Partners' Capital (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Reconciliation of Changes in Total Partners' Capital

The following is a reconciliation of the changes in the Operating Partnership's total partners’ capital for the three months ended March 31, 2023:

(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, 2022	$	38,247		$	3,587,410		$	(3,207	)	$	3,622,450
Net impact of restricted stock issued and    surrendered for taxes		(32	)		(3,188	)		—			(3,220	)
Deferred compensation of Directors		1			29			—			30
Earned portion of non-vested stock		18			1,746			—			1,764
Adjustment to redemption value on noncontrolling    redeemable Operating Partnership Units		—			(35,640	)		—			(35,640	)
Net income attributable to common unitholders		816			80,792			—			81,608
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(1,033	)		(100,995	)		—			(102,028	)
Balance March 31, 2023	$	38,019		$	3,530,152		$	(2,978	)	$	3,565,193

The following is a reconciliation of the changes in the Operating Partnership's total partners’ capital for the three months ended March 31, 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