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