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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 1,718,223 $ 3,951,340
Adjustments to reconcile net income to net cash flows from operating activities:    
Gain on sale of equity investment in PS Business Parks, Inc. 0 (2,128,860)
Gain on sale of real estate (88) (1,503)
Depreciation and amortization 682,531 661,608
Equity in earnings of unconsolidated real estate entities (22,787) (100,129)
Distributions from cumulative equity in earnings of unconsolidated real estate entities 17,663 134,460
Unrealized foreign currency exchange gain (19,937) (236,698)
Share-based compensation expense 31,309 44,597
Other non-cash adjustments 10,205 6,213
Changes in operating assets and liabilities, excluding the impact of acquisitions:    
Other assets (40,719) (41,123)
Accrued and other liabilities 78,564 90,885
Net cash flows from operating activities 2,454,964 2,380,790
Cash flows from investing activities:    
Capital expenditures to maintain real estate facilities (157,967) (163,702)
Capital expenditures for property enhancements (119,360) (137,550)
Capital expenditures for energy efficiencies (LED lighting, solar) (45,772) (36,644)
Development and expansion of real estate facilities (248,977) (231,483)
Acquisition of real estate facilities and intangible assets (301,324) (529,357)
Acquisition of BREIT Simply Storage LLC, net of cash acquired (2,178,151) 0
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities 3,165 13,670
Proceeds from sale of real estate investments 101 1,543
Proceeds from sale of equity investment in PS Business Parks, Inc. 0 2,636,011
Net cash flows (used in) from investing activities (3,048,285) 1,552,488
Cash flows from financing activities:    
Issuance costs on amendment of credit facility (8,377) 0
Repayments of notes payable (8,229) (502,270)
Issuance of notes payable, net of issuance costs 2,181,273 0
Issuance of preferred shares 0 242,832
Issuance of common shares in connection with share-based compensation 31,099 27,913
Taxes paid upon net share settlement of restricted share units (10,040) (12,989)
Contributions by noncontrolling interests 2,641 1,659
Distributions paid to preferred shareholders, common shareholders and restricted share unitholders (1,728,852) (3,508,581)
Distributions paid to noncontrolling interests (10,996) (31,453)
Net cash flows from (used) in financing activities 448,519 (3,782,889)
Net (decrease) increase in cash and equivalents, including restricted cash (144,802) 150,389
Cash and equivalents, including restricted cash at beginning of the period:    
Cash and equivalents 775,253 734,599
Restricted cash included in other assets 29,904 26,691
Cash, equivalents, and restricted cash 805,157 761,290
Cash and equivalents, including restricted cash at end of the period:    
Cash and equivalents 629,773 883,787
Restricted cash included in other assets 30,582 27,892
Cash, equivalents, and restricted cash 660,355 911,679
Costs incurred during the period remaining unpaid at period end for:    
Capital expenditures to maintain real estate facilities (10,405) (6,429)
Capital expenditures for property enhancements (4,637) (6,829)
Capital expenditures for energy efficiencies (LED lighting, solar) (574) (996)
Construction or expansion of real estate facilities (66,788) (71,006)
Real estate acquired in exchange for noncontrolling interests $ 0 $ (19,865)