0001289490-26-000053 | 10-Q | XBRL Viewer

Real Estate Assets

6 Months Ended

Jun. 30, 2026

REAL ESTATE ASSETS

The components of real estate assets are summarized as follows:


	June 30, 2026		December 31, 2025
Land	$	5,153,148	$	5,135,719
Buildings, improvements and other intangibles	23,479,446		23,234,033
Right of use assets - finance lease	136,608		141,194
Intangible assets - tenant relationships	335,713		334,669
Intangible lease rights	37,779		37,771
	29,142,694		28,883,386
Less: accumulated depreciation and amortization	(4,330,467)		(3,982,125)
Net operating real estate assets	24,812,227		24,901,261
Real estate under development/redevelopment	126,217		103,089
Real estate assets, net	$	24,938,444	$	25,004,350

Organization (Details)	Jun. 30, 2026 store
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating storage facilities in which the entity has equity interests (in stores)	2,446
Number of stores owned by franchisees and third parties	1,964
Number of operating stores owned and/or managed	4,410
Number of states in which operating storage facilities are located	42

Segment Information - Additional Information (Details)	6 Months Ended
Segment Information - Additional Information (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets:
Real estate assets, net	$ 24,938,444	$ 25,004,350
Real estate assets - operating lease right-of-use assets	732,490	732,176
Investments in unconsolidated real estate entities	1,065,012	1,066,783
Investments in debt securities and notes receivable	1,751,653	1,806,526
Cash and cash equivalents	695,171	138,920
Other assets, net	477,723	515,291
Total assets	29,660,493	29,264,046
Liabilities, Noncontrolling Interests and Equity:
Secured notes payable, net	1,073,327	1,079,565
Unsecured term loans, net	1,495,365	1,494,659
Unsecured senior notes, net	9,460,928	9,432,427
Revolving lines of credit and commercial paper	1,617,000	1,224,000
Operating lease liabilities	767,584	761,106
Cash distributions in unconsolidated real estate ventures	75,185	73,701
Accounts payable and accrued expenses	445,144	357,583
Other liabilities	548,626	516,969
Total liabilities	15,483,159	14,940,010
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, 211,273,076 and 211,155,322 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	2,113	2,112
Additional paid-in capital	14,886,836	14,880,646
Accumulated other comprehensive loss	(181)	(420)
Accumulated deficit	(1,630,873)	(1,449,172)
Total Extra Space Storage Inc. stockholders’ equity	13,257,895	13,433,166
Noncontrolling interest represented by Preferred Operating Partnership units	47,827	53,827
Noncontrolling interests in Operating Partnership, net and other noncontrolling interests	871,612	837,043
Total noncontrolling interests and equity	14,177,334	14,324,036
Total liabilities, noncontrolling interests and equity	$ 29,660,493	$ 29,264,046

Organization	6 Months Ended
Organization	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION Extra Space Storage Inc. (the “Company”) is a fully integrated, self-administered and self-managed real estate investment trust (“REIT”), formed as a Maryland corporation on April 30, 2004, to own, operate, manage, acquire, develop and redevelop self-storage properties (“stores”) and provide lending to owners of stores located throughout the United States. The Company was formed to continue the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since 1977. The Company’s interest in its stores is held through its operating partnership, Extra Space Storage LP (the “Operating Partnership”), which was formed on May 5, 2004. The Company’s primary assets are general partner and limited partner interests in the Operating Partnership, which meets the definition of a variable interest entity and is consolidated. 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 June 30, 2026, the Company had direct and indirect equity interests in 2,446 stores. In addition, the Company managed 1,964 stores for third parties, bringing the total number of stores which it owns and/or manages to 4,410. These stores are located in 42 states and Washington, D.C. The Company offers tenant reinsurance at its owned and managed stores that insures the value of goods in the storage units and also offers bridge loan financing to third-party self-storage owners primarily for whom it manages properties.

Acquisitions and Dispositions (Tables)

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Asset Acquisitions

The following table shows the Company’s acquisitions of stores for the three and six months ended June 30, 2026 and 2025. The table excludes purchases of raw land and improvements made to existing assets. All store acquisitions are considered asset acquisitions under ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.”


Period	Number of Stores	Cash Paid		Loans Assumed		Bridge Loan Payoff		Fair Value Adjustment of Debt Assumed		Investments in Real Estate Ventures		Net Liabilities/ (Assets) Assumed		Value of Equity Issued		Total Real Estate Assets
Q2 2026	17	$	86,804	$	—	$	—	$	—	$	—	$	410	$	—	$	87,214
Q1 2026	1	12,360		—		—		—		—		148		—		12,508
Total 2026	18	$	99,164	$	—	$	—	$	—	$	—	$	558	$	—	$	99,722



Q2 2025	28	$	161,738	$	258,000	$	—	$	(10,049)	$	34,767	$	4,472	$	—	$	448,928
Q1 2025	17	117,075		—		18,950		—		105,471		847		5,878		248,221
Total 2025	45	$	278,813	$	258,000	$	18,950	$	(10,049)	$	140,238	$	5,319	$	5,878	$	697,149

Schedule of Held For Sale Activity

The following table presents the Company’s disposition and held for sale activity for the periods indicated:


	Carrying Value of Assets Held for Sale		(Gain) / Loss Recognized		Number of Stores
2026 Activity
Q1 2026 beginning balance	$	27,140	$	—	5
Additions	—		—		—
Disposals	(6,421)		—		(1)
Q1 2026 ending balance	$	20,719	$	—	4
Additions	7,561		—		2
Disposals	—		—		—
Q2 2026 ending balance	$	28,280	$	—	6




2025 Activity
Q1 2025 beginning balance	$	103,756	$	—	13
Additions	8,019		3,759		3
Disposals	(83,537)		(39,520)		(11)
Q1 2025 ending balance	$	28,238	$	(35,761)	5
Additions	—		—		—
Disposals	(9,440)		864		(1)
Q2 2025 ending balance	$	18,798	$	(34,897)	4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 275,879	$ 262,716	$ 528,299	$ 547,641
Other comprehensive income:
Change in fair value of interest rate swaps	(520)	(3,149)	244	(10,086)
Total comprehensive income	275,359	259,567	528,543	537,555
Less: comprehensive income attributable to noncontrolling interests	12,383	12,837	23,856	26,552
Comprehensive income attributable to common stockholders	$ 262,976	$ 246,730	$ 504,687	$ 511,003

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 10
-Topic 810
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-20

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K

+ 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482705/350-40-65-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479719/606-10-65-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-3A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-19

Reference 40: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4J

Reference 44: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

Investments in Unconsolidated Real Estate Entities (Tables)

6 Months Ended

Jun. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of investments in unconsolidated real estate ventures

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)	June 30,		December 31,
				2026		2025
PRISA Self Storage LLC	85	4%	4%	$	8,549	$	8,736
HF1 Sovran HHF Storage Holdings LLC	37	49%	49%-59%	299,147		301,794
Storage Portfolio II JV LLC	36	10%	30%	(11,138)		(10,588)
Storage Portfolio IV JV LLC	32	10%	30%	45,896		46,310
Storage Portfolio I LLC	24	34%	49%	(44,983)		(44,537)
HF2 Sovran HHF Storage Holdings II LLC	22	49%	49%-59%	111,608		112,551
HF5 Life Storage-HIERS Storage LLC	17	20%	20%	24,199		24,580
HF6 191 V Life Storage Holdings LLC	17	20%	20%	8,858		9,525
VRS Self Storage, LLC	16	45%	54%	(19,064)		(18,576)
HF10 Life Storage HHF Wasatch Holdings LLC	16	20%	20%	17,624		18,082
Other unconsolidated real estate ventures	107	10%-50%	10%-50%	299,131		295,205
Strategic Storage Growth Trust III, Inc. Preferred Stock (2)	n/a	n/a	n/a	100,000		100,000
Strategic Storage Trust VI, Inc. Preferred Stock (3)	n/a	n/a	n/a	150,000		150,000
Net Investments in and Cash distributions in unconsolidated real estate entities	409			$	989,827	$	993,082

Investments in unconsolidated real estate entities				$	1,065,012	$	1,066,783
Cash distributions in unconsolidated real estate ventures				(75,185)		(73,701)
Net Investments in and Cash distributions in unconsolidated real estate entities				$	989,827	$	993,082

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

(2) On February 4, 2025, the Company invested $100,000 in shares of convertible preferred stock with a dividend rate of 8.85% 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, and are redeemable thereafter subject to a redemption premium.

(3) In May 2023, the Company invested $150,000 in shares of convertible preferred stock 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

Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests

6 Months Ended

Jun. 30, 2026

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 condensed consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling interest as permanent equity in the condensed consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount, or (2) its redemption value as of the end of the period in which the determination is made.

At June 30, 2026 and December 31, 2025, the noncontrolling interests represented by the Preferred OP Units qualified for classification as permanent equity on the Company’s condensed consolidated balance sheets. The partnership agreement of the Operating Partnership (as amended, the “Partnership Agreement”) provides for the designation and issuance of the OP Units. The balances for each of the specific Preferred OP Units as presented in the Statements of Noncontrolling Interests and Equity as of the periods indicated are as follows:


	June 30, 2026		December 31, 2025
Series B Units	$	33,567	$	33,567
Series D Units	14,260		20,260
	$	47,827	$	53,827

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. As of June 30, 2026 and December 31, 2025, there were no outstanding Series A Units.

Series B Redeemable Preferred Units

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

The Series B Units were issued in 2013 and 2014. The Series B Units have a liquidation value of $25.00 per unit for a fixed liquidation value of $33,567 which represents 1,342,727 Series B Units outstanding at June 30, 2026. Holders of the Series B Units receive distributions at an annual rate of 6.0%. These distributions are cumulative. The Series B Units became redeemable at the option of the holder on the first anniversary of the date of issuance, which redemption obligation may be satisfied at the Company’s option in cash or shares of its common stock.

Series C Redeemable Preferred Units

The Partnership Agreement provides for the designation and issuance of the Series C Units. The Series C Units ranked junior to the Series A Units, on parity with the Series B Units and Series D Units, and senior to all other partnership interests of the Operating Partnership with respect to distributions and liquidation. As of June 30, 2026 and December 31, 2025, there were no outstanding Series C Units.

Series D Redeemable Preferred Units

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

The Series D Units have a liquidation value of $25.00 per unit, for a fixed liquidation value of $14,260, which represents 570,395 Series D Units outstanding at June 30, 2026. Holders of the Series D Units receive distributions at an annual rate between 4.0% and 5.0%. These distributions are cumulative. The Series D Units become redeemable at the option of the holder on the first anniversary of the date of issuance, which redemption obligation may be satisfied at the Company’s option in cash or shares of its common stock. In addition, certain of the Series D Units are exchangeable for OP Units at the option of the holder until the tenth anniversary of the date of issuance, with the number of OP Units to be issued equal to $25.00 per Series D Unit, divided by the value of a share of common stock as of the exchange date.

During the six months ended June 30, 2026, 240,000 Series D Units were redeemed for $6,000 in cash.

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 95.6% ownership interest in the Operating Partnership as of June 30, 2026. The remaining ownership interests in the Operating Partnership (including Preferred OP Units) of 4.4% are held by certain former owners of assets acquired by the Operating Partnership. As of December 31, 2025, the noncontrolling interest in the Operating Partnership is shown on the balance sheet net of a note receivable of $50,000 because a borrower under the note receivable was also a holder of OP Units. This note receivable originated in December 2024, bore interest at 10% per annum and was settled in June 2026.

The noncontrolling interest in the Operating Partnership represents OP Units that are not owned by the Company. OP Units are redeemable at the option of the holder, which redemption may be satisfied at the Company’s option in cash, based upon the fair market value of an equivalent number of shares of the Company’s common stock (based on the ten-day average trading price) at the time of the redemption, or shares of the Company’s common stock on a one-for-one basis, subject to anti-dilution adjustments provided in the Partnership Agreement. As of June 30, 2026, the ten-day average closing price of the Company’s common stock was $146.53 and there were 9,379,076 OP Units outstanding. Assuming that all of the OP Unit holders exercised their right to redeem all of their OP Units on June 30, 2026 and the Company elected to pay the OP Unit holders cash, the Company would have paid $1,374,316 in cash consideration to redeem the units.

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


	For the Six Months Ended June 30,
	2026		2025
OP Units redeemed for common stock	—		41,978
OP Units redeemed for cash	53,914		2,000
Cash paid for OP Units redeemed	$	7,655	$	279
OP Units issued in conjunction with acquisitions	—		37,886
Value of OP Units issued in conjunction with acquisitions	$	—	$	5,878

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

The Company has evaluated the terms of the OP Units and classifies the noncontrolling interest represented by the OP Units as stockholders’ equity in the accompanying condensed consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling amount as permanent equity in the condensed consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount, 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 11 consolidated joint ventures as of June 30, 2026. There are a total of 15 stores in these consolidated joint ventures, 11 of which are operating and four of which are under development. The voting interests of the partners are 25.0% or less.

Based on the facts and circumstances of each of the Company’s joint ventures, the Company determined that no joint venture qualified as a variable interest entity (“VIE”) as of June 30, 2026 in accordance with ASC 810, “Consolidation.”

Investments in Debt Securities and Notes Receivable - Additional Information (Details) $ in Thousands	1 Months Ended		6 Months Ended
	Dec. 31, 2022 USD ($) extension_option shares	Nov. 30, 2020 USD ($) shares	Jun. 30, 2026 USD ($) extension_option debt_security Rate	Jun. 30, 2025 USD ($)
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
Debt securities, extension term	1 year
Debt securities, period after which preferred dividends increase annually	6 years
Bridge loans, percent of notes held as mortgage receivables \| Rate			81.00%
Bridge loans, extension option \| extension_option			2
Bridge loans, extension term			1 year
Issuance of notes receivable			$ 204,833	$ 360,406
Number of debt securities past due or nonaccrual status \| debt_security			0
Minimum
Schedule of Held-to-maturity Securities [Line Items]
Loan to value ratio			0.70
Maximum
Schedule of Held-to-maturity Securities [Line Items]
Loan to value ratio			0.80
Notes receivable - bridge loans, net
Schedule of Held-to-maturity Securities [Line Items]
Bridge loans, original maturities			3 years
Principal amount of notes sold			$ 30,488
Issuance of notes receivable			153,908
Payment for draw on interest holdback			$ 10,258
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
Shares exchanged, value	$ 300,000

Debt - Schedule of Maturities of Notes Payable (Details) - Term Debt - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
2026	$ 1,313,554
2027	902,143
2028	1,882,392
2029	1,763,927
2030	1,690,145
2031	1,777,525
2032	600,000
2033	800,000
2034	600,000
2035	900,000
Thereafter	21,200
Total	$ 12,250,886	$ 12,257,899

Other Assets (Tables)

6 Months Ended

Jun. 30, 2026

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

Schedule of Components of Other Assets

The components of other assets are summarized as follows:


	June 30, 2026		December 31, 2025
Goodwill	$	170,811	$	170,811
Receivables, net	114,679		142,120
Prepaid expenses and deposits	108,962		102,656
Equipment and fixtures, net	61,270		65,154
Deferred line of credit financing costs, net	14,145		15,335
Other intangible assets, net	1,676		11,593
Restricted cash	4,747		4,260
Fair value of interest rate swaps	1,433		3,362
	$	477,723	$	515,291

Earnings Per Common Share - Schedule of Computation of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share [Abstract]
Net income attributable to common stockholders	$ 263,471	$ 249,731	$ 504,448	$ 520,606
Earnings and dividends allocated to participating securities	(468)	(449)	(893)	(865)
Net income for basic computations	263,003	249,282	503,555	519,741
Income allocated to noncontrolling interest - Preferred OP Units and OP Units	11,705	0	22,444	0
Net income for diluted computations	$ 274,708	$ 249,282	$ 525,999	$ 519,741
Weighted average common shares outstanding:
Average number of common shares outstanding - basic (in shares)	210,962,128	211,940,903	210,929,737	211,895,586
Common OP Units (in shares)	9,400,827	0	9,413,308	0
Average number of common shares outstanding - diluted (in shares)	220,362,955	211,940,903	220,343,045	211,895,586
Earnings per common share
Basic (in dollars per share)	$ 1.25	$ 1.18	$ 2.39	$ 2.45
Diluted (in dollars per share)	$ 1.25	$ 1.18	$ 2.39	$ 2.45

Derivatives

6 Months Ended

Jun. 30, 2026

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 these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (“OCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. A portion of these changes is excluded from accumulated other comprehensive income as it is allocated to noncontrolling interests. During the three and six months ended June 30, 2026 and 2025, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. In the next 12 months, the Company estimates that $549 will be reclassified as a decrease to interest expense. As of June 30, 2026, the Company held 5 active derivative financial instruments, which had a total current notional amount of $777,000.

Fair Values of Derivative Instruments

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


	Asset / Liability Derivatives
Derivatives designated as hedging instruments:	June 30, 2026		December 31, 2025
Other assets	$	1,433	$	3,362
Other liabilities	$	483	$	2,538

Effect of Derivative Instruments

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


	Gain (loss) recognized in OCI for the Three Months Ended June 30,				Location of amounts reclassified from OCI into income	Gain (loss) reclassified from OCI for the Three Months Ended June 30,
Type	2026		2025			2026		2025
Swap Agreements	$	687	$	21	Interest expense	$	1,207	$	3,186
	Gain (loss) recognized in OCI for the Six Months Ended June 30,				Location of amounts reclassified from OCI into income	Gain (loss) reclassified from OCI for the Six Months Ended June 30,
Type	2026		2025			2026		2025
Swap Agreements	$	2,770	$	(3,445)	Interest expense	$	2,527	$	6,668

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 June 30, 2026, the Company had not posted any collateral related to these agreements. If the Company had breached any of these provisions as of June 30, 2026, it could have been required to cash settle its obligations under these agreements at their termination value.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 181
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-181

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 184
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-184

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 185
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-185

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4H
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4H

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4H
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4H

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 15
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480960/815-15-50-3

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 183
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-183

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4F
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

+ Details

Earnings Per Common Share - Schedule of Antidilutive Shares Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per common share (in shares)	334,625	9,733,040	341,349	9,763,580
Common OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per common share (in shares)	0	9,363,113	0	9,366,391
Series B Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per common share (in shares)	234,857	230,693	236,462	226,003
Series D Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per common share (in shares)	99,768	139,234	104,887	171,186

Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Financial Information of Business Segments

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Revenues
Self-Storage Operations	$	746,164	$	721,004	$	1,479,377	$	1,425,384
Tenant Reinsurance	93,084		88,572		182,203		173,284
Total segment revenues	$	839,248	$	809,576	$	1,661,580	$	1,598,668

Operating expenses
Self-Storage Operations:
Payroll and benefits	$	44,590	$	45,153	$	90,132	$	88,899
Marketing	18,227		18,897		33,985		34,047
Office expense (1)	19,916		19,115		39,510		37,968
Property operating expense (1)	34,168		34,565		75,275		71,931
Repairs and maintenance	12,208		14,282		30,176		30,539
Property taxes	87,035		82,359		171,010		162,243
Insurance	9,334		8,765		19,048		17,197
Other segment items (2)	6,240		4,485		10,885		8,379
Total self-storage operations expenses	231,718		227,621		470,021		451,203

Tenant Reinsurance:
Tenant reinsurance expense and other segment items (3)	$	17,325	$	16,945	$	35,192	$	34,061

Total segment operating expenses	$	249,043	$	244,566	$	505,213	$	485,264

Net operating income
Self-Storage Operations	$	514,446	$	493,383	$	1,009,356	$	974,181
Tenant Reinsurance	75,759		71,627		147,011		139,223
Total segment net operating income:	$	590,205	$	565,010	$	1,156,367	$	1,113,404

Other components of net income:
Management fees and other income	34,904		32,042		68,599		62,947


General and administrative expense	(47,315)		(44,952)		(93,824)		(90,926)
Depreciation and amortization expense	(185,610)		(177,266)		(371,405)		(357,622)
Gain (loss) on real estate assets held for sale and sold, net	—		(864)		—		34,897
Interest expense	(146,720)		(146,128)		(294,019)		(288,527)
Non-cash interest expense related to amortization of discount on unsecured senior notes, net	(12,735)		(11,770)		(25,290)		(23,083)
Interest income	38,777		41,998		78,320		80,965
Equity in earnings and dividend income from unconsolidated real estate entities	15,802		16,284		31,562		36,215
Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest	640		—		847		—

Income tax expense	(12,069)		(11,638)		(22,858)		(20,629)
Net income	$	275,879	$	262,716	$	528,299	$	547,641

(1) Amounts related to lease expense have been reclassified from Office expense to Property operating expense for the three and six months ended June 30, 2025 for comparability.
(2) Other segment items for the Self-Storage Operations segment include miscellaneous items such as legal and professional fees, capital expenditures, taxes, and casualty losses.
(3) Tenant reinsurance expense and other segment items for the Tenant Reinsurance segment include claims expense, acquisition costs, claims service fees, and miscellaneous administrative items.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-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 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-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 10: http://www.xbrl.org/2009/role/commonPracticeRef
-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

+ Details

Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Goodwill	$ 170,811	$ 170,811
Receivables, net	114,679	142,120
Prepaid expenses and deposits	108,962	102,656
Equipment and fixtures, net	61,270	65,154
Deferred line of credit financing costs, net	14,145	15,335
Other intangible assets, net	1,676	11,593
Restricted cash	4,747	4,260	$ 3,643	$ 5,081
Fair value of interest rate swaps	1,433	3,362
Other assets, net	$ 477,723	$ 515,291

Acquisitions and Dispositions - Schedule of Held For Sale Activity (Details)	3 Months Ended
	Jun. 30, 2026 USD ($) store	Mar. 31, 2026 USD ($) store	Jun. 30, 2025 USD ($) store	Mar. 31, 2025 USD ($) store
Carrying Value of Assets Held for Sale
Asset held for sale at beginning	$ 20,719,000	$ 27,140,000	$ 28,238,000	$ 103,756,000
Assets held for sale, additions	7,561,000	0	0	8,019,000
Assets held for sale, disposals	0	(6,421,000)	(9,440,000)	(83,537,000)
Asset held for sale at ending	28,280,000	20,719,000	18,798,000	28,238,000
(Gain) / Loss Recognized
(Gain) loss recognized at beginning	0	0	(35,761,000)	0
(Gain) loss recognized, additions	0	0	0	3,759,000
(Gain) loss recognized, disposals	0	0	864,000	(39,520,000)
(Gain) loss recognized at ending	$ 0	$ 0	$ (34,897,000)	$ (35,761,000)
Number of Stores
Number of stores at beginning	4	5	5	13
Number of stores, additions \| store	2	0	0	3
Number of stores, disposals \| store	0	(1)	(1)	(11)
Number of stores at ending	6	4	4	5

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES As of June 30, 2026, the Company was under agreement to acquire one store for a total purchase price of $14,200, which is scheduled to close in 2026. As of June 30, 2026, the Company was under agreement to originate $54,960 in bridge loans in 2026 and $31,300 in 2027. As of June 30, 2026, the Company was involved in various legal proceedings and was subject to various claims and complaints arising in the ordinary course of business. Because litigation is inherently unpredictable, the outcome of these matters cannot presently be determined with any degree of certainty. In accordance with applicable accounting guidance, management establishes an accrued liability for litigation when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. The estimated loss, if any, is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. The Company could incur judgments or enter into settlements of claims in the future 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. 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.

Investments in Debt Securities and Notes Receivable - Schedule of Investments in Debt Securities and Bridge Loans Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Schedule of Held-to-maturity Securities [Line Items]
Dividends and interest receivable	$ 6,375	$ 6,375
Investments in debt securities and notes receivable	1,751,653	1,806,526
Notes receivable - bridge loans, net
Schedule of Held-to-maturity Securities [Line Items]
Notes receivable - bridge loans, net	1,445,278	1,500,151
JCAP Series A 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (fff)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (ff)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

+ Details

Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt

DEBT

The components of term debt are summarized as follows:


Term Debt	June 30, 2026		December 31, 2025
Secured notes payable (1)	$	1,075,886	$	1,082,899
Unsecured term loans	1,500,000		1,500,000
Unsecured senior notes	9,675,000		9,675,000
Total	12,250,886		12,257,899
Less: Discount on unsecured senior notes, net (2)	(164,153)		(187,742)
Less: Unamortized debt issuance costs	(57,113)		(63,506)
Total	$	12,029,620	$	12,006,651

(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents.
(2) Unsecured senior notes from the Company’s merger with Life Storage were recorded at fair value, resulting in a discount of $293,134 to be amortized over the term of the debt. Also includes net premium from bond offerings of $13,853 offset by discount from assumed debt of $15,018.

The following table summarizes the scheduled maturities of term debt, excluding available extensions, at June 30, 2026:


2026	$	1,313,554
2027	902,143
2028	1,882,392
2029	1,763,927
2030	1,690,145
2031	1,777,525
2032	600,000
2033	800,000
2034	600,000
2035	900,000
Thereafter	21,200
	$	12,250,886

The Company has established a commercial paper note program and may issue up to $1,000,000 of unsecured commercial paper notes that bear interest at variable rates and have varying maturities (generally 30 days or less, with a maximum of 397 days). The commercial paper notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. The net proceeds from the issuances of the notes are used for general working capital and other general corporate purposes. General corporate purposes may include, but are not limited to, the repayment of other debt and selective development, redevelopment, or acquisition of properties. Outstanding commercial paper notes have been included in revolving lines of credit and commercial paper on the Company’s condensed consolidated balance sheets. At June 30, 2026, there were $850,000 in issuances outstanding under the commercial paper program with a weighted-average maturity of 13 days.

All of the Company’s lines of credit and commercial paper are guaranteed by the Company. The following table presents information on the Company’s lines of credit and commercial paper for the periods indicated:


	As of June 30, 2026
Revolving Lines of Credit and Commercial Paper	Amount Drawn		Capacity		Interest Rate	Maturity	Basis Rate (1)
Secured credit line	$	—	$	140,000	4.93%	7/1/2029	SOFR plus 1.25%
Unsecured credit line (2)	767,000		3,000,000		4.46%	8/21/2029	SOFR plus 0.775%
Commercial paper	850,000		1,000,000		4.06% (3)	Various
	$	1,617,000	$	4,140,000

(1) Daily Simple Secured Overnight Financing Rate (“SOFR”) for credit lines.
(2) Basis Rate as of June 30, 2026. Rate is subject to change based on the Company’s investment grade rating.
(3) Commercial paper interest rate is variable based on market rates at the time of each issuance. Therefore, interest rate shown in the table above is a weighted average interest rate.

The Company's unsecured debt is not secured by any assets of the Company and is subject to certain financial covenants. As of June 30, 2026, the Company was in compliance with all of its financial covenants.

As of June 30, 2026, the Company’s percentage of fixed-rate debt to total debt was 78.5%. The weighted average interest rates of the Company’s fixed and variable-rate debt were 4.3% and 4.6%, respectively. The combined weighted average interest rate was 4.3%.

On July 1, 2026, the Company paid off $600,000 aggregate principal amount of unsecured senior notes that matured on July 1, 2026. Additionally, on July 6, 2026, the Company completed an offering of $550,000 aggregate principal amount of unsecured senior notes that mature February 1, 2032.

- 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 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-8

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 15: 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 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 23: 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 24: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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

Investments in Debt Securities and Notes Receivable (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments in Debt Securities and Bridge Loans Receivable

Information about these balances is as follows:


	June 30, 2026		December 31, 2025
Debt securities - preferred stock	$	300,000	$	300,000
Notes receivable - bridge loans, net	1,445,278		1,500,151

Dividends and interest receivable	6,375		6,375
	$	1,751,653	$	1,806,526

Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests - Additional Information (Details) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Dec. 31, 2024	Jun. 30, 2026 USD ($) store joint_venture $ / shares shares	Dec. 31, 2025 USD ($)
Noncontrolling Interest [Line Items]
Loan receivable, reduction of noncontrolling interests \| $			$ 50,000
Note receivable interest rate	10.00%
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		$ 146.53
Preferred units outstanding (in shares) \| shares		9,379,076
Consideration to be paid on redemption of common OP units \| $		$ 1,374,316
Number of consolidated joint ventures \| joint_venture		11
Total number of stores in consolidated joint venture \| store		15
Number of joint ventures operating store \| joint_venture		11
Number of joint ventures with property under development \| store		4
Common Stock
Noncontrolling Interest [Line Items]
Unit conversion ratio		1
Operating Partnership
Noncontrolling Interest [Line Items]
Ownership interest held		95.60%
Ownership interest held by joint venture partner		4.40%
Other noncontrolling interests \| Maximum
Noncontrolling Interest [Line Items]
Ownership interest held by joint venture partner		25.00%

Real Estate Assets - Schedule of Components of Real Estate Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real Estate [Abstract]
Land	$ 5,153,148	$ 5,135,719
Buildings, improvements and other intangibles	23,479,446	23,234,033
Right of use assets - finance lease	136,608	141,194
Intangible assets - tenant relationships	335,713	334,669
Intangible lease rights	37,779	37,771
Gross operating real estate assets	29,142,694	28,883,386
Less: accumulated depreciation and amortization	(4,330,467)	(3,982,125)
Net operating real estate assets	24,812,227	24,901,261
Real estate under development/redevelopment	126,217	103,089
Real estate assets, net	$ 24,938,444	$ 25,004,350

Fair Value Disclosures - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets - Cash flow hedge swap agreements	$ 1,433	$ 3,362
Other liabilities - Cash flow hedge swap agreements	483	$ 2,538
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	1,433
Other liabilities - Cash flow hedge swap agreements	483
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

Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2026 USD ($) store
Commitment to acquire stores
Other Commitments [Line Items]
Number of real estate properties to be acquired \| store	1
Other commitment	$ 14,200
Agreement to originate bridge loans
Other Commitments [Line Items]
Purchase price , 2026	54,960
Purchase price , 2027	$ 31,300

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2026
Stockholders' Equity Note [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY On April 15, 2024, the Company filed its $800,000 “at the market” equity program with the SEC using a shelf registration statement on Form S-3, and entered into an equity distribution agreement with nine sales agents. No shares have been sold under the current “at the market” equity program. 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, 2025, the Company repurchased 1,158,244 shares at an average price of $129.10 per share, paying a total of $149,525. During the six months ended June 30, 2026, the Company repurchased 11,109 shares at an average price of $129.80 per share, paying a total of $1,442. As of June 30, 2026, the Company had remaining authorization to repurchase shares with an aggregate value up to $349,033.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-1

Reference 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-4

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481520/505-30-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 1.D.2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479921/505-20-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 1.B.3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480148/855-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 24: 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 25: 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 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 27: 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/1943274/2147477968/946-235-50-2

Reference 28: 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/1943274/2147477968/946-235-50-2

Reference 29: 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/1943274/2147478448/946-505-50-6

Reference 30: 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 31: 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 32: 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 33: 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 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

+ Details

Derivatives - Schedule of Balance Sheet Classification and Fair Value of Entity's Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Other assets	$ 1,433	$ 3,362
Other liabilities	$ 483	$ 2,538

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Jul. 24, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-32269
Entity Registrant Name	EXTRA SPACE STORAGE INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1076777
Entity Address, Address Line One	2795 East Cottonwood Parkway, Suite 300
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84121
City Area Code	801
Local Phone Number	365-4600
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	EXR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		211,269,558
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001289490
Current Fiscal Year End Date	--12-31

Investments in Debt Securities and Notes Receivable

6 Months Ended

Jun. 30, 2026

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:


	June 30, 2026		December 31, 2025
Debt securities - preferred stock	$	300,000	$	300,000
Notes receivable - bridge loans, net	1,445,278		1,500,151

Dividends and interest receivable	6,375		6,375
	$	1,751,653	$	1,806,526

In November 2020, the Company invested $300,000 in the preferred stock of JCAP in connection with the acquisition of JCAP by 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 Series B Preferred Shares for 300,000 Series D Preferred Shares, valued at a total of $300,000. The Series D Preferred Shares are mandatorily redeemable after six years from the modification in December 2022, with two one-year extension options. NexPoint may redeem the Series D Preferred Shares at any time, subject to certain prepayment penalties. The Company accounts for the Series D Preferred Shares 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 an initial dividend rate of 8.5%. If the investment is not retired after six years, the preferred dividends increase annually.

The Company offers bridge loan financing to third-party self-storage owners primarily for whom it manages properties. These notes receivable consist of mortgage loans receivable, which are collateralized by self-storage properties, and mezzanine loans receivable, which are secured by equity interest pledges. As of June 30, 2026, 81% of the notes held are mortgage receivables. The Company may 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 six months ended June 30, 2026, the Company sold a total principal amount of $30,488 of its mortgage bridge loans receivable to third parties for par, closed on $153,908 in initial loan draws, and recorded $10,258 of draws for interest payments.

The bridge loans typically have a loan to value ratio between 70% and 80% at origination. As of June 30, 2026, none of the notes receivable are in nonaccrual status, and any notes receivable where the monthly payments are delinquent are less than 60 days past due and immaterial. The allowance for potential credit losses is immaterial.

Noncontrolling Interest Represented By Preferred Operating Partnership Units (Tables)

6 Months Ended

Jun. 30, 2026

Noncontrolling Interest [Abstract]

Schedule of Balances of OP Units

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


	June 30, 2026		December 31, 2025
Series B Units	$	33,567	$	33,567
Series D Units	14,260		20,260
	$	47,827	$	53,827

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 528,299	$ 547,641
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	371,405	357,622
Amortization of deferred financing costs	6,467	5,651
Non-cash lease expense	6,164	6,447
Non-cash interest expense related to amortization of discount on unsecured senior notes, net	25,290	23,083
Compensation expense related to share-based awards	16,443	15,679
Accrual of interest income added to principal of debt securities and notes receivable	(16,391)	(16,421)
Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest	(847)	0
Gain on real estate assets held for sale and sold, net	0	(34,897)
Distributions in excess of earnings from unconsolidated real estate ventures	13,115	17,910
Changes in operating assets and liabilities:
Other assets	17,370	27,003
Accounts payable and accrued expenses	79,897	77,529
Other liabilities	29,054	(1,981)
Net cash provided by operating activities	1,076,266	1,025,265
Cash flows from investing activities:
Acquisition of real estate assets and improvements	(233,297)	(464,517)
Return of investment in unconsolidated real estate ventures	0	200,000
Development and redevelopment of real estate assets	(58,175)	(79,560)
Proceeds from sale of real estate assets	13,393	133,206
Investment in unconsolidated real estate entities	(7,523)	(113,285)
Issuance of notes receivable	(204,833)	(360,406)
Payments received on notes receivable	292,382	46,338
Proceeds from sale of notes receivable	30,488	32,371
Purchase of equipment and fixtures	(8,206)	(8,402)
Net cash used in investing activities	(175,771)	(614,255)
Cash flows from financing activities:
Proceeds from secured and unsecured term loans, senior notes, revolving lines of credit and commercial paper	10,630,770	7,290,431
Principal payments on secured and unsecured term loans, senior notes, revolving lines of credit and commercial paper	(10,244,782)	(6,974,943)
Deferred financing costs	(584)	(13,373)
Repurchase of common stock	(1,443)	(8,615)
Redemption of Operating Partnership units for cash	(7,655)	(279)
Redemption of Preferred OP units for cash	(6,000)	0
Dividends paid on common stock	(684,706)	(688,085)
Distributions to noncontrolling interests, net of contributions	(29,357)	(30,761)
Net cash used in financing activities	(343,757)	(425,625)
Net change in cash, cash equivalents, and restricted cash	556,738	(14,615)
Cash, cash equivalents, and restricted cash, beginning of the period	143,180	143,303
Cash, cash equivalents, and restricted cash, end of the period	699,918	128,688
Cash and equivalents	695,171	125,045
Restricted cash included in other assets	4,747	3,643
Cash, cash equivalents, and restricted cash	699,918	128,688
Supplemental schedule of cash flow information
Interest paid	286,878	283,419
Redemption of Operating Partnership units held by noncontrolling interests for common stock
Noncontrolling interests in Operating Partnership	0	(26,218)
Common stock and paid-in capital	0	26,218
Remeasurement of lease right of use assets and lease liabilities
Real estate assets - operating lease right-of-use assets	10,525	419
Operating lease liabilities	(10,525)	(419)
Real estate assets, net	(4,586)	0
Other liabilities	4,586	0
Acquisitions of real estate assets
Real estate assets, net	0	111,984
Value of OP units issued	0	(5,878)
Value of investment in consolidated real estate ventures	0	(105,471)
Net debt assumed	0	(635)
Accrued construction costs and capital expenditures
Acquisition of real estate assets	7,664	14,014
Accounts payable and accrued expenses	$ (7,664)	$ (14,014)

Debt - Additional Information (Details) - USD ($)		6 Months Ended
Debt - Additional Information (Details) - USD ($)	Jul. 01, 2026	Jun. 30, 2026	Jul. 06, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Commercial paper		$ 1,617,000,000		$ 1,224,000,000
Fixed rate debt		4.30%
Variable rate debt		4.60%
Weighted average interest rate		4.30%
Subsequent Event
Debt Instrument [Line Items]
Repayment of debt	$ 600,000,000
Commercial paper
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity		$ 1,000,000,000
Debt instrument, term		30 days
Commercial paper		$ 850,000,000
Weighted-average maturity term		13 days
Commercial paper \| Maximum
Debt Instrument [Line Items]
Debt instrument, term		397 days
Fourth Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Fixed rate to total debt percentage		78.50%
Unsecured Senior Note Due February 2032 \| Subsequent Event \| Unsecured senior notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 550,000,000

Derivatives - Additional Information (Details) $ in Thousands	Jun. 30, 2026 USD ($) derivative
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount reclassified as a decrease to interest income	$ (549)
Number of derivative financial instruments \| derivative	5
Combined notional amount	$ 777,000

- Definition

The number of derivative instruments of a particular group held by the entity.

+ References + Details

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

6 Months Ended

Jun. 30, 2026

Noncontrolling Interest [Abstract]

Schedule of Redeemable Noncontrolling Interest

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


	For the Six Months Ended June 30,
	2026		2025
OP Units redeemed for common stock	—		41,978
OP Units redeemed for cash	53,914		2,000
Cash paid for OP Units redeemed	$	7,655	$	279
OP Units issued in conjunction with acquisitions	—		37,886
Value of OP Units issued in conjunction with acquisitions	$	—	$	5,878

Fair Value Disclosures

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Disclosures

FAIR VALUE DISCLOSURES

Derivative Financial Instruments

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 fair value measurement guidance by the FASB, 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 June 30, 2026, 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 were not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy.

The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2026, aggregated by the level in the fair value hierarchy within which those measurements fall:


	Fair Value Measurements at Reporting Date Using
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Other assets - Cash flow hedge swap agreements	$	—	$	1,433	$	—
Other liabilities - Cash flow hedge swap agreements	$	—	$	483	$	—

The Company did not have any significant assets or liabilities that are re-measured on a recurring basis using significant unobservable inputs as of June 30, 2026 or December 31, 2025.

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, including the Company’s assumptions about the use of the asset, 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 that do not have positive net operating cash flows. For these stores, the Company determines whether the decrease is temporary or permanent, and whether the store will likely generate positive net operating cash flows in the short term.

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 their estimated fair value, supported by current third-party appraisal or broker market data (categorized within Level 3 of the fair value hierarchy). If the estimated fair value, net of selling costs, 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. As of June 30, 2026, the Company had six stores classified as held for sale, which are included in real estate assets, net. Refer to note 4 for additional details on disposition and held for sale activity.

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 the 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 for the amount in which the carrying value of the reporting unit exceeds the fair value. No impairments of goodwill were recorded for any period presented herein.

Fair Value of Financial Instruments

The carrying values of cash and cash equivalents, restricted cash, receivables, investments in debt securities and notes receivable, accounts payable and accrued expenses, variable-rate notes payable, revolving lines of credit and commercial paper and other liabilities reflected in the condensed consolidated balance sheets at June 30, 2026 and December 31, 2025 approximate fair value. Restricted cash is comprised of funds deposited with financial institutions located throughout the United States and the Cayman Islands, primarily relating to operating cash reserve for the Company’s captive insurance subsidiary and earnest money deposits on potential acquisitions.

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:


	June 30, 2026				December 31, 2025
	Fair Value		Carrying Value		Fair Value		Carrying Value
Note receivable from Common Operating Partnership unit holder	$	—	$	—	$	51,122	$	50,000
Fixed rate notes receivable	66,267		66,735		62,307		62,207
Fixed rate debt	10,652,080		10,814,373		10,967,415		10,966,511

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Investments in Unconsolidated Real Estate Entities (Details) $ in Thousands		1 Months Ended
	Feb. 04, 2025 USD ($)	May 31, 2023 USD ($)	Jun. 30, 2026 USD ($) property	Dec. 31, 2025 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			409
Investment balance			$ 989,827	$ 993,082
Investments in unconsolidated real estate entities			1,065,012	1,066,783
Cash distributions in unconsolidated real estate ventures			$ (75,185)	(73,701)
PRISA Self Storage LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			85
Equity Ownership %			4.00%
Excess Profit %			4.00%
Investment balance			$ 8,549	8,736
HF1 Sovran HHF Storage Holdings LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			37
Equity Ownership %			49.00%
Investment balance			$ 299,147	301,794
HF1 Sovran HHF Storage Holdings LLC \| Minimum
Schedule of Equity Method Investments [Line Items]
Excess Profit %			49.00%
HF1 Sovran HHF Storage Holdings LLC \| Maximum
Schedule of Equity Method Investments [Line Items]
Excess Profit %			59.00%
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			$ (11,138)	(10,588)
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			$ 45,896	46,310
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			$ (44,983)	(44,537)
HF2 Sovran HHF Storage Holdings II LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			22
Equity Ownership %			49.00%
Investment balance			$ 111,608	112,551
HF2 Sovran HHF Storage Holdings II LLC \| Minimum
Schedule of Equity Method Investments [Line Items]
Excess Profit %			49.00%
HF2 Sovran HHF Storage Holdings II LLC \| Maximum
Schedule of Equity Method Investments [Line Items]
Excess Profit %			59.00%
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			$ 24,199	24,580
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			$ 8,858	9,525
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			$ (19,064)	(18,576)
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			$ 17,624	18,082
Other unconsolidated real estate ventures
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			107
Investment balance			$ 299,131	295,205
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%
Strategic Storage Growth Trust III, Inc. Preferred Stock
Schedule of Equity Method Investments [Line Items]
Investment balance			$ 100,000	100,000
Strategic Storage Trust VI, Inc. Preferred Stock
Schedule of Equity Method Investments [Line Items]
Investment balance			$ 150,000	$ 150,000
Dividend rate, percentage		8.35%
Dividend rate increase, threshold		5 years
Redemption period		3 years
Investment in shares		$ 150,000
Strategic Storage Growth Trust III, Inc.
Schedule of Equity Method Investments [Line Items]
Investment balance	$ 100,000
Dividend rate, percentage	8.85%
Dividend rate increase, threshold	5 years
Redemption period	5 years

Noncontrolling Interest Represented By Preferred Operating Partnership Units - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Noncontrolling Interest [Line Items]
Preferred units outstanding (in shares)	9,379,076		9,379,076
Redemption Of Units For Cash
Noncontrolling Interest [Line Items]
Redemption of noncontrolling interests for cash	$ 5,999	$ 279	$ 13,655	$ 279
Series A Units
Noncontrolling Interest [Line Items]
Preferred units outstanding (in shares)	0		0		0
Series B Units
Noncontrolling Interest [Line Items]
Preferred units outstanding (in shares)	1,342,727		1,342,727
Liquidation value (in dollars per share)	$ 25.00		$ 25.00
Fixed liquidation value	$ 33,567		$ 33,567
Annual rate of return percentage			6.00%
Series C Units
Noncontrolling Interest [Line Items]
Preferred units outstanding (in shares)	0		0		0
Series D Units
Noncontrolling Interest [Line Items]
Liquidation value (in dollars per share)	$ 25.00		$ 25.00
Fixed liquidation value	$ 14,260		$ 14,260
Fixed liquidation value (in shares)	570,395		570,395
Redemption of Operating Partnership units (in shares)			240,000
Series D Units \| Redemption Of Units For Cash
Noncontrolling Interest [Line Items]
Redemption of noncontrolling interests for cash			$ 6,000
Series D Units \| Minimum
Noncontrolling Interest [Line Items]
Annual rate of return percentage			4.00%
Series D Units \| Maximum
Noncontrolling Interest [Line Items]
Annual rate of return percentage			5.00%

Derivatives - Schedule of Information Relating to Gain (Loss) Recognized on Swap Agreements (Details) - Swap Agreements - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Derivative [Line Items]
Gain (loss) recognized in OCI	$ 687	$ 21	$ 2,770	$ (3,445)
Gain (loss) reclassified from OCI	$ 1,207	$ 3,186	$ 2,527	$ 6,668

Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests - Schedule of OP Unit Activity (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Noncontrolling Interest [Abstract]
OP Units redeemed for common stock (in shares)	0	41,978
OP Units redeemed for cash (in shares)	53,914	2,000
Cash paid for OP Units redeemed	$ 7,655	$ 279
OP Units issued in conjunction with acquisitions (in units)	0	37,886
Value of OP Units issued in conjunction with acquisitions	$ 0	$ 5,878

Noncontrolling Interest Represented By Preferred Operating Partnership Units

6 Months Ended

Jun. 30, 2026

Noncontrolling Interest [Abstract]

Noncontrolling Interest Represented By Preferred Operating Partnership Units

NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS

Classification of Noncontrolling Interests


	June 30, 2026		December 31, 2025
Series B Units	$	33,567	$	33,567
Series D Units	14,260		20,260
	$	47,827	$	53,827

Series A Participating Redeemable Preferred Units

Series B Redeemable Preferred Units

Series C Redeemable Preferred Units

Series D Redeemable Preferred Units

During the six months ended June 30, 2026, 240,000 Series D Units were redeemed for $6,000 in cash.

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 Six Months Ended June 30,
	2026		2025
OP Units redeemed for common stock	—		41,978
OP Units redeemed for cash	53,914		2,000
Cash paid for OP Units redeemed	$	7,655	$	279
OP Units issued in conjunction with acquisitions	—		37,886
Value of OP Units issued in conjunction with acquisitions	$	—	$	5,878

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

Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Antidilutive Shares Excluded from Computation of Earnings Per Share

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


	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2026	2025	2026	2025
	Equivalent Shares (if converted)	Equivalent Shares (if converted)	Equivalent Shares (if converted)	Equivalent Shares (if converted)
Common OP Units	—	9,363,113	—	9,366,391

Series B Units	234,857	230,693	236,462	226,003
Series D Units	99,768	139,234	104,887	171,186
	334,625	9,733,040	341,349	9,763,580

Schedule of Computation of Earnings Per Common Share

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Net income attributable to common stockholders	$	263,471	$	249,731	$	504,448	$	520,606
Earnings and dividends allocated to participating securities	(468)		(449)		(893)		(865)
Net income for basic computations	263,003		249,282		503,555		519,741

Income allocated to noncontrolling interest - Preferred OP Units and OP Units	11,705		—		22,444		—

Net income for diluted computations	$	274,708	$	249,282	$	525,999	$	519,741

Weighted average common shares outstanding:
Average number of common shares outstanding - basic	210,962,128		211,940,903		210,929,737		211,895,586
Common OP Units	9,400,827		—		9,413,308		—





Average number of common shares outstanding - diluted	220,362,955		211,940,903		220,343,045		211,895,586
Earnings per common share
Basic	$	1.25	$	1.18	$	2.39	$	2.45
Diluted	$	1.25	$	1.18	$	2.39	$	2.45

Debt - Schedule of Components of Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Secured notes payable
Debt Instrument [Line Items]
Total	$ 1,075,886	$ 1,082,899
Less: Unamortized debt issuance costs	(57,113)	(63,506)
Unsecured term loans
Debt Instrument [Line Items]
Total	1,500,000	1,500,000
Unsecured senior notes
Debt Instrument [Line Items]
Total	9,675,000	9,675,000
Less: Discount on unsecured senior notes, net	(164,153)	(187,742)
Unsecured senior notes \| Life Storage, Inc
Debt Instrument [Line Items]
Unamortized cash discount	293,134
Term Debt
Debt Instrument [Line Items]
Total	12,250,886	12,257,899
Total	12,029,620	$ 12,006,651
Bonds
Debt Instrument [Line Items]
Unamortized debt premium	13,853
Assumed Debt From Merger
Debt Instrument [Line Items]
Unamortized cash discount	$ 15,018

Segment Information

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company’s segment disclosures present the measure used by the chief operating decision maker (“CODM”) for purposes of assessing each segment’s performance. The Company’s CODM is its Executive Committee (“EC”), which uses net operating income (“NOI”) to assess the performance of the business for the Company’s reportable operating segments. The EC is comprised of the Chief Executive Officer, President, Chief Financial Officer, Chief Investment Officer, Chief Digital Officer, Chief Operations Officer, and Chief Legal Officer. The Company’s segments are comprised of two reportable segments: (1) self-storage operations and (2) tenant reinsurance. NOI for the Company’s self-storage operations represents total property revenue less direct property operating expenses. NOI for the Company’s tenant reinsurance segment represents tenant reinsurance revenue less tenant reinsurance expenses.

The Company’s consolidated revenues equal total segment revenues plus management fees and other income. The self-storage operations activities include rental operations of stores that are wholly-owned and in consolidated joint ventures. Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in the stores operated by the Company. Management fees and other income is excluded from segment revenues and net operating income.

The CODM regularly reviews NOI to assess the performance of each segment and makes decisions about resources to be allocated to each segment. As part of this process, the CODM approves each operating segment’s budget, determines allocation of funds for capital expenditures, and reviews discrete financial information on a quarterly basis. Based on each segment’s budgeted operating revenues and expenses, resources are allocated to each segment, and these budgeted amounts comprising NOI are compared against actual segment performance.

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Revenues
Self-Storage Operations	$	746,164	$	721,004	$	1,479,377	$	1,425,384
Tenant Reinsurance	93,084		88,572		182,203		173,284
Total segment revenues	$	839,248	$	809,576	$	1,661,580	$	1,598,668

Operating expenses
Self-Storage Operations:
Payroll and benefits	$	44,590	$	45,153	$	90,132	$	88,899
Marketing	18,227		18,897		33,985		34,047
Office expense (1)	19,916		19,115		39,510		37,968
Property operating expense (1)	34,168		34,565		75,275		71,931
Repairs and maintenance	12,208		14,282		30,176		30,539
Property taxes	87,035		82,359		171,010		162,243
Insurance	9,334		8,765		19,048		17,197
Other segment items (2)	6,240		4,485		10,885		8,379
Total self-storage operations expenses	231,718		227,621		470,021		451,203

Tenant Reinsurance:
Tenant reinsurance expense and other segment items (3)	$	17,325	$	16,945	$	35,192	$	34,061

Total segment operating expenses	$	249,043	$	244,566	$	505,213	$	485,264

Net operating income
Self-Storage Operations	$	514,446	$	493,383	$	1,009,356	$	974,181
Tenant Reinsurance	75,759		71,627		147,011		139,223
Total segment net operating income:	$	590,205	$	565,010	$	1,156,367	$	1,113,404

Other components of net income:
Management fees and other income	34,904		32,042		68,599		62,947


General and administrative expense	(47,315)		(44,952)		(93,824)		(90,926)
Depreciation and amortization expense	(185,610)		(177,266)		(371,405)		(357,622)
Gain (loss) on real estate assets held for sale and sold, net	—		(864)		—		34,897
Interest expense	(146,720)		(146,128)		(294,019)		(288,527)
Non-cash interest expense related to amortization of discount on unsecured senior notes, net	(12,735)		(11,770)		(25,290)		(23,083)
Interest income	38,777		41,998		78,320		80,965
Equity in earnings and dividend income from unconsolidated real estate entities	15,802		16,284		31,562		36,215
Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest	640		—		847		—

Income tax expense	(12,069)		(11,638)		(22,858)		(20,629)
Net income	$	275,879	$	262,716	$	528,299	$	547,641

(1) Amounts related to lease expense have been reclassified from Office expense to Property operating expense for the three and six months ended June 30, 2025 for comparability.
(2) Other segment items for the Self-Storage Operations segment include miscellaneous items such as legal and professional fees, capital expenditures, taxes, and casualty losses.
(3) Tenant reinsurance expense and other segment items for the Tenant Reinsurance segment include claims expense, acquisition costs, claims service fees, and miscellaneous administrative items.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: 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 2: 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 3: 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 4: 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 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: 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 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 9: 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 10: 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 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 (b)
-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 (a)
-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

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: 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

+ Details

Derivatives (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

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


	Asset / Liability Derivatives
Derivatives designated as hedging instruments:	June 30, 2026		December 31, 2025
Other assets	$	1,433	$	3,362
Other liabilities	$	483	$	2,538

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


	Gain (loss) recognized in OCI for the Three Months Ended June 30,				Location of amounts reclassified from OCI into income	Gain (loss) reclassified from OCI for the Three Months Ended June 30,
Type	2026		2025			2026		2025
Swap Agreements	$	687	$	21	Interest expense	$	1,207	$	3,186
	Gain (loss) recognized in OCI for the Six Months Ended June 30,				Location of amounts reclassified from OCI into income	Gain (loss) reclassified from OCI for the Six Months Ended June 30,
Type	2026		2025			2026		2025
Swap Agreements	$	2,770	$	(3,445)	Interest expense	$	2,527	$	6,668

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements of the Company are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of results that may be expected for the year ending December 31, 2026. The condensed consolidated balance sheet as of December 31, 2025 has been derived from the Company’s audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission (the “SEC”).
Recently Issued Accounting Standards	Recently Issued Accounting Standards In November 2024, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2024-03 – “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)”. The guidance requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. For any remaining items within each relevant expense caption, entities must provide a qualitative description of the nature of those expenses. The guidance also requires disclosure of the total amount of selling expenses and the entity’s definition of selling expenses. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027; therefore, compliance with this ASU will be required beginning with the Company’s annual report on Form 10-K for the year ending December 31, 2027. The guidance may be applied prospectively or retrospectively, and early adoption is permitted. Although the adoption is not expected to have a significant impact on the Company's financial statements, it is expected to result in incremental disclosures within the notes to the financial statements.

Acquisitions and Dispositions

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions and Dispositions

ACQUISITIONS AND DISPOSITIONS


Period	Number of Stores	Cash Paid		Loans Assumed		Bridge Loan Payoff		Fair Value Adjustment of Debt Assumed		Investments in Real Estate Ventures		Net Liabilities/ (Assets) Assumed		Value of Equity Issued		Total Real Estate Assets
Q2 2026	17	$	86,804	$	—	$	—	$	—	$	—	$	410	$	—	$	87,214
Q1 2026	1	12,360		—		—		—		—		148		—		12,508
Total 2026	18	$	99,164	$	—	$	—	$	—	$	—	$	558	$	—	$	99,722



Q2 2025	28	$	161,738	$	258,000	$	—	$	(10,049)	$	34,767	$	4,472	$	—	$	448,928
Q1 2025	17	117,075		—		18,950		—		105,471		847		5,878		248,221
Total 2025	45	$	278,813	$	258,000	$	18,950	$	(10,049)	$	140,238	$	5,319	$	5,878	$	697,149

Disposition and Held for Sale Activity

The following table presents the Company’s disposition and held for sale activity for the periods indicated:


	Carrying Value of Assets Held for Sale		(Gain) / Loss Recognized		Number of Stores
2026 Activity
Q1 2026 beginning balance	$	27,140	$	—	5
Additions	—		—		—
Disposals	(6,421)		—		(1)
Q1 2026 ending balance	$	20,719	$	—	4
Additions	7,561		—		2
Disposals	—		—		—
Q2 2026 ending balance	$	28,280	$	—	6




2025 Activity
Q1 2025 beginning balance	$	103,756	$	—	13
Additions	8,019		3,759		3
Disposals	(83,537)		(39,520)		(11)
Q1 2025 ending balance	$	28,238	$	(35,761)	5
Additions	—		—		—
Disposals	(9,440)		864		(1)
Q2 2025 ending balance	$	18,798	$	(34,897)	4

Assets held for sale are included in real estate assets, net, as well as in the self-storage operations segment of the Company’s segment information.

Fair Value Disclosures - Additional Information (Details)	Jun. 30, 2026 store
Fair Value Disclosures [Abstract]
Number of operating stores held-for-sale	6

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Property rental	$ 746,164	$ 721,004	$ 1,479,377	$ 1,425,384
Tenant reinsurance	93,084	88,572	182,203	173,284
Management fees and other income	34,904	32,042	68,599	62,947
Total revenues	874,152	841,618	1,730,179	1,661,615
Expenses:
Property operations	231,718	227,621	470,021	451,203
Tenant reinsurance	17,325	16,945	35,192	34,061
General and administrative	47,315	44,952	93,824	90,926
Depreciation and amortization	185,610	177,266	371,405	357,622
Total expenses	481,968	466,784	970,442	933,812
Gain (loss) on real estate assets held for sale and sold, net	0	(864)	0	34,897
Income from operations	392,184	373,970	759,737	762,700
Interest expense	(146,720)	(146,128)	(294,019)	(288,527)
Non-cash interest expense related to amortization of discount on unsecured senior notes, net	(12,735)	(11,770)	(25,290)	(23,083)
Interest income	38,777	41,998	78,320	80,965
Income before equity in earnings and dividend income from unconsolidated real estate entities and income tax expense	271,506	258,070	518,748	532,055
Equity in earnings and dividend income from unconsolidated real estate entities	15,802	16,284	31,562	36,215
Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest	640	0	847	0
Income tax expense	(12,069)	(11,638)	(22,858)	(20,629)
Net income	275,879	262,716	528,299	547,641
Net income allocated to Preferred Operating Partnership noncontrolling interests	(674)	(723)	(1,347)	(1,447)
Net income allocated to Operating Partnership and other noncontrolling interests	(11,734)	(12,262)	(22,504)	(25,588)
Net income attributable to common stockholders	$ 263,471	$ 249,731	$ 504,448	$ 520,606
Earnings per common share
Basic (in dollars per share)	$ 1.25	$ 1.18	$ 2.39	$ 2.45
Diluted (in dollars per share)	$ 1.25	$ 1.18	$ 2.39	$ 2.45
Weighted average number of shares
Basic (in shares)	210,962,128	211,940,903	210,929,737	211,895,586
Diluted (in shares)	220,362,955	211,940,903	220,343,045	211,895,586
Cash dividends paid per common share (in dollars per share)	$ 1.62	$ 1.62	$ 3.24	$ 3.24

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Other Assets

6 Months Ended

Jun. 30, 2026

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

Other Assets

OTHER ASSETS

The components of other assets are summarized as follows:


	June 30, 2026		December 31, 2025
Goodwill	$	170,811	$	170,811
Receivables, net	114,679		142,120
Prepaid expenses and deposits	108,962		102,656
Equipment and fixtures, net	61,270		65,154
Deferred line of credit financing costs, net	14,145		15,335
Other intangible assets, net	1,676		11,593
Restricted cash	4,747		4,260
Fair value of interest rate swaps	1,433		3,362
	$	477,723	$	515,291

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of the Company are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of results that may be expected for the year ending December 31, 2026. The condensed consolidated balance sheet as of December 31, 2025 has been derived from the Company’s audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission (the “SEC”). Recently Issued Accounting Standards In November 2024, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2024-03 – “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)”. The guidance requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. For any remaining items within each relevant expense caption, entities must provide a qualitative description of the nature of those expenses. The guidance also requires disclosure of the total amount of selling expenses and the entity’s definition of selling expenses. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027; therefore, compliance with this ASU will be required beginning with the Company’s annual report on Form 10-K for the year ending December 31, 2027. The guidance may be applied prospectively or retrospectively, and early adoption is permitted. Although the adoption is not expected to have a significant impact on the Company's financial statements, it is expected to result in incremental disclosures within the notes to the financial statements.

Debt - Schedule of Information on Lines of Credit (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Amount Drawn	$ 1,617,000,000	$ 1,224,000,000
Lines Of Credit
Debt Instrument [Line Items]
Amount Drawn	1,617,000,000
Capacity	4,140,000,000
Secured credit line
Debt Instrument [Line Items]
Amount Drawn	0
Capacity	$ 140,000,000
Interest Rate	4.93%
Basis spread on variable rate	1.25%
Unsecured credit line
Debt Instrument [Line Items]
Amount Drawn	$ 767,000,000
Capacity	$ 3,000,000,000
Interest Rate	4.46%
Basis spread on variable rate	0.775%
Commercial paper
Debt Instrument [Line Items]
Amount Drawn	$ 850,000,000
Capacity	$ 1,000,000,000
Interest Rate	4.06%

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 26: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 29: 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 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 41: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 42: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Investments in Unconsolidated Real Estate Entities

6 Months Ended

Jun. 30, 2026

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 Strategic Storage Trust VI, Inc. and Strategic Storage Growth Trust III, Inc. (collectively, “Strategic Storage”), affiliates of SmartStop Self Storage REIT, Inc., and the Company’s noncontrolling interest in real estate joint ventures. The Company accounts for its investments in 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. Equity in earnings and dividend income from these

investments is included in the equity in earnings and dividend income from unconsolidated real estate entities on the Company’s condensed consolidated statements of operations.

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

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


	Number of Stores	Equity Ownership %	Excess Profit % (1)	June 30,		December 31,
				2026		2025
PRISA Self Storage LLC	85	4%	4%	$	8,549	$	8,736
HF1 Sovran HHF Storage Holdings LLC	37	49%	49%-59%	299,147		301,794
Storage Portfolio II JV LLC	36	10%	30%	(11,138)		(10,588)
Storage Portfolio IV JV LLC	32	10%	30%	45,896		46,310
Storage Portfolio I LLC	24	34%	49%	(44,983)		(44,537)
HF2 Sovran HHF Storage Holdings II LLC	22	49%	49%-59%	111,608		112,551
HF5 Life Storage-HIERS Storage LLC	17	20%	20%	24,199		24,580
HF6 191 V Life Storage Holdings LLC	17	20%	20%	8,858		9,525
VRS Self Storage, LLC	16	45%	54%	(19,064)		(18,576)
HF10 Life Storage HHF Wasatch Holdings LLC	16	20%	20%	17,624		18,082
Other unconsolidated real estate ventures	107	10%-50%	10%-50%	299,131		295,205
Strategic Storage Growth Trust III, Inc. Preferred Stock (2)	n/a	n/a	n/a	100,000		100,000
Strategic Storage Trust VI, Inc. Preferred Stock (3)	n/a	n/a	n/a	150,000		150,000
Net Investments in and Cash distributions in unconsolidated real estate entities	409			$	989,827	$	993,082

Investments in unconsolidated real estate entities				$	1,065,012	$	1,066,783
Cash distributions in unconsolidated real estate ventures				(75,185)		(73,701)
Net Investments in and Cash distributions in unconsolidated real estate entities				$	989,827	$	993,082

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

Noncontrolling Interest Represented By Preferred Operating Partnership Units - Schedule of Preferred of OP Units (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Noncontrolling Interest [Line Items]
Noncontrolling interest represented by Preferred Operating Partnership units	$ 47,827	$ 53,827
Series B Units
Noncontrolling Interest [Line Items]
Noncontrolling interest represented by Preferred Operating Partnership units	33,567	33,567
Series D Units
Noncontrolling Interest [Line Items]
Noncontrolling interest represented by Preferred Operating Partnership units	$ 14,260	$ 20,260

Real Estate Assets (Tables)

6 Months Ended

Jun. 30, 2026

Real Estate [Abstract]

Schedule of Components of Real Estate Assets

The components of real estate assets are summarized as follows:


	June 30, 2026		December 31, 2025
Land	$	5,153,148	$	5,135,719
Buildings, improvements and other intangibles	23,479,446		23,234,033
Right of use assets - finance lease	136,608		141,194
Intangible assets - tenant relationships	335,713		334,669
Intangible lease rights	37,779		37,771
	29,142,694		28,883,386
Less: accumulated depreciation and amortization	(4,330,467)		(3,982,125)
Net operating real estate assets	24,812,227		24,901,261
Real estate under development/redevelopment	126,217		103,089
Real estate assets, net	$	24,938,444	$	25,004,350

Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Unsecured Senior Notes and Components of Debt

The components of term debt are summarized as follows:


Term Debt	June 30, 2026		December 31, 2025
Secured notes payable (1)	$	1,075,886	$	1,082,899
Unsecured term loans	1,500,000		1,500,000
Unsecured senior notes	9,675,000		9,675,000
Total	12,250,886		12,257,899
Less: Discount on unsecured senior notes, net (2)	(164,153)		(187,742)
Less: Unamortized debt issuance costs	(57,113)		(63,506)
Total	$	12,029,620	$	12,006,651

(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents.
(2) Unsecured senior notes from the Company’s merger with Life Storage were recorded at fair value, resulting in a discount of $293,134 to be amortized over the term of the debt. Also includes net premium from bond offerings of $13,853 offset by discount from assumed debt of $15,018.

Schedule of Maturities of Notes Payable

The following table summarizes the scheduled maturities of term debt, excluding available extensions, at June 30, 2026:


2026	$	1,313,554
2027	902,143
2028	1,882,392
2029	1,763,927
2030	1,690,145
2031	1,777,525
2032	600,000
2033	800,000
2034	600,000
2035	900,000
Thereafter	21,200
	$	12,250,886

Schedule of Information on Lines of Credit

The following table presents information on the Company’s lines of credit and commercial paper for the periods indicated:


	As of June 30, 2026
Revolving Lines of Credit and Commercial Paper	Amount Drawn		Capacity		Interest Rate	Maturity	Basis Rate (1)
Secured credit line	$	—	$	140,000	4.93%	7/1/2029	SOFR plus 1.25%
Unsecured credit line (2)	767,000		3,000,000		4.46%	8/21/2029	SOFR plus 0.775%
Commercial paper	850,000		1,000,000		4.06% (3)	Various
	$	1,617,000	$	4,140,000

(1) Daily Simple Secured Overnight Financing Rate (“SOFR”) for credit lines.
(2) Basis Rate as of June 30, 2026. Rate is subject to change based on the Company’s investment grade rating.
(3) Commercial paper interest rate is variable based on market rates at the time of each issuance. Therefore, interest rate shown in the table above is a weighted average interest rate.

- 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/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

+ Details

Fair Value Disclosures - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value
Fair Value of Financial Instruments [Line Items]
Note receivable from Common Operating Partnership unit holder	$ 0	$ 51,122
Fixed rate notes receivable	66,267	62,307
Fixed rate debt	10,652,080	10,967,415
Carrying Value
Fair Value of Financial Instruments [Line Items]
Note receivable from Common Operating Partnership unit holder	0	50,000
Fixed rate notes receivable	66,735	62,207
Fixed rate debt	$ 10,814,373	$ 10,966,511

Earnings Per Common Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Earnings Per Common Share

EARNINGS PER COMMON SHARE

Basic earnings per common share is computed using the two-class method by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. All outstanding unvested restricted stock awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common stockholders; accordingly, they are considered participating securities that are included in the two-class method. Diluted earnings per common share measures the performance of the Company over the reporting period while giving effect to all potential common shares that were dilutive and outstanding during the period. The denominator includes the weighted average number of basic shares and the number of additional common shares that would have been outstanding if the potential common shares that were dilutive had been issued, and is calculated using the two-class, treasury stock or if-converted method, whichever is most dilutive. Potential common shares are securities (such as Series B Redeemable Preferred Units (“Series B Units”), Series D Redeemable Preferred Units (“Series D Units” and, together with the 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 redemption right.

In computing the dilutive effect of convertible securities, net income is adjusted to add back any changes in earnings in the period associated with the convertible security. The numerator is also adjusted for the effects of any other non-discretionary changes in income or loss that would result from the assumed conversion of those potential common shares. In computing

diluted earnings per common share, only potential common shares that are dilutive (i.e. those that reduce earnings per common share) are included.

For the 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, the Company divided the total liquidation value of the Preferred OP Units by the average share price for the period presented. The average share price for the three months ended June 30, 2026 and 2025 was $142.93 and $145.51, respectively. The average share price for the six months ended June 30, 2026 and 2025 was $141.96 and $148.53, respectively.


	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2026	2025	2026	2025
	Equivalent Shares (if converted)	Equivalent Shares (if converted)	Equivalent Shares (if converted)	Equivalent Shares (if converted)
Common OP Units	—	9,363,113	—	9,366,391

Series B Units	234,857	230,693	236,462	226,003
Series D Units	99,768	139,234	104,887	171,186
	334,625	9,733,040	341,349	9,763,580

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Net income attributable to common stockholders	$	263,471	$	249,731	$	504,448	$	520,606
Earnings and dividends allocated to participating securities	(468)		(449)		(893)		(865)
Net income for basic computations	263,003		249,282		503,555		519,741

Income allocated to noncontrolling interest - Preferred OP Units and OP Units	11,705		—		22,444		—

Net income for diluted computations	$	274,708	$	249,282	$	525,999	$	519,741

Weighted average common shares outstanding:
Average number of common shares outstanding - basic	210,962,128		211,940,903		210,929,737		211,895,586
Common OP Units	9,400,827		—		9,413,308		—





Average number of common shares outstanding - diluted	220,362,955		211,940,903		220,343,045		211,895,586
Earnings per common share
Basic	$	1.25	$	1.18	$	2.39	$	2.45
Diluted	$	1.25	$	1.18	$	2.39	$	2.45

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands		6 Months Ended	12 Months Ended
	Apr. 15, 2024 USD ($) sales_agent shares	Jun. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Nov. 13, 2023 USD ($)
Class of Stock [Line Items]
Share repurchase program, aggregate value				$ 500,000
Repurchase of common stock (in shares) \| shares		11,109	1,158,244
Average cost (dollars per share) \| $ / shares		$ 129.80	$ 129.10
Repurchase of common stock, net of commissions paid		$ 1,442	$ 149,525
Share repurchase program, remaining authorization value		$ 349,033
At the Market Equity Distribution Agreement
Class of Stock [Line Items]
Aggregate offering price of common shares	$ 800,000
Number of sales agents \| sales_agent	9
Shares issued (in shares) \| shares	0

Condensed Consolidated Statements of Noncontrolling Interests and Equity - USD ($) $ in Thousands	Total	Redemption Of Units For Common Stock	Redemption Of Units For Cash	Preferred Operating Partnership	Preferred Operating Partnership Redemption Of Units For Common Stock	Preferred Operating Partnership Redemption Of Units For Cash	Operating Partnership	Operating Partnership Redemption Of Units For Common Stock	Operating Partnership Redemption Of Units For Cash	Other	Common Stock	Common Stock Redemption Of Units For Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Redemption Of Units For Common Stock	Additional Paid-in Capital Redemption Of Units For Cash	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2024	$ 14,859,362			$ 76,092			$ 823,898			$ 11,837	$ 2,120		$ 14,831,946			$ 12,806	$ (899,337)
Beginning balance (in shares) at Dec. 31, 2024											211,995,510
Increase (Decrease) in Stockholders' Equity
Issuance of common stock for share based compensation and taxes paid upon net settlement (in shares)											139,814
Issuance of common stock for share based compensation and taxes paid upon net settlement	7,445										$ 1		7,444
Redemption of Operating Partnership units for stock		$ 0			$ (22,265)			$ (3,953)				$ 3		$ 26,215
Redemption of Operating Partnership units for stock (in shares)												185,808
Redemption of Operating Partnership units for cash			$ (279)						$ (188)						$ (91)
Issuance of Operating Partnership units in conjunction with acquisitions	5,878						5,878
Repurchase of common stock (in shares)											(68,585)
Repurchase of common stock	(8,615)										$ (1)						(8,614)
Purchase of remaining equity interest in existing unconsolidated joint venture	(4,568)												(4,568)
Noncontrolling interest in consolidated joint ventures	406									406
Net income (loss)	547,641			1,446			25,603			(14)							520,606
Other comprehensive (loss) income	(10,086)						(483)									(9,603)
Distributions to Operating Partnership units and other noncontrolling interests	(32,010)			(1,446)			(30,501)			(63)
Dividends paid on common stock	(688,085)																(688,085)
Ending balance at Jun. 30, 2025	14,677,089			53,827			820,254			12,166	$ 2,123		14,860,946			3,203	(1,075,430)
Ending balance (in shares) at Jun. 30, 2025											212,252,547
Beginning balance at Dec. 31, 2024	$ 14,859,362			76,092			823,898			11,837	$ 2,120		14,831,946			12,806	(899,337)
Beginning balance (in shares) at Dec. 31, 2024											211,995,510
Increase (Decrease) in Stockholders' Equity
Repurchase of common stock (in shares)	(1,158,244)
Ending balance at Dec. 31, 2025	$ 14,324,036			53,827			822,869			14,174	$ 2,112		14,880,646			(420)	(1,449,172)
Ending balance (in shares) at Dec. 31, 2025	211,155,322										211,155,322
Beginning balance at Mar. 31, 2025	$ 14,778,503			53,827			826,352			11,537	$ 2,122		14,851,126			6,204	(972,665)
Beginning balance (in shares) at Mar. 31, 2025											212,225,353
Increase (Decrease) in Stockholders' Equity
Issuance of common stock for share based compensation and taxes paid upon net settlement (in shares)											65,301
Issuance of common stock for share based compensation and taxes paid upon net settlement	7,045										$ 1		7,044
Redemption of Operating Partnership units for stock		$ 0						$ (2,868)				$ 1		$ 2,867
Redemption of Operating Partnership units for stock (in shares)												30,478
Redemption of Operating Partnership units for cash			(279)						(188)						(91)
Repurchase of common stock (in shares)											(68,585)
Repurchase of common stock	(8,615)										$ (1)						(8,614)
Noncontrolling interest in consolidated joint ventures	681									681
Net income (loss)	262,716			723			12,268			(6)							249,731
Other comprehensive (loss) income	(3,149)						(148)									(3,001)
Distributions to Operating Partnership units and other noncontrolling interests	(15,931)			(723)			(15,162)			(46)
Dividends paid on common stock	(343,882)																(343,882)
Ending balance at Jun. 30, 2025	14,677,089			53,827			820,254			12,166	$ 2,123		14,860,946			3,203	(1,075,430)
Ending balance (in shares) at Jun. 30, 2025											212,252,547
Beginning balance at Dec. 31, 2025	$ 14,324,036			53,827			822,869			14,174	$ 2,112		14,880,646			(420)	(1,449,172)
Beginning balance (in shares) at Dec. 31, 2025	211,155,322										211,155,322
Increase (Decrease) in Stockholders' Equity
Issuance of common stock for share based compensation and taxes paid upon net settlement (in shares)											128,863
Issuance of common stock for share based compensation and taxes paid upon net settlement	$ 9,250										$ 1		9,249
Redemption of Operating Partnership units for cash			(13,655)			$ (6,000)			(4,984)						(2,671)
Repayment of receivable with Operating Partnership units pledged as collateral	$ 50,000						50,000
Repurchase of common stock (in shares)	(11,109)										(11,109)
Repurchase of common stock	$ (1,443)																(1,443)
Purchase of remaining equity interest in existing unconsolidated joint venture	(5,304)									(4,916)			(388)
Noncontrolling interest in consolidated joint ventures	2,035									2,035
Net income (loss)	528,299			1,347			22,446			58							504,448
Other comprehensive (loss) income	244						5									239
Distributions to Operating Partnership units and other noncontrolling interests	(31,422)			(1,347)			(30,472)			397
Dividends paid on common stock	(684,706)																(684,706)
Ending balance at Jun. 30, 2026	$ 14,177,334			47,827			859,864			11,748	$ 2,113		14,886,836			(181)	(1,630,873)
Ending balance (in shares) at Jun. 30, 2026	211,273,076										211,273,076
Beginning balance at Mar. 31, 2026	$ 14,212,502			47,827			817,296			14,899	$ 2,112		14,882,445			314	(1,552,391)
Beginning balance (in shares) at Mar. 31, 2026											211,197,111
Increase (Decrease) in Stockholders' Equity
Issuance of common stock for share based compensation and taxes paid upon net settlement (in shares)											75,965
Issuance of common stock for share based compensation and taxes paid upon net settlement	6,875										$ 1		6,874
Redemption of Operating Partnership units for cash			$ (5,999)						$ (3,904)						$ (2,095)
Repayment of receivable with Operating Partnership units pledged as collateral	50,000						50,000
Purchase of remaining equity interest in existing unconsolidated joint venture	(5,304)									(4,916)			(388)
Noncontrolling interest in consolidated joint ventures	1,272									1,272
Net income (loss)	275,879			674			11,706			28							263,471
Other comprehensive (loss) income	(520)						(25)									(495)
Distributions to Operating Partnership units and other noncontrolling interests	(15,418)			(674)			(15,209)			465
Dividends paid on common stock	(341,953)																(341,953)
Ending balance at Jun. 30, 2026	$ 14,177,334			$ 47,827			$ 859,864			$ 11,748	$ 2,113		$ 14,886,836			$ (181)	$ (1,630,873)
Ending balance (in shares) at Jun. 30, 2026	211,273,076										211,273,076

Acquisitions and Dispositions - Asset Acquisitions - Schedule of Operating Properties Acquired (Details) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026 USD ($) store	Mar. 31, 2026 USD ($) store	Jun. 30, 2025 USD ($) store	Mar. 31, 2025 USD ($) store	Jun. 30, 2026 USD ($) store	Jun. 30, 2025 USD ($) store
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Number of Stores \| store	17	1	28	17	18	45
Cash Paid	$ 86,804	$ 12,360	$ 161,738	$ 117,075	$ 99,164	$ 278,813
Loans Assumed	0	0	258,000	0	0	258,000
Bridge Loan Payoff	0	0	0	18,950	0	18,950
Fair Value Adjustment of Debt Assumed	0	0	(10,049)	0	0	(10,049)
Investments in Real Estate Ventures	0	0	34,767	105,471	0	140,238
Net Liabilities/ (Assets) Assumed	410	148	4,472	847	558	5,319
Value of Equity Issued	0	0	0	5,878	0	5,878
Total Real Estate Assets	$ 87,214	$ 12,508	$ 448,928	$ 248,221	$ 99,722	$ 697,149

Segment Information - Schedule of Financial Information of Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Revenues	$ 874,152	$ 841,618	$ 1,730,179	$ 1,661,615
Net operating income
Net operating income	392,184	373,970	759,737	762,700
Other components of net income:
Management fees and other income	34,904	32,042	68,599	62,947
General and administrative expense	(47,315)	(44,952)	(93,824)	(90,926)
Depreciation and amortization expense	(185,610)	(177,266)	(371,405)	(357,622)
Gain (loss) on real estate assets held for sale and sold, net	0	(864)	0	34,897
Interest expense	(146,720)	(146,128)	(294,019)	(288,527)
Non-cash interest expense related to amortization of discount on unsecured senior notes, net	(12,735)	(11,770)	(25,290)	(23,083)
Interest income	38,777	41,998	78,320	80,965
Equity in earnings and dividend income from unconsolidated real estate entities	15,802	16,284	31,562	36,215
Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest	640	0	847	0
Income tax expense	(12,069)	(11,638)	(22,858)	(20,629)
Net income	275,879	262,716	528,299	547,641
Operating Segments
Revenues
Revenues	839,248	809,576	1,661,580	1,598,668
Operating expenses
Total segment operating expenses	249,043	244,566	505,213	485,264
Net operating income
Net operating income	590,205	565,010	1,156,367	1,113,404
Operating Segments \| Self-Storage Operations
Revenues
Revenues	746,164	721,004	1,479,377	1,425,384
Operating expenses
Payroll and benefits	44,590	45,153	90,132	88,899
Marketing	18,227	18,897	33,985	34,047
Office expense	19,916	19,115	39,510	37,968
Property operating expense	34,168	34,565	75,275	71,931
Repairs and maintenance	12,208	14,282	30,176	30,539
Property taxes	87,035	82,359	171,010	162,243
Insurance	9,334	8,765	19,048	17,197
Other segment items	6,240	4,485	10,885	8,379
Total segment operating expenses	231,718	227,621	470,021	451,203
Net operating income
Net operating income	514,446	493,383	1,009,356	974,181
Operating Segments \| Tenant Reinsurance
Revenues
Revenues	93,084	88,572	182,203	173,284
Operating expenses
Other segment items	17,325	16,945	35,192	34,061
Net operating income
Net operating income	$ 75,759	$ 71,627	$ 147,011	$ 139,223

Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

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


	Fair Value Measurements at Reporting Date Using
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Other assets - Cash flow hedge swap agreements	$	—	$	1,433	$	—
Other liabilities - Cash flow hedge swap agreements	$	—	$	483	$	—

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:


	June 30, 2026				December 31, 2025
	Fair Value		Carrying Value		Fair Value		Carrying Value
Note receivable from Common Operating Partnership unit holder	$	—	$	—	$	51,122	$	50,000
Fixed rate notes receivable	66,267		66,735		62,307		62,207
Fixed rate debt	10,652,080		10,814,373		10,967,415		10,966,511

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
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)	211,273,076	211,155,322
Common stock, outstanding (in shares)	211,273,076	211,155,322

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

Condensed Consolidated Statements of Noncontrolling Interests and Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Stockholders' Equity [Abstract]
Cash dividends paid per common share (in dollars per share)	$ 1.62	$ 1.62	$ 3.24	$ 3.24

Earnings Per Common Share - Additional Information (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share [Abstract]
Average share price (in dollars per share)	$ 142.93	$ 145.51	$ 141.96	$ 148.53