Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 900,232	$ 850,453	$ 921,156
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	783,023	506,053	288,316
Amortization of deferred financing costs	16,673	18,949	8,773
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes	43,720	18,786	0
Non-cash item - Amortization of Premium Portion of Dec 2024 $300M Bond Add-On	(197)	0	0
Accrual of interest income added to principal of debt securities and notes receivable	(31,367)	(37,907)	(38,412)
Compensation expense related to share-based awards	22,906	26,638	21,386
(Gain) loss on real estate assets held for sale and sold, net	25,906	0	(14,249)
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and sale of a joint venture interest	(13,730)	0	0
Impairment of Life Storage trade name	51,763	0	0
Distributions from unconsolidated real estate ventures	30,745	20,060	13,162
Changes in operating assets and liabilities:
Other assets	(12,043)	(32,507)	695
Accounts payable and accrued expenses	964	35,031	29,027
Other liabilities	68,835	(3,082)	8,285
Net cash provided by operating activities	1,887,430	1,402,474	1,238,139
Cash flows from investing activities:
Acquisition of real estate assets and improvements	(650,535)	(320,711)	(1,291,491)
Life Storage Merger, net of cash acquired	0	(1,182,411)	0
Cash paid for business combination	0	0	(157,302)
Development and redevelopment of real estate assets	(128,618)	(100,181)	(62,019)
Proceeds from sale of real estate assets and investments in real estate ventures	124,928	2,132	39,367
Investment in unconsolidated real estate entities	(301,917)	(180,279)	(118,963)
Return of investment in unconsolidated real estate ventures	15,413	0	342
Issuance of notes receivable	(960,272)	(330,499)	(529,245)
Proceeds from sale of notes receivable	183,632	167,495	210,048
Principal payments received from notes receivable	140,963	142,192	283,636
Issuance of loan collateralized with OP units	(50,000)	0	0
Purchase of equipment and fixtures	(20,514)	(15,994)	(22,832)
Net cash used in investing activities	(1,646,920)	(1,818,256)	(1,648,459)
Cash flows from financing activities:
Proceeds from unsecured term loans, senior notes, revolving lines of credit and commercial paper	8,685,933	7,113,003	5,188,011
Principal payments on unsecured term loans, senior notes, revolving lines of credit and commercial paper	(8,724,444)	(7,088,984)	(4,207,700)
Proceeds from issuance of public bonds, net	1,300,000	1,550,000	396,100
Deferred financing costs	(23,130)	(39,418)	(9,321)
Proceeds from share issuances	365	0	0
Repurchase of common stock	0	0	(63,008)
Redemption of Preferred OP units for cash	0	(5,377)	(4,500)
Offering costs associated with shelf registration	(522)	0	0
Redemption of Operating Partnership units for cash	(2,341)	(108)	(4,617)
Contributions from noncontrolling interests	29	74	0
Dividends paid on common stock	(1,375,003)	(1,046,341)	(805,311)
Distributions to noncontrolling interests	(63,177)	(59,719)	(57,793)
Net cash (used in) provided by financing activities	(202,290)	423,130	431,861
Net (decrease) increase in cash, cash equivalents, and restricted cash	38,220	7,348	21,541
Cash, cash equivalents, and restricted cash, beginning of the period	105,083	97,735	76,194
Cash, cash equivalents, and restricted cash, end of the period	143,303	105,083	97,735
Cash and equivalents	138,222	99,062	92,868
Restricted cash included in other assets	5,081	6,021	4,867
Cash, cash equivalents, and restricted cash	143,303	105,083	97,735
Supplemental schedule of cash flow information
Interest paid	499,417	338,552	197,069
Income taxes paid	33,772	22,753	18,957
Redemption of Operating Partnership units held by noncontrolling interests for common stock
Noncontrolling interests in Operating Partnership	(32,954)	(116,336)	0
Common stock and paid-in capital	31,054	16,336	0
Noncontrolling interests in Operating Partnership Note Receivable Payoff	1,900	100,000	0
Acquisition and establishment of operating lease right of use assets and lease liabilities
Real estate assets - operating lease right-of-use assets	486,266	265	16,298
Operating lease liabilities	(486,266)	(265)	(16,298)
Acquisitions of real estate assets
Real estate assets, net	101,403	0	171,703
Value of equity issued	(100,414)	0	(165,965)
Net liabilities assumed	(2,842)	0	0
Investment in unconsolidated real estate ventures	1,853	0	1,085
Finance lease liability	0	0	(6,823)
Life Storage Merger real estate assets
Real estate assets, net	0	13,575,501	0
Unsecured senior notes	0	(2,106,866)	0
Net liabilities assumed	0	(191,077)	0
Investment in unconsolidated real estate ventures	0	325,250	0
Accrued construction costs and capital expenditures
Acquisition of real estate assets	11,037	10,508	368
Accounts payable and accrued expenses	(11,037)	(10,508)	(368)
Buyback of bridge loan
Real estate assets, net	39,200	0	0
Bridge loan receivable	(39,200)	0	0
Preferred Operating Partnership
Cash flows from operating activities:
Net income	7,262	9,011	17,623
Preferred OP Units
Redemption of Preferred D Units in the Operating Partnership for loans
Preferred OP units redeemed	(87,696)	0	0
Note Payable	87,696	0	0
Issuance of OP and Preferred OP units in conjunction with business combination
Equity interests issued	0	0	(6,000)
Conversion of Preferred OP Units to common OP Units
Conversion of equity interests	27,518	0	0
Common OP Units
Issuance of OP and Preferred OP units in conjunction with business combination
Equity interests issued	0	0	(16,000)
Conversion of Preferred OP Units to common OP Units
Conversion of equity interests	(27,518)	0	0
Common stock
Life Storage Merger real estate assets
Value of common stock issued	0	(11,353,338)	0
Value of OP units issued	0	(11,353,338)	0
Operating Partnership
Life Storage Merger real estate assets
Value of common stock issued	0	(249,470)	0
Value of OP units issued	$ 0	$ (249,470)	$ 0