Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 224,074	$ 208,878
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	196,966	78,490
Amortization of deferred financing costs	4,008	2,604
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes	10,705	0
Compensation expense related to share-based awards	5,912	5,499
Accrual of interest income added to principal of debt securities and notes receivable	(7,555)	(8,574)
Distributions from unconsolidated real estate ventures	8,300	3,789
Changes in operating assets and liabilities:
Other assets	19,663	(2,188)
Accounts payable and accrued expenses	1,112	4,724
Other liabilities	2,371	(11,573)
Net cash provided by operating activities	465,556	281,649
Cash flows from investing activities:
Acquisition of real estate assets and improvements	(91,050)	(47,296)
Development and redevelopment of real estate assets	(35,825)	(16,762)
Investment in unconsolidated real estate entities	(2,412)	(21,062)
Issuance and purchase of notes receivable	(158,005)	(58,378)
Principal payments received from notes receivable	11,823	21,828
Proceeds from sale of notes receivable	0	39,261
Purchase of equipment and fixtures	(6,602)	(3,930)
Net cash used in investing activities	(282,071)	(86,339)
Cash flows from financing activities:
Proceeds from unsecured term loans and senior notes and revolving lines of credit	1,679,470	1,381,592
Principal payments on unsecured term loans and senior notes and revolving lines of credit	(2,147,191)	(1,879,049)
Proceeds from issuance of public bonds, net	600,000	500,000
Deferred financing costs	(5,614)	(6,080)
Proceeds from share issuances and redemption of stock options for cash, net	592	0
Redemption of Operating Partnership units for cash	0	(5,000)
Dividends paid on common stock	(344,208)	(219,988)
Distributions to noncontrolling interests	(16,231)	(14,078)
Net cash used in financing activities	(233,182)	(242,603)
Net decrease in cash, cash equivalents, and restricted cash	(49,697)	(47,293)
Cash, cash equivalents, and restricted cash, beginning of the period	105,083	97,735
Cash, cash equivalents, and restricted cash, end of the period	55,386	50,442
Cash and cash equivalents	50,816	47,951
Restricted cash	4,570	2,491
Cash, cash equivalents, and restricted cash	55,386	50,442
Supplemental schedule of cash flow information
Interest paid	107,758	78,656
Income taxes paid	1,539	1,910
Redemption of Operating Partnership units held by noncontrolling interests for common stock
Noncontrolling interests in Operating Partnership	26,527	116,336
Common stock and paid-in capital	(26,527)	(11,336)
Noncontrolling interests in Operating Partnership Note Receivable Payoff	0	(100,000)
OP Unit Redemption - Cash Proceeds	0	(5,000)
Redemption of Preferred Operating Partnership units for common stock
Preferred Operating Partnership units	(3,536)	(33,403)
Additional paid-in capital	$ 3,536	$ 33,403