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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 721,674 $ 622,431
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 535,088 586,821
Amortization of deferred financing costs 8,757 13,419
Non-cash lease expense 9,661 3,224
Non-cash interest expense related to amortization of discount on unsecured senior notes, net 35,169 32,563
Compensation expense related to share-based awards 22,740 14,417
Accrual of interest income added to principal of debt securities and notes receivable (24,101) (23,455)
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and sale of a joint venture interest (9,354) (13,730)
Impairment of Life Storage trade name 0 51,763
Loss on real estate assets held for sale and sold, net 70,231 63,620
Distributions from unconsolidated real estate ventures 24,795 21,839
Changes in operating assets and liabilities:    
Other assets (28,098) 42,513
Accounts payable and accrued expenses 121,191 45,145
Other liabilities (5,357) 18,581
Net cash provided by operating activities 1,482,396 1,479,151
Cash flows from investing activities:    
Acquisition of real estate assets and improvements (587,547) (361,126)
Development and redevelopment of real estate assets (111,067) (100,507)
Proceeds from sale of real estate assets 168,747 4,415
Investment in unconsolidated real estate entities (107,178) (7,175)
Return of investment in unconsolidated real estate ventures 231,130 12,999
Issuance of notes receivable (512,377) (739,702)
Payments received on notes receivable 137,962 153,971
Proceeds from sale of notes receivable 98,372 175,335
Purchase of equipment and fixtures (15,704) (15,713)
Net cash used in investing activities (697,662) (877,503)
Cash flows from financing activities:    
Proceeds from unsecured term loans, senior notes, revolving lines of credit and commercial paper 11,436,343 5,542,362
Principal payments on unsecured term loans, senior notes, revolving lines of credit and commercial paper (12,780,602) (6,062,896)
Proceeds from issuance of public bonds, net 1,650,000 1,000,000
Deferred financing costs (30,698) (12,633)
Repurchase of common stock, net of offering costs (8,615) 0
Proceeds from share issuances 0 365
Redemption of Operating Partnership units for cash (1,453) 0
Offering costs associated with shelf registration 0 (522)
Dividends paid on common stock (1,031,930) (1,031,044)
Distributions to noncontrolling interests, net of contributions (44,848) (48,038)
Net cash used in financing activities (811,803) (612,406)
Net decrease in cash, cash equivalents, and restricted cash (27,069) (10,758)
Cash, cash equivalents, and restricted cash, beginning of the period 143,303 105,083
Cash, cash equivalents, and restricted cash, end of the period 116,234 94,325
Cash and equivalents 111,931 88,931
Restricted cash included in other assets 4,303 5,394
Cash, cash equivalents, and restricted cash 116,234 94,325
Supplemental schedule of cash flow information    
Interest paid 433,412 381,434
Income taxes paid 33,275 30,635
Redemption of Operating Partnership units held by noncontrolling interests for common stock    
Noncontrolling interests in Operating Partnership (26,218) 58,375
Common stock and paid-in capital 26,218 (58,375)
Acquisition and establishment of operating lease right of use assets and lease liabilities    
Real estate assets - operating lease right-of-use assets 419 0
Operating lease liabilities (419) 0
Acquisitions of real estate assets    
Real estate assets, net 111,984 0
Value of OP units issued (5,878) 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 5,121 9,094
Accounts payable and accrued expenses $ (5,121) $ (9,094)