Investments in Unconsolidated Real Estate Entities (Tables)

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Real Estate Entities And Equity in Earnings of Real Estate Entities

The following table sets forth our investments in, and equity in earnings of, the Unconsolidated Real Estate Entities (amounts in thousands):

	Investments in Unconsolidated Real Estate Entities at December 31,				Equity in Earnings of Unconsolidated Real Estate for the Year Ended December 31,
	2021		2020		2021		2020		2019
PSB	$	515,312	$	431,963	$	207,722	$	64,835	$	54,090
Shurgard	313,451		341,083		24,371		15,662		15,457
Total	$	828,763	$	773,046	$	232,093	$	80,497	$	69,547

Summarized Financial Information of Equity Method Investments

The following tables represent summarized financial information for PSB and Shurgard in aggregate derived from their respective reported financial statements prepared under US GAAP before our basis difference adjustments for the years ended December 31, 2021, 2020, and 2019 (amounts in thousands):

	Year Ended December 31,
	2021		2020		2019
Revenues	$	790,461	$	721,393	$	713,867
Costs of operations	263,398		242,992		237,586
Operating income	333,624		290,901		288,179
Gain on sale of real estate	359,904		27,234		16,641
Net Income	639,062		275,680		268,054

	At December 31,
	2021		2020
Real estate assets	$	3,437,115	$	3,353,862
Other assets	481,403		374,615
Total assets	$	3,918,518	$	3,728,477
Debt	$	943,276	$	742,390
Other liabilities	298,787		274,950
Noncontrolling interests	262,243		221,630
Shareholders' equity	2,414,212		2,489,507
Total liabilities and equity	$	3,918,518	$	3,728,477