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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ 284,925 $ 224,074
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 180,356 196,966
Amortization of deferred financing costs 2,790 4,008
Compensation expense related to share-based awards 7,167 5,912
Accrual of interest income added to principal of debt securities and notes receivable (8,273) (7,555)
Gain on real estate assets held for sale and sold, net (35,761) 0
Distributions from unconsolidated real estate ventures 9,192 8,300
Changes in operating assets and liabilities:    
Other assets 10,218 19,663
Accounts payable and accrued expenses 4,998 1,112
Other liabilities 14,479 2,371
Net cash provided by operating activities 481,404 465,556
Cash flows from investing activities:    
Acquisition of real estate assets and improvements (208,624) (91,050)
Development and redevelopment of real estate assets (35,237) (35,825)
Proceeds from sale of real estate assets 124,730 0
Investment in unconsolidated real estate entities (102,397) (2,412)
Issuance and repurchase of notes receivable (182,079) (158,005)
Payments received on notes receivable 39,963 11,823
Proceeds from sale of notes receivable 25,875 0
Purchase of equipment and fixtures (4,269) (6,602)
Net cash used in investing activities (342,038) (282,071)
Cash flows from financing activities:    
Proceeds from unsecured term loans, senior notes, revolving lines of credit and commercial paper 3,979,431 1,679,470
Principal payments on unsecured term loans, senior notes, revolving lines of credit and commercial paper (4,615,810) (2,147,191)
Proceeds from issuance of public bonds, net 850,000 600,000
Deferred financing costs (13,528) (5,614)
Proceeds from share issuances 0 592
Dividends paid on common stock (344,203) (344,208)
Distributions to noncontrolling interests, net of contributions (15,511) (16,231)
Net cash used in financing activities (159,621) (233,182)
Net decrease in cash, cash equivalents, and restricted cash (20,255) (49,697)
Cash, cash equivalents, and restricted cash, beginning of the period 143,303 105,083
Cash, cash equivalents, and restricted cash, end of the period 123,048 55,386
Cash and equivalents 119,559 50,816
Restricted cash included in other assets 3,489 4,570
Cash, cash equivalents, and restricted cash 123,048 55,386
Supplemental schedule of cash flow information    
Interest paid 116,751 107,758
Income taxes paid 1,353 1,539
Redemption of Operating Partnership units held by noncontrolling interests for common stock    
Noncontrolling interests in Operating Partnership (22,265) (30,063)
Common stock and paid-in capital 22,265 30,063
Acquisitions of real estate assets    
Real estate assets, net 111,984 0
Value of investment in consolidated real estate ventures (105,471) 0
Net liabilities assumed (635) 0
Accrued construction costs and capital expenditures    
Acquisition of real estate assets 7,978 2,397
Accounts payable and accrued expenses (7,978) (2,397)
Operating Partnership    
Acquisitions of real estate assets    
Value of OP units issued (5,878) 0
Unsecured senior notes    
Adjustments to reconcile net income to net cash provided by operating activities:    
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes $ 11,313 $ 10,705