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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation Expense

We recorded share-based compensation expense associated with our equity awards in the various expense categories in the Consolidated Statements of Income as set forth in the following table. In addition, $4.1 million and $3.9 million share-based compensation cost was capitalized as real estate facilities for the year ended December 31, 2022 and 2021, respectively (none in 2020).

															For Years Ended December 31,
															2022						2021						2020
															(Amounts in thousands)
Self-storage cost of operations															$	17,950					$	20,544					$	14,904
Ancillary cost of operations															888						1,561						—
General and administrative															37,865						37,760						18,586
Total															$	56,703					$	59,865					$	33,490

Share-Based Payment Arrangement, Option, Activity

Additional information with respect to stock options during 2022, 2021, and 2020 is as follows:

			Service-Based												Performance-Based												Total
			Number of Options						Weighted Average Exercise Price per Share						Number of Options						Weighted Average Exercise Price per Share						Number of Options						Weighted Average Exercise Price per Share
Options outstanding January 1, 2020			2,339,667						$	204.53					—						$	—					2,339,667						$	204.53
Granted			70,000						200.61						770,000						228.94						840,000						226.58
Exercised			(71,500)						(175.16)						—						—						(71,500)						(175.16)
Cancelled			(107,000)						(220.33)						(40,000)						(228.94)						(147,000)						(222.67)
Options outstanding December 31, 2020			2,231,167						$	204.60					730,000						$	228.94					2,961,167						$	210.59
Granted (a)			140,000						248.54						420,000						229.53						560,000						234.29
Exercised			(471,216)						(203.30)						—						—						(471,216)						(203.30)
Cancelled			—						—						(10,000)						(228.94)						(10,000)						(228.94)
Options outstanding December 31, 2021			1,899,951						$	208.16					1,140,000						$	229.16					3,039,951						$	216.04
Granted (b)			65,000						398.97						138,933						299.88						203,933						331.46
Special dividend adjustment (c)			62,512						N/A						41,836						N/A						104,348						N/A
Exercised			(173,422)						(189.95)						(10,327)						(221.68)						(183,749)						(191.74)
Cancelled			—						—						—						—						—						—
Options outstanding December 31, 2022 (d)			1,854,041						$	209.53					1,310,442						$	229.39					3,164,483						$	217.75
Options exercisable at December 31, 2022 (d)			1,617,555						$	200.87					10,327						$	221.68					1,627,882						$	201.00

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

			2022						2021						2020
Aggregate exercise date intrinsic value of options exercised during the year (in 000's)			$	27,210					$	44,613					$	3,433
Average assumptions used in valuing options with the Black-Scholes method:
Expected life of options in years			6						5						5
Risk-free interest rate			2.9%						0.8%						0.4%
Expected volatility, based upon historical volatility			22.9%						24.1%						21.6%
Expected dividend yield			2.0%						2.9%						3.8%
Average assumptions used in valuing options with market conditions with the Monte-Carlo simulation method:
Expected life of options in years			7						5
Risk-free interest rate			1.8%						0.9%
Expected volatility, based upon historical volatility			22.6%						26.5%
Expected dividend yield			2.3%						2.9%
Average estimated value of options granted during the year			$	87.57					$	62.66					$	17.79

(a) Amount granted for performance-based stock options includes performance adjustments above target for options granted in 2020.

(b) Amount granted for performance-based stock options includes performance adjustments above target for options granted in 2021.

(c) On August 4, 2022, we paid a Special Dividend of $13.15 per common share to shareholders of record as of August 1, 2022. Stock options that were outstanding at the time of the Special Dividend were adjusted pursuant to the anti-dilution provisions of the Company’s applicable equity and performance-based incentive compensation plans that provide for equitable adjustments in the event of an extraordinary cash dividend. The anti-dilution adjustments

proportionately increased the number of outstanding stock options and reduced the exercise prices of outstanding stock options by a conversion rate of 1.03275, resulting in an increase of 104,348 stock options outstanding. The adjustments did not result in incremental share-based compensation expense.

(d) The weighted average exercise price of options outstanding and options exercisable at December 31, 2022 reflect the adjusted exercise price post the anti-dilution adjustment on August 3, 2022.

Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity

The following tables set forth relevant information with respect to restricted shares (dollar amounts in thousands):

			Service-Based												Performance-Based												Total
			Number of Restricted Share Units						Weighted-Average Grant-Date Fair Value						Number of Restricted Share Units						Weighted-Average Grant-Date Fair Value						Number of Restricted Share Units						Weighted-Average Grant-Date Fair Value
Restricted share units outstanding January 1, 2020			619,150						$	213.29					—						$	—					619,150						$	213.29
Granted			110,755						222.27						—						—						110,755						222.27
Vested			(140,089)						(200.88)						—						—						(140,089)						(200.88)
Forfeited			(37,028)						(215.08)						—						—						(37,028)						(215.08)
Restricted share units outstanding December 31, 2020			552,788						$	218.11					—						$	—					552,788						$	218.11
Granted (a)			143,068						336.06						46,250						275.12						189,318						321.17
Vested			(138,420)						(216.63)						—						—						(138,420)						(216.63)
Forfeited			(32,864)						(221.32)						—						—						(32,864)						(221.32)
Restricted share units outstanding December 31, 2021			524,572						$	249.90					46,250						$	275.12					570,822						$	251.95
Granted			51,575						293.43						21,985						465.11						73,560						344.74
Vested			(146,138)						(240.71)						—						—						(146,138)						(240.71)
Forfeited			(22,197)						(256.50)						—						—						(22,197)						(256.50)
Restricted share units outstanding December 31, 2022			407,812						$	258.34					68,235						$	336.33					476,047						$	269.52

Schedule of Share-Based Payment Award, Restricted Stock Units, Valuation Assumptions

			2022						2021						2020
Amounts for the year (in 000's, except number of shares):
Fair value of vested shares on vesting date			$	47,244					$	37,430					$	31,076
Cash paid for taxes upon vesting in lieu of issuing common shares			$	16,827					$	13,069					$	10,518
Common shares issued upon vesting			99,009						81,325						91,627
Average assumptions used in valuing restricted share units with market conditions with the Monte-Carlo simulation method:
Time from the valuation date to the end of the performance period			3
Risk-free interest rate			1.6%
Expected volatility, based upon historical volatility			26.5%
Expected dividend yield			2.3%
Average estimated value of restricted share units granted during the year			$	465.11

(a)Amount includes adjustments above target for performance-based RSUs granted in fiscal year 2021 based on achievement of performance criteria.

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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