Partners' Capital (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Reconciliation of Changes in Total Partners' Capital

The following is a reconciliation of the changes in total partners’ capital for the nine months ended September 30, 2022:

(dollars in thousands)	Life Storage Holdings, Inc. General Partner			Life Storage, Inc. Limited Partner			Accumulated Other Comprehensive Income (Loss)			Total Controlling Partners’ Capital
Balance December 31, 2021	$	36,131		$	3,346,992		$	(4,124	)	$	3,378,999
Net proceeds from issuance of Operating Partnership    Units		927			91,844			—			92,771
Exercise of stock options		2			171			—			173
Earned portion of non-vested stock		17			1,644			—			1,661
Carrying value less than redemption value on redeemed    noncontrolling interest		(1	)		1			—			—
Adjustment to redemption value on noncontrolling    redeemable Operating Partnership Units		—			10,924			—			10,924
Net income attributable to common unitholders		754			72,821			—			73,575
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(846	)		(82,791	)		—			(83,637	)
Balance March 31, 2022	$	36,986		$	3,441,604		$	(3,895	)	$	3,474,695
Net proceeds from issuance of Operating Partnership    Units		80			7,785			—			7,865
Earned portion of non-vested stock		17			1,726			—			1,743
Issuance of common Operating Partnership Units		103			(103	)		—			—
Carrying value less than redemption value on redeemed    noncontrolling interest		(2	)		—			—			(2	)
Adjustment to redemption value on noncontrolling    redeemable Operating Partnership Units		—			27,930			—			27,930
Net income attributable to common unitholders		944			91,320			—			92,264
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(853	)		(83,510	)		—			(84,363	)
Balance June 30, 2022	$	37,277		$	3,486,750		$	(3,666	)	$	3,520,361
Net proceeds from issuance of Operating Partnership Units		802			79,417			—			80,219
Earned portion of non-vested stock		18			1,804			—			1,822
Issuance of common Operating Partnership Units		17			(17	)		—			—
Carrying value less than redemption value on redeemed    noncontrolling interest		(19	)		(172	)		—			(191	)
Adjustment to redemption value on noncontrolling    redeemable Operating Partnership Units		—			(1,958	)		—			(1,958	)
Net income attributable to common unitholders		1,011			97,494			—			98,505
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(923	)		(90,212	)		—			(91,135	)
Balance September 30, 2022	$	38,185		$	3,573,104		$	(3,437	)	$	3,607,852

The following is a reconciliation of the changes in total partners’ capital for the nine months ended September 30, 2021:

(dollars in thousands)	Life Storage Holdings, Inc. General Partner			Life Storage, Inc. Limited Partner			Accumulated Other Comprehensive Income (Loss)			Total Controlling Partners’ Capital
Balance December 31, 2020	$	24,045		$	2,359,094		$	(5,041	)	$	2,378,098
Net proceeds from issuance of Operating Partnership    Units		1,807			178,722			—			180,529
Earned portion of non-vested stock		14			1,439			—			1,453
Carrying value less than redemption value on redeemed     noncontrolling interest		(1	)		(3	)		—			(4	)
Adjustment to redemption value on noncontrolling    redeemable Operating Partnership Units		—			(2,358	)		—			(2,358	)
Net income attributable to common unitholders		476			46,907			—			47,383
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(561	)		(55,279	)		—			(55,840	)
Balance March 31, 2021	$	25,782		$	2,528,520		$	(4,812	)	$	2,549,490
Net proceeds from issuance of Operating Partnership    Units		1,483			146,842			—			148,325
Earned portion of non-vested stock		15			1,452			—			1,467
Carrying value less than redemption value on redeemed     noncontrolling interest		(1	)		(12	)		—			(13	)
Adjustment to redemption value on noncontrolling    redeemable Operating Partnership Units		—			(7,142	)		—			(7,142	)
Net income attributable to common unitholders		578			56,938			—			57,516
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(572	)		(56,301	)		—			(56,873	)
Balance June 30, 2021	$	27,287		$	2,670,295		$	(4,583	)	$	2,692,999
Net proceeds from issuance of Operating Partnership Units		4,783			473,548			—			478,331
Earned portion of non-vested stock		17			1,666			—			1,683
Issuance of common Operating Partnership Units		15			(15	)		—			—
Issuance of preferred Operating Partnership Units		898			(898	)		—			—
Carrying value less than redemption value on redeemed     noncontrolling interest		(1	)		(14	)		—			(15	)
Adjustment to redemption value on noncontrolling    redeemable Operating Partnership Units		—			(3,570	)		—			(3,570	)
Net income attributable to common unitholders		711			69,563			—			70,274
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(582	)		(57,371	)		—			(57,953	)
Balance September 30, 2021	$	33,130		$	3,153,202		$	(4,354	)	$	3,181,978