets (Tables)

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

The components of other assets are summarized as follows:


	December 31, 2023		December 31, 2022
Goodwill	$	170,811	$	170,811
Receivables, net	134,716		85,937
Prepaid expenses and deposits	85,153		50,318
Other intangible assets, net	66,332		—
Trade name	50,000		—
Fair value of interest rate swaps	26,183		54,839
Equipment and fixtures, net	48,697		42,808
Deferred line of credit financing costs, net	9,787		4,846
Restricted cash	6,021		4,867
	$	597,700	$	414,426

Summary of Significant Accounting Policies - Variable Interest Entities (Details)	Dec. 31, 2023 store variable_interest_entity
Accounting Policies [Abstract]
Number of consolidated VIEs \| variable_interest_entity	1
Consolidated VIEs, number of stores \| store	1

Real Estate Assets - Schedule of Components of Real Estate Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Land	$ 4,904,705	$ 2,356,746
Buildings, improvements and other intangibles	21,664,224	9,425,468
Right of use asset - finance lease	143,842	136,259
Intangible assets - tenant relationships	321,019	152,775
Intangible lease rights	27,743	12,943
Gross operating real estate assets	27,061,533	12,084,191
Less: accumulated depreciation and amortization	(2,624,405)	(2,138,524)
Net operating real estate assets	24,437,128	9,945,667
Real estate under development/redevelopment	118,745	52,311
Net real estate assets	24,555,873	9,997,978
Real estate assets held for sale included in real estate assets, net	$ 0	$ 0

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

DEBT

The components of term debt are summarized as follows:


Term Debt	December 31, 2023		December 31, 2022		Fixed Rate	Variable Rate (2)	Maturity Dates
Secured fixed-rate (1)	$	401,319	$	521,820	2.67% - 4.62%		April 2025 - February 2030
Secured variable-rate (1)	877,786		772,604			6.35% - 6.88%	November 2024 - September 2030
Unsecured fixed-rate	7,921,633		4,240,376		2.08% - 5.90%		January 2025 - March 2032
Unsecured variable-rate	1,463,367		884,624			6.30% - 6.63%	June 2024 - July 2029
Total	10,664,105		6,419,424
Less: Discount on unsecured senior notes (3)	(274,350)		—
Less: Unamortized debt issuance costs	(55,007)		(32,962)
Total	$	10,334,748	$	6,386,462

(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents.
(2) Basis rates include Term SOFR and Daily Simple SOFR
(3) Unsecured senior notes from the Life Storage Merger were recorded at fair value, resulting in a discount to be amortized over the term of the debt.

The following table summarizes the scheduled maturities of term debt, excluding available extensions, at December 31, 2023:



2024	648,250
2025	1,123,120
2026	1,409,581
2027	1,316,907
2028	1,029,000
2029	1,542,759
2030	1,344,488
2031	1,650,000
2032	600,000

Total	$	10,664,105

On June 22, 2023, the Company entered into the Third Amended and Restated Credit Agreement (the "Credit Agreement") which increased the commitment of the revolving credit facility to $1,940,000, and later to $2,000,000 with an Increasing Lender Supplement entered into in August 2023, and extended its maturity to June 2027. In connection with entering into the Credit Agreement, the Company paid off Tranche 5 and added the Tranche 8 term loan, maturing June 2024, which allowed the Company to draw up to $1,000,000 in connection with the Life Storage Merger. Tranche 8 was fully drawn on July 20, 2023, in connection with the closing of the Life Storage Merger, paid down to $400,000 in December 2023, and fully paid off in January 2024.

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

As of December 31, 2023, amounts outstanding under the revolving credit facility bore interest at floating rates, at the Company’s option, equal to either (i) Adjusted Term or Daily Simple SOFR plus the applicable margin or (ii) the applicable base rate which is the applicable margin plus the highest of (a) 0.0%, (b) the federal funds rate plus 0.50%, (c) U.S. Bank’s prime rate or (d) the SOFR rate plus 1.00%. Per the Credit Agreement, the applicable SOFR rate margin and applicable base rate margin are based on the Company’s achieved debt rating, with the SOFR rate margin ranging from 0.7% to 2.2% per annum and the applicable base rate margin ranging from 0.00% to 1.20% per annum.

The Credit Agreement is guaranteed by the Company and is not secured by any assets of the Company. The Company's unsecured debt is subject to certain financial covenants. As of December 31, 2023, the Company was in compliance with all of its financial covenants.

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


	As of December 31, 2023
Revolving Lines of Credit	Amount Drawn		Capacity		Interest Rate	Maturity	Basis Rate (1)
Credit Line 1 (2)	$	40,000	$	140,000	6.7%	7/1/2026	SOFR plus 1.35%
Credit Line 2 (3)(4)	642,000		2,000,000		6.3%	6/22/2027	ASOFR plus 0.775%
	$	682,000	$	2,140,000

(1) Daily Simple SOFR
(2) Secured by mortgages on certain real estate assets. On January 13, 2023 the maturity date was extended to July 1, 2026 with one extension of one year available.
(3) Unsecured. On June 22, 2023, the maturity date was extended to June 22, 2027 with two six-month extensions available. On August 11, 2023, the capacity was increased by $60 million.
(4) Basis Rate as of December 31, 2023. Rate is subject to change based on the Company's investment grade rating.

As of December 31, 2023, the Company’s percentage of fixed-rate debt to total debt was 73.4%. The weighted average interest rates of the Company’s fixed and variable-rate debt were 3.9% and 6.6%, respectively. The combined weighted average interest rate was 4.6%.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

Principles of Consolidation

Use of Estimates

Fair Value Disclosures

Derivative financial instruments

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

As of December 31, 2023 and 2022, the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis.

Fair Value of Financial Instruments

Real Estate Assets and Sales

Real Estate Assets

Real Estate Sales

Investments in Unconsolidated Real Estate Entities

Investments in Debt Securities and Notes Receivable

Cash and Cash Equivalents

Derivative Instruments and Hedging Activities

Risk Management and Use of Financial Instruments

Redemption of Common Operating Partnership Units

Revenue and Expense Recognition

management services are provided on a month-to-month basis unless terminated. Management fees are due on the last day of each calendar month that management services are provided.

Advertising Costs

Income Taxes

Stock-Based Compensation

Earnings Per Common Share


	For the Year Ended December 31,
	2023	2022	2021
	Equivalent Shares (if converted)	Equivalent Shares (if converted)	Equivalent Shares (if converted)
Common OP Units	7,970,487	—	—

Series B Units	236,130	187,664	246,618
Series D Units	1,332,049	1,140,513	726,037
	9,538,666	1,328,177	972,655

Recently Issued Accounting Standards

Summary of Significant Accounting Policies - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 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)	9,538,666	1,328,177	972,655
Average share price (in dollars per share)	$ 142.16
Series A Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Instruments to be settled in cash (at least)	$ 101,700

Derivatives - Schedule Summarizing Terms of Entity's Derivative Financial Instruments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Notional amounts	$ 1,448,566
Cash flow hedging \| Swap Agreements \| Minimum
Derivative [Line Items]
Notional amounts	$ 32,000
Strike rate	0.96%
Cash flow hedging \| Swap Agreements \| Maximum
Derivative [Line Items]
Notional amounts	$ 245,000
Strike rate	4.33%

Property Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

Property Acquisitions and Dispositions

PROPERTY ACQUISITIONS AND DISPOSITIONS

The Life Storage Merger

On July 20, 2023, the Company closed its merger with Life Storage (the "Life Storage Merger" or "Merger"), which included 757 wholly-owned stores and one consolidated joint venture store. Under the terms of the Life Storage Merger, Life Storage stockholders and holders of units of the Life Storage operating partnership received 0.895 of a share of common stock (or OP Unit, as applicable) of the Company for each issued and outstanding share (or operating partnership unit) of Life Storage they owned for total consideration of $11,602,808, based on the Company's closing share price on July 19, 2023. At closing, the Company retired $1,160,000 in balances on Life Storage's line of credit which included $375,000 that Life Storage used to pay off its private placement notes in connection with the closing of the Life Storage Merger. The Company also paid off $32,000 in secured loans. On July 25, 2023, the Company completed obligor exchange offers and consent solicitations (together the "Exchange Offers") related to Life Storage's various senior notes. Upon the closing of the Exchange Offers, a total of $2,351,100 of Life Storage's senior notes were exchanged for senior notes of the same tenor of Extra Space Storage L.P. The remaining Life Storage senior note balances which were not exchanged total $48,900 and no longer have any financial reporting requirements or covenants.

Consideration and Purchase Price Allocation

The Merger was accounted for as an asset acquisition in accordance with ASC Topic 805 which requires that the cost of an acquisition be allocated on a relative fair value basis to the assets acquired and the liabilities assumed. The following table summarizes the fair value of total consideration transferred in the Life Storage Merger:


Consideration Type	July 20, 2023
Common stock	$	11,353,338
OP units	249,470
Cash for payoff of Life Storage credit facility and debt	1,192,000
Transaction Costs	55,318
Total consideration	$	12,850,127

The following table summarizes the estimated fair values assigned to the assets acquired and liabilities assumed:


	July 20, 2023
Real estate assets	$	14,587,735
Equity investment in joint venture partnerships	325,250
Cash and other assets	107,423
Intangible assets - other	82,000
Trade name	50,000
Unsecured senior notes	(2,106,866)
Accounts payable, accrued expenses and other liabilities	(191,077)
Noncontrolling interests	(4,338)
Fair value of net assets acquired	$	12,850,127

Fair Value Measurement

The estimated fair values of assets acquired and liabilities assumed were primarily based on information that was available as of the closing date of the Life Storage Merger. The methodology used to estimate the fair values to apply purchase accounting and the ongoing financial statement impact, if any, are summarized below:

•Real estate assets – Real estate assets acquired were recorded at fair value using standard valuation methodologies, including the cost and market approaches. The remaining useful lives for real estate assets, excluding land, were reset to 39 years. Tenant relationships for storage leases were recorded at fair value based on estimated costs the Company

avoided to replace them. Tenant relationships are amortized to expense over 18 months, which is based on the Company’s historical experience with turnover in its stores.

•Equity investment in joint venture partnerships - Equity investment in joint venture partnerships were recorded at fair value based on a direct capitalization of net operating income.

•Intangible assets - other – Customer relationships relating to tenant reinsurance contracts were recorded at fair value based on the income approach which estimates the potential revenue loss the Company avoided to replace them. These assets are amortized to expense over 36 months, which is based on the Company’s historical experience with average length of stay for tenants.

•Trade name – Trade names were recorded at fair value based on royalty payments avoided had the trade name been owned by a third party. This is determined using market royalty rates and a discounted cash flow analysis under the relief-from-royalty method. This method incorporates various assumptions, including projected revenue growth rates, the terminal growth rate, the royalty rate to be applied, and the discount rate utilized. The trade name is an indefinite lived asset and as such is not amortized.

•Unsecured senior notes – Unsecured senior notes were recorded at fair value using readily available market data. The below-market value of debt is recorded as a debt discount and reported as a reduction of the unsecured senior notes balance on the condensed consolidated balance sheets. The discount is amortized using effective interest method as an increase to interest expense over the remaining terms of the unsecured senior notes.

•Other assets and liabilities – the carrying values of cash, accounts receivable, prepaids and other assets, accounts payable, accrued expenses and other liabilities represented the fair values.


	December 31, 2023				Three Months Ended December 31, 2023		For the Year Ended December 31, 2023
Intangible Assets:	Gross Carrying Amount		Accumulated Amortization		Amortization Expense		Amortization Expense
Trade name	$	50,000	$	—	$	—	$	—
Intangible assets - other	82,000		15,695		9,417		15,695
	132,000		15,695		9,417		15,695


	Estimated Aggregate Amortization Expense
Intangible Assets:	2024		2025		2026
Trade name	$	—	$	—	$	—
Intangible assets - other	23,375		19,833		11,569
	$	23,375	$	19,833	$	11,569

Store Acquisition

The following table shows the Company’s acquisitions of stores for the years ended December 31, 2023 and 2022. The table excludes purchases of raw land and improvements made to existing assets.


		Consideration Paid														Total
Period	Number of Stores	Total		Cash Paid		Loan Assumed		Finance Lease Liability		Investments in Real Estate Ventures		Net Liabilities/ (Assets) Assumed		Value of Equity Issued			Real estate assets
Total 2023	14	$	147,729	$	135,577	$	12,000	$	—	$	—	$	152	$	—		$	147,729




Total 2022	153	$	1,366,348	$	1,193,261	$	—	$	6,823	$	1,085	$	(786)	$	165,965		$	1,366,348

On September 15, 2022, the Company completed the acquisition of multiple entities doing business as Storage Express for a purchase price of $590.0 million. A portion of the consideration paid was in the form of the issuance of 619,294 OP units (a total value of $125.0 million) and the remainder in cash. The portfolio included 106 operating stores and eight parcels of land for future development, all located in Illinois, Indiana, Kentucky and Ohio. This acquisition did not meet the definition of a business under ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business" and was therefore recorded as an asset acquisition.

Other Investments

On June 1, 2022, the Company completed the acquisition of Bargold Storage Systems, LLC ("Bargold") for a purchase price of approximately $179.3 million. Bargold leases space in apartment buildings, primarily in New York City and its boroughs, builds out the space as storage units, and subleases the units to tenants. As of June 1, 2022, Bargold had approximately 17,000 storage units with an approximate occupancy of 97%. This acquisition is considered a business combination under ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business."

The following table summarizes the total consideration transferred to acquire Bargold:




Total cash paid by the company	$	157,302
Fair value of Series D Units issued	16,000
Fair value of OP Units issued	6,000
Total consideration transferred	$	179,302

As part of this acquisition, we recorded an expense of $1,465 related to transaction costs.

The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date:


Cash and cash equivalents	$	175
Fixed assets	6,411
Developed technology	500
Trademarks	500
Customer relationships	1,870
Other assets	125
Accounts payables and accrued liabilities assumed	(1,090)
Nets asset acquired	8,491
Goodwill	170,811
Total assets acquired	$	179,302


Total revenues	$	9,374
Net income from operations	$	1,718

Pro Forma Information

As noted above, during the year ended December 31, 2022, the Company acquired Bargold. The following pro forma financial information is based on the combined historical financial statements of the Company and Bargold, however, only includes revenue and presents the Company's results as if the acquisition had occurred on January 1, 2021. Net income was excluded as it was impracticable to report expenses due to the lack of historical accrual basis accounting.


	For the Year Ended December 31, 2022		For the Year Ended December 31, 2021
	Pro Forma		Pro Forma
Total revenues	$	1,930,816	$	1,592,021

Store Dispositions

The Company disposed of one store on May 18, 2022 and one on June 21, 2022, for a total cash consideration of approximately $38.7 million, resulting in a gain of approximately $14.2 million. Both had been classified as held for sale.

On December 16, 2021 the Company sold 16 stores that had been classified as held for sale for total cash consideration of $200,292. The Company recorded a gain of $73,854.

On March 1, 2021 the Company sold 16 stores that had been classified as held for sale to a newly established unconsolidated joint venture. The Company received $132,759 and maintained a 55% interest in the new joint venture valued at $33,878. The Company recognized a gain of $63,477 related to the sale of these properties.

Investments in Unconsolidated Real Estate Entities - Schedule of Equity in Earnings of Unconsolidated Real Estate Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	$ 54,835	$ 41,428	$ 32,358
SmartStop Self Storage REIT Inc Preferred Stock
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	12,500	12,509	12,500
Strategic Storage Preferred Stock
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	8,401	0	0
PRISA Self Storage LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	3,320	3,272	2,719
HF1 Sovran HHF Storage Holdings LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	1,553	0	0
Storage Portfolio II JV LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	3,094	3,398	1,802
Storage Portfolio IV JV LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	1,319	917	112
Storage Portfolio I LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	5,182	4,684	2,833
PR II EXR JV LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	2,227	1,229	(8)
HF2 Sovran HHF Storage Holdings II LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	691	0	0
HF5 Life Storage-HIERS Storage LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	377	0	0
HF6 191 V Life Storage Holdings LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	(735)	0	0
ESS-CA TIVS JV LP
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	3,873	2,753	1,274
VRS Self Storage, LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	5,253	5,401	4,352
HF10 Life Storage HHF Wasatch Holdings LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	40	0	0
Other unconsolidated real estate ventures
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	$ 7,740	$ 7,265	$ 6,774

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

As a REIT, the Company is generally not subject to U.S. federal income tax with respect to that portion of its income which is distributed annually to its stockholders. However, the Company has elected to treat certain of its corporate subsidiaries, including Extra Space Management, Inc., as a TRS. In general, a TRS may perform additional services for tenants and generally may engage in any real estate or non-real estate related business. A TRS is subject to U.S. federal corporate income tax and may be subject to state and local income taxes. The Company accounts for income taxes in accordance with the provisions of ASC 740, “Income Taxes.” Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. The Company has elected to use the Tax-Law-Ordering approach to determine when excess tax benefits will be realized.

On August 16, 2022, President Biden signed into law the Inflation Reduction Act (“IRA”). The provisions include the new Corporate Alternative Minimum Tax (“CAMT”), an excise tax on stock buybacks, and significant tax incentives for energy and climate initiatives, and all of these provisions were effective for tax year 2023. The Company has evaluated the impact of these provisions and does not expect the enactment of these provisions to have a material impact on the Company's consolidated financial statements.

The income tax provision for the years ended December 31, 2023, 2022 and 2021, is comprised of the following components:


	For the Year Ended December 31, 2023
	Federal		State		Total
Current expense	$	26,516	$	6,035	$	32,551
Tax credits/true-up	(7,742)		—		(7,742)
Change in deferred expense/(benefit)	(4,151)		901		(3,250)
Total tax expense	$	14,623	$	6,936	$	21,559


	For the Year Ended December 31, 2022
	Federal		State		Total
Current expense	$	20,592	$	4,546	$	25,138
Tax credits/true-up	(6,071)		31		(6,040)
Change in deferred expense	1,909		(82)		1,827
Total tax expense	$	16,430	$	4,495	$	20,925


	For the Year Ended December 31, 2021
	Federal		State		Total
Current expense	$	21,017	$	3,520	$	24,537
Tax credits/true-up	(4,979)		(138)		(5,117)
Change in deferred benefit	818		86		904
Total tax expense	$	16,856	$	3,468	$	20,324

A reconciliation of the statutory income tax provisions to the effective income tax provisions for the periods indicated is as follows:


	For the Year Ended December 31,
	2023				2022				2021
Expected tax at statutory rate	$	183,111	21.0	%	$	197,887	21.0	%	$	188,600	21.0	%
Non-taxable REIT income	(161,316)		(18.5)	%	(172,966)		(18.4)	%	(166,137)		(18.5)	%
State and local tax expense - net of federal benefit	8,779		1.0	%	4,160		0.4	%	3,259		0.4	%
Change in valuation allowance	(1,148)		(0.1)	%	(1,093)		(0.1)	%	(1,061)		(0.1)	%
Tax credits/true-up	(7,742)		(0.9)	%	(6,040)		(0.6)	%	(5,117)		(0.6)	%

Miscellaneous	(125)		—	%	(1,023)		(0.1)	%	780		0.1	%
Total provision	$	21,559	2.5	%	$	20,925	2.2	%	$	20,324	2.3	%

The major sources of temporary differences stated at their deferred tax effects are as follows:


	December 31, 2023		December 31, 2022
Deferred tax liabilities:
Fixed assets	$	(36,572)	$	(32,551)
Operating and Finance lease right-of-use assets	(6,831)		(6,610)
Other	(37)		(48)
State deferred taxes	(4,564)		(3,607)
Captive insurance subsidiary	(10,760)		—
Total deferred tax liabilities	(58,764)		(42,816)

Deferred tax assets:
Captive insurance subsidiary	509		335
Accrued liabilities	3,015		2,541
Stock compensation	3,961		3,467

Operating and Finance lease liabilities	9,013		8,418

Other	502		48
State deferred taxes	2,581		5,232
Total deferred tax assets	19,581		20,041

Valuation allowance	—		(1,148)

Net deferred income tax liabilities	$	(39,183)	$	(23,923)

The state income tax net operating losses expire between 2024 and 2043. The valuation allowance associated with the state income tax net operating losses was released in 2023. The tax years 2019 through 2022 remain open related to the state returns, and 2020 through 2022 for the federal returns.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies - Schedule of Computation of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Net income attributable to common stockholders	$ 803,198	$ 860,688	$ 827,649
Earnings and dividends allocated to participating securities	(1,230)	(1,201)	(1,183)
Earnings for basic computations	801,968	859,487	826,466
Income allocated to noncontrolling interest - Preferred Operating Partnership Units and Operating Partnership Units	0	50,706	43,093
Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units)	0	(2,288)	(2,288)
Net income for diluted computations	$ 801,968	$ 907,905	$ 867,271
Weighted average common shares outstanding:
Average number of common shares outstanding - basic (in shares)	169,216,989	134,050,815	133,374,938
OP Units (in shares)	0	6,749,995	5,752,902
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Shares related to exchangeable senior notes and dilutive stock options (in shares)	3,893	5,098	12,708
Average number of common shares outstanding - diluted (in shares)	169,220,882	141,681,388	140,016,028
Earnings per common share
Basic (in dollars per share)	$ 4.74	$ 6.41	$ 6.20
Diluted (in dollars per share)	$ 4.74	$ 6.41	$ 6.19
Series A Units
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Series A Units (in shares)	0	875,480	875,480

Segment Information - Schedule of Financial Information of Business Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 2,560,244	$ 1,924,170	$ 1,577,362
Operating expenses	1,390,103	888,017	742,169
Net operating income	1,170,141	1,050,402	975,953
Property management fees and other income	101,986	83,904	66,264
Transaction costs	0	(1,548)	0
Life Storage Merger transition costs	(66,732)	0	0
General and administrative expense	(146,408)	(129,251)	(102,194)
Depreciation and amortization expense	(506,053)	(288,316)	(241,879)
Gain on real estate transactions	0	14,249	140,760
Interest expense	(419,035)	(219,171)	(166,183)
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes	(18,786)	0	0
Interest income	84,857	69,422	49,703
Equity in earnings and dividend income from unconsolidated real estate entities	54,835	41,428	32,358
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets	0	0	6,251
Income tax expense	(21,559)	(20,925)	(20,324)
Net income (loss)	850,453	921,156	877,758
Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,458,258	1,840,266	1,511,098
Operating expenses	670,910	468,902	398,096
Net operating income	1,787,348	1,371,364	1,113,002
Operating Segments \| Self-Storage Operations
Segment Reporting Information [Line Items]
Revenues	2,222,578	1,654,735	1,340,990
Operating expenses	612,036	435,342	368,608
Net operating income	1,610,542	1,219,393	972,382
Operating Segments \| Tenant Reinsurance
Segment Reporting Information [Line Items]
Revenues	235,680	185,531	170,108
Operating expenses	58,874	33,560	29,488
Net operating income	$ 176,806	$ 151,971	$ 140,620

Investments in Debt Securities and Notes Receivable (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments in Debt Securities and Bridge Loans Receivable

Information about these balances is as follows:


	December 31, 2023		December 31, 2022
Debt securities - Preferred Stock	$	300,000	$	300,000
Notes Receivable - Bridge Loans	594,727		491,879

Dividends and Interest Receivable	10,042		66,170
	$	904,769	$	858,049

Stock-Based Compensation - Summary of Employee and Director Share Grant Activity (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Balance at the beginning of the period (in shares)	208,060	199,778	209,032
Granted (in shares)	98,263	105,677	99,802
Released (in shares)	(90,662)	(86,781)	(96,248)
Cancelled (in shares)	(10,084)	(10,614)	(12,808)
Balance at the end of the period (in shares)	205,577	208,060	199,778
Weighted-Average Grant-Date Fair Value
Balance at the beginning of the period (in dollars per share)	$ 158.38	$ 115.16	$ 95.86
Granted (in dollars per share)	158.04	201.12	132.75
Released (in dollars per share)	147.21	112.31	91.65
Cancelled (in dollars per share)	165.36	147.03	113.89
Balance at the end of the period (in dollars per share)	$ 162.81	$ 158.38	$ 115.16

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summarized Statement of Components of Income Tax Provision

The income tax provision for the years ended December 31, 2023, 2022 and 2021, is comprised of the following components:


	For the Year Ended December 31, 2023
	Federal		State		Total
Current expense	$	26,516	$	6,035	$	32,551
Tax credits/true-up	(7,742)		—		(7,742)
Change in deferred expense/(benefit)	(4,151)		901		(3,250)
Total tax expense	$	14,623	$	6,936	$	21,559


	For the Year Ended December 31, 2022
	Federal		State		Total
Current expense	$	20,592	$	4,546	$	25,138
Tax credits/true-up	(6,071)		31		(6,040)
Change in deferred expense	1,909		(82)		1,827
Total tax expense	$	16,430	$	4,495	$	20,925


	For the Year Ended December 31, 2021
	Federal		State		Total
Current expense	$	21,017	$	3,520	$	24,537
Tax credits/true-up	(4,979)		(138)		(5,117)
Change in deferred benefit	818		86		904
Total tax expense	$	16,856	$	3,468	$	20,324

Schedule of Reconciliation of Statutory Income Tax Provisions to the Effective Income Tax Provisions

A reconciliation of the statutory income tax provisions to the effective income tax provisions for the periods indicated is as follows:


	For the Year Ended December 31,
	2023				2022				2021
Expected tax at statutory rate	$	183,111	21.0	%	$	197,887	21.0	%	$	188,600	21.0	%
Non-taxable REIT income	(161,316)		(18.5)	%	(172,966)		(18.4)	%	(166,137)		(18.5)	%
State and local tax expense - net of federal benefit	8,779		1.0	%	4,160		0.4	%	3,259		0.4	%
Change in valuation allowance	(1,148)		(0.1)	%	(1,093)		(0.1)	%	(1,061)		(0.1)	%
Tax credits/true-up	(7,742)		(0.9)	%	(6,040)		(0.6)	%	(5,117)		(0.6)	%

Miscellaneous	(125)		—	%	(1,023)		(0.1)	%	780		0.1	%
Total provision	$	21,559	2.5	%	$	20,925	2.2	%	$	20,324	2.3	%

Schedule of Major Sources of Temporary Differences Stated at their Deferred Tax Effects

The major sources of temporary differences stated at their deferred tax effects are as follows:


	December 31, 2023		December 31, 2022
Deferred tax liabilities:
Fixed assets	$	(36,572)	$	(32,551)
Operating and Finance lease right-of-use assets	(6,831)		(6,610)
Other	(37)		(48)
State deferred taxes	(4,564)		(3,607)
Captive insurance subsidiary	(10,760)		—
Total deferred tax liabilities	(58,764)		(42,816)

Deferred tax assets:
Captive insurance subsidiary	509		335
Accrued liabilities	3,015		2,541
Stock compensation	3,961		3,467

Operating and Finance lease liabilities	9,013		8,418

Other	502		48
State deferred taxes	2,581		5,232
Total deferred tax assets	19,581		20,041

Valuation allowance	—		(1,148)

Net deferred income tax liabilities	$	(39,183)	$	(23,923)

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Components of Notes Payable

The components of term debt are summarized as follows:


Term Debt	December 31, 2023		December 31, 2022		Fixed Rate	Variable Rate (2)	Maturity Dates
Secured fixed-rate (1)	$	401,319	$	521,820	2.67% - 4.62%		April 2025 - February 2030
Secured variable-rate (1)	877,786		772,604			6.35% - 6.88%	November 2024 - September 2030
Unsecured fixed-rate	7,921,633		4,240,376		2.08% - 5.90%		January 2025 - March 2032
Unsecured variable-rate	1,463,367		884,624			6.30% - 6.63%	June 2024 - July 2029
Total	10,664,105		6,419,424
Less: Discount on unsecured senior notes (3)	(274,350)		—
Less: Unamortized debt issuance costs	(55,007)		(32,962)
Total	$	10,334,748	$	6,386,462

(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents.
(2) Basis rates include Term SOFR and Daily Simple SOFR
(3) Unsecured senior notes from the Life Storage Merger were recorded at fair value, resulting in a discount to be amortized over the term of the debt.

Schedule of Information on Lines of Credit

The following table summarizes the scheduled maturities of term debt, excluding available extensions, at December 31, 2023:



2024	648,250
2025	1,123,120
2026	1,409,581
2027	1,316,907
2028	1,029,000
2029	1,542,759
2030	1,344,488
2031	1,650,000
2032	600,000

Total	$	10,664,105

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


	As of December 31, 2023
Revolving Lines of Credit	Amount Drawn		Capacity		Interest Rate	Maturity	Basis Rate (1)
Credit Line 1 (2)	$	40,000	$	140,000	6.7%	7/1/2026	SOFR plus 1.35%
Credit Line 2 (3)(4)	642,000		2,000,000		6.3%	6/22/2027	ASOFR plus 0.775%
	$	682,000	$	2,140,000

(1) Daily Simple SOFR
(2) Secured by mortgages on certain real estate assets. On January 13, 2023 the maturity date was extended to July 1, 2026 with one extension of one year available.
(3) Unsecured. On June 22, 2023, the maturity date was extended to June 22, 2027 with two six-month extensions available. On August 11, 2023, the capacity was increased by $60 million.
(4) Basis Rate as of December 31, 2023. Rate is subject to change based on the Company's investment grade rating.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
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+ Details

Investments in Debt Securities and Notes Receivable - Additional Information (Details) $ in Thousands	1 Months Ended				12 Months Ended
	Dec. 31, 2022 USD ($) extension_option shares	Feb. 28, 2022 USD ($)	Nov. 30, 2020 USD ($) shares	Jul. 31, 2020 USD ($) store	Dec. 31, 2023 USD ($) extension_option	Dec. 31, 2022 USD ($) extension_option shares	Dec. 31, 2021 USD ($)
Schedule of Held-to-maturity Securities [Line Items]
Investment in debt securities			$ 300,000
Debt securities, term	6 years
Debt securities, extension option \| extension_option	2					2
Debt securities, extension term	1 year
Debt securities, period after which preferred dividends increase annually	6 years
Number of stores held as collateral \| store				62
Payments to purchase notes receivable					$ 330,499	$ 529,245	$ 317,482
Proceeds from sale of notes receivable					$ 167,495	$ 210,048	$ 172,002
Notes receivable, percentage of mortgage receivables notes					70.00%
Bridge loans, extension option \| extension_option					2
Bridge loans, extension term					1 year
Maximum
Schedule of Held-to-maturity Securities [Line Items]
Loan to value ratio					80.00%
Minimum
Schedule of Held-to-maturity Securities [Line Items]
Loan to value ratio					70.00%
Notes Receivable - Bridge Loans
Schedule of Held-to-maturity Securities [Line Items]
Payments to purchase notes receivable					$ 283,039
Proceeds from sale of notes receivable					$ 167,495
Bridge loans, original maturities					3 years
Principal amount of notes sold					$ (167,495)
Payment for draw on interest holdback					$ 27,366
Notes Receivable - Senior Mezzanine Loan, net
Schedule of Held-to-maturity Securities [Line Items]
Purchase of note receivable				$ 103,000
Note receivable interest rate				5.50%
Payments to purchase notes receivable				$ 101,142
Proceeds from sale of notes receivable		$ 103,315
JCAP Series A Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Investment in debt securities			$ 200,000
Investment in debt securities (in shares) \| shares			200,000
Debt securities, dividend rate	8.50%
JCAP Series B Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Investment in debt securities			$ 100,000
Investment in debt securities (in shares) \| shares			100,000
JCAP Series D Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Shares exchanged (in shares) \| shares	300,000					300,000
Shares exchanged, value (in dollars)	$ 300,000

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands					7 Months Ended	12 Months Ended		29 Months Ended
	Jul. 20, 2023 USD ($) shares	Jan. 07, 2022 USD ($) store shares	Aug. 09, 2021 USD ($) sales_agent	Mar. 23, 2021 USD ($) $ / shares shares	Aug. 08, 2021 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) item $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Nov. 13, 2023 USD ($)	Jul. 19, 2023 $ / shares
Changes In Equity And Comprehensive Income [Line Items]
Common stock, authorized (in shares)						500,000,000	500,000,000	500,000,000
Common stock, par value (dollars per share) \| $ / shares						$ 0.01	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)						50,000,000	50,000,000	50,000,000
Preferred stock, par value (dollars per share) \| $ / shares						$ 0.01	$ 0.01	$ 0.01
Common stock, issued (in shares)						211,278,803	133,921,020	211,278,803
Common stock, outstanding (in shares)						211,278,803	133,921,020	211,278,803
Preferred stock, issued (in shares)						0	0	0
Preferred stock, outstanding (in shares)						0	0	0
Number of votes, common stockholder rights \| item						1
Common stock sold (in shares)				1,600,000		0
Issuance of common stock in conjunction with acquisition (in shares)	76,217,359	186,766
Issuance of common stock in conjunction with acquisitions \| $	$ 11,353,338	$ 40,965					$ 40,963
Shares issued, price (in dollars per share) \| $ / shares										$ 148.96
Number of stores acquired with issuance of common stock \| store		2
Number of sales agents \| sales_agent			10
Average share price (in dollars per share) \| $ / shares				$ 129.13
Net proceeds from sale of stock \| $				$ 206,572
Share repurchase program, aggregate value \| $									$ 500,000
Shares repurchased (in shares)						0
Share repurchase program, remaining authorization value \| $						$ 500,000		$ 500,000
Life Storage, Inc
Changes In Equity And Comprehensive Income [Line Items]
Equity interest issued conversion ratio	0.895
“At the market” equity program
Changes In Equity And Comprehensive Income [Line Items]
Common stock sold (in shares)					585,685			0
Aggregate offering price \| $			$ 800,000
Average share price (in dollars per share) \| $ / shares					$ 115.90
Net proceeds from sale of stock \| $					$ 66,617

Property Acquisitions and Dispositions - Asset Acquisition, Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Asset Acquisition [Line Items]
Trade name	$ 50,000	$ 50,000	$ 0
Accumulated Amortization	317,511	317,511	144,144
Amortization Expense		59,807	$ 13,981	$ 4,778
Life Storage, Inc
Asset Acquisition [Line Items]
Trade name	50,000	50,000
Intangible assets - other	82,000	82,000
Gross Carrying Amount	132,000	132,000
Accumulated Amortization	15,695	15,695
Amortization Expense	9,417	15,695
2024	23,375	23,375
2025	19,833	19,833
2026	$ 11,569	$ 11,569

Real Estate Assets

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

Real Estate Assets

REAL ESTATE ASSETS

The components of real estate assets are summarized as follows:


	December 31, 2023		December 31, 2022
Land	$	4,904,705	$	2,356,746
Buildings, improvements and other intangibles	21,664,224		9,425,468
Right of use asset - finance lease	143,842		136,259
Intangible assets - tenant relationships	321,019		152,775
Intangible lease rights	27,743		12,943
	27,061,533		12,084,191
Less: accumulated depreciation and amortization	(2,624,405)		(2,138,524)
Net operating real estate assets	24,437,128		9,945,667
Real estate under development/redevelopment	118,745		52,311
Real estate assets, net	$	24,555,873	$	9,997,978
Real estate assets held for sale included in real estate assets, net	$	—	$	—

The Company amortizes to expense intangible assets—tenant relationships on a straight-line basis over the average period that a tenant is expected to utilize the facility (currently estimated at 18 months). The Company amortizes to expense the intangible lease rights over the terms of the related leases. Amortization related to the tenant relationships and lease rights was $59,807, $13,981, and $4,778 for the years ended December 31, 2023, 2022 and 2021, respectively. The remaining balance of the unamortized lease rights will be amortized over the next five to 39 years. Accumulated amortization related to intangibles was 317,511 and 144,144 as of December 31, 2023 and 2022, respectively.

Employee Benefit Plan (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Employee contribution to retirement saving plan as a percentage of annual salary, maximum	60.00%
Matching contributions made by the entity during the period	$ 6,576	$ 5,169	$ 4,239
Percentage of company's matching contributions of first 3 percent of employee's compensation	100.00%
Percentage of employee's compensation that qualifies for 100 percent matching contribution by the company	3.00%
Maximum percentage of the company's matching contributions of next 2 percent of employee's compensation	50.00%
Percentage of employee's compensation that qualifies for 50 percent matching contribution by the company	2.00%

Leases - Additional Information (Details) - lease	12 Months Ended
Leases - Additional Information (Details) - lease	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Real Estate Investment Property, Net	Real Estate Investment Property, Net
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Store Lease
Lessee, Lease, Description [Line Items]
Number of leases	65
Store Lease \| Minimum
Lessee, Lease, Description [Line Items]
Operating and finance lease, original lease term	10 years
Operating and finance lease, extension term	5 years
Store Lease \| Maximum
Lessee, Lease, Description [Line Items]
Operating and finance lease, original lease term	99 years
Operating and finance lease, extension term	35 years
Corporate Office And Call Center Lease \| Minimum
Lessee, Lease, Description [Line Items]
Operating lease, original lease term	5 years 4 months
Corporate Office And Call Center Lease \| Maximum
Lessee, Lease, Description [Line Items]
Operating lease, original lease term	14 years
Regional Office Lease
Lessee, Lease, Description [Line Items]
Number of leases	18
Operating lease, renewal term	3 years
Regional Office Lease \| Minimum
Lessee, Lease, Description [Line Items]
Operating lease, original lease term	3 years
Regional Office Lease \| Maximum
Lessee, Lease, Description [Line Items]
Operating lease, original lease term	5 years
District Office Lease
Lessee, Lease, Description [Line Items]
Operating lease, original lease term	12 months

Noncontrolling Interest Represented By Preferred Operating Partnership Units

12 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

Noncontrolling Interest Represented By Preferred Operating Partnership Units

NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS

Classification of Noncontrolling Interests


	December 31, 2023		December 31, 2022
Series A Units	$	—	$	16,498
Series B Units	33,567		33,568
Series D Units	188,793		211,436
	$	222,360	$	261,502

Series A Participating Redeemable Preferred Units

result of this redemption, no Series A Units were outstanding as of December 31, 2023.

Series B Redeemable Preferred Units

Series C Convertible 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 December 31, 2023 and December 31, 2022, there were no outstanding Series C Units.

Series D Redeemable Preferred Units

In January 2023, 890,594 Series D units were redeemed for 154,307 shares of common stock. In November 2023, 15,093 Series D units were redeemed for cash of $377.

The Series D Units have been issued at various times from 2014 to 2022. On June 1, 2022, the Operating Partnership

issued a total of 240,000 Series D Units valued at $6,000 in connection with the acquisition of Bargold.

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 Year Ended December 31,
	2023		2022		2021
OP Units redeemed for common stock	2,803		—		165,652
OP Units redeemed for cash	1,000		24,824		4,500
Cash paid for OP Units redeemed	$	108	$	4,617	$	788
OP Units issued in conjunction with business combination and acquisitions	1,674,748		711,037		897,803
Value of OP Units issued in conjunction with business combination and acquisitions	$	249,470	$	141,000	$	188,319

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

Other Noncontrolling Interests

Income Taxes - Sources of Temporary Differences (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax liabilities:
Fixed assets	$ (36,572)	$ (32,551)
Operating and Finance lease right-of-use assets	(6,831)	(6,610)
Other	(37)	(48)
State deferred taxes	(4,564)	(3,607)
Captive insurance subsidiary	(10,760)	0
Total deferred tax liabilities	(58,764)	(42,816)
Deferred tax assets:
Captive insurance subsidiary	509	335
Accrued liabilities	3,015	2,541
Stock compensation	3,961	3,467
Operating and Finance lease liabilities	9,013	8,418
Other	502	48
State deferred taxes	2,581	5,232
Total deferred tax assets	19,581	20,041
Valuation allowance	0	(1,148)
Net deferred income tax liabilities	$ (39,183)	$ (23,923)

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

LEASES

Lessee Accounting

The Company accounts for leases under ASC 842, "Leases." Right-of-use assets associated with operating leases are included in “Real estate assets - operating lease right-of-use assets” and operating lease liabilities are included in “Operating lease liabilities” on the Company's consolidated balance sheets. Right-of-use assets associated with finance leases are included in "Real estate assets, net" and finance lease liabilities are included in "Other liabilities" on the Company's consolidated balance sheets.

During the year ended December 31, 2023, the Company recorded no new finance lease right-of-use assets and finance lease liabilities.

The Company is lessee under several types of lease agreements. Generally, these leases fall into the following categories:

•Leases of real estate at 65 stores classified as wholly-owned or in consolidated joint ventures. These leases generally have original lease terms between 10-99 years. Under these leases, the Company typically has the option to extend the lease term for additional terms of 5-35 years.

•Leases of its corporate offices and call center. These leases have original lease terms between five and 14 years, with no extension options. In 2021 the Company modified and extended the lease of its corporate offices to add additional space and extend the lease until 2034.

•Leases of 18 regional offices. These leases have original lease terms between three and five years. The Company has the option on certain of these leases to extend the lease term for up to three additional years.

•Leases of small district offices. These leases generally have terms of 12 months or less. The Company has made an election to account for these under the short-term lease exception outlined under ASC 842. Therefore, no lease assets or liabilities are recorded related to these leases.

The Company has included lease extension options in the lease term for calculations of its right-of-use assets and liabilities related to the real estate asset leases at its stores when it is reasonably certain that the Company plans to extend the lease terms as the options arise.

Several of the leases of real estate at the Company’s stores include escalation clauses based on an index or rate, such as the Consumer Price Index (CPI). The Company included these lease payments in its calculations of right-of-use assets and liabilities based on the prevailing index or rate as of the adoption date. The Company will recognize changes to these variable lease payments in earnings in the period of change.

One of the real estate leases includes variable lease payments that are based upon a percentage of gross revenues. Certain other leases include additional variable payments relating to a percentage of sales in excess of a specified amount, common area maintenance, property taxes, and similar items. These payments are variable lease payments that do not depend on an index or rate and are excluded from the measurement of the lease liabilities and right-of-use-assets for these leases. The Company will recognize costs from these variable lease payments in the period in which the obligation for those payments is incurred.

As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available surrounding the Company’s unsecured borrowing rates and implied secured spread at the lease commencement date in determining the present value of lease payments. These discount rates vary depending on the term of the specific leases.

Following is information on our total lease costs as of the period indicated:


	For the Year Ended December 31,
	2023			2022

Finance lease cost:
Amortization of finance lease right-of-use assets	$	3,961		$	3,751
Interest expense related to finance lease liabilities	4,483			4,018
Operating lease cost	35,783			32,182
Variable lease cost	11,632			11,287
Short-term lease cost	24			32
Total lease cost	$	55,883		$	51,270

Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows for finance lease payments	$	4,483		$	4,018
Operating cash outflows for operating lease payments	29,234			25,384

Total cash flows for lease liability measurement	$	33,717		$	29,402

Right-of-use assets obtained in exchange for new operating lease liabilities	$	265		$	16,298
Right-of-use assets obtained in exchange for new finance lease liabilities	$	—		$	6,823

Weighted average remaining lease term - finance leases (years)	54.00			54.16
Weighted average remaining lease term - operating leases (years)	18.68			20.03
Weighted average discount rate - finance leases	3.31		%	3.31		%
Weighted average discount rate - operating leases	3.91		%	3.65		%

The following table presents information about the Company’s undiscounted cash flows on an annual basis for operating and finance leases, including a reconciliation of the undiscounted cash flows to the finance lease and operating lease liabilities recognized in the Company’s consolidated balance sheets:


	Operating		Finance		Total
2024	$	34,983	$	6,542	$	41,525
2025	34,919		6,572		41,491
2026	35,245		6,715		41,960
2027	35,635		6,842		42,477
2028	36,194		6,953		43,147
Thereafter	131,194		353,983		485,177
Total	$	308,170	$	387,607	$	695,777
Present value adjustments	(71,655)		(244,004)		(315,659)
Lease liabilities	$	236,515	$	143,603	$	380,118

Lessor Accounting

The Company's property rental revenue is primarily related to rents received from tenants at its operating stores. The Company's leases with its self-storage tenants are generally on month-to-month terms, include automatic monthly renewals, allow flexibility to increase rental rates over time as market conditions permit, and provide for the collection of contingent fees such as late fees. These leases do not include any terms or conditions that allow the tenants to purchase the leased space. All self-storage leases for which the Company acts as lessor have been classified as operating leases. The real estate assets related to the Company's stores are included in "Real estate assets, net" on the Company's condensed consolidated balance sheets and are presented at historical cost less accumulated depreciation and impairment, if any. Rental income related to these operating leases is included in "Property rental" revenue on the Company's condensed consolidated statements of operations, and is recognized each month during the month-to-month terms at the rental rate in place during each month.

Leases

LEASES

Lessee Accounting

During the year ended December 31, 2023, the Company recorded no new finance lease right-of-use assets and finance lease liabilities.

The Company is lessee under several types of lease agreements. Generally, these leases fall into the following categories:

Following is information on our total lease costs as of the period indicated:


	For the Year Ended December 31,
	2023			2022

Finance lease cost:
Amortization of finance lease right-of-use assets	$	3,961		$	3,751
Interest expense related to finance lease liabilities	4,483			4,018
Operating lease cost	35,783			32,182
Variable lease cost	11,632			11,287
Short-term lease cost	24			32
Total lease cost	$	55,883		$	51,270

Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows for finance lease payments	$	4,483		$	4,018
Operating cash outflows for operating lease payments	29,234			25,384

Total cash flows for lease liability measurement	$	33,717		$	29,402

Right-of-use assets obtained in exchange for new operating lease liabilities	$	265		$	16,298
Right-of-use assets obtained in exchange for new finance lease liabilities	$	—		$	6,823

Weighted average remaining lease term - finance leases (years)	54.00			54.16
Weighted average remaining lease term - operating leases (years)	18.68			20.03
Weighted average discount rate - finance leases	3.31		%	3.31		%
Weighted average discount rate - operating leases	3.91		%	3.65		%


	Operating		Finance		Total
2024	$	34,983	$	6,542	$	41,525
2025	34,919		6,572		41,491
2026	35,245		6,715		41,960
2027	35,635		6,842		42,477
2028	36,194		6,953		43,147
Thereafter	131,194		353,983		485,177
Total	$	308,170	$	387,607	$	695,777
Present value adjustments	(71,655)		(244,004)		(315,659)
Lease liabilities	$	236,515	$	143,603	$	380,118

Lessor Accounting

Leases

LEASES

Lessee Accounting

During the year ended December 31, 2023, the Company recorded no new finance lease right-of-use assets and finance lease liabilities.

The Company is lessee under several types of lease agreements. Generally, these leases fall into the following categories:

Following is information on our total lease costs as of the period indicated:


	For the Year Ended December 31,
	2023			2022

Finance lease cost:
Amortization of finance lease right-of-use assets	$	3,961		$	3,751
Interest expense related to finance lease liabilities	4,483			4,018
Operating lease cost	35,783			32,182
Variable lease cost	11,632			11,287
Short-term lease cost	24			32
Total lease cost	$	55,883		$	51,270

Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows for finance lease payments	$	4,483		$	4,018
Operating cash outflows for operating lease payments	29,234			25,384

Total cash flows for lease liability measurement	$	33,717		$	29,402

Right-of-use assets obtained in exchange for new operating lease liabilities	$	265		$	16,298
Right-of-use assets obtained in exchange for new finance lease liabilities	$	—		$	6,823

Weighted average remaining lease term - finance leases (years)	54.00			54.16
Weighted average remaining lease term - operating leases (years)	18.68			20.03
Weighted average discount rate - finance leases	3.31		%	3.31		%
Weighted average discount rate - operating leases	3.91		%	3.65		%


	Operating		Finance		Total
2024	$	34,983	$	6,542	$	41,525
2025	34,919		6,572		41,491
2026	35,245		6,715		41,960
2027	35,635		6,842		42,477
2028	36,194		6,953		43,147
Thereafter	131,194		353,983		485,177
Total	$	308,170	$	387,607	$	695,777
Present value adjustments	(71,655)		(244,004)		(315,659)
Lease liabilities	$	236,515	$	143,603	$	380,118

Lessor Accounting

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance under plans (in shares)	477,624
Intrinsic value of options exercised	$ 0	$ 0	$ 3,925
Options granted (in shares)	0	0	0
Weighted average forfeiture rate	4.60%
Net proceeds from exercise of stock options	$ 0	$ 0	$ 4,572
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Net proceeds from exercise of stock options	$ 0	0	4,572
Unrecognized compensation cost	$ 0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average forfeiture rate	10.00%
Unrecognized compensation cost	$ 20,222
Compensation cost	$ 14,205	12,086	9,260
Unrecognized compensation cost, period of recognition	2 years 1 month 2 days
Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Performance-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Unrecognized compensation cost	$ 18,798	13,241	8,859
Compensation cost	$ 12,433	$ 9,299	$ 8,043
Unrecognized compensation cost, period of recognition	3 years	3 years	3 years
Performance component weight percentage	50.00%
Minimum shares issued for each PSU (in shares)	0
Maximum shares issued for each PSU (in shares)	2
Dividend yield	0.00%	0.00%	0.00%

Investments in Unconsolidated Real Estate Entities - Additional Information (Details) $ in Thousands	1 Months Ended			12 Months Ended
	May 31, 2023 USD ($)	Jun. 30, 2021 USD ($) store joint_venture	Oct. 31, 2019 USD ($)	Dec. 31, 2023 USD ($) store joint_venture	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Investment balance				$ 1,000,548	$ 515,060
Interest sold, number of unconsolidated joint ventures \| joint_venture		2
Proceeds from sale of unconsolidated joint ventures		$ 1,888
Gain (loss) on sale		$ 525
Interest purchased, number of unconsolidated joint ventures \| joint_venture		2		17
Number of joint venture stores purchased \| store				146
Investment				$ 305,921
Number of stores acquired \| store				9
Purchase price				$ 27,583
Amortization amount of excess purchase price included in equity earnings				$ 60,253
Amortization period of excess purchase price included in equity earnings				39 years
Management fee revenues				$ 31,755	24,389	$ 17,619
WICNN JV LLC And GFN JV, LLC
Schedule of Equity Method Investments [Line Items]
Gain (loss) on sale		$ 5,739
Number of stores sold \| store		17
SmartStop Self Storage REIT Inc Preferred Stock
Schedule of Equity Method Investments [Line Items]
Investment balance			$ 200,000	200,000	200,000
Investment, preferred dividend rate			6.25%
Period after which preferred stock dividend is subject to increase			5 years
Redemption restriction period			5 years
Strategic Storage Trust VI, Inc. Preferred Stock
Schedule of Equity Method Investments [Line Items]
Investment balance				$ 150,000	$ 0
Payments to acquire investments	$ 150,000
Dividend rate, percentage	8.35%
Dividend rate increase threshold	5 years
Redemption period	3 years

Debt - Additional Information (Details)	12 Months Ended
Debt - Additional Information (Details)	Dec. 31, 2023 USD ($) extension_option	Aug. 31, 2023 USD ($)	Jun. 22, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Amount Drawn	$ 682,000,000			$ 945,000,000
Fixed-rate debt to total debt percentage	73.40%
Weighted average interest rate, fixed debt	3.90%
Weighted average interest rate, variable debt	6.60%
Variable rate	4.60%
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 \| Specified Investment Grade Rating And Elects To Use Alternative Rates \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Line of Credit \| Base rate \| Specified Investment Grade Rating And Elects To Use Alternative Rates \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%
Line of Credit \| Federal funds rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Specified Investment Grade Rating And Elects To Use Alternative Rates \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.70%
Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Specified Investment Grade Rating And Elects To Use Alternative Rates \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.20%
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity		$ 2,000,000,000	$ 1,940,000,000
Tranche 8 Term Loan Facility \| Line of Credit
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity			$ 1,000,000,000
Amount Drawn	$ 400,000,000

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease Costs

Following is information on our total lease costs as of the period indicated:


	For the Year Ended December 31,
	2023			2022

Finance lease cost:
Amortization of finance lease right-of-use assets	$	3,961		$	3,751
Interest expense related to finance lease liabilities	4,483			4,018
Operating lease cost	35,783			32,182
Variable lease cost	11,632			11,287
Short-term lease cost	24			32
Total lease cost	$	55,883		$	51,270

Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows for finance lease payments	$	4,483		$	4,018
Operating cash outflows for operating lease payments	29,234			25,384

Total cash flows for lease liability measurement	$	33,717		$	29,402

Right-of-use assets obtained in exchange for new operating lease liabilities	$	265		$	16,298
Right-of-use assets obtained in exchange for new finance lease liabilities	$	—		$	6,823

Weighted average remaining lease term - finance leases (years)	54.00			54.16
Weighted average remaining lease term - operating leases (years)	18.68			20.03
Weighted average discount rate - finance leases	3.31		%	3.31		%
Weighted average discount rate - operating leases	3.91		%	3.65		%

Undiscounted Cash Flows on an Annual Basis, Operating Leases


	Operating		Finance		Total
2024	$	34,983	$	6,542	$	41,525
2025	34,919		6,572		41,491
2026	35,245		6,715		41,960
2027	35,635		6,842		42,477
2028	36,194		6,953		43,147
Thereafter	131,194		353,983		485,177
Total	$	308,170	$	387,607	$	695,777
Present value adjustments	(71,655)		(244,004)		(315,659)
Lease liabilities	$	236,515	$	143,603	$	380,118

Undiscounted Cash Flows on an Annual Basis, Financing Leases


	Operating		Finance		Total
2024	$	34,983	$	6,542	$	41,525
2025	34,919		6,572		41,491
2026	35,245		6,715		41,960
2027	35,635		6,842		42,477
2028	36,194		6,953		43,147
Thereafter	131,194		353,983		485,177
Total	$	308,170	$	387,607	$	695,777
Present value adjustments	(71,655)		(244,004)		(315,659)
Lease liabilities	$	236,515	$	143,603	$	380,118

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Extra Space Storage Inc. (the “Company”) is a fully integrated, self-administered and self-managed real estate investment trust (“REIT”), formed as a Maryland corporation on April 30, 2004, to own, operate, manage, acquire, develop and redevelop professionally managed self-storage properties located throughout the United States. The Company was formed to continue the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since 1977. The Company’s interest in its stores is held through its operating partnership, Extra Space Storage LP (the “Operating Partnership”), which was formed on May 5, 2004. The Company’s primary assets are general partner and limited partner interests in the Operating Partnership. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT. The Company invests in stores by acquiring wholly-owned stores or by acquiring an equity interest in real estate entities. At December 31, 2023, the Company had direct and indirect equity interests in 2,377 storage facilities. In addition, the Company managed 1,337 stores for third parties bringing the total number of stores which it owns and/or manages to 3,714. These stores are located in 42 states and Washington, D.C. The Company also offers tenant reinsurance at its owned and managed stores that insures the value of goods in the storage units.

Summary of Significant Accounting Policies - Risk Management and Use of Financial Instruments (Details)	12 Months Ended
	Dec. 31, 2023 item
Accounting Policies [Abstract]
Number of main components of economic risk	3

Real Estate Assets (Tables)

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

Schedule of Components of Real Estate Assets

The components of real estate assets are summarized as follows:


	December 31, 2023		December 31, 2022
Land	$	4,904,705	$	2,356,746
Buildings, improvements and other intangibles	21,664,224		9,425,468
Right of use asset - finance lease	143,842		136,259
Intangible assets - tenant relationships	321,019		152,775
Intangible lease rights	27,743		12,943
	27,061,533		12,084,191
Less: accumulated depreciation and amortization	(2,624,405)		(2,138,524)
Net operating real estate assets	24,437,128		9,945,667
Real estate under development/redevelopment	118,745		52,311
Real estate assets, net	$	24,555,873	$	9,997,978
Real estate assets held for sale included in real estate assets, net	$	—	$	—

Real Estate Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Average period that a tenant is expected to utilize the facility	18 months
Amortization Expense	$ 59,807	$ 13,981	$ 4,778
Real Estate Properties [Line Items]
Accumulated Amortization	$ 317,511	$ 144,144
Minimum
Real Estate Properties [Line Items]
Remaining amortization period	5 years
Maximum
Real Estate Properties [Line Items]
Remaining amortization period	39 years

Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests - Additional Information (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) store joint_venture $ / shares shares	Dec. 31, 2022 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	$ 156.68
OP units outstanding (in units) \| shares	8,885,594
Consideration to be paid on redemption of common OP units \| $	$ 1,392,195
Number of stores owned by joint ventures \| store	12
Number of stores owned by joint ventures, in operation \| store	2
Operating Partnership
Noncontrolling Interest [Line Items]
Reduction of noncontrolling interest for note receivable \| $	$ 1,900	$ 1,900
Common stock
Noncontrolling Interest [Line Items]
Unit conversion ratio	1
Operating Partnership
Noncontrolling Interest [Line Items]
Ownership interest held by entity (as a percent)	95.20%
Noncontrolling interest, noncontrolling owners, percent	4.80%
Other
Noncontrolling Interest [Line Items]
Number of consolidated joint ventures \| joint_venture	9
Other \| Maximum
Noncontrolling Interest [Line Items]
Noncontrolling interest, noncontrolling owners, percent	31.00%

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY The Company’s charter provides that it can issue up to 500,000,000 shares of common stock, $0.01 par value per share and 50,000,000 shares of preferred stock, $0.01 par value per share. As of December 31, 2023, 211,278,803 shares of common stock were issued and outstanding, and no shares of preferred stock were issued or outstanding. All holders of the Company's common stock are entitled to receive dividends and to one vote on all matters submitted to a vote of stockholders. The transfer agent and registrar for the Company’s common stock is American Stock Transfer & Trust Company. During the year ended December 31, 2023, the Company sold no shares of common stock. On July 20, 2023, the Company issued 76,217,359 shares of its common stock for a total value of $11,353,338. This was based on an exchange ratio of 0.895 per share conversion of Life Storage common stock at the Company's closing share price on July 19, 2023 of $148.96 as part of the Life Storage Merger. On 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 at an average sales price of $115.90 per share resulting in net proceeds of 66,617. On March 23, 2021, the Company sold 1,600,000 shares of its common stock in a registered offering structured as a bought deal at a price of $129.13 per share resulting in net proceeds of 206,572. On November 13, 2023, the Company's board of directors authorized a share repurchase program allowing for the repurchase of shares with an aggregate value up to $500,000. During the year ended December 31, 2023, no shares were repurchased. As of December 31, 2023, the Company had remaining authorization to repurchase shares with an aggregate value up to $500,000.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis


			Fair Value Measurements at Reporting Date Using
Description	December 31, 2023		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	$	26,183	$	—	$	26,183	$	—
Other liabilities - Cash flow hedge swap agreements	$	5,030	$	—	$	5,030	$	—

Schedule of Fair Value of Financial Instruments

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


	December 31, 2023				December 31, 2022
	Fair Value		Carrying Value		Fair Value		Carrying Value
Notes receivable from Preferred and Common Operating Partnership unit holders	$	1,886	$	1,900	$	95,965	$	101,900
Fixed rate notes receivable	$	—	$	—	$	5,191	$	5,241
Fixed rate debt	$	7,482,054	$	8,048,605	$	4,320,014	$	4,762,196

Schedule of Antidilutive Shares Excluded from Computation of Earnings Per Share


	For the Year Ended December 31,
	2023	2022	2021
	Equivalent Shares (if converted)	Equivalent Shares (if converted)	Equivalent Shares (if converted)
Common OP Units	7,970,487	—	—

Series B Units	236,130	187,664	246,618
Series D Units	1,332,049	1,140,513	726,037
	9,538,666	1,328,177	972,655

Schedule of Computation of Earnings Per Common Share

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


	For the Year Ended December 31,
	2023		2022		2021
Net income attributable to common stockholders	$	803,198	$	860,688	$	827,649
Earnings and dividends allocated to participating securities	(1,230)		(1,201)		(1,183)
Earnings for basic computations	801,968		859,487		826,466

Income allocated to noncontrolling interest - Preferred Operating Partnership Units and Operating Partnership Units	—		50,706		43,093
Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units)	—		(2,288)		(2,288)
Net income for diluted computations	$	801,968	$	907,905	$	867,271

Weighted average common shares outstanding:
Average number of common shares outstanding - basic	169,216,989		134,050,815		133,374,938
OP Units	—		6,749,995		5,752,902
Series A Units	—		875,480		875,480



Shares related to dilutive stock options	3,893		5,098		12,708
Average number of common shares outstanding - diluted	169,220,882		141,681,388		140,016,028
Earnings per common share
Basic	$	4.74	$	6.41	$	6.20
Diluted	$	4.74	$	6.41	$	6.19