10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission file number:

1-13820 (Life Storage, Inc.)

0-24071 (Life Storage LP)

LIFE STORAGE, INC.

LIFE STORAGE LP

(Exact name of Registrant as specified in its charter)

Maryland (Life Storage, Inc.)	16-1194043 (Life Storage, Inc.)
Delaware (Life Storage LP)	16-1481551 (Life Storage LP)
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

6467 Main Street

Williamsville, NY 14221

(Address of principal executive offices) (Zip code)

(716) 633-1850

(Registrant’s telephone number including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Life Storage, Inc.	Yes  ☒	No ☐
Life Storage LP	Yes  ☒	No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Life Storage, Inc.	Yes  ☒	No ☐
Life Storage LP	Yes  ☒	No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Life Storage, Inc.:

Large Accelerated Filer	☒	Accelerated Filer	☐
Non-accelerated Filer	☐	Smaller Reporting Company	☐
Emerging Growth Company	☐

Life Storage LP:

Large Accelerated Filer	☐	Accelerated Filer	☐
Non-accelerated Filer	☒	Smaller Reporting Company	☐
Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Life Storage, Inc.	☐
Life Storage LP	☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Life Storage, Inc.	Yes ☐	No ☒
Life Storage LP	Yes ☐	No ☒

Securities registered pursuant to Section 12(b) of the Act:

Life Storage, Inc.:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	LSI	New York Stock Exchange

Life Storage LP:

Title of each class Trading Symbol(s) Name of each exchange on which registered

As of October 28, 2022, 84,997,556 shares of Common Stock, $.01 par value per share, were outstanding.

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2022 of Life Storage, Inc. (the “Parent Company”) and Life Storage LP (the “Operating Partnership”). The Parent Company is a real estate investment trust, or REIT, that owns its assets and conducts its operations through the Operating Partnership, a Delaware limited partnership, and subsidiaries of the Operating Partnership. The Parent Company, the Operating Partnership and their consolidated subsidiaries are collectively referred to in this report as the “Company.” In addition, terms such as “we,” “us,” or “our” used in this report may refer to the Company, the Parent Company and/or the Operating Partnership.

Life Storage Holdings, Inc., a wholly owned subsidiary of the Parent Company (“Holdings”), is the sole general partner of the Operating Partnership; the Parent Company is a limited partner of the Operating Partnership, and through its ownership of Holdings and its limited partnership interest, controls the operations of the Operating Partnership, holding a 98.0% ownership interest therein as of September 30, 2022, assuming the conversion of all preferred operating partnership units at that date. The remaining ownership interests in the Operating Partnership are held by certain former owners of assets acquired by the Operating Partnership. As the owner of the sole general partner of the Operating Partnership, the Parent Company has full and complete authority over the Operating Partnership’s day-to-day operations and management.

Management operates the Parent Company and the Operating Partnership as one enterprise. The management teams of the Parent Company and the Operating Partnership are identical.

There are few differences between the Parent Company and the Operating Partnership, which are reflected in the note disclosures in this report. The Company believes it is important to understand the differences between the Parent Company and the Operating Partnership in the context of how these entities operate as a consolidated enterprise. The Parent Company is a REIT, whose only material asset is its ownership of the partnership interests of the Operating Partnership. As a result, the Parent Company does not conduct business itself, other than acting as the owner of the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing the debt obligations of the Operating Partnership. The Operating Partnership holds substantially all the assets of the Company and, directly or indirectly, holds the ownership interests in the Company’s real estate ventures. The Operating Partnership conducts the operations of the Company’s business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s direct or indirect incurrence of indebtedness or through the issuance of partnership units of the Operating Partnership.

The substantive difference between the Parent Company’s filings and the Operating Partnership’s filings is the fact that the Parent Company is a REIT with public equity, while the Operating Partnership is a partnership with no publicly traded equity. In the financial statements, this difference is primarily reflected in the equity (or capital for the Operating Partnership) section of the consolidated balance sheets and in the Shareholders’ Equity and Partners’ Capital notes to the financial statements. Apart from the different equity treatment, the consolidated financial statements of the Parent Company and the Operating Partnership are nearly identical.

The Company believes that combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into a single report will:

•facilitate a better understanding by the investors of the Parent Company and the Operating Partnership by enabling them to view the business as a whole in the same manner as management views and operates the business;

•remove duplicative disclosures and provide a more straightforward presentation in light of the fact that a substantial portion of the disclosure applies to both the Parent Company and the Operating Partnership; and

•create time and cost efficiencies through the preparation of one combined report instead of two separate reports.

In order to highlight the differences between the Parent Company and the Operating Partnership, the separate sections in this report for the Parent Company and the Operating Partnership specifically refer to the Parent Company and the Operating Partnership. In the sections that combine disclosures of the Parent Company and the Operating Partnership, this report refers to such disclosures as those of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and real

2

estate ventures and holds assets and debt, reference to the Company is appropriate because the business is one enterprise and the Parent Company operates the business through the Operating Partnership.

As the owner of the general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of the Parent Company and the Operating Partnership are the same on their respective financial statements. The separate discussions of the Parent Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company’s operations on a consolidated basis and how management operates the Company.

This report also includes separate Item 4 - Controls and Procedures sections, signature pages and Exhibit 31 and 32 certifications for each of the Parent Company and the Operating Partnership in order to establish that the Chief Executive Officer and the Chief Financial Officer of the Parent Company and the Chief Executive Officer and the Chief Financial Officer of the Operating Partnership have made the requisite certifications and that the Parent Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended and 18 U.S.C. §1350.

3

Part I. Financial Information

Item 1. Financial Statements

LIFE STORAGE, INC.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except share data)	September 30, 2022 (unaudited)			December 31, 2021
Assets
Investment in storage facilities:
Land	$	1,293,597		$	1,185,976
Building, equipment, and construction in progress		6,708,246			5,904,481
		8,001,843			7,090,457
Less: accumulated depreciation		(1,128,083	)		(1,007,650	)
Investment in storage facilities, net		6,873,760			6,082,807
Cash and cash equivalents		22,498			171,865
Accounts receivable		22,829			17,784
Receivable from unconsolidated joint ventures		1,087			333
Investment in unconsolidated joint ventures		254,728			213,003
Prepaid expenses		13,042			9,918
Trade name		16,500			16,500
Other assets		43,957			44,387
Total Assets	$	7,248,401		$	6,556,597
Liabilities
Line of credit	$	456,000		$	—
Term notes, net		2,750,683			2,747,838
Accounts payable and accrued liabilities		153,575			131,778
Deferred revenue		33,646			27,277
Mortgages payable		36,454			37,030
Total Liabilities		3,430,358			2,943,923
Noncontrolling redeemable Preferred Operating Partnership Units at redemption value		89,077			90,783
Noncontrolling redeemable Common Operating Partnership Units at redemption value		116,190			142,892
Shareholders’ Equity
Common stock $.01 par value, 200,000,000 shares authorized, 84,995,100    shares outstanding at September 30, 2022 (83,565,710 at December 31, 2021)		850			836
Additional paid-in capital		3,883,047			3,697,000
Dividends in excess of net income		(272,608	)		(314,713	)
Accumulated other comprehensive loss		(3,437	)		(4,124	)
Total Shareholders’ Equity		3,607,852			3,378,999
Noncontrolling interest in consolidated subsidiary		4,924			—
Total Equity		3,612,776			3,378,999
Total Liabilities and Equity	$	7,248,401		$	6,556,597

See notes to consolidated financial statements.

4

LIFE STORAGE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands, except per share data)	2022			2021			2022			2021
Revenues
Rental income	$	241,261		$	182,937		$	674,008		$	496,316
Tenant reinsurance		19,042			15,485			54,567			41,810
Other operating income		12,651			9,834			34,914			29,280
Total operating revenues		272,954			208,256			763,489			567,406
Expenses
Property operations and maintenance		47,906			36,410			132,733			103,519
Tenant reinsurance		9,033			6,228			22,361			16,434
Real estate taxes		25,702			21,397			75,581			61,794
General and administrative		18,493			16,141			52,995			45,407
Depreciation and amortization		48,711			37,158			143,187			106,287
Total operating expenses		149,845			117,334			426,857			333,441
Gain on sale of non-real estate assets		2,841			—			4,806			—
Income from operations		125,950			90,922			341,438			233,965
Other income (expenses)
Interest expense		(28,010	)		(21,350	)		(77,755	)		(62,470	)
Interest and dividend income		5			2			24			787
Equity in income of joint ventures		2,799			1,477			6,832			4,126
Net income		100,744			71,051			270,539			176,408
Net income attributable to noncontrolling preferred    interests in the Operating Partnership		(999	)		(476	)		(3,002	)		(476	)
Net income attributable to noncontrolling common    interests in the Operating Partnership		(1,231	)		(301	)		(3,184	)		(760	)
Net income attributable to noncontrolling    interests in consolidated subsidiary		(9	)		—			(9	)		—
Net income attributable to common shareholders	$	98,505		$	70,274		$	264,344		$	175,172
Earnings per common share attributable    to common shareholders – basic	$	1.16		$	0.89		$	3.14		$	2.27
Earnings per common share attributable    to common shareholders – diluted	$	1.16		$	0.89		$	3.14		$	2.27
Common shares used in basic earnings per share    calculation		84,472,979			78,961,434			84,129,261			77,135,429
Common shares used in diluted earnings per share    calculation		85,396,539			79,179,816			84,554,165			77,303,339
Dividends declared per common share	$	1.08		$	0.74		$	3.08		$	2.22

See notes to consolidated financial statements.

5

LIFE STORAGE, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	2022			2021			2022			2021
Net income	$	100,744		$	71,051		$	270,539		$	176,408
Other comprehensive income:
Effective portion of gain on derivatives net    of reclassification to interest expense		229			229			687			687
Total comprehensive income		100,973			71,280			271,226			177,095
Comprehensive income attributable to noncontrolling    interests in the Operating Partnership		(2,242	)		(778	)		(6,203	)		(1,239	)
Comprehensive income attributable to common shareholders	$	98,731		$	70,502		$	265,023		$	175,856

See notes to consolidated financial statements.

6

LIFE STORAGE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(dollars in thousands)	Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
Operating Activities
Net income	$	270,539		$	176,408
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		143,187			106,287
Amortization of debt issuance costs and bond discount		4,187			3,185
Equity in income of joint ventures		(6,832	)		(4,126	)
Distributions from unconsolidated joint ventures		12,710			10,359
Non-vested stock earned		5,226			4,603
Deferred income taxes		18			(43	)
Other		(4,999	)		(236	)
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable		(5,007	)		(271	)
Prepaid expenses		(3,272	)		(3,562	)
(Advances to) receipts from joint ventures		(753	)		475
Accounts payable and other liabilities		22,488			10,402
Deferred revenue		3,906			4,614
Net cash provided by operating activities		441,398			308,095
Investing Activities
Acquisition of storage facilities, net of cash acquired		(811,622	)		(773,859	)
Improvements, equipment additions, and construction in progress		(66,013	)		(54,310	)
Proceeds from sale of non-real estate assets		6,250			—
Return of investment in unconsolidated joint ventures		—			36,911
Investment in unconsolidated joint ventures		(77,755	)		(57,397	)
Property deposits		(2,220	)		(11,914	)
Net cash used in investing activities		(951,360	)		(860,569	)
Financing Activities
Net proceeds from sale of common stock		181,028			807,185
Proceeds from line of credit		1,017,000			459,000
Repayments of line of credit		(561,000	)		(459,000	)
Debt issuance costs		(5,994	)		(88	)
Dividends paid - common stock		(259,135	)		(170,666	)
Distributions to noncontrolling interest holders		(6,065	)		(740	)
Redemption of operating partnership units		(3,823	)		(256	)
Mortgage principal payments		(383	)		(364	)
Net cash provided by financing activities		361,628			635,071
Net (decrease) increase in cash and restricted cash		(148,334	)		82,597
Cash and restricted cash at beginning of period		176,434			58,771
Cash and restricted cash at end of period	$	28,100		$	141,368
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	$	66,173		$	56,359
Cash paid for income taxes, net of refunds	$	2,526		$	940

See notes to consolidated financial statements.

7

LIFE STORAGE LP

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)	September 30, 2022 (unaudited)			December 31, 2021
Assets
Investment in storage facilities:
Land	$	1,293,597		$	1,185,976
Building, equipment, and construction in progress		6,708,246			5,904,481
		8,001,843			7,090,457
Less: accumulated depreciation		(1,128,083	)		(1,007,650	)
Investment in storage facilities, net		6,873,760			6,082,807
Cash and cash equivalents		22,498			171,865
Accounts receivable		22,829			17,784
Receivable from unconsolidated joint ventures		1,087			333
Investment in unconsolidated joint ventures		254,728			213,003
Prepaid expenses		13,042			9,918
Trade name		16,500			16,500
Other assets		43,957			44,387
Total Assets	$	7,248,401		$	6,556,597
Liabilities
Line of credit	$	456,000		$	—
Term notes, net		2,750,683			2,747,838
Accounts payable and accrued liabilities		153,575			131,778
Deferred revenue		33,646			27,277
Mortgages payable		36,454			37,030
Total Liabilities		3,430,358			2,943,923
Limited partners’ preferred redeemable capital interest at redemption value (3,523,113 and    3,590,603 units outstanding at September 30, 2022 and December 31, 2021, respectively)		89,077			90,783
Limited partners’ common redeemable capital interest at redemption value (1,041,510 and    960,708 units outstanding at September 30, 2022 and December 31, 2021, respectively)		116,190			142,892
Partners’ Capital
General partner (893,109 and 881,030 units outstanding at September 30, 2022 and    December 31, 2021, respectively)		38,185			36,131
Limited partners (84,101,991 and 82,684,680 units outstanding at September 30, 2022    and December 31, 2021, respectively)		3,573,104			3,346,992
Accumulated other comprehensive loss		(3,437	)		(4,124	)
Total Controlling Partners’ Capital		3,607,852			3,378,999
Noncontrolling interest in consolidated subsidiary		4,924			—
Total Partners' Capital		3,612,776			3,378,999
Total Liabilities and Partners’ Capital	$	7,248,401		$	6,556,597

See notes to consolidated financial statements.

8

LIFE STORAGE LP

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands, except per unit data)	2022			2021			2022			2021
Revenues
Rental income	$	241,261		$	182,937		$	674,008		$	496,316
Tenant reinsurance		19,042			15,485			54,567			41,810
Other operating income		12,651			9,834			34,914			29,280
Total operating revenues		272,954			208,256			763,489			567,406
Expenses
Property operations and maintenance		47,906			36,410			132,733			103,519
Tenant reinsurance		9,033			6,228			22,361			16,434
Real estate taxes		25,702			21,397			75,581			61,794
General and administrative		18,493			16,141			52,995			45,407
Depreciation and amortization		48,711			37,158			143,187			106,287
Total operating expenses		149,845			117,334			426,857			333,441
Gain on sale of non-real estate assets		2,841			—			4,806			—
Income from operations		125,950			90,922			341,438			233,965
Other income (expenses)
Interest expense		(28,010	)		(21,350	)		(77,755	)		(62,470	)
Interest and dividend income		5			2			24			787
Equity in income of joint ventures		2,799			1,477			6,832			4,126
Net income		100,744			71,051			270,539			176,408
Net income attributable to noncontrolling preferred    interests in the Operating Partnership		(999	)		(476	)		(3,002	)		(476	)
Net income attributable to noncontrolling common    interests in the Operating Partnership		(1,231	)		(301	)		(3,184	)		(760	)
Net income attributable to noncontrolling    interests in consolidated subsidiary		(9	)		—			(9	)		—
Net income attributable to common unitholders	$	98,505		$	70,274		$	264,344		$	175,172
Earnings per common unit attributable to    common unitholders – basic	$	1.16		$	0.89		$	3.14		$	2.27
Earnings per common unit attributable to    common unitholders – diluted	$	1.16		$	0.89		$	3.14		$	2.27
Common units used in basic earnings per unit    calculation		84,472,979			78,961,434			84,129,261			77,135,429
Common units used in diluted earnings per unit    calculation		85,396,539			79,179,816			84,554,165			77,303,339
Distributions declared per common unit	$	1.08		$	0.74		$	3.08		$	2.22
Net income attributable to general partner	$	1,007		$	711		$	2,705		$	1,764
Net income attributable to limited partners	$	97,498		$	69,563		$	261,639		$	173,408

See notes to consolidated financial statements.

9

LIFE STORAGE LP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	2022			2021			2022			2021
Net income	$	100,744		$	71,051		$	270,539		$	176,408
Other comprehensive income:
Effective portion of gain on derivatives net of    reclassification to interest expense		229			229			687			687
Total comprehensive income		100,973			71,280			271,226			177,095
Comprehensive income attributable to noncontrolling    interests in the Operating Partnership		(2,242	)		(778	)		(6,203	)		(1,239	)
Comprehensive income attributable to common unitholders	$	98,731		$	70,502		$	265,023		$	175,856

See notes to consolidated financial statements.

10

LIFE STORAGE LP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(dollars in thousands)	Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
Operating Activities
Net income	$	270,539		$	176,408
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		143,187			106,287
Amortization of debt issuance costs and bond discount		4,187			3,185
Equity in income of joint ventures		(6,832	)		(4,126	)
Distributions from unconsolidated joint ventures		12,710			10,359
Non-vested stock earned		5,226			4,603
Deferred income taxes		18			(43	)
Other		(4,999	)		(236	)
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable		(5,007	)		(271	)
Prepaid expenses		(3,272	)		(3,562	)
(Advances to) receipts from joint ventures		(753	)		475
Accounts payable and other liabilities		22,488			10,402
Deferred revenue		3,906			4,614
Net cash provided by operating activities		441,398			308,095
Investing Activities
Acquisition of storage facilities, net of cash acquired		(811,622	)		(773,859	)
Improvements, equipment additions, and construction in progress		(66,013	)		(54,310	)
Proceeds from sale of non-real estate assets		6,250			—
Return of investment in unconsolidated joint ventures		—			36,911
Investment in unconsolidated joint ventures		(77,755	)		(57,397	)
Property deposits		(2,220	)		(11,914	)
Net cash used in investing activities		(951,360	)		(860,569	)
Financing Activities
Net proceeds from sale of partnership units		181,028			807,185
Proceeds from line of credit		1,017,000			459,000
Repayments of line of credit		(561,000	)		(459,000	)
Debt issuance costs		(5,994	)		(88	)
Distributions to unitholders		(259,135	)		(170,666	)
Distributions to noncontrolling interest holders		(6,065	)		(740	)
Redemption of operating partnership units		(3,823	)		(256	)
Mortgage principal payments		(383	)		(364	)
Net cash provided by financing activities		361,628			635,071
Net (decrease) increase in cash and restricted cash		(148,334	)		82,597
Cash and restricted cash at beginning of period		176,434			58,771
Cash and restricted cash at end of period	$	28,100		$	141,368
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	$	66,173		$	56,359
Cash paid for income taxes, net of refunds	$	2,526		$	940

See notes to consolidated financial statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. BASIS OF PRESENTATION

The accompanying unaudited financial statements of Life Storage, Inc. (the “Parent Company”) and Life Storage LP (the “Operating Partnership”) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine-month period ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Share and per share amounts and unit and per unit amounts as of and for all periods presented have been adjusted to reflect the impact of the three-for-two distribution of common stock announced by the Company on January 4, 2021 and distributed on January 27, 2021 to shareholders and unitholders of record on January 15, 2021.

2. ORGANIZATION

The Parent Company operates as a self-administered and self-managed real estate investment trust (a “REIT”) that owns and operates self-storage properties. All of the Parent Company’s assets are owned by, and all its operations are conducted through, the Operating Partnership. Life Storage Holdings, Inc., a wholly owned subsidiary of the Parent Company (“Holdings”), is the sole general partner of the Operating Partnership; the Parent Company is a limited partner of the Operating Partnership and, through its ownership of Holdings and its limited partnership interest, controls the operations of the Operating Partnership, holding a 98.0% ownership interest therein as of September 30, 2022, assuming the conversion of all preferred operating partnership units at that date. The remaining ownership interests in the Operating Partnership (the “Units”) are held by certain former owners of assets acquired by the Operating Partnership. The Parent Company, the Operating Partnership and their consolidated subsidiaries are collectively referred to in this report as the “Company.” In addition, terms such as “we,” “us,” or “our” used in this report may refer to the Company, the Parent Company and/or the Operating Partnership.

At September 30, 2022, we had an ownership interest in and/or managed 1,152 self-storage properties in 37 states. Among our 1,152 self-storage properties are 133 properties that we manage for unconsolidated joint ventures (see Note 10) and 267 properties that we manage and in which we have no ownership interest.

We consolidate all wholly owned subsidiaries. Partially owned entities, including joint ventures, are consolidated when we control the entity. Our consolidated financial statements include the accounts of the Parent Company, the Operating Partnership, Life Storage Solutions, LLC (one of the Parent Company’s taxable REIT subsidiaries), Warehouse Anywhere LLC, and all other wholly owned subsidiaries. Also included in our consolidated financial statements is one joint venture of which we own 83% of the equity and are the primary beneficiary of the joint venture. All intercompany transactions and balances have been eliminated. Investments in joint ventures that we do not control but over which we have significant influence are accounted for using the equity method.

Included in the Parent Company’s consolidated balance sheets are noncontrolling redeemable Operating Partnership Units and included in the Operating Partnership’s consolidated balance sheets are limited partners’ redeemable capital interests at redemption value. These interests are presented in the “mezzanine” section of the consolidated balance sheets because they do not meet the functional definition of a liability or equity under current accounting literature. These represent the outside ownership interests of the limited partners in the Operating Partnership. There were 1,041,510 and 960,708 common noncontrolling redeemable Operating Partnership Units outstanding at September 30, 2022 and December 31, 2021, respectively, and 3,523,113 and 3,590,603 preferred noncontrolling redeemable Operating Partnership Units outstanding at September 30, 2022 and December 31, 2021, respectively. The preferred noncontrolling redeemable Operating Partnership Units rank senior to all other partnership interests with respect to distributions and liquidation.

The common unitholders are entitled to receive distributions per unit equivalent to the dividends declared per share on the Parent Company’s common stock. The preferred unitholders are entitled to receive a fixed priority return of 4.5% and the preferred noncontrolling redeemable Operating Partnership Units are convertible at the option of the unitholders into common noncontrolling redeemable Operating Partnership Units. Upon any such conversion, each preferred noncontrolling redeemable Operating Partnership Unit being converted shall be convertible into a number of common Operating Partnership Units equal to the quotient of (i) the stated value of the preferred noncontrolling redeemable Operating Partnership Units being converted (such stated value being $25.00 per preferred noncontrolling redeemable Operating Partnership Unit) plus any accrued and unpaid distributions, divided by (ii) the average closing price of the Parent Company's common stock over the 90 consecutive trading days ending the trading day preceding the date of conversion. The Operating Partnership is obligated to redeem each of the common noncontrolling redeemable Operating Partnership Units at the request of the holder thereof for cash equal to the fair market value of a share of the Parent Company’s

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common stock based on a 10-day average of the daily market price, at the time of such redemption, provided that the Company, at its option, may elect to acquire any such Unit presented for redemption for one common share or cash.

The Company accounts for the noncontrolling redeemable Operating Partnership Units under the provisions of Accounting Standards Codification (ASC) Topic 480-10-S99. The application of the ASC Topic 480-10-S99 accounting model requires the noncontrolling interest to follow normal noncontrolling interest accounting and then be marked to redemption value at the end of each reporting period if higher (but never adjusted below that normal noncontrolling interest accounting amount) for the common noncontrolling redeemable Operating Partnership Units. The offset to the adjustment to the carrying amount of the common noncontrolling redeemable Operating Partnership Units is reflected in the Company’s dividends in excess of net income and in the Operating Partnership’s general partner and limited partners capital balances. Accordingly, in the accompanying consolidated balance sheets, common noncontrolling redeemable Operating Partnership Units are reflected at redemption value at September 30, 2022 and December 31, 2021, equal to the number of common noncontrolling interest units outstanding multiplied by the fair market value of the Parent Company’s common stock at that date. Redemption value exceeded the value determined under the Company’s historical basis of accounting at those dates. ASC Topic 480-10-S99 requires the preferred noncontrolling redeemable Operating Partnership Units to be valued at fair value as of the date of issuance and to continue to be recorded at the value determined at initial measurement plus any accrued distributions.

The following is a reconciliation of the Parent Company’s common noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable common capital interest for the period:

(dollars in thousands)	Nine Months Ended September 30, 2022
Beginning balance	$	142,892
Net income attributable to noncontrolling common    interests in the Operating Partnership		3,184
Issuance of units		11,996
Redemption of units		(1,942	)
Distributions		(3,044	)
Adjustment to redemption value		(36,896	)
Ending balance	$	116,190

The following is a reconciliation of the Parent Company’s preferred noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable preferred capital interest for the period:

(dollars in thousands)	Nine Months Ended September 30, 2022
Beginning balance	$	90,783
Net income attributable to noncontrolling preferred    interests in the Operating Partnership		3,002
Redemption of units		(1,687	)
Distributions		(3,021	)
Ending balance	$	89,077

Subsequent to September 30, 2021, due to growth in the Company's tenant reinsurance program, tenant reinsurance revenues and expenses are presented separately on the consolidated statements of operations. The September 30, 2021 consolidated statements of operations have been revised accordingly to comply with this presentation. Prior to this change in presentation, such tenant reinsurance revenues and expenses were included in other income and property operations and maintenance expense, respectively, in

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the Company's consolidated statements of operations. The disaggregated revenues of the Company presented in accordance with ASC Topic 606 “Revenue from Contracts with Customers” are as follows:

(dollars in thousands)	Three Months Ended September 30, 2022		Three Months Ended September 30, 2021		Nine Months Ended September 30, 2022		Nine Months Ended September 30, 2021
Rental income	$	241,261	$	182,937	$	674,008	$	496,316
Revenues related to tenant reinsurance		19,042		15,485		54,567		41,810
Management and acquisition fee    income		7,694		5,360		19,889		16,091
Other		4,957		4,474		15,025		13,189
Total operating revenues	$	272,954	$	208,256	$	763,489	$	567,406

Management and acquisition fee income is included in other operating income in the consolidated statements of operations.

During the nine months ended September 30, 2022, approximately 15% and 16% of the Company’s revenue was derived from self-storage facilities in the states of Texas and Florida, respectively.

3. STOCK BASED COMPENSATION

The Company accounts for stock-based compensation under the provisions of ASC Topic 718, “Compensation - Stock Compensation.” The Company recognizes compensation cost in its financial statements for all share-based payments granted, modified, or settled during the period.

For awards with graded vesting, compensation cost is recognized on a straight-line basis over the related vesting period.

For the three months ended September 30, 2022 and 2021, the Company recorded compensation expense of $1,822,000 and $1,683,000, respectively, related to amortization of non-vested stock grants and performance-based awards. For the nine months ended September 30, 2022 and 2021, the Company recorded compensation expense of $5,226,000 and $4,603,000, respectively, related to amortization of non-vested stock grants and performance-based awards.

During the nine months ended September 30, 2022, 5,250 options were exercised by directors of the Company at a weighted average exercise price of $32.95 per share. No stock options were exercised by employees or directors during the three months ended September 30, 2022 or the three and nine months ended September 30, 2021.

During the nine months ended September 30, 2022, the Company issued 31,442 shares of non-vested stock to employees and directors which vest over periods ranging from one to five years from the respective grant dates. The per-share fair market value on the date of grant of the non-vested stock issued during the nine months ended September 30, 2022 ranged from $113.74 to $149.73, resulting in an aggregate fair value of $3.9 million. During the three months ended September 30, 2022 and 2021, 3,869 and 563 shares of non-vested stock, respectively, vested. During the nine months ended September 30, 2022 and 2021, 29,665 and 29,913 shares of non-vested stock, respectively, vested.

During the nine months ended September 30, 2022, the Company granted performance-based awards that entitle recipients to earn up to 10,148 shares of Company stock if certain performance criteria are achieved over a three-year period. The Company estimated the aggregate fair value of the awards on the grant date to be $0.8 million.

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4. CASH AND RESTRICTED CASH

Restricted cash represents those amounts required to be placed in escrow by banks with whom the Company has mortgages and amounts required to be placed into escrow related to the Company’s tenant reinsurance program. Restricted cash is included in other assets in the consolidated balance sheets. The following table provides a reconciliation of cash and restricted cash reported within the consolidated statement of cash flows:

(Dollars in thousands)	September 30, 2022		December 31, 2021		September 30, 2021
Cash	$	22,498	$	171,865	$	136,157
Restricted cash		5,602		4,569		5,211
Total cash and restricted cash	$	28,100	$	176,434	$	141,368

5. INVESTMENT IN STORAGE FACILITIES AND INTANGIBLE ASSETS

The following summarizes our activity in storage facilities during the nine months ended September 30, 2022:

(dollars in thousands)
Cost:
Beginning balance	$	7,090,457
Acquisition of wholly owned storage facilities		822,980
Consolidated joint venture self-storage facility acquisition		28,813
Improvements and equipment additions		48,281
Net increase in construction in progress		19,457
Dispositions		(8,145	)
Ending balance	$	8,001,843
Accumulated Depreciation:
Beginning balance	$	1,007,650
Additions during the period		127,134
Dispositions		(6,701	)
Ending balance	$	1,128,083

The Company acquired 43 self-storage facilities during the nine months ended September 30, 2022. The acquisitions of these facilities were accounted for as asset acquisitions. The costs of the facilities, including closing costs, were allocated to land, building, equipment and improvements, and in-place customer leases based upon their relative fair values. The operating results of the facilities acquired have been included in the Company's operations since the respective acquisition dates.

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The purchase prices of the facilities acquired in 2022 have been assigned as follows:

(dollars in thousands)						Consideration paid									Acquisition Date Fair Value
States	Number of Properties		Date of Acquisition	Purchase Price		Cash Paid		Carrying Value of Noncontrolling Interest in Joint Venture		Value of Operating Partnership Units Issued		Net Other Liabilities (Assets) Assumed			Land		Building, Equipment, and Improvements		In-Place Customer Leases
CA		6	1/4/2022	$	165,225	$	165,160	$	-	$	-	$	65		$	20,321	$	143,243	$	1,661
GA, NC, SC		3	3/11/2022		48,586		48,446		-		-		140			3,926		44,300		360
IL, NC, TX		8	3/15/2022		116,048		115,410		-		-		638			12,292		102,439		1,317
MD		1	3/28/2022		21,651		21,646		-		-		5			1,640		19,856		155
NY		1	4/4/2022		35,802		5,557		30,186		-		59			10,287		25,280		235
FL		3	4/19/2022		52,343		52,060		-		-		283			7,894		43,814		635
GA		1	4/22/2022		16,403		16,390		-		-		13			1,333		14,903		167
MA		1	4/25/2022		20,083		20,087		-		-		(4	)		810		19,041		232
FL		1	5/10/2022		17,218		17,112		-		-		106			3,712		13,306		200
FL		1	5/12/2022		36,452		36,254		-		-		198			5,101		31,079		272
NY		2	5/17/2022		32,487		32,374		-		-		113			1,524		30,594		369
TX		1	5/17/2022		17,097		6,608		-		10,300		189			1,273		15,615		209
FL		1	5/31/2022		22,021		21,880		-		-		141			3,563		18,171		287
CA		1	6/21/2022		12,675		12,641		-		-		34			5,967		6,572		136
NC		1	7/6/2022		20,059		19,970		-		-		89			428		19,428		203
NV		1	8/12/2022		29,113		29,154		-		-		(41	)		2,354		26,512		247
NY		1	8/12/2022		29,000		24,130		4,915		-		(45	)		8,079		20,734		187
CA		1	8/23/2022		10,709		10,690		-		-		19			1,324		9,292		93
AZ		1	8/24/2022		30,550		30,388		-		-		162			3,959		26,255		336
MO		5	9/14/2022		93,103		91,820		-		-		1,283			8,212		83,702		1,189
MA		1	9/21/2022		16,650		16,618		-		-		32			640		15,819		191
FL		1	9/22/2022		17,363		17,233		-		-		130			1,830		15,369		164
Total acquired in 2022		43		$	860,638	$	811,628	$	35,101	$	10,300	$	3,609		$	106,469	$	745,324	$	8,845

The facility purchased in New York during April 2022 was acquired as a result of the Company's acquisition of the remaining 14.2% ownership interest in Life Storage 898 McDonald LLC ("McDonald"). Prior to this acquisition, McDonald was a joint venture between the Company and an otherwise unrelated third-party which had been accounted for by the Company using the equity method of accounting (see Note 10 for additional information on McDonald). The purchase price for this acquisition includes the carrying value of the Company's equity investment in McDonald of $30.2 million at the time of the acquisition.

During August 2022, the Company purchased a self-storage facility in New York from an unrelated joint venture partner for total consideration of $29.0 million, which includes $4.9 million related to the seller's retained interest in the joint venture. The Company owns 83% of this joint venture with the remaining 17% owned by the Company's joint venture partner. Based on the facts and circumstances of the joint venture, the Company determined that the facility should be consolidated in accordance with ASC 810, Consolidation. The assets and liabilities of the property are included in the Company's consolidated balance sheets. Additionally included in the Company's consolidated balance sheets is the joint venture partner's noncontrolling interest, which totals $4.9 million at September 30, 2022. The Company's net investment in the joint venture is $24.1 million at September 30, 2022.

Non-cash investing activities during the nine months ended September 30, 2022 include the Company's equity investment in McDonald at carrying value, the issuance of $10.3 million of common operating partnership units valued based on the average closing price of the Parent Company's common stock over the 15 consecutive trading days immediately preceding the closing date, the noncontrolling interest in the self-storage facility acquired in New York, and the assumption of net other liabilities totaling $3.6 million.

The Company measures the fair value of in-place customer lease intangible assets based on the Company’s experience with customer turnover and the cost to replace the in-place leases. The Company amortizes in-place customer leases on a straight-line basis over 12 months (the estimated future benefit period). The Company measures the value of trade names, which have an indefinite life and are not amortized, by calculating discounted cash flows utilizing the relief from royalty method.

In-place customer leases are included in other assets on the Company’s consolidated balance sheets as follows:

(Dollars in thousands)	September 30, 2022			December 31, 2021
In-place customer leases	$	116,631		$	107,786
Accumulated amortization		(109,887	)		(93,820	)
Net carrying value at the end of period	$	6,744		$	13,966

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Amortization expense related to in-place customer leases was $5.0 million and $16.1 million for the three and nine months ended September 30, 2022, respectively, and $3.6 million and $8.4 million for the three and nine months ended September 30, 2021, respectively, and is included in depreciation and amortization expense in the consolidated statements of operations.

Change in Useful Life Estimates

As part of the Company’s capital improvement efforts, buildings at certain self-storage facilities have been identified for replacement. As a result of the decision to replace these buildings, the Company reassessed the estimated useful lives of the then existing buildings. This useful life reassessment resulted in a minimal change in depreciation expense during the three months ended September 30, 2022 and 2021 and an increase in depreciation expense of approximately $0.2 million and $2.5 million during the nine months ended September 30, 2022 and 2021, respectively. The Company estimates that due to buildings recently identified for replacement, the change in estimated useful lives of buildings identified for replacement as of September 30, 2022 will have a minimal impact on depreciation expense during the remainder of 2022.

The accelerated depreciation resulting from the events discussed above had minimal impact on earnings per share/unit for the three and nine months ended September 30, 2022 and reduced both basic and diluted earnings per share/unit by approximately $0.03 for the nine months ended September 30, 2021.

6. UNSECURED LINE OF CREDIT AND TERM NOTES

Borrowings outstanding on our unsecured line of credit and term notes are as follows:

(Dollars in thousands)	September 30, 2022			December 31, 2021
Revolving line of credit borrowings	$	456,000		$	—
Term note due April 8, 2024	$	175,000		$	175,000
Senior term note due July 1, 2026		600,000			600,000
Senior term note due December 15, 2027		450,000			450,000
Term note due July 21, 2028		200,000			200,000
Senior term note due June 15, 2029		350,000			350,000
Senior term note due October 15, 2030		400,000			400,000
Senior term note due October 15, 2031		600,000			600,000
Total term note principal balance outstanding		2,775,000			2,775,000
Less: unamortized debt issuance costs		(14,266	)		(16,008	)
Less: unamortized senior term note discount		(10,051	)		(11,154	)
Term notes payable	$	2,750,683		$	2,747,838

Until July 13, 2022, the Company had maintained an unsecured amended credit agreement including a revolving credit facility with a limit of $500 million and a maturity date of March 10, 2023. Such credit agreement provided for interest on the revolving credit facility at a variable annual rate equal to LIBOR plus a margin based on the Company’s credit rating and required an annual facility fee on the revolving credit facility which varied based upon the Company’s credit rating (at December 31, 2021 the facility fee was 0.15%). The interest rate on the Company’s revolving credit facility at December 31, 2021 was approximately 1.05%.

On July 13, 2022, the Company entered into an amended and restated credit facility which replaced the credit facility discussed above. Under the amended credit facility, the Company's revolving credit facility increased to $1.25 billion and the maturity date of such facility was extended to January 13, 2027. The new revolving credit facility bears interest at a variable annual rate equal to Term SOFR plus a 0.10% SOFR adjustment plus a margin based on the Company's credit rating (at September 30, 2022, the margin is 0.775%) and requires an annual facility fee which varies based on the Company's credit rating (at September 30, 2022, the facility fee is 0.15%). At September 30, 2022, there was $793.9 million available on the unsecured line of credit. The interest rate on the Company’s line of credit at September 30, 2022 was approximately 3.94%. The Company has the option under the new credit facility to increase the total aggregate borrowing capacity to $2.0 billion.

On October 7, 2021, the Operating Partnership issued $600 million in aggregate principal amount of 2.400% unsecured senior notes due October 15, 2031 (the "2031 Senior Notes"). The 2031 Senior Notes were issued at 0.917% discount to par value. Interest on the

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2031 Senior Notes is payable semi-annually in arrears on each April 15 and October 15. Proceeds received upon issuance, net of discount to par of $5.5 million, and underwriting discount and other offering expenses of $5.1 million, totaled $589.4 million.

On September 23, 2020, the Operating Partnership issued $400 million in aggregate principal amount of 2.200% unsecured senior notes due October 15, 2030 (the “2030 Senior Notes”). The 2030 Senior Notes were issued at 0.476% discount to par value. Interest on the 2030 Senior Notes is payable semi-annually in arrears on each April 15 and October 15. Proceeds received upon issuance, net of discount to par of $1.9 million and underwriting and other offering expenses of $3.5 million, totaled $394.6 million.

On June 3, 2019, the Operating Partnership issued $350 million in aggregate principal amount of 4.000% unsecured senior notes due June 15, 2029 (the “2029 Senior Notes”). The 2029 Senior Notes were issued at a 0.524% discount to par value. Interest on the 2029 Senior Notes is payable semi-annually in arrears on each June 15 and December 15. Proceeds received upon issuance, net of discount to par of $1.8 million and underwriting discount and other offering expenses of $3.1 million, totaled $345.1 million.

On December 7, 2017, the Operating Partnership issued $450 million in aggregate principal amount of 3.875% unsecured senior notes due December 15, 2027 (the “2027 Senior Notes”). The 2027 Senior Notes were issued at a 0.477% discount to par value. Interest on the 2027 Senior Notes is payable semi-annually in arrears on each June 15 and December 15. Proceeds received upon issuance, net of discount to par of $2.1 million and underwriting discount and other offering expenses of $4.0 million, totaled $443.9 million.

On June 20, 2016, the Operating Partnership issued $600 million in aggregate principal amount of 3.50% unsecured senior notes due July 1, 2026 (the “2026 Senior Notes”). The 2026 Senior Notes were issued at a 0.553% discount to par value. Interest on the 2026 Senior Notes is payable semi-annually in arrears on each January 1 and July 1. Proceeds received upon issuance, net of discount to par of $3.3 million and underwriting discount and other offering expenses of $5.5 million, totaled $591.2 million.

The 2031 Senior Notes, the 2030 Senior Notes, the 2029 Senior Notes, the 2027 Senior Notes and the 2026 Senior Notes (collectively the "Senior Notes") are all fully and unconditionally guaranteed by the Parent Company. The indenture under which the Senior Notes were issued restricts the ability of the Company and its subsidiaries to incur debt unless the Company and its consolidated subsidiaries comply with a leverage ratio not to exceed 60% and an interest coverage ratio of more than 1.5:1 on all outstanding debt, after giving effect to the incurrence of the debt. The indenture also restricts the ability of the Company and its subsidiaries to incur secured debt unless the Company and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40% after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150% of the unsecured indebtedness of the Company and its consolidated subsidiaries. At September 30, 2022, the Company was in compliance with such covenants.

On July 21, 2016, the Company entered into a $200 million term note maturing July 21, 2028 bearing interest at a fixed rate of 3.67%.

On April 8, 2014, the Company entered into a $175 million term note maturing April 8, 2024 bearing interest at a fixed rate of 4.533%. The interest rate on the term note increases to 6.283% if the Company is not rated by at least one rating agency or if the Company’s credit rating is downgraded.

The line of credit and term notes require the Company to meet certain financial covenants, measured on a quarterly basis, including prescribed leverage, fixed charge coverage, minimum net worth, limitations on additional indebtedness and limitations on dividend payouts. At September 30, 2022, the Company was in compliance with such covenants.

We believe that if operating results remain consistent with historical levels and levels of other debt and liabilities remain consistent with amounts outstanding at September 30, 2022, the entire availability on the line of credit could be drawn without violating our debt covenants.

The Company’s fixed rate term notes contain a provision that allows for the noteholders to call the debt upon a change of control of the Company at an amount that includes a make whole premium based on rates in effect on the date of the change of control.

Deferred debt issuance costs and the discount on the outstanding term notes are both presented as reductions of term notes in the accompanying consolidated balance sheets at September 30, 2022 and December 31, 2021. Amortization expense related to deferred debt issuance costs was $0.6 million for both of the three months ended September 30, 2022 and 2021 and $1.7 million and $1.8 million for the nine months ended September 30, 2022 and 2021, respectively, and is included in interest expense in the consolidated statements of operations.

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7. MORTGAGES PAYABLE AND DEBT MATURITIES

Mortgages payable at September 30, 2022 and December 31, 2021 consist of the following:

(dollars in thousands)	September 30, 2022		December 31, 2021
4.065% mortgage note due April 1, 2023, secured by one self-    storage facility with an aggregate net book value of $7.0    million, principal and interest paid monthly    (effective interest rate 4.33%)	$	3,648	$	3,728
5.26% mortgage note due November 1, 2023, secured by one    self-storage facility with an aggregate net book value of $7.5    million, principal and interest paid monthly    (effective interest rate 5.60%)		3,588		3,650
4.4625% mortgage notes due December 6, 2024, secured by    three self-storage facilities with an aggregate net book value    of $53.6 million, principal and interest paid monthly    (effective interest rate 3.24%)		22,233		22,427
4.44% mortgage note due July 6, 2025, secured by one    self-storage facility with an aggregate net book value of    $13.2 million, principal and interest paid monthly    (effective interest rate 4.51%)		6,138		6,228
5.99% mortgage note due May 1, 2026, secured by one self-    storage facility with an aggregate net book value of $6.2    million, principal and interest paid monthly    (effective interest rate 6.56%)		847		997
Total mortgages payable	$	36,454	$	37,030

The table below summarizes the Company’s debt obligations at September 30, 2022. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate term notes and mortgage notes were estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. These assumptions are considered Level 2 inputs within the fair value hierarchy as described in Note 9. The carrying values of our variable rate debt instruments approximate their fair values as these debt instruments bear interest at current market rates that approximate market participant rates. This is considered a Level 2 input within the fair value hierarchy. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company would realize in a current market exchange.

			Expected Maturity Date Including Discount
(dollars in thousands)	2022		2023		2024		2025		2026		Thereafter		Total		Fair Value
Line of credit - variable rate    SOFR + 0.775% (3.94% at   September 30, 2022)	$	—	$	—	$	—	$	—	$	—	$	456,000	$	456,000	$	456,000
Notes Payable:
Term note - fixed rate 4.533%		—		—		175,000		—		—		—		175,000		170,325
Term note - fixed rate 3.50%		—		—		—		—		600,000		—		600,000		551,359
Term note - fixed rate 3.875%		—		—		—		—		—		450,000		450,000		408,515
Term note - fixed rate 3.67%		—		—		—		—		—		200,000		200,000		176,252
Term note - fixed rate 4.00%		—		—		—		—		—		350,000		350,000		309,177
Term note - fixed rate 2.20%		—		—		—		—		—		400,000		400,000		298,381
Term note - fixed rate 2.40%		—		—		—		—		—		600,000		600,000		437,083
Mortgage note - fixed rate 4.065%		28		3,620		—		—		—		—		3,648		3,597
Mortgage note - fixed rate 5.26%		21		3,567		—		—		—		—		3,588		3,538
Mortgage notes - fixed rate 4.4625%		—		—		22,233		—		—		—		22,233		20,678
Mortgage note - fixed rate 4.44%		31		126		131		5,850		—		—		6,138		5,745
Mortgage note - fixed rate 5.99%		53		216		229		243		106		—		847		839
Total	$	133	$	7,529	$	197,593	$	6,093	$	600,106	$	2,456,000	$	3,267,454

8. DERIVATIVE FINANCIAL INSTRUMENTS

In 2015 and 2016, the Company entered into forward starting interest rate swap agreements to hedge the risk of changes in the interest-related cash flows associated with the potential issuance of fixed rate long-term debt. In conjunction with the issuance of the 2026 Senior Notes (see Note 6), the Company terminated these hedges and settled the forward starting swap agreements for

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approximately $9.2 million. The $9.2 million has been deferred in Accumulated Other Comprehensive Loss (“AOCL”) and is being amortized as additional interest expense over the ten-year term of the 2026 Senior Notes or until such time as interest payments on the 2026 Senior Notes are no longer probable. Such amortization is included in amortization of debt issuance costs and bond discount in the consolidated statements of cash flows.

The changes in AOCL for the three and nine months ended September 30, 2022 and 2021 are summarized as follows:

(dollars in thousands)	Three Months Ended September 30, 2022			Three Months Ended September 30, 2021			Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
Accumulated other comprehensive loss beginning    of period	$	(3,666	)	$	(4,583	)	$	(4,124	)	$	(5,041	)
Realized loss reclassified from accumulated other    comprehensive loss to interest expense		229			229			687			687
Accumulated other comprehensive loss end of period	$	(3,437	)	$	(4,354	)	$	(3,437	)	$	(4,354	)

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9. FAIR VALUE MEASUREMENTS

The Company applies the provisions of ASC Topic 820 “Fair Value Measurements and Disclosures” in determining the fair value of its financial and nonfinancial assets and liabilities. ASC Topic 820 establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

Refer to Note 7 for presentation of the fair values of debt obligations which are disclosed at fair value on a recurring basis.

There are no assets or liabilities carried at fair value measured on a recurring basis on the consolidated balance sheets as of September 30, 2022 and December 31, 2021.

10. INVESTMENT IN JOINT VENTURES

A summary of the Company’s unconsolidated joint ventures is as follows:

Venture	Number of Properties at September 30, 2022	Company common ownership interest at September 30, 2022	Carrying value of investment at September 30, 2022	Carrying value of investment at December 31, 2021
Sovran HHF Storage Holdings LLC (“Sovran HHF”)1	37	20%	$63.8 million	$58.7 million
Sovran HHF Storage Holdings II LLC (“Sovran HHF II”)2	22	15%	($2.5   million)	($2.4   million)
Life Storage-HIERS Storage LLC (“HIERS”)	17	20%	$13.6 million	$13.9 million
191 V Life Storage Holdings LLC ("191 V")3	17	20%	$27.8 million	$27.4 million
GII Life Storage Holdings LLC (“GII”)4	13	35%	$49.0 million	$51.5 million
Life Storage HHF Wasatch Holdings LLC ("Wasatch")5	15	20%	$51.2 million	—
Iskalo Office Holdings, LLC (“Iskalo”)6	N/A	49%	($2.3   million)	($2.4   million)
Life Storage Spacemax, LLC ("Spacemax")	6	40%	$13.9 million	$14.5 million
Life Storage 898 McDonald, LLC ("McDonald")7	—	0%	—	$30.0  million
Life Storage ArrowMark Venture LLC ("ArrowMark Venture")8	N/A	50%	$4.6   million	$1.5   million
Joint ventures with properties in development stage9	6	Various	$18.8   million	$4.7   million
Other unconsolidated joint ventures (11 joint ventures)10	10	Various	$12.0   million	$10.8   million

1 As of September 30, 2022, the carrying value of the Company’s investment in Sovran HHF exceeds its share of the underlying equity in net assets of Sovran HHF by approximately $1.7 million as a result of the capitalization of certain acquisition related costs in 2008. This difference is included in the carrying value of the investment. In June 2022, Sovran HHF acquired one additional self-storage facility for cash consideration of $31.7 million. The Company made an additional contribution of $6.7 million as the Company's share of this transaction.

2 In September 2020, the Company acquired eight self-storage facilities and related assets from Sovran HHF II for total consideration of $120.2 million, which is net of the Company’s share of Sovran HHF II’s gain resulting from the transaction. In connection with this transaction, $35.8 million of non-recourse loans related to these properties were settled in April 2021. Also in connection with this transaction, the Company made a $12.7 million contribution to Sovran HHF II. On April 1, 2021, Sovran HHF II paid off $69.1 million in existing nonrecourse mortgage debt and entered into $110 million of new nonrecourse mortgage debt which matures in 2029. As a result of the net proceeds from these transactions, the Company received a distribution of $31.6 million from Sovran HHF II on April 1, 2021.

3 In May 2021, the Company executed a joint venture agreement, 191 V Life Storage Holdings LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. In June 2021, 191 V acquired 17 self-storage facilities for a total of $320 million, at which time 191 V entered into $184 million of nonrecourse mortgage debt which matures in 2026. During 2021, the Company contributed $28.7 million to 191 V as the Company's share of the initial capital investment in the joint venture.

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4	In November 2021, the Company executed a joint venture agreement, GII Life Storage Holdings LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. In December 2021, GII acquired 13 self-storage facilities for a total of $290.6 million, at which time GII entered into $145.3 million of nonrecourse mortgage debt which matures in 2029. During 2021, the Company contributed $52.0 million to GII as the Company's share of the initial capital investment in the joint venture.
5	In July 2022, the Company executed a joint venture agreement, Life Storage HHF Wasatch Holdings LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. In September 2022, Wasatch acquired 15 self-storage facilities for a total contractual purchase price of $262.0 million. During 2022, the Company contributed $51.5 million to Wasatch as the Company's share of the initial capital investment in the joint venture. At September 30, 2022, the joint venture was under contract to acquire one additional self-storage facility for an aggregate purchase price of $22.5 million.
6	Iskalo owns the building that houses the Company’s headquarters. The Company paid rent to Iskalo of $1.2 million and $1.1 million during the nine months ended September 30, 2022 and September 30, 2021, respectively.
7	In September 2021, the Company made an additional investment of $27.3 million in McDonald which increased the Company's ownership interest in McDonald from 5% to 86%. In April 2022, the Company purchased the remaining equity interest in McDonald for total consideration of $5.2 million. The allocated purchase price of McDonald also includes the carrying value of the Company's investment in McDonald at the date of acquisition, which totaled $30.2 million.
8	In October 2021, the Company executed a joint venture agreement, Life Storage ArrowMark Venture LLC, with the purpose of arranging and originating mortgage loans to owners of self-storage facilities throughout the United States. During 2021 and 2022, the Company contributed $1.6 million and $2.8 million, respectively, to ArrowMark Venture as the Company's share of the funding of two mortgage loans to third-parties in 2021 and one mortgage loan to a third-party in 2022.
9	The Company has entered into six separate joint ventures, one of which is developing a self-storage facility in Ontario, Canada, four of which are developing self-storage facilities in the New York City market, and one of which is developing a self-storage facility in the Tampa, FL, market. The Company has contributed an aggregate total of $18.8 million as its share of capital to these joint ventures.
10	Included in other unconsolidated joint ventures is LS HF8 COMREF Holdings LLC ("HF8"). During August 2022, the Company executed the HF8 joint venture agreement with an unrelated third party for the purpose of acquiring self-storage facilities and contributed $1.2 million as the Company's share of the initial capital investment in the joint venture during the three months ended September 30, 2022. At September 30, 2022, the joint venture was under contract to acquire three self-storage facilities for an aggregate purchase price of $59.0 million. The acquisition of these facilities was completed during October 2022.

In addition to the joint venture activity in the preceding table, Life-Storage-SERS Storage LLC ("SERS") owned three self-storage facilities which the Company acquired in September 2021 for total consideration of $51.7 million, which is net of the Company's share of SERS's gain resulting from the transaction. In connection with this transaction, all non-recourse loans held by SERS were settled. As SERS no longer operates any self-storage facilities, the Company received a distribution of $2.8 million in September 2021 as the Company's return of its remaining investment in SERS. SERS is expected to be dissolved in 2022.

Based on the facts and circumstances of each of the Company’s joint ventures, the Company has determined that one of the joint ventures at September 30, 2022 is a variable interest entity (“VIE”) in accordance with ASC 810, “Consolidation.” The Company has consolidated that joint venture as it was determined that the Company has substantive participation rights over the activities as stipulated in the joint venture agreement and is the primary beneficiary of the joint venture (see Note 5). The Company used the voting model under ASC 810 to determine whether or not to consolidate the remaining joint ventures. Based upon each member’s substantive participation rights over the activities as stipulated in the joint venture agreements, none of the joint ventures evaluated under the voting model are consolidated by the Company. Due to the Company’s significant influence over the operations of each of these joint ventures, all above joint ventures are accounted for under the equity method of accounting.

The carrying values of the Company’s investments in joint ventures are assessed for other-than-temporary impairment on a periodic basis and no such impairments have been recorded on any of the Company’s investments in joint ventures.

As property manager of the self-storage facilities owned by each of the operational joint ventures, the Company earns management and/or call center fees based on a percentage of joint venture gross revenues. These fees earned from joint ventures, which are included in other operating income in the consolidated statements of operations, totaled $2.8 million and $2.3 million for the three months ended September 30, 2022 and 2021, respectively, and $7.9 million and $5.9 million for the nine months ended September 30, 2022 and 2021.

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The Company’s share of the unconsolidated joint ventures’ income is as follows:

(dollars in thousands) Venture	Three Months Ended September 30, 2022		Three Months Ended September 30, 2021			Nine Months Ended September 30, 2022		Nine Months Ended September 30, 2021
Sovran HHF	$	1,088	$	846		$	3,092	$	2,247
Sovran HHF II		583		435			1,595		1,157
191 V		708		(240	)		1,479		(229	)
Other unconsolidated joint ventures		420		436			666		951
	$	2,799	$	1,477		$	6,832	$	4,126

The Company does not guarantee the debt of any of its equity method investees.

We do not expect to have material future cash outlays relating to these joint ventures outside our share of capital required for future acquisitions of properties, our share of capital for the origination of nonrecourse loans by ArrowMark Venture, our share of capital required for the development of properties under construction, and our share of the payoff of secured debt held by these joint ventures.

11. INCOME TAXES

The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and will generally not be subject to corporate income taxes to the extent it distributes its taxable income to its shareholders and complies with certain other requirements.

The Company has elected to treat certain of its subsidiaries as taxable REIT subsidiaries. In general, the Company’s taxable REIT subsidiaries may perform additional services for tenants and generally may engage in certain real estate or non-real estate related business. A taxable REIT subsidiary is subject to corporate federal and state income taxes. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities.

The Company recorded federal and state income tax expense of $1.7 million and $3.6 million for the three and nine months ended September 30, 2022, respectively. Of these amounts, $0.9 million and $1.6 million are included in gain on sale of non-real estate assets for the three and nine months ended September 30, 2022, respectively, while the remainder is included in general and administrative expenses in the consolidated statements of operations. The Company recorded federal and state income tax expense of $0.7 million and $1.9 million for the three and nine months ended September 30, 2021, respectively. These amounts are included in general and administrative expenses in the consolidated statements of operations. At September 30, 2022 and 2021, there were no material unrecognized tax benefits, and the Company had no interest or penalties relating to uncertain tax positions during the periods then ended. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. Income taxes payable by the Company and the net deferred tax liabilities of our taxable REIT subsidiaries are classified within accounts payable and accrued liabilities in the consolidated balance sheets, while prepaid income taxes are classified within prepaid expenses. As of September 30, 2022, the Company’s taxable REIT subsidiaries have deferred tax assets totaling $0.5 million and a deferred tax liability of $1.9 million. As of December 31, 2021, the Company’s taxable REIT subsidiaries had deferred tax assets of $0.4 million and a deferred tax liability of $1.8 million. The tax years 2018-2021 remain open to examination by the major taxing jurisdictions to which the Company is subject.

The Tax Cuts and Jobs Act (the “TCJA”) was enacted on December 20, 2017. The TCJA significantly changed the U.S. federal income tax laws applicable to businesses and their owners, including REITs and their shareholders. Under the TCJA, the corporate income tax rate is reduced from a maximum rate of 35% to a flat 21% rate. The reduced corporate income tax rate, which is effective for taxable years beginning after December 31, 2017, applies to income earned by our taxable REIT subsidiaries.

12. EARNINGS PER SHARE AND EARNINGS PER UNIT

The Company reports earnings per share and earnings per unit data in accordance ASC Topic 260, “Earnings Per Share.” Under ASC Topic 260-10, unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and shall be included in the computation of earnings-per-share pursuant to the two-class method. The Parent Company and the Operating Partnership have calculated their basic and diluted earnings per share/unit using the two-class method.

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Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method.

(in thousands except per share data)	Three Months Ended September 30, 2022			Three Months Ended September 30, 2021			Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
Numerator:
Net income attributable to common shareholders	$	98,505		$	70,274		$	264,344		$	175,172
Net income attributable to unvested restricted shares		(172	)		(119	)		(151	)		(78	)
Net income attributable to outstanding common shares	$	98,333		$	70,155		$	264,193		$	175,094
Effect of Dilutive Securities:
Net income attributable to preferred units		999			—			999			—
Numerator for diluted earnings per share	$	99,332		$	70,155		$	265,192		$	175,094
Denominator:
Denominator for basic earnings per share – weighted    average shares		84,473			78,961			84,129			77,135
Effect of Dilutive Securities:
Stock options and non-vested stock		924			219			425			168
Denominator for diluted earnings per share – adjusted    weighted average shares and assumed conversion		85,397			79,180			84,554			77,303
Basic earnings per common share attributable to    common shareholders	$	1.16		$	0.89		$	3.14		$	2.27
Diluted earnings per common share attributable to    common shareholders	$	1.16		$	0.89		$	3.14		$	2.27

Earnings Per Unit

The following table sets forth the computation of basic and diluted earnings per common unit utilizing the two-class method.

(in thousands except per unit data)	Three Months Ended September 30, 2022			Three Months Ended September 30, 2021			Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
Numerator:
Net income attributable to common unitholders	$	98,505		$	70,274		$	264,344		$	175,172
Net income attributable to unvested restricted units		(172	)		(119	)		(151	)		(78	)
Net income attributable to outstanding common units	$	98,333		$	70,155		$	264,193		$	175,094
Effect of Dilutive Securities:
Net income attributable to preferred units		999			—			999			—
Numerator for diluted earnings per unit	$	99,332		$	70,155		$	265,192		$	175,094
Denominator:
Denominator for basic earnings per unit – weighted    average units		84,473			78,961			84,129			77,135
Effect of Dilutive Securities:
Stock options and non-vested stock		924			219			425			168
Denominator for diluted earnings per unit – adjusted    weighted average units and assumed conversion		85,397			79,180			84,554			77,303
Basic earnings per common unit attributable to    common unitholders	$	1.16		$	0.89		$	3.14		$	2.27
Diluted earnings per common unit attributable to    common unitholders	$	1.16		$	0.89		$	3.14		$	2.27

Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 126,980 unvested restricted shares for the three months ended September 30, 2022, and 111,260 unvested restricted shares for the three months ended September 30, 2021, because their effect would be antidilutive. Additionally, the effect of 3,523,113 preferred noncontrolling redeemable Operating Partnership Units are included in the effect of dilutive securities above for both earnings per share and earnings

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per unit for the three and nine months ended September 30, 2022 as if they were converted beginning at July 1, 2022 as such Units became redeemable during September 2022.

13. SHAREHOLDERS’ EQUITY

The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the nine months ended September 30, 2022:

(dollars in thousands)	Common Stock		Additional Paid-in Capital			Dividends in Excess of Net Income			Accumulated Other Comprehensive Income (Loss)			Total Shareholders’ Equity
Balance December 31, 2021	$	836	$	3,697,000		$	(314,713	)	$	(4,124	)	$	3,378,999
Net proceeds from issuance of common stock		7		92,764			—			—			92,771
Exercise of stock options		—		173			—			—			173
Earned portion of non-vested stock		—		1,661			—			—			1,661
Adjustment to redemption value on    noncontrolling redeemable Operating    Partnership units		—		—			10,924			—			10,924
Net income attributable to common    shareholders		—		—			73,575			—			73,575
Amortization of terminated hedge included in    AOCL		—		—			—			229			229
Dividends		—		—			(83,637	)		—			(83,637	)
Balance March 31, 2022	$	843	$	3,791,598		$	(313,851	)	$	(3,895	)	$	3,474,695
Net proceeds from issuance of common stock		1		7,864			—			—			7,865
Earned portion of non-vested stock		—		1,743			—			—			1,743
Carrying value less than redemption value on    redeemed noncontrolling interest		—		(2	)		—			—			(2	)
Adjustment to redemption value on    noncontrolling redeemable Operating    Partnership units		—		—			27,930			—			27,930
Net income attributable to common   shareholders		—		—			92,264			—			92,264
Amortization of terminated hedge included in    AOCL		—		—			—			229			229
Dividends		—		—			(84,363	)		—			(84,363	)
Balance June 30, 2022	$	844	$	3,801,203		$	(278,020	)	$	(3,666	)	$	3,520,361
Net proceeds from issuance of common stock		6		80,213			—			—			80,219
Earned portion of non-vested stock		—		1,822			—			—			1,822
Carrying value less than redemption value on    redeemed noncontrolling interest		—		(191	)		—			—			(191	)
Adjustment to redemption value on    noncontrolling redeemable Operating    Partnership units		—		—			(1,958	)		—			(1,958	)
Net income attributable to common   shareholders		—		—			98,505			—			98,505
Amortization of terminated hedge included in    AOCL		—		—			—			229			229
Dividends		—		—			(91,135	)		—			(91,135	)
Balance September 30, 2022	$	850	$	3,883,047		$	(272,608	)	$	(3,437	)	$	3,607,852

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The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the nine months ended September 30, 2021:

(dollars in thousands)	Common Stock		Additional Paid-in Capital			Dividends in Excess of Net Income			Accumulated Other Comprehensive Income (Loss)			Total Shareholders’ Equity
Balance December 31, 2020	$	495	$	2,671,311		$	(288,667	)	$	(5,041	)	$	2,378,098
Net proceeds from issuance of common stock		18		180,511			—			—			180,529
Earned portion of non-vested stock		—		1,453			—			—			1,453
Stock dividend		252		(252	)		—			—			—
Carrying value less than redemption value on     redeemed noncontrolling interest		—		(4	)		—			—			(4	)
Adjustment to redemption value on    noncontrolling redeemable Operating    Partnership units		—		—			(2,358	)		—			(2,358	)
Net income attributable to common shareholders		—		—			47,383			—			47,383
Amortization of terminated hedge included in    AOCL		—		—			—			229			229
Dividends		—		—			(55,840	)		—			(55,840	)
Balance March 31, 2021	$	765	$	2,853,019		$	(299,482	)	$	(4,812	)	$	2,549,490
Net proceeds from issuance of common stock		16		148,309			—			—			148,325
Earned portion of non-vested stock		—		1,467			—			—			1,467
Carrying value less than redemption value on     redeemed noncontrolling interest		—		(13	)		—			—			(13	)
Adjustment to redemption value on    noncontrolling redeemable Operating    Partnership units		—		—			(7,142	)		—			(7,142	)
Net income attributable to common shareholders		—		—			57,516			—			57,516
Amortization of terminated hedge included in    AOCL		—		—			—			229			229
Dividends		—		—			(56,873	)		—			(56,873	)
Balance June 30, 2021	$	781	$	3,002,782		$	(305,981	)	$	(4,583	)	$	2,692,999
Net proceeds from issuance of common stock		39		478,292			—			—			478,331
Earned portion of non-vested stock		—		1,683			—			—			1,683
Carrying value less than redemption value on    redeemed noncontrolling interest		—		(15	)		—			—			(15	)
Adjustment to redemption value on    noncontrolling redeemable Operating    Partnership units		—		—			(3,570	)		—			(3,570	)
Net income attributable to common shareholders		—		—			70,274			—			70,274
Amortization of terminated hedge included in    AOCL		—		—			—			229			229
Dividends		—		—			(57,953	)		—			(57,953	)
Balance September 30, 2021	$	820	$	3,482,742		$	(297,230	)	$	(4,354	)	$	3,181,978

On December 29, 2020, the Company entered into a continuous equity offering program (“2020 Equity Program”) with multiple sales agents, pursuant to which the Company was permitted to sell up to $500 million in aggregate offering price of shares of the Company’s common stock. The 2020 Equity Program was replaced on June 15, 2021 when the Company entered into a new continuous equity offering program ("2021 Equity Program") with multiple sales agents pursuant to which the Company is permitted to sell up to $500 million in aggregate offering price of shares of the Company's stock. The 2021 Equity Program was replaced on August 11, 2022 when the Company entered into a new continuous equity offering program ("2022 Equity Program") with multiple sales agents pursuant to which the Company is permitted to sell up to $1 billion in aggregate offering price of shares of the Company's stock. Actual sales under this continuous equity offering program will depend on a variety of factors and conditions, including, but not limited to, market conditions, the trading price of the Company’s common stock, and determinations of the appropriate sources of funding for the Company. The Company expects to offer, sell and issue shares of common stock under this equity program from time to time based on various factors and conditions, although the Company is under no obligation to sell any shares under this equity program. The 2020 Equity Program, 2021 Equity Program, and 2022 Equity Program are referred to collectively as the "Equity Programs."

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During the nine months ended September 30, 2022, the Company issued 1,352,833 shares of common stock under the Equity Programs at a weighted average issue price of $135.22 per share, generating net proceeds of $181.1 million after deducting $1.8 million of sales commissions paid to the sales agents (all other related expenses were minor during the period). The Company used such proceeds primarily to fund a portion of the 43 storage facilities acquired during the nine months ended September 30, 2022.

During the nine months ended September 30, 2021, the Company issued 4,838,200 shares of common stock under the Equity Programs at a weighted average issue price of $95.80 per share, generating net proceeds of $458.2 million after deducting $4.6 million of sales commissions paid to the sales agents, as well as other expenses of $0.7 million. The Company used such proceeds to fund a portion of the 62 storage facilities acquired during the nine months ended September 30, 2021.

On August 2, 2017, the Company’s Board of Directors authorized the repurchase of up to $200 million of the Company’s outstanding common shares (“Buyback Program”). The Buyback Program allows the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market, through privately negotiated transactions, or through other methods of acquiring shares. The Buyback Program may be suspended or discontinued at any time. The Company did not repurchase any outstanding common shares under the Buyback Program during the nine months ended September 30, 2022 or during the nine months ended September 30, 2021.

In 2013, the Company implemented a Dividend Reinvestment Plan which was suspended by the Company’s Board of Directors in 2017. As a result, the Company did not issue any shares under the Dividend Reinvestment Plan during the nine months ended September 30, 2022 and 2021.

On January 4, 2021, the Company announced a three-for-two stock split of the Company’s common stock, to be made in the form of a 50% stock dividend. Shareholders of record at the close of business on January 15, 2021 received one additional share of Company stock for every two shares owned. These additional shares were distributed on January 27, 2021, with cash distributed in lieu of fractional shares based on the closing price on the record date.

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14. PARTNERS’ CAPITAL

The following is a reconciliation of the changes in total partners’ capital for the nine months ended September 30, 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
Net proceeds from issuance of Operating Partnership    Units		80			7,785			—			7,865
Earned portion of non-vested stock		17			1,726			—			1,743
Issuance of common Operating Partnership Units		103			(103	)		—			—
Carrying value less than redemption value on redeemed    noncontrolling interest		(2	)		—			—			(2	)
Adjustment to redemption value on noncontrolling    redeemable Operating Partnership Units		—			27,930			—			27,930
Net income attributable to common unitholders		944			91,320			—			92,264
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(853	)		(83,510	)		—			(84,363	)
Balance June 30, 2022	$	37,277		$	3,486,750		$	(3,666	)	$	3,520,361
Net proceeds from issuance of Operating Partnership Units		802			79,417			—			80,219
Earned portion of non-vested stock		18			1,804			—			1,822
Issuance of common Operating Partnership Units		17			(17	)		—			—
Carrying value less than redemption value on redeemed    noncontrolling interest		(19	)		(172	)		—			(191	)
Adjustment to redemption value on noncontrolling    redeemable Operating Partnership Units		—			(1,958	)		—			(1,958	)
Net income attributable to common unitholders		1,011			97,494			—			98,505
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(923	)		(90,212	)		—			(91,135	)
Balance September 30, 2022	$	38,185		$	3,573,104		$	(3,437	)	$	3,607,852

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The following is a reconciliation of the changes in total partners’ capital for the nine months ended September 30, 2021:

(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, 2020	$	24,045		$	2,359,094		$	(5,041	)	$	2,378,098
Net proceeds from issuance of Operating Partnership    Units		1,807			178,722			—			180,529
Earned portion of non-vested stock		14			1,439			—			1,453
Carrying value less than redemption value on redeemed     noncontrolling interest		(1	)		(3	)		—			(4	)
Adjustment to redemption value on noncontrolling    redeemable Operating Partnership Units		—			(2,358	)		—			(2,358	)
Net income attributable to common unitholders		476			46,907			—			47,383
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(561	)		(55,279	)		—			(55,840	)
Balance March 31, 2021	$	25,782		$	2,528,520		$	(4,812	)	$	2,549,490
Net proceeds from issuance of Operating Partnership    Units		1,483			146,842			—			148,325
Earned portion of non-vested stock		15			1,452			—			1,467
Carrying value less than redemption value on redeemed     noncontrolling interest		(1	)		(12	)		—			(13	)
Adjustment to redemption value on noncontrolling    redeemable Operating Partnership Units		—			(7,142	)		—			(7,142	)
Net income attributable to common unitholders		578			56,938			—			57,516
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(572	)		(56,301	)		—			(56,873	)
Balance June 30, 2021	$	27,287		$	2,670,295		$	(4,583	)	$	2,692,999
Net proceeds from issuance of Operating Partnership Units		4,783			473,548			—			478,331
Earned portion of non-vested stock		17			1,666			—			1,683
Issuance of common Operating Partnership Units		15			(15	)		—			—
Issuance of preferred Operating Partnership Units		898			(898	)		—			—
Carrying value less than redemption value on redeemed     noncontrolling interest		(1	)		(14	)		—			(15	)
Adjustment to redemption value on noncontrolling    redeemable Operating Partnership Units		—			(3,570	)		—			(3,570	)
Net income attributable to common unitholders		711			69,563			—			70,274
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(582	)		(57,371	)		—			(57,953	)
Balance September 30, 2021	$	33,130		$	3,153,202		$	(4,354	)	$	3,181,978

15. RECENT ACCOUNTING PRONOUNCEMENTS

In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40: Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which reduced the number of accounting models for convertible debt instruments and convertible preferred stock, thus simplifying the accounting for convertible instruments. ASU 2020-06 is effective for annual periods beginning after December 31, 2021, and interim periods within those annual periods, and is therefore effective for the Company as of January 1, 2022. Management has evaluated the impact of the adoption of ASU 2020-06 on the Company, including, but not limited to, the accounting for the Company's noncontrolling redeemable Operating Partnership Units, and has concluded that the adoption of ASU 2020-06 did not have a material impact on the Company.

16. COMMITMENT AND CONTINGENCIES

The Company’s lease population is comprised of leases for land and/or buildings in which certain of the Company’s self-storage facilities operate, as well as leases of warehousing and corporate office space. All leases where the Company is the lessee qualify as operating leases and the Company does not have any financing leases as of September 30, 2022. At September 30, 2022 and

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December 31, 2021, the Company’s aggregate right-of-use assets total $17.7 million and $19.5 million, respectively, and are included in other assets on the consolidated balance sheet. The related lease liabilities at September 30, 2022 and December 31, 2021 total $17.2 million and $19.2 million, respectively, and are included in accounts payable and accrued liabilities on the consolidated balance sheet.

Expenses related to operating leases totaled $0.7 million and $0.6 million for the three months ended September 30, 2022 and 2021, respectively, and $2.0 million and $1.8 million for the nine months ended September 30, 2022 and 2021, respectively. At September 30, 2022, the weighted average remaining lease term and weighted average discount rate for the Company’s operating leases were 9.6 years and 4.59%, respectively.

At September 30, 2022, the Company has approximately $22.3 million of operating lease commitments, excluding variable consideration. The undiscounted future minimum lease payments are summarized by year in the table below:

(in thousands)
2022	$	518
2023		2,663
2024		2,584
2025		2,402
2026		2,483
Thereafter		11,697
Total	$	22,347

The difference between the amounts included in the table above and the aggregate lease liability recorded in the accompanying consolidated balance sheet at September 30, 2022 is the result of the impact of the discount rate on future minimum lease payments.

At September 30, 2022, the Company was under contract to acquire fifteen self-storage facilities for an aggregate purchase price of $280.3 million. During October 2022, the Company completed the acquisition of seven of these self-storage facilities for an aggregate purchase price of $142.0 million. Also during October 2022, the Company assigned the contract to acquire four of the stores under contract to an unconsolidated joint venture of the Company which completed the acquisition of these self-storage facilities for an aggregate purchase price of $67.5 million. The purchases of the remaining self-storage facilities are subject to customary conditions to closing, and there is no assurance that these facilities will be acquired.

At September 30, 2022, the Company was under contract to acquire four self-storage facilities with various joint venture partners for an aggregate purchase price of $81.5 million. During October, the Company and its partner completed the acquisition of three of these facilities for an aggregate purchase price of $59.0 million, of which the Company's share was $11.8 million. The purchase of the remaining self-storage facility is subject to customary conditions to closing, and there is no assurance that this facility will be acquired.

At September 30, 2022, the Company has signed contracts in place with third-party contractors for expansion and enhancements at its existing facilities. The Company expects to pay $48.2 million under these contracts in 2022 and 2023.

17. SUBSEQUENT EVENTS

On October 3, 2022, the Company declared a quarterly dividend of $1.08 per common share. The dividend was paid on October 26, 2022 to shareholders of record on October 14, 2022. The total dividend paid amounted to $91.8 million.

As discussed in Note 16, subsequent to September 30, 2022, the Company acquired seven self-storage facilities for an aggregate purchase price of $142.0 million.

As discussed in Notes 10 and 16, subsequent to September 30, 2022, certain unconsolidated joint ventures of the Company acquired seven self-storage facilities for an aggregate purchase price of $126.5 million, of which the Company's share was $25.3 million.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of the Company’s consolidated financial condition and results of operations should be read in conjunction with the unaudited financial statements and notes thereto included elsewhere in this report.

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

When used in this discussion and elsewhere in this document, the words “intends,” “believes,” “expects,” “anticipates,” and similar expressions are intended to identify “forward-looking statements” within the meaning of that term in Section 27A of the Securities Act of 1933 and in Section 21E of the Securities Exchange Act of 1934. All forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in this report. Any forward-looking statements should be considered in light of the risks referenced in "Part I. Item 1A. Risk Factors" in our 2021 annual report on form 10-K filed with the Securities and Exchange Commission on February 25, 2022. Such factors include, but are not limited to:

•adverse changes in general economic conditions, the real estate industry and in the markets in which we operate;

•the effect of competition from new self-storage facilities or other storage alternatives, which would cause rents and occupancy rates to decline;

•impacts from the COVID-19 pandemic or the future outbreak of other highly infectious or contagious diseases on the U.S., regional and global economies and our financial condition and results of operations;

•potential liability for uninsured losses and environmental contamination;

•the impact of the regulatory environment as well as national, state, and local laws and regulations including, without limitation, those governing real estate investment trusts ("REITs"), tenant reinsurance and other aspects of our business, which could adversely affect our results;

•loss of key personnel;

•the Company’s ability to evaluate, finance and integrate acquired self-storage facilities on expected terms into the Company’s existing business and operations;

•the Company’s ability to effectively compete in the industry in which it does business;

•disruptions in credit and financial markets and resulting difficulties in raising capital or obtaining credit at reasonable rates or at all, which could impede our ability to grow;

•the Company’s existing indebtedness may mature in an unfavorable credit environment, preventing refinancing or forcing refinancing of the indebtedness on terms that are not as favorable as the existing terms;

•interest rates may increase, impacting costs associated with the Company’s outstanding floating rate debt, if any, and impacting the Company's ability to comply with debt covenants;

•exposure to litigation or other claims;

•risks associated with breaches of our data security;

•the regional concentration of the Company’s business may subject the Company to economic downturns in the states of Florida and Texas;

•the Company’s cash flow may be insufficient to meet required payments of operating expenses, principal, interest and dividends; and

•failure to maintain our REIT status for U.S. federal income purposes, including tax law changes that may change the taxability of future income.

The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These beliefs, assumptions and expectations are subject to risks and uncertainties and can

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change as a result of many possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks before you make an investment decision with respect to our securities.

RESULTS OF OPERATIONS

FOR THE PERIOD JULY 1, 2022 THROUGH SEPTEMBER 30, 2022, COMPARED TO THE PERIOD JULY 1, 2021 THROUGH SEPTEMBER 30, 2021

We recorded rental revenues of $241.3 million for the three months ended September 30, 2022, an increase of $58.4 million or 31.9% when compared to rental revenues of $182.9 million for the same period in 2021. This increase in rental revenues was driven by a $25.3 million, or 15.3%, increase in rental revenues at the 576 core properties considered in same store sales (the Company will include stores in its same store pool in the second year after the stores achieve 80% sustained occupancy using market rates and incentives; therefore, the 576 core properties considered in same store sales are those included in the consolidated results of operations since December 31, 2020, excluding stores not yet stabilized, seven stores significantly impacted by flooding, and three stores that the Company began to fully replace between 2017 and 2020). The increase in same store rental revenues was a result of a 17.1% increase in rental income per square foot, partially offset by a 210 basis point decrease in average occupancy. Also affecting the overall increase in rental revenues was an increase of $33.1 million in rental revenues contributed by stores not included in the same store pool, primarily those acquired in 2021 and 2022. We recorded tenant reinsurance revenues of $19.0 million for the three months ended September 30, 2022, an increase of $3.5 million or 23.0% when compared to tenant reinsurance revenues of $15.5 million for the same period in 2021. The increase in tenant reinsurance revenues is primarily due to the increase in stores owned or managed in 2021 and 2022. Other operating income, which includes merchandise sales, truck rentals, management fees and acquisition fees, increased by $2.8 million for the three months ended September 30, 2022 compared to the same period in 2021 primarily as a result of increased management fees due to an increase in managed properties and increased acquisition fee income earned related to the acquisition of self-storage facilities by certain of the Company's unconsolidated joint ventures.

Property operations and maintenance expenses increased $11.5 million or 31.6% during the three months ended September 30, 2022 compared to the same period in 2021. Property operations and maintenance expenses related to the 576 core properties considered in the same store pool increased by $2.8 million, or 9.3%, primarily as the result of increases in credit card fees, utilities costs, and repairs and maintenance expenditures. The remainder of the increase in property operations and maintenance expenses is primarily the result of the net activity of the stores not included in the same store pool, including $1.6 million of repairs and maintenance expenditures for uninsured damages in Florida related to Hurricane Ian. Tenant reinsurance expenses increased $2.8 million or 45.0% in three months ended September 30, 2022 compared to the same period in 2021 primarily as the result of the increase in stores owned or managed in 2021 and 2022 along with approximately $1.0 million in tenant reinsurance claims related to the hurricane during the third quarter of 2022. Real estate tax expense increased $4.3 million during the three months ended September 30, 2022 as compared to the same period in 2021. The 576 core properties considered in the same store pool experienced a 2.3% increase in real estate taxes which is reflective of a net increase in property tax levies on those properties. In addition to the same store real estate tax expense increase, real estate taxes increased $3.9 million from stores not included in the same store pool.

Net operating income increased $48.9 million or 33.9% resulting from a 18.4% increase in our same store net operating income coupled with an increase of $27.2 million related to tenant reinsurance related income, management fee income, the gain on sale of non-real estate assets, and the properties not included in the same store pool.

Net operating income, or “NOI,” is a non-GAAP (generally accepted accounting principles) financial measure that we define as total continuing revenues less continuing property operating expenses. NOI also can be calculated by adding back to net income: interest expense, impairment and casualty losses, operating lease expense, depreciation and amortization expense, any losses on sale of real estate, acquisition related costs, general and administrative expense, and deducting from net income: income from discontinued operations, interest income, any gains on sale of real estate, and equity in income of joint ventures. We believe that NOI is a meaningful measure to investors in evaluating our operating performance because we utilize NOI in making decisions with respect to capital allocations, in determining current property values, and in comparing period-to-period and market-to-market property operating results. Additionally, NOI is widely used in the real estate industry and the self-storage industry to measure the performance and value of real estate assets without regard to various items included in net income that do not relate to or are not indicative of operating performance, such as depreciation and amortization, which can vary depending on accounting methods and the book value of assets. NOI should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues, operating income and net income. There are material limitations to using a measure such as NOI, including the difficulty associated with comparing results among more than one company and the inability to analyze certain significant items, including depreciation and interest expense, that directly affect our net income. We compensate for these limitations by considering the economic effect of the excluded expense items independently as well as in connection with our analysis of net income.

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The following table reconciles our net income presented in the consolidated financial statements to NOI generated by our self-storage facilities for the three months ended September 30, 2022 and 2021.

	Three Months ended September 30,
(dollars in thousands)	2022			2021
Net income	$	100,744		$	71,051
General and administrative		18,493			16,141
Depreciation and amortization		48,711			37,158
Interest expense		28,010			21,350
Interest income		(5	)		(2	)
Equity in income of joint ventures		(2,799	)		(1,477	)
Net operating income	$	193,154		$	144,221
Net operating income
Same store	$	140,105		$	118,333
Other stores, tenant reinsurance related income    management fee income, and gain on sale of    non-real estate assets		53,049			25,888
Total net operating income	$	193,154		$	144,221

Our 2022 same store results consist of only those properties that have been owned by the Company and included in our consolidated results since December 31, 2020, excluding stores not yet stabilized, seven stores significantly impacted by flooding, and three stores that the Company began to fully replace between 2017 and 2020. We believe that same store results are meaningful measures to investors in evaluating our operating performance because, given the acquisitive nature of the industry, same store results provide information about the overall business after removing the results from those properties that were not consistent from year-to-year. Additionally, same store results are widely used in the real estate industry and the self-storage industry to measure performance. Same store results should be considered in addition to, but not as a substitute for, consolidated results in accordance with GAAP. The following table sets forth operating data for our 576 same store properties. These results provide information relating to property operating changes without the effects of acquisitions.

Same Store Summary

	Three Months ended September 30,				Percentage
(dollars in thousands)	2022		2021		Change
Same store rental income	$	190,757	$	165,440		15.3	%
Same store other operating income		1,793		2,114		(15.2	)%
Total same store operating income		192,550		167,554		14.9	%
Payroll and benefits		10,445		10,380		0.6	%
Real estate taxes		19,860		19,421		2.3	%
Utilities		5,031		4,493		12.0	%
Repairs and maintenance		5,787		4,612		25.5	%
Office and other operating expenses		5,102		4,559		11.9	%
Insurance		1,786		1,731		3.2	%
Advertising		52		52		—
Internet marketing		4,382		3,973		10.3	%
Total same store operating expenses		52,445		49,221		6.6	%
Same store net operating income	$	140,105	$	118,333		18.4	%

			Change
Quarterly same store move ins	58,051	53,937		4,114
Quarterly same store move outs	63,859	57,975		5,884

We believe the increase in same store move ins was due to additional spaces available to rent as well as increased marketing spending during the three months ended September 30, 2022 as compared to the three months ended September 30, 2021. We believe the

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increase in same store move outs was a result of a higher number of existing customer rent increases during the three months ended September 30, 2022 as compared to the three months ended September 30, 2021.

General and administrative expenses for the three months ended September 30, 2022 increased $2.4 million or 14.6% when compared with the three months ended September 30, 2021. The most significant driver of this increase was an increase in home office and call center personnel related costs to support the growth in stores.

Depreciation and amortization expense increased to $48.7 million in the three months ended September 30, 2022 from $37.2 million in the same period of 2021 as a result of depreciation and customer list amortization related to those properties acquired in 2022 and 2021.

Gain on sale of non-real estate assets increased by $2.8 million in the three months ended September 30, 2022 compared to the three months ended September 30, 2021 due to the strategic decision made by the Company to sell off its fleet of rental trucks in 2022.

Total interest expense increased by $6.7 million during the three months ended September 30, 2022 as compared to the same period in 2021 as a result of an increase in the Company’s outstanding debt balances during the quarter.

FOR THE PERIOD JANUARY 1, 2022 THROUGH SEPTEMBER 30, 2022, COMPARED TO THE PERIOD JANUARY 1, 2021 THROUGH SEPTEMBER 30, 2021

We recorded rental revenues of $674.0 million for the nine months ended September 30, 2022, an increase of $177.7 million or 35.8% when compared to rental revenues of $496.3 million for the same period in 2021. This increase in rental revenues was driven by a $77.5 million, or 16.7%, increase in rental revenues at the 576 core properties considered in same store sales (the Company will include stores in its same store pool in the second year after the stores achieve 80% sustained occupancy using market rates and incentives; therefore the 576 core properties considered in same store sales are those included in the consolidated results of operations since December 31, 2020, excluding stores not yet stabilized, seven stores significantly impacted by flooding, and three stores that the Company began to fully replace between 2017 and 2020). The increase in same store rental revenues was a result of an increase of 17.5% in rental income per square foot, partially offset by a 100 basis point decrease in average occupancy. Also affecting the overall increase in rental revenues was an increase of $100.2 million in rental revenues contributed by stores not included in the same store pool, primarily those acquired in 2021 and 2022. Other operating income, which includes merchandise sales, truck rentals, management fees, and acquisition fees, increased by $5.6 million for the nine months ended September 30, 2022 compared to the same period in 2021 primarily as a result of increased management fees as a result of an increase in managed properties.

Property operations and maintenance expenses increased $29.2 million or 28.2% during the nine months ended September 30, 2022 compared to the same period in 2021. Property operations and maintenance expenses related to the 576 core properties considered in the same store pool increased by $5.3 million, or 6.0%, primarily as the result of increased credit card fees, utilities costs, and repairs and maintenance expenditures. The remainder of the increase in property operations and maintenance expenses is primarily the result of the net activity of the stores not included in the same store pool, including $1.6 million of repairs and maintenance expenditures for uninsured damages in Florida related to Hurricane Ian. Real estate tax expense increased $13.8 million during the nine months ended September 30, 2022 as compared to the same period in 2021. The 576 core properties considered in the same store pool experienced a 2.4% increase in real estate taxes, which is reflective of a net increase in property tax levies on those properties. In addition to the same store real estate tax expense increase, real estate taxes increased $12.4 million from stores not included in the same store pool.

Net operating income increased $152.0 million or 39.4% resulting from a 21.8% increase in our same store net operating income coupled with an increase of $81.4 million related to tenant reinsurance related income, management fee income, the gain on sale of non-real estate assets, and the properties not included in the same store pool.

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The following table reconciles our net income presented in the consolidated financial statements to NOI generated by our self-storage facilities for the nine months ended September 30, 2022 and 2021.

	Nine Months ended September 30,
(dollars in thousands)	2022			2021
Net income	$	270,539		$	176,408
General and administrative		52,995			45,407
Depreciation and amortization		143,187			106,287
Interest expense		77,755			62,470
Interest and dividend income		(24	)		(787	)
Equity in income of joint ventures		(6,832	)		(4,126	)
Net operating income	$	537,620		$	385,659
Net operating income
Same store	$	395,086		$	324,487
Other stores, tenant reinsurance related income,    management fee income, and gain on sale of    non-real estate assets		142,534			61,172
Total net operating income	$	537,620		$	385,659

Our 2022 same store results consist of only those properties that have been owned by the Company and included in our consolidated results since December 31, 2020, excluding stores not yet stabilized, seven stores significantly impacted by flooding, and three stores that the Company began to fully replace between 2017 and 2020. We believe that same store results are meaningful measures to investors in evaluating our operating performance because, given the acquisitive nature of the industry, same store results provide information about the overall business after removing the results from those properties that were not consistent from year-to-year. Additionally, same store results are widely used in the real estate industry and the self-storage industry to measure performance. Same store results should be considered in addition to, but not as a substitute for, consolidated results in accordance with GAAP. The following table sets forth operating data for our 576 same store properties. These results provide information relating to property operating changes without the effects of acquisitions.

Same Store Summary

	Nine Months ended September 30,				Percentage
(dollars in thousands)	2022		2021		Change
Same store rental income	$	542,126	$	464,590		16.7	%
Same store other operating income		5,719		5,988		(4.5	)%
Total same store operating income		547,845		470,578		16.4	%
Payroll and benefits		31,502		31,692		(0.6	)%
Real estate taxes		59,322		57,924		2.4	%
Utilities		13,402		12,225		9.6	%
Repairs and maintenance		15,976		14,251		12.1	%
Office and other operating expenses		14,636		13,136		11.4	%
Insurance		5,323		5,168		3.0	%
Advertising		156		155		0.6	%
Internet marketing		12,442		11,540		7.8	%
Total same store operating expenses		152,759		146,091		4.6	%
Same store net operating income	$	395,086	$	324,487		21.8	%

			Change
Year-to-date same store move ins	167,599	161,260		6,339
Year-to-date same store move outs	169,888	153,037		16,851

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We believe the increase in same store move ins was due to additional available spaces to rent and increased marketing spending during the nine months ended September 30, 2022. We believe same store move outs increased period-over-period due to a higher number of existing customer rent increases in the nine-month period ended September 30, 2022 compared to the nine months ended September 30, 2021.

General and administrative expenses for the nine months ended September 30, 2022 increased $7.6 million or 16.7% when compared with the nine months ended September 30, 2021. This increase was primarily driven by an increase in home office and call center personnel related costs to support the growth in stores and increased investments in technology.

Depreciation and amortization expense increased to $143.2 million in the nine months ended September 30, 2022 from $106.3 million in the same period of 2021 as a result of depreciation and customer list amortization related to those properties acquired in 2022 and 2021.

Total interest expense increased by $15.3 million during the nine months ended September 30, 2022 as compared to the same period in 2021 as a result of an increase in the Company’s outstanding debt balances during the nine months ended September 30, 2022.

Gain on sale of non-real estate assets increased by $4.8 million in the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021 due to the strategic decision made by the Company to sell off its fleet of rental trucks in 2022.

Total interest and dividend income decreased by $0.8 million during the nine months ended September 30, 2022 as compared to the same period in 2021 as a result of a preferred dividend received from one of the Company’s unconsolidated joint ventures during the nine months ended September 30, 2021 that did not recur during the nine months ended September 30, 2022.

FUNDS FROM OPERATIONS

We believe that Funds from Operations (“FFO”) provides relevant and meaningful information about our operating performance that is necessary, along with net earnings and cash flows, for an understanding of our operating results. FFO adds back historical cost depreciation, which assumes the value of real estate assets diminishes predictably in the future. In fact, real estate asset values increase or decrease with market conditions. Consequently, we believe FFO is a useful supplemental measure in evaluating our operating performance by disregarding (or adding back) historical cost depreciation.

FFO is defined by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) as net income available to common shareholders computed in accordance with GAAP, excluding gains or losses on sales of properties, plus impairment of real estate assets, plus depreciation and amortization and after adjustments to record unconsolidated partnerships and joint ventures on the same basis. We believe that to further understand our performance, FFO should be compared with our reported net income and cash flows in accordance with GAAP, as presented in our consolidated financial statements.

Our computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently. FFO does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity, or as an indicator of our ability to make cash distributions.

36

Reconciliation of Net Income to Funds From Operations (unaudited)

	Three Months ended September 30,						Nine Months ended September 30,
(in thousands)	2022			2021			2022			2021
Net income attributable to common shareholders	$	98,505		$	70,274		$	264,344		$	175,172
Net income attributable to noncontrolling common    interests in the Operating Partnership		1,231			301			3,184			760
Net income attributable to noncontrolling preferred    interests in the Operating Partnership		999			—			999			—
Depreciation of real estate and amortization of    intangible assets exclusive of debt issuance costs		48,237			36,615			141,643			104,691
Depreciation and amortization from unconsolidated    joint ventures		1,872			1,796			6,014			4,239
Funds from operations allocable to noncontrolling    interest in the Operating Partnership		(1,862	)		(465	)		(4,949	)		(1,231	)
Funds from operations available to common    shareholders	$	148,982		$	108,521		$	411,235		$	283,631

LIQUIDITY AND CAPITAL RESOURCES

The COVID-19 global health crisis impacted the cost of debt and equity for a period of time and may disrupt markets in the future. We expect to be able to maintain adequate liquidity as we manage through the current environment. While uncertainty exists as to the full impact of the COVID-19 global health crisis on our liquidity and capital resources, as of the date of this report we believe that the combination of our cash on hand, the cash generated by our operations, and our line of credit will be adequate to fund our operations. We will continue to actively monitor the potential impact of the COVID-19 global health crisis on our liquidity and capital resources.

Our line of credit and term notes require us to meet certain financial covenants measured on a quarterly basis, including prescribed leverage, fixed charge coverage, minimum net worth, limitations on additional indebtedness, and limitations on dividend payouts. At September 30, 2022, the Company was in compliance with all debt covenants. In the event that the Company violates its debt covenants in the future, the amounts due under the agreements could be callable by the lenders and could adversely affect our credit rating requiring us to pay higher interest and other debt-related costs. We believe that if operating results remain consistent with historical levels and levels of other debt and liabilities remain consistent with amounts outstanding at September 30, 2022, the entire availability under our line of credit could be drawn without violating our debt covenants.

Our ability to retain cash flow is limited because we operate as a REIT. To maintain our REIT status, a substantial portion of our operating cash flow must be used to pay dividends to our shareholders. We believe that our internally-generated net cash provided by operating activities and the availability on our line of credit will be sufficient to fund ongoing operations, capital improvements, dividends and debt service requirements.

Cash flows from operating activities were $441.4 million and $308.1 million for the nine months ended September 30, 2022 and 2021, respectively. The increase in operating cash flows in the 2022 period compared to the 2021 period was primarily due to the increase in net income after adjusting for non-cash items.

Cash used in investing activities was $951.4 million and $860.6 million for the nine months ended September 30, 2022 and 2021, respectively. The increase in cash used in investing activities in the 2022 period compared to the 2021 period was primarily due to the increased volume of acquisitions, along with an increase in investments in improvements and equipment additions and unconsolidated joint ventures in 2022 as compared to the same period in 2021 as well as the impact of a return on investment in joint ventures in 2021 which did not recur in 2022, partially offset by the proceeds from the sale of non-real estate assets in 2022.

Cash provided by financing activities was $361.6 million and $635.1 million for the nine months ended September 30, 2022 and 2021, respectively. The decrease is primarily a result of a reduction in the Company's sales of shares of common stock under the Company’s continuous equity offering programs and increased dividends paid during the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021, partially offset by an increase in net borrowings on the Company's line of credit in the 2022 period compared to the 2021 period.

Note 6 and Note 7 to the consolidated financial statements include details related to the Company’s unsecured line of credit, term notes, mortgages, and other indebtedness. Note 13 to the consolidated financial statements includes details of our shareholders’ equity and activity related thereto.

37

Our line of credit facility and term notes have an investment grade rating from Standard and Poor’s (BBB) and Moody’s (Baa2).

We expect to fund operating expenses, future acquisitions, our expansion and enhancement program, and share repurchases, if any, and any other cash requirements with future cash flows from operations, draws on our line of credit, issuance of common and/or preferred stock, the issuance of unsecured term notes, sale of properties, and private placement solicitation of joint venture equity. Should the capital markets deteriorate, we may have to curtail acquisitions, our expansion and enhancement program and/or any share repurchases.

ACQUISITION AND DISPOSITION OF PROPERTIES

During the nine months ended September 30, 2022, the Company acquired 42 self-storage facilities comprising 3.2 million square feet in Arizona (1), California (8), Florida (7), Georgia (2), Illinois (1), Maryland (1), Massachusetts (2), Missouri (5), Nevada (1), New York (3), North Carolina (5), South Carolina (1), and Texas (5) for a total purchase price of $831.6 million. As discussed further in Note 5, the Company held an 85.8% ownership interest in one of the properties acquired prior to the acquisition of the remaining 14.2% ownership interest in the second quarter of 2022. Additionally, as discussed further in Note 5, during the third quarter of 2022, the Company purchased an 83% ownership interest in a self-storage facility in New York from an unrelated joint venture partner that has been consolidated in the Company's financial statements. Based on the trailing financial information of the entities from which the self-storage facilities were acquired, the weighted average capitalization rate for these acquisitions was 3.0%. Additionally, nine of these facilities were managed by the Company for a third party prior to acquisition.

In 2021, the Company acquired 112 self-storage facilities comprising 7.9 million square feet in Alabama (7), Arizona (4), California (1), Colorado (3), Connecticut (6), Florida (31), Georgia (16), Illinois (4), Kentucky (1), Maine (1), New Hampshire (4), New Jersey (5), New York (1), North Carolina (6), Ohio (1), Oklahoma (2), South Carolina (5), Tennessee (1), Texas (10), Virginia (1), and Washington (2) for a total purchase price of $1,696.3 million, which is net of the Company's equity in profit from the acquisitions of the New York store and three Georgia stores purchased from unconsolidated joint ventures. Additionally, 27 of these facilities were managed by the Company for a third party prior to acquisition. Based on the trailing financial information of the entities from which the self-storage facilities were acquired, the weighted average capitalization rate for these acquisitions was 3.6%.

We may acquire additional stabilized or newly constructed properties in 2022, however, there is no assurance that the Company will do so. Additionally, there can be no assurance that if significant additional opportunities were to arise, we would be able to raise capital at a reasonable cost to allow us to take advantage of such opportunities. We are actively pursuing acquisitions in 2022 and at September 30, 2022, the Company was under contract to acquire fifteen self-storage facilities for an aggregate purchase price of $280.3 million. Subsequent to September 30, 2022, the Company completed the acquisition of seven of these self-storage facilities for an aggregate purchase price of $142.0 million and an unconsolidated joint venture of the Company completed the acquisition of four of these facilities for an aggregate purchase price of $67.5 million. The purchases of the self-storage facilities under contract are subject to customary conditions to closing, and there is no assurance that these facilities will be acquired.

The Company did not sell or otherwise dispose of any properties during the three and nine months ended September 30, 2022 or during 2021.

As part of our ongoing strategy to improve overall operating efficiencies and portfolio quality, we may seek to sell self-storage facilities to third-parties or joint venture partners in 2022.

FUTURE ACQUISITION AND DEVELOPMENT PLANS

Our external growth strategy is to increase the number of facilities we own by acquiring suitable facilities in markets in which we already have operations or to expand into new markets by acquiring several facilities at once in those new markets. We are actively pursuing acquisitions in 2022, including potential acquisitions by unconsolidated joint ventures.

During the nine months ended September 30, 2022, we added 244,000 square feet to existing properties for a total cost of approximately $19.3 million. We plan to complete a total of $40 million to $55 million of additional expansions and enhancements to our existing facilities in 2022, of which $37.3 million was paid as of September 30, 2022.

We also expect to continue investing in capital expenditures on our properties. This includes roofing, paving, and remodeling of store offices. For the nine months ended September 30, 2022, we invested approximately $27.3 million in such improvements and we expect to invest approximately $6 million to $8 million for the remainder of 2022.

38

REIT QUALIFICATION AND DISTRIBUTION REQUIREMENTS

As a REIT, we are not required to pay federal income tax on income that we distribute to our shareholders, provided that we satisfy certain requirements, including distributing at least 90% of our REIT taxable income for a taxable year. These distributions must be made in the year to which they relate, or in the following year if declared before we file our federal income tax return, and if they are paid not later than the date of the first regular dividend of the following year. As a REIT, we must derive at least 95% of our total gross income from income related to real property, interest and dividends.

Although we currently intend to operate in a manner designed to qualify as a REIT, it is possible that future economic, market, legal, tax or other considerations may cause our Board of Directors to revoke our REIT election.

UMBRELLA PARTNERSHIP REIT

We are formed as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) and, as such, have the ability to issue Operating Partnership Units in exchange for properties sold by independent owners. By utilizing such Units as currency in facility acquisitions, we may obtain more favorable pricing or terms due to the seller’s ability to partially defer their income tax liability. As of September 30, 2022, 1,041,510 common Units and 3,523,113 preferred Units are outstanding. These Units had been issued in exchange for self-storage properties at the request of the sellers.

INTEREST RATE RISK

The primary market risk to which we believe we are exposed is interest rate risk, which may result from many factors, including government monetary and tax policies, domestic and international economic and political considerations, and other factors that are beyond our control.

Based on our outstanding unsecured floating rate debt of $456.0 million at September 30, 2022, a 100 basis point increase in interest rates would have a $4.6 million effect on our annual interest expense. This amount was determined by considering the impact of the hypothetical interest rates on our borrowing cost on September 30, 2022. This analysis does not consider the effects of the reduced level of overall economic activity that could exist in such an environment. Further, in the event of a change of such magnitude, we would consider taking actions to further mitigate our exposure to the change. However, due to the uncertainty of the specific actions that would be taken and their possible effects, the sensitivity analysis assumes no changes in our capital structure.

INFLATION

We do not believe that inflation has had or will have a direct effect on our operations. Substantially all of the leases at our facilities are on a month-to-month basis which provides us with the opportunity to increase rental rates in a timely manner in response to any potential future inflationary pressures.

SEASONALITY

Our revenues typically have been higher in the third and fourth quarters, primarily because self-storage facilities tend to experience greater occupancy during the late spring, summer and early fall months due to the greater incidences of residential moves and college student activity during these periods. However, we believe that our customer mix, diverse geographic locations, rental structure and expense structure provide adequate protection against undue fluctuations in cash flows and net revenues during off-peak seasons. Thus, we do not expect seasonality to materially affect distributions to shareholders.

RECENT ACCOUNTING PRONOUNCEMENTS

See Note 15 to the financial statements.

39

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The information required is incorporated by reference to the information appearing under the caption “Interest Rate Risk” in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” above.

Item 4. Controls and Procedures

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

Parent Company

An evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, has been conducted under the supervision of and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer. Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective at September 30, 2022. There have not been changes in the Company’s internal controls or in other factors that could significantly affect these controls during the quarter ended September 30, 2022.

Changes in Internal Control over Financial Reporting

There have not been any changes in the Company’s internal control over financial reporting (as defined in 13a-15(f) and 15d-15(f) promulgated under the Securities Exchange Act of 1934) that occurred during the Company’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Operating Partnership

An evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, has been conducted under the supervision of and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer. Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective at September 30, 2022. There have not been changes in the Operating Partnership’s internal controls or in other factors that could significantly affect these controls during the quarter ended September 30, 2022.

Changes in Internal Control over Financial Reporting

There have not been any changes in the Operating Partnership’s internal control over financial reporting (as defined in 13a-15(f) and 15d-15(f) promulgated under the Securities Exchange Act of 1934) that occurred during the Operating Partnership’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Operating Partnership’s internal control over financial reporting.

40

PART II. Other Information

Item 1. Legal Proceedings

Although we are party to various legal proceedings, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Annual Report”), which could materially affect our business, financial condition or future results. The risks described in our 2021 Annual Report are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a) As part of the consideration in connection with the Operating Partnership’s acquisition of a self storage facility on May 17, 2022, the Operating Partnership issued to the property contributors 82,552 common Operating Partnership Units. The unregistered equity securities were issued in private placements in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

(c) On August 2, 2017, the Company’s Board of Directors authorized the repurchase of up to $200 million of the Company’s common stock. We have not made any repurchases under such program since 2017, and up to approximately $191.8 million of the Company’s common stock may yet be purchased under such program. The program does not have an expiration date but may be suspended or discontinued at any time.

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

Not Applicable

Item 5. Other Information

None

41

Item 6. Exhibits

31.1	Certification of Chief Executive Officer of Life Storage, Inc. pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
31.2	Certification of Chief Financial Officer of Life Storage, Inc. pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
31.3	Certification of Chief Executive Officer of Life Storage LP pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
31.4	Certification of Chief Financial Officer of Life Storage LP pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
32	Certification of Chief Executive Officer and Chief Financial Officer of Life Storage, Inc. Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer and Chief Financial Officer of Life Storage LP Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101	The following financial statements from the Parent Company’s and the Operating Partnership’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, formatted in inline XBRL, as follows:
	(i) Consolidated Balance Sheets at September 30, 2022 and December 31, 2021;
	(ii) Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021;
	(iii) Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021;
	(iv) Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2022 and 2021; and
	(v) Notes to Consolidated Financial Statements.
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

42

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Life Storage, Inc.
By:	/S/ Andrew J. Gregoire
	Andrew J. Gregoire
	Chief Financial Officer
	(Principal Accounting Officer)

November 3, 2022

Date

Life Storage LP
By:	/S/ Andrew J. Gregoire
	Andrew J. Gregoire
	Chief Financial Officer
	(Principal Accounting Officer)

November 3, 2022

Date

43

EX-31.1

Exhibit 31.1

Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) of the

Securities Exchange Act, as amended

I, Joseph V. Saffire, certify that:

1.I have reviewed this report on Form 10-Q of Life Storage, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: November 3, 2022

/S/ Joseph V. Saffire

Joseph V. Saffire

Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) of the

Securities Exchange Act, as amended

I, Andrew J. Gregoire, certify that:

1.I have reviewed this report on Form 10-Q of Life Storage, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: November 3, 2022

/S/ Andrew J. Gregoire

Andrew J. Gregoire

Chief Financial Officer

EX-31.3

Exhibit 31.3

Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) of the

Securities Exchange Act, as amended

I, Joseph V. Saffire, certify that:

1.I have reviewed this report on Form 10-Q of Life Storage LP;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: November 3, 2022

/S/ Joseph V. Saffire

Joseph V. Saffire

Chief Executive Officer

EX-31.4

Exhibit 31.4

Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) of the

Securities Exchange Act, as amended

I, Andrew J. Gregoire, certify that:

1.I have reviewed this report on Form 10-Q of Life Storage LP;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: November 3, 2022

/S/ Andrew J. Gregoire

Andrew J. Gregoire

Chief Financial Officer

EX-32

Exhibit 32

Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C.

Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Each of the undersigned of Life Storage, Inc. (the “Company”) does hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

1.The Quarterly Report on Form 10-Q of the Company for the period ended September 30, 2022 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: November 3, 2022

/S/ Joseph V. Saffire

Joseph V. Saffire

Chief Executive Officer

/S/ Andrew J. Gregoire

Andrew J. Gregoire

Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C.

Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Each of the undersigned of Life Storage LP (the “Company”) does hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

1.The Quarterly Report on Form 10-Q of the Company for the period ended September 30, 2022 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: November 3, 2022

/S/ Joseph V. Saffire

Joseph V. Saffire

Chief Executive Officer

/S/ Andrew J. Gregoire

Andrew J. Gregoire

Chief Financial Officer

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Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 28, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Trading Symbol	LSI
Entity Registrant Name	LIFE STORAGE, INC.
Entity Central Index Key	0000944314
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		84,997,556
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $.01 par value
Security Exchange Name	NYSE
Entity File Number	1-13820
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	16-1194043
Entity Address, Address Line One	6467 Main Street
Entity Address, City or Town	Williamsville
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14221
City Area Code	716
Local Phone Number	633-1850
Document Quarterly Report	true
Document Transition Report	false
Life Storage LP [Member]
Document Information [Line Items]
Entity Registrant Name	LIFE STORAGE LP
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		84,997,556
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	0-24071
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-1481551
Entity Address, Address Line One	6467 Main Street
Entity Address, City or Town	Williamsville
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14221
City Area Code	716
Local Phone Number	633-1850
Document Quarterly Report	true
Document Transition Report	false

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Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Investment in storage facilities:
Land	$ 1,293,597	$ 1,185,976
Building, equipment, and construction in progress	6,708,246	5,904,481
Real estate investment property, at cost, total	8,001,843	7,090,457
Less: accumulated depreciation	(1,128,083)	(1,007,650)
Investment in storage facilities, net	6,873,760	6,082,807
Cash and cash equivalents	22,498	171,865
Accounts receivable	22,829	17,784
Receivable from unconsolidated joint ventures	1,087	333
Investment in unconsolidated joint ventures	254,728	213,003
Prepaid expenses	13,042	9,918
Trade name	16,500	16,500
Other assets	43,957	44,387
Total Assets	7,248,401	6,556,597
Liabilities
Line of credit	456,000	0
Term notes, net	2,750,683	2,747,838
Accounts payable and accrued liabilities	153,575	131,778
Deferred revenue	33,646	27,277
Mortgages payable	36,454	37,030
Total Liabilities	3,430,358	2,943,923
Noncontrolling redeemable Preferred Operating Partnership Units at redemption value	89,077	90,783
Noncontrolling redeemable Common Operating Partnership Units at redemption value	116,190	142,892
Shareholders' Equity/ Partners' Capital
Common stock $.01 par value, 200,000,000 shares authorized, 84,995,100 shares outstanding at September 30, 2022 (83,565,710 at December 31, 2021)	850	836
Additional paid-in capital	3,883,047	3,697,000
Dividends in excess of net income	(272,608)	(314,713)
Accumulated other comprehensive loss	(3,437)	(4,124)
Total Shareholders’ Equity	3,607,852	3,378,999
Noncontrolling interest in consolidated subsidiary	4,924	0
Total Equity	3,612,776	3,378,999
Total Liabilities and Equity	7,248,401	6,556,597
Life Storage LP [Member]
Investment in storage facilities:
Land	1,293,597	1,185,976
Building, equipment, and construction in progress	6,708,246	5,904,481
Real estate investment property, at cost, total	8,001,843	7,090,457
Less: accumulated depreciation	(1,128,083)	(1,007,650)
Investment in storage facilities, net	6,873,760	6,082,807
Cash and cash equivalents	22,498	171,865
Accounts receivable	22,829	17,784
Receivable from unconsolidated joint ventures	1,087	333
Investment in unconsolidated joint ventures	254,728	213,003
Prepaid expenses	13,042	9,918
Trade name	16,500	16,500
Other assets	43,957	44,387
Total Assets	7,248,401	6,556,597
Liabilities
Line of credit	456,000	0
Term notes, net	2,750,683	2,747,838
Accounts payable and accrued liabilities	153,575	131,778
Deferred revenue	33,646	27,277
Mortgages payable	36,454	37,030
Total Liabilities	3,430,358	2,943,923
Noncontrolling redeemable Preferred Operating Partnership Units at redemption value	89,077	90,783
Noncontrolling redeemable Common Operating Partnership Units at redemption value	116,190	142,892
Shareholders' Equity/ Partners' Capital
General partner (893,109 and 881,030 units outstanding at September 30, 2022 and December 31, 2021, respectively)	38,185	36,131
Limited partners (84,101,991 and 82,684,680 units outstanding at September 30, 2022 and December 31, 2021, respectively)	3,573,104	3,346,992
Accumulated other comprehensive loss	(3,437)	(4,124)
Total Controlling Partners Capital	3,607,852	3,378,999
Noncontrolling interest in consolidated subsidiary	4,924	0
Total Partners' Capital	3,612,776	3,378,999
Total Liabilities and Equity	$ 7,248,401	$ 6,556,597

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Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares outstanding	84,995,100	83,565,710
Life Storage LP [Member]
Limited partners' redeemable capital interest, units outstanding	1,041,510	960,708
General partner, units outstanding	893,109	881,030
Limited partners, units outstanding	84,101,991	82,684,680
Life Storage LP [Member] | Redeemable Preferred Stock [Member]
Limited partners' redeemable capital interest, units outstanding	3,523,113	3,590,603
Life Storage LP [Member] | Redeemable Common Stock Member
Limited partners' redeemable capital interest, units outstanding	1,041,510	960,708

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Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Rental income	$ 241,261	$ 182,937	$ 674,008	$ 496,316
Total operating revenues	272,954	208,256	763,489	567,406
Expenses
Property operations and maintenance	47,906	36,410	132,733	103,519
Tenant reinsurance	9,033	6,228	22,361	16,434
Real estate taxes	25,702	21,397	75,581	61,794
General and administrative	18,493	16,141	52,995	45,407
Depreciation and amortization	48,711	37,158	143,187	106,287
Total operating expenses	149,845	117,334	426,857	333,441
Gain on sale of non-real estate assets	2,841	0	4,806	0
Income from operations	125,950	90,922	341,438	233,965
Other income (expenses)
Interest expense	(28,010)	(21,350)	(77,755)	(62,470)
Interest and dividend income	5	2	24	787
Equity in income of joint ventures	2,799	1,477	6,832	4,126
Net income	100,744	71,051	270,539	176,408
Net income attributable to noncontrolling interests in consolidated subsidiary	(9)	0	(9)	0
Net income attributable to common shareholders/unitholders	$ 98,505	$ 70,274	$ 264,344	$ 175,172
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 1.16	$ 0.89	$ 3.14	$ 2.27
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 1.16	$ 0.89	$ 3.14	$ 2.27
Common shares/units used in basic earnings per share/unit calculation	84,472,979	78,961,434	84,129,261	77,135,429
Common shares/units used in diluted earnings per share/unit calculation	85,396,539	79,179,816	84,554,165	77,303,339
Dividends/distributions declared per common share/unit	$ 1.08	$ 0.74	$ 3.08	$ 2.22
Other operating income [Member]
Revenues
Other operating income	$ 12,651	$ 9,834	$ 34,914	$ 29,280
Tenant reinsurance [Member]
Revenues
Other operating income	19,042	15,485	54,567	41,810
Redeemable Preferred Stock [Member]
Other income (expenses)
Net income attributable to noncontrolling interest in the Operating Partnership	(999)	(476)	(3,002)	(476)
Redeemable Common Stock [Member]
Other income (expenses)
Net income attributable to noncontrolling interest in the Operating Partnership	(1,231)	(301)	(3,184)	(760)
Life Storage LP [Member]
Revenues
Rental income	241,261	182,937	674,008	496,316
Total operating revenues	272,954	208,256	763,489	567,406
Expenses
Property operations and maintenance	47,906	36,410	132,733	103,519
Tenant reinsurance	9,033	6,228	22,361	16,434
Real estate taxes	25,702	21,397	75,581	61,794
General and administrative	18,493	16,141	52,995	45,407
Depreciation and amortization	48,711	37,158	143,187	106,287
Total operating expenses	149,845	117,334	426,857	333,441
Gain on sale of non-real estate assets	2,841	0	4,806	0
Income from operations	125,950	90,922	341,438	233,965
Other income (expenses)
Interest expense	(28,010)	(21,350)	(77,755)	(62,470)
Interest and dividend income	5	2	24	787
Equity in income of joint ventures	2,799	1,477	6,832	4,126
Net income	100,744	71,051	270,539	176,408
Net income attributable to noncontrolling interests in consolidated subsidiary	(9)	0	(9)	0
Net income attributable to common shareholders/unitholders	$ 98,505	$ 70,274	$ 264,344	$ 175,172
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 1.16	$ 0.89	$ 3.14	$ 2.27
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 1.16	$ 0.89	$ 3.14	$ 2.27
Common shares/units used in basic earnings per share/unit calculation	84,472,979	78,961,434	84,129,261	77,135,429
Common shares/units used in diluted earnings per share/unit calculation	85,396,539	79,179,816	84,554,165	77,303,339
Dividends/distributions declared per common share/unit	$ 1.08	$ 0.74	$ 3.08	$ 2.22
Net income attributable to general partner	$ 1,007	$ 711	$ 2,705	$ 1,764
Net income attributable to limited partners	97,498	69,563	261,639	173,408
Life Storage LP [Member] | Other operating income [Member]
Revenues
Other operating income	12,651	9,834	34,914	29,280
Life Storage LP [Member] | Tenant reinsurance [Member]
Revenues
Other operating income	19,042	15,485	54,567	41,810
Life Storage LP [Member] | Redeemable Preferred Stock [Member]
Other income (expenses)
Net income attributable to noncontrolling interest in the Operating Partnership	(999)	(476)	(3,002)	(476)
Life Storage LP [Member] | Redeemable Common Stock [Member]
Other income (expenses)
Net income attributable to noncontrolling interest in the Operating Partnership	$ (1,231)	$ (301)	$ (3,184)	$ (760)

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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income	$ 100,744	$ 71,051	$ 270,539	$ 176,408
Other comprehensive income:
Effective portion of gain on derivatives net of reclassification to interest expense	229	229	687	687
Total comprehensive income	100,973	71,280	271,226	177,095
Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(2,242)	(778)	(6,203)	(1,239)
Comprehensive income attributable to common shareholders/unitholders	98,731	70,502	265,023	175,856
Life Storage LP [Member]
Net income	100,744	71,051	270,539	176,408
Other comprehensive income:
Effective portion of gain on derivatives net of reclassification to interest expense	229	229	687	687
Total comprehensive income	100,973	71,280	271,226	177,095
Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(2,242)	(778)	(6,203)	(1,239)
Comprehensive income attributable to common shareholders/unitholders	$ 98,731	$ 70,502	$ 265,023	$ 175,856

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating Activities
Net income	$ 270,539	$ 176,408
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	143,187	106,287
Amortization of debt issuance costs and bond discount	4,187	3,185
Equity in income of joint ventures	(6,832)	(4,126)
Distributions from unconsolidated joint ventures	12,710	10,359
Non-vested stock earned	5,226	4,603
Deferred income taxes	18	(43)
Other	(4,999)	(236)
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable	(5,007)	(271)
Prepaid expenses	(3,272)	(3,562)
(Advances to) receipts from joint ventures	(753)	475
Accounts payable and other liabilities	22,488	10,402
Deferred revenue	3,906	4,614
Net cash provided by operating activities	441,398	308,095
Investing Activities
Acquisition of storage facilities, net of cash acquired	(811,622)	(773,859)
Improvements, equipment additions, and construction in progress	(66,013)	(54,310)
Proceeds from sale of non-real estate assets	6,250	0
Return of investment in unconsolidated joint ventures	0	36,911
Investment in unconsolidated joint ventures	(77,755)	(57,397)
Property deposits	(2,220)	(11,914)
Net cash used in investing activities	(951,360)	(860,569)
Financing Activities
Net proceeds from sale of common stock/ partnership units	181,028	807,185
Proceeds from line of credit	1,017,000	459,000
Repayments of line of credit	(561,000)	(459,000)
Debt issuance costs	(5,994)	(88)
Dividends paid - common stock	(259,135)	(170,666)
Distributions to noncontrolling interest holders	(6,065)	(740)
Redemption of operating partnership units	(3,823)	(256)
Mortgage principal payments	(383)	(364)
Net cash provided by financing activities	361,628	635,071
Net (decrease) increase in cash and restricted cash	(148,334)	82,597
Cash and restricted cash at beginning of period	176,434	58,771
Cash and restricted cash at end of period	28,100	141,368
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	66,173	56,359
Cash paid for income taxes, net of refunds	2,526	940
Life Storage LP [Member]
Operating Activities
Net income	270,539	176,408
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	143,187	106,287
Amortization of debt issuance costs and bond discount	4,187	3,185
Equity in income of joint ventures	(6,832)	(4,126)
Distributions from unconsolidated joint ventures	12,710	10,359
Non-vested stock earned	5,226	4,603
Deferred income taxes	18	(43)
Other	(4,999)	(236)
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable	(5,007)	(271)
Prepaid expenses	(3,272)	(3,562)
(Advances to) receipts from joint ventures	(753)	475
Accounts payable and other liabilities	22,488	10,402
Deferred revenue	3,906	4,614
Net cash provided by operating activities	441,398	308,095
Investing Activities
Acquisition of storage facilities, net of cash acquired	(811,622)	(773,859)
Improvements, equipment additions, and construction in progress	(66,013)	(54,310)
Proceeds from sale of non-real estate assets	6,250	0
Return of investment in unconsolidated joint ventures	0	36,911
Investment in unconsolidated joint ventures	(77,755)	(57,397)
Property deposits	(2,220)	(11,914)
Net cash used in investing activities	(951,360)	(860,569)
Financing Activities
Net proceeds from sale of common stock/ partnership units	181,028	807,185
Proceeds from line of credit	1,017,000	459,000
Repayments of line of credit	(561,000)	(459,000)
Debt issuance costs	(5,994)	(88)
Distributions to unitholders	(259,135)	(170,666)
Distributions to noncontrolling interest holders	(6,065)	(740)
Redemption of operating partnership units	(3,823)	(256)
Mortgage principal payments	(383)	(364)
Net cash provided by financing activities	361,628	635,071
Net (decrease) increase in cash and restricted cash	(148,334)	82,597
Cash and restricted cash at beginning of period	176,434	58,771
Cash and restricted cash at end of period	28,100	141,368
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	66,173	56,359
Cash paid for income taxes, net of refunds	$ 2,526	$ 940

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Basis of Presentation

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation

1. BASIS OF PRESENTATION

The accompanying unaudited financial statements of Life Storage, Inc. (the “Parent Company”) and Life Storage LP (the “Operating Partnership”) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine-month period ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Share and per share amounts and unit and per unit amounts as of and for all periods presented have been adjusted to reflect the impact of the three-for-two distribution of common stock announced by the Company on January 4, 2021 and distributed on January 27, 2021 to shareholders and unitholders of record on January 15, 2021.

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Organization

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

2. ORGANIZATION

The Parent Company operates as a self-administered and self-managed real estate investment trust (a “REIT”) that owns and operates self-storage properties. All of the Parent Company’s assets are owned by, and all its operations are conducted through, the Operating Partnership. Life Storage Holdings, Inc., a wholly owned subsidiary of the Parent Company (“Holdings”), is the sole general partner of the Operating Partnership; the Parent Company is a limited partner of the Operating Partnership and, through its ownership of Holdings and its limited partnership interest, controls the operations of the Operating Partnership, holding a 98.0% ownership interest therein as of September 30, 2022, assuming the conversion of all preferred operating partnership units at that date. The remaining ownership interests in the Operating Partnership (the “Units”) are held by certain former owners of assets acquired by the Operating Partnership. The Parent Company, the Operating Partnership and their consolidated subsidiaries are collectively referred to in this report as the “Company.” In addition, terms such as “we,” “us,” or “our” used in this report may refer to the Company, the Parent Company and/or the Operating Partnership.

At September 30, 2022, we had an ownership interest in and/or managed 1,152 self-storage properties in 37 states. Among our 1,152 self-storage properties are 133 properties that we manage for unconsolidated joint ventures (see Note 10) and 267 properties that we manage and in which we have no ownership interest.

We consolidate all wholly owned subsidiaries. Partially owned entities, including joint ventures, are consolidated when we control the entity. Our consolidated financial statements include the accounts of the Parent Company, the Operating Partnership, Life Storage Solutions, LLC (one of the Parent Company’s taxable REIT subsidiaries), Warehouse Anywhere LLC, and all other wholly owned subsidiaries. Also included in our consolidated financial statements is one joint venture of which we own 83% of the equity and are the primary beneficiary of the joint venture. All intercompany transactions and balances have been eliminated. Investments in joint ventures that we do not control but over which we have significant influence are accounted for using the equity method.

Included in the Parent Company’s consolidated balance sheets are noncontrolling redeemable Operating Partnership Units and included in the Operating Partnership’s consolidated balance sheets are limited partners’ redeemable capital interests at redemption value. These interests are presented in the “mezzanine” section of the consolidated balance sheets because they do not meet the functional definition of a liability or equity under current accounting literature. These represent the outside ownership interests of the limited partners in the Operating Partnership. There were 1,041,510 and 960,708 common noncontrolling redeemable Operating Partnership Units outstanding at September 30, 2022 and December 31, 2021, respectively, and 3,523,113 and 3,590,603 preferred noncontrolling redeemable Operating Partnership Units outstanding at September 30, 2022 and December 31, 2021, respectively. The preferred noncontrolling redeemable Operating Partnership Units rank senior to all other partnership interests with respect to distributions and liquidation.

The common unitholders are entitled to receive distributions per unit equivalent to the dividends declared per share on the Parent Company’s common stock. The preferred unitholders are entitled to receive a fixed priority return of 4.5% and the preferred noncontrolling redeemable Operating Partnership Units are convertible at the option of the unitholders into common noncontrolling redeemable Operating Partnership Units. Upon any such conversion, each preferred noncontrolling redeemable Operating Partnership Unit being converted shall be convertible into a number of common Operating Partnership Units equal to the quotient of (i) the stated value of the preferred noncontrolling redeemable Operating Partnership Units being converted (such stated value being $25.00 per preferred noncontrolling redeemable Operating Partnership Unit) plus any accrued and unpaid distributions, divided by (ii) the average closing price of the Parent Company's common stock over the 90 consecutive trading days ending the trading day preceding the date of conversion. The Operating Partnership is obligated to redeem each of the common noncontrolling redeemable Operating Partnership Units at the request of the holder thereof for cash equal to the fair market value of a share of the Parent Company’s

common stock based on a 10-day average of the daily market price, at the time of such redemption, provided that the Company, at its option, may elect to acquire any such Unit presented for redemption for one common share or cash.

The Company accounts for the noncontrolling redeemable Operating Partnership Units under the provisions of Accounting Standards Codification (ASC) Topic 480-10-S99. The application of the ASC Topic 480-10-S99 accounting model requires the noncontrolling interest to follow normal noncontrolling interest accounting and then be marked to redemption value at the end of each reporting period if higher (but never adjusted below that normal noncontrolling interest accounting amount) for the common noncontrolling redeemable Operating Partnership Units. The offset to the adjustment to the carrying amount of the common noncontrolling redeemable Operating Partnership Units is reflected in the Company’s dividends in excess of net income and in the Operating Partnership’s general partner and limited partners capital balances. Accordingly, in the accompanying consolidated balance sheets, common noncontrolling redeemable Operating Partnership Units are reflected at redemption value at September 30, 2022 and December 31, 2021, equal to the number of common noncontrolling interest units outstanding multiplied by the fair market value of the Parent Company’s common stock at that date. Redemption value exceeded the value determined under the Company’s historical basis of accounting at those dates. ASC Topic 480-10-S99 requires the preferred noncontrolling redeemable Operating Partnership Units to be valued at fair value as of the date of issuance and to continue to be recorded at the value determined at initial measurement plus any accrued distributions.

The following is a reconciliation of the Parent Company’s common noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable common capital interest for the period:

(dollars in thousands)	Nine Months Ended September 30, 2022
Beginning balance	$	142,892
Net income attributable to noncontrolling common    interests in the Operating Partnership		3,184
Issuance of units		11,996
Redemption of units		(1,942	)
Distributions		(3,044	)
Adjustment to redemption value		(36,896	)
Ending balance	$	116,190

The following is a reconciliation of the Parent Company’s preferred noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable preferred capital interest for the period:

(dollars in thousands)	Nine Months Ended September 30, 2022
Beginning balance	$	90,783
Net income attributable to noncontrolling preferred    interests in the Operating Partnership		3,002
Redemption of units		(1,687	)
Distributions		(3,021	)
Ending balance	$	89,077

Subsequent to September 30, 2021, due to growth in the Company's tenant reinsurance program, tenant reinsurance revenues and expenses are presented separately on the consolidated statements of operations. The September 30, 2021 consolidated statements of operations have been revised accordingly to comply with this presentation. Prior to this change in presentation, such tenant reinsurance revenues and expenses were included in other income and property operations and maintenance expense, respectively, in

the Company's consolidated statements of operations. The disaggregated revenues of the Company presented in accordance with ASC Topic 606 “Revenue from Contracts with Customers” are as follows:

(dollars in thousands)	Three Months Ended September 30, 2022		Three Months Ended September 30, 2021		Nine Months Ended September 30, 2022		Nine Months Ended September 30, 2021
Rental income	$	241,261	$	182,937	$	674,008	$	496,316
Revenues related to tenant reinsurance		19,042		15,485		54,567		41,810
Management and acquisition fee    income		7,694		5,360		19,889		16,091
Other		4,957		4,474		15,025		13,189
Total operating revenues	$	272,954	$	208,256	$	763,489	$	567,406

Management and acquisition fee income is included in other operating income in the consolidated statements of operations.

During the nine months ended September 30, 2022, approximately 15% and 16% of the Company’s revenue was derived from self-storage facilities in the states of Texas and Florida, respectively.

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Stock Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

3. STOCK BASED COMPENSATION

The Company accounts for stock-based compensation under the provisions of ASC Topic 718, “Compensation - Stock Compensation.” The Company recognizes compensation cost in its financial statements for all share-based payments granted, modified, or settled during the period.

For awards with graded vesting, compensation cost is recognized on a straight-line basis over the related vesting period.

For the three months ended September 30, 2022 and 2021, the Company recorded compensation expense of $1,822,000 and $1,683,000, respectively, related to amortization of non-vested stock grants and performance-based awards. For the nine months ended September 30, 2022 and 2021, the Company recorded compensation expense of $5,226,000 and $4,603,000, respectively, related to amortization of non-vested stock grants and performance-based awards.

During the nine months ended September 30, 2022, 5,250 options were exercised by directors of the Company at a weighted average exercise price of $32.95 per share. No stock options were exercised by employees or directors during the three months ended September 30, 2022 or the three and nine months ended September 30, 2021.

During the nine months ended September 30, 2022, the Company issued 31,442 shares of non-vested stock to employees and directors which vest over periods ranging from one to five years from the respective grant dates. The per-share fair market value on the date of grant of the non-vested stock issued during the nine months ended September 30, 2022 ranged from $113.74 to $149.73, resulting in an aggregate fair value of $3.9 million. During the three months ended September 30, 2022 and 2021, 3,869 and 563 shares of non-vested stock, respectively, vested. During the nine months ended September 30, 2022 and 2021, 29,665 and 29,913 shares of non-vested stock, respectively, vested.

During the nine months ended September 30, 2022, the Company granted performance-based awards that entitle recipients to earn up to 10,148 shares of Company stock if certain performance criteria are achieved over a three-year period. The Company estimated the aggregate fair value of the awards on the grant date to be $0.8 million.

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Cash and Restricted Cash

9 Months Ended

Sep. 30, 2022

Cash and Cash Equivalents [Abstract]

Cash and Restricted Cash

4. CASH AND RESTRICTED CASH

Restricted cash represents those amounts required to be placed in escrow by banks with whom the Company has mortgages and amounts required to be placed into escrow related to the Company’s tenant reinsurance program. Restricted cash is included in other assets in the consolidated balance sheets. The following table provides a reconciliation of cash and restricted cash reported within the consolidated statement of cash flows:

(Dollars in thousands)	September 30, 2022		December 31, 2021		September 30, 2021
Cash	$	22,498	$	171,865	$	136,157
Restricted cash		5,602		4,569		5,211
Total cash and restricted cash	$	28,100	$	176,434	$	141,368

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Investment in Storage Facilities and Intangible Assets

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

Investment in Storage Facilities and Intangible Assets

5. INVESTMENT IN STORAGE FACILITIES AND INTANGIBLE ASSETS

The following summarizes our activity in storage facilities during the nine months ended September 30, 2022:

(dollars in thousands)
Cost:
Beginning balance	$	7,090,457
Acquisition of wholly owned storage facilities		822,980
Consolidated joint venture self-storage facility acquisition		28,813
Improvements and equipment additions		48,281
Net increase in construction in progress		19,457
Dispositions		(8,145	)
Ending balance	$	8,001,843
Accumulated Depreciation:
Beginning balance	$	1,007,650
Additions during the period		127,134
Dispositions		(6,701	)
Ending balance	$	1,128,083

The Company acquired 43 self-storage facilities during the nine months ended September 30, 2022. The acquisitions of these facilities were accounted for as asset acquisitions. The costs of the facilities, including closing costs, were allocated to land, building, equipment and improvements, and in-place customer leases based upon their relative fair values. The operating results of the facilities acquired have been included in the Company's operations since the respective acquisition dates.

The purchase prices of the facilities acquired in 2022 have been assigned as follows:

(dollars in thousands)						Consideration paid									Acquisition Date Fair Value
States	Number of Properties		Date of Acquisition	Purchase Price		Cash Paid		Carrying Value of Noncontrolling Interest in Joint Venture		Value of Operating Partnership Units Issued		Net Other Liabilities (Assets) Assumed			Land		Building, Equipment, and Improvements		In-Place Customer Leases
CA		6	1/4/2022	$	165,225	$	165,160	$	-	$	-	$	65		$	20,321	$	143,243	$	1,661
GA, NC, SC		3	3/11/2022		48,586		48,446		-		-		140			3,926		44,300		360
IL, NC, TX		8	3/15/2022		116,048		115,410		-		-		638			12,292		102,439		1,317
MD		1	3/28/2022		21,651		21,646		-		-		5			1,640		19,856		155
NY		1	4/4/2022		35,802		5,557		30,186		-		59			10,287		25,280		235
FL		3	4/19/2022		52,343		52,060		-		-		283			7,894		43,814		635
GA		1	4/22/2022		16,403		16,390		-		-		13			1,333		14,903		167
MA		1	4/25/2022		20,083		20,087		-		-		(4	)		810		19,041		232
FL		1	5/10/2022		17,218		17,112		-		-		106			3,712		13,306		200
FL		1	5/12/2022		36,452		36,254		-		-		198			5,101		31,079		272
NY		2	5/17/2022		32,487		32,374		-		-		113			1,524		30,594		369
TX		1	5/17/2022		17,097		6,608		-		10,300		189			1,273		15,615		209
FL		1	5/31/2022		22,021		21,880		-		-		141			3,563		18,171		287
CA		1	6/21/2022		12,675		12,641		-		-		34			5,967		6,572		136
NC		1	7/6/2022		20,059		19,970		-		-		89			428		19,428		203
NV		1	8/12/2022		29,113		29,154		-		-		(41	)		2,354		26,512		247
NY		1	8/12/2022		29,000		24,130		4,915		-		(45	)		8,079		20,734		187
CA		1	8/23/2022		10,709		10,690		-		-		19			1,324		9,292		93
AZ		1	8/24/2022		30,550		30,388		-		-		162			3,959		26,255		336
MO		5	9/14/2022		93,103		91,820		-		-		1,283			8,212		83,702		1,189
MA		1	9/21/2022		16,650		16,618		-		-		32			640		15,819		191
FL		1	9/22/2022		17,363		17,233		-		-		130			1,830		15,369		164
Total acquired in 2022		43		$	860,638	$	811,628	$	35,101	$	10,300	$	3,609		$	106,469	$	745,324	$	8,845

The facility purchased in New York during April 2022 was acquired as a result of the Company's acquisition of the remaining 14.2% ownership interest in Life Storage 898 McDonald LLC ("McDonald"). Prior to this acquisition, McDonald was a joint venture between the Company and an otherwise unrelated third-party which had been accounted for by the Company using the equity method of accounting (see Note 10 for additional information on McDonald). The purchase price for this acquisition includes the carrying value of the Company's equity investment in McDonald of $30.2 million at the time of the acquisition.

During August 2022, the Company purchased a self-storage facility in New York from an unrelated joint venture partner for total consideration of $29.0 million, which includes $4.9 million related to the seller's retained interest in the joint venture. The Company owns 83% of this joint venture with the remaining 17% owned by the Company's joint venture partner. Based on the facts and circumstances of the joint venture, the Company determined that the facility should be consolidated in accordance with ASC 810, Consolidation. The assets and liabilities of the property are included in the Company's consolidated balance sheets. Additionally included in the Company's consolidated balance sheets is the joint venture partner's noncontrolling interest, which totals $4.9 million at September 30, 2022. The Company's net investment in the joint venture is $24.1 million at September 30, 2022.

Non-cash investing activities during the nine months ended September 30, 2022 include the Company's equity investment in McDonald at carrying value, the issuance of $10.3 million of common operating partnership units valued based on the average closing price of the Parent Company's common stock over the 15 consecutive trading days immediately preceding the closing date, the noncontrolling interest in the self-storage facility acquired in New York, and the assumption of net other liabilities totaling $3.6 million.

The Company measures the fair value of in-place customer lease intangible assets based on the Company’s experience with customer turnover and the cost to replace the in-place leases. The Company amortizes in-place customer leases on a straight-line basis over 12 months (the estimated future benefit period). The Company measures the value of trade names, which have an indefinite life and are not amortized, by calculating discounted cash flows utilizing the relief from royalty method.

In-place customer leases are included in other assets on the Company’s consolidated balance sheets as follows:

(Dollars in thousands)	September 30, 2022			December 31, 2021
In-place customer leases	$	116,631		$	107,786
Accumulated amortization		(109,887	)		(93,820	)
Net carrying value at the end of period	$	6,744		$	13,966

Amortization expense related to in-place customer leases was $5.0 million and $16.1 million for the three and nine months ended September 30, 2022, respectively, and $3.6 million and $8.4 million for the three and nine months ended September 30, 2021, respectively, and is included in depreciation and amortization expense in the consolidated statements of operations.

Change in Useful Life Estimates

As part of the Company’s capital improvement efforts, buildings at certain self-storage facilities have been identified for replacement. As a result of the decision to replace these buildings, the Company reassessed the estimated useful lives of the then existing buildings. This useful life reassessment resulted in a minimal change in depreciation expense during the three months ended September 30, 2022 and 2021 and an increase in depreciation expense of approximately $0.2 million and $2.5 million during the nine months ended September 30, 2022 and 2021, respectively. The Company estimates that due to buildings recently identified for replacement, the change in estimated useful lives of buildings identified for replacement as of September 30, 2022 will have a minimal impact on depreciation expense during the remainder of 2022.

The accelerated depreciation resulting from the events discussed above had minimal impact on earnings per share/unit for the three and nine months ended September 30, 2022 and reduced both basic and diluted earnings per share/unit by approximately $0.03 for the nine months ended September 30, 2021.

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Unsecured Line of Credit and Term Notes

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Unsecured Line of Credit and Term Notes

6. UNSECURED LINE OF CREDIT AND TERM NOTES

Borrowings outstanding on our unsecured line of credit and term notes are as follows:

(Dollars in thousands)	September 30, 2022			December 31, 2021
Revolving line of credit borrowings	$	456,000		$	—
Term note due April 8, 2024	$	175,000		$	175,000
Senior term note due July 1, 2026		600,000			600,000
Senior term note due December 15, 2027		450,000			450,000
Term note due July 21, 2028		200,000			200,000
Senior term note due June 15, 2029		350,000			350,000
Senior term note due October 15, 2030		400,000			400,000
Senior term note due October 15, 2031		600,000			600,000
Total term note principal balance outstanding		2,775,000			2,775,000
Less: unamortized debt issuance costs		(14,266	)		(16,008	)
Less: unamortized senior term note discount		(10,051	)		(11,154	)
Term notes payable	$	2,750,683		$	2,747,838

Until July 13, 2022, the Company had maintained an unsecured amended credit agreement including a revolving credit facility with a limit of $500 million and a maturity date of March 10, 2023. Such credit agreement provided for interest on the revolving credit facility at a variable annual rate equal to LIBOR plus a margin based on the Company’s credit rating and required an annual facility fee on the revolving credit facility which varied based upon the Company’s credit rating (at December 31, 2021 the facility fee was 0.15%). The interest rate on the Company’s revolving credit facility at December 31, 2021 was approximately 1.05%.

On July 13, 2022, the Company entered into an amended and restated credit facility which replaced the credit facility discussed above. Under the amended credit facility, the Company's revolving credit facility increased to $1.25 billion and the maturity date of such facility was extended to January 13, 2027. The new revolving credit facility bears interest at a variable annual rate equal to Term SOFR plus a 0.10% SOFR adjustment plus a margin based on the Company's credit rating (at September 30, 2022, the margin is 0.775%) and requires an annual facility fee which varies based on the Company's credit rating (at September 30, 2022, the facility fee is 0.15%). At September 30, 2022, there was $793.9 million available on the unsecured line of credit. The interest rate on the Company’s line of credit at September 30, 2022 was approximately 3.94%. The Company has the option under the new credit facility to increase the total aggregate borrowing capacity to $2.0 billion.

On October 7, 2021, the Operating Partnership issued $600 million in aggregate principal amount of 2.400% unsecured senior notes due October 15, 2031 (the "2031 Senior Notes"). The 2031 Senior Notes were issued at 0.917% discount to par value. Interest on the

2031 Senior Notes is payable semi-annually in arrears on each April 15 and October 15. Proceeds received upon issuance, net of discount to par of $5.5 million, and underwriting discount and other offering expenses of $5.1 million, totaled $589.4 million.

On September 23, 2020, the Operating Partnership issued $400 million in aggregate principal amount of 2.200% unsecured senior notes due October 15, 2030 (the “2030 Senior Notes”). The 2030 Senior Notes were issued at 0.476% discount to par value. Interest on the 2030 Senior Notes is payable semi-annually in arrears on each April 15 and October 15. Proceeds received upon issuance, net of discount to par of $1.9 million and underwriting and other offering expenses of $3.5 million, totaled $394.6 million.

On June 3, 2019, the Operating Partnership issued $350 million in aggregate principal amount of 4.000% unsecured senior notes due June 15, 2029 (the “2029 Senior Notes”). The 2029 Senior Notes were issued at a 0.524% discount to par value. Interest on the 2029 Senior Notes is payable semi-annually in arrears on each June 15 and December 15. Proceeds received upon issuance, net of discount to par of $1.8 million and underwriting discount and other offering expenses of $3.1 million, totaled $345.1 million.

On December 7, 2017, the Operating Partnership issued $450 million in aggregate principal amount of 3.875% unsecured senior notes due December 15, 2027 (the “2027 Senior Notes”). The 2027 Senior Notes were issued at a 0.477% discount to par value. Interest on the 2027 Senior Notes is payable semi-annually in arrears on each June 15 and December 15. Proceeds received upon issuance, net of discount to par of $2.1 million and underwriting discount and other offering expenses of $4.0 million, totaled $443.9 million.

On June 20, 2016, the Operating Partnership issued $600 million in aggregate principal amount of 3.50% unsecured senior notes due July 1, 2026 (the “2026 Senior Notes”). The 2026 Senior Notes were issued at a 0.553% discount to par value. Interest on the 2026 Senior Notes is payable semi-annually in arrears on each January 1 and July 1. Proceeds received upon issuance, net of discount to par of $3.3 million and underwriting discount and other offering expenses of $5.5 million, totaled $591.2 million.

The 2031 Senior Notes, the 2030 Senior Notes, the 2029 Senior Notes, the 2027 Senior Notes and the 2026 Senior Notes (collectively the "Senior Notes") are all fully and unconditionally guaranteed by the Parent Company. The indenture under which the Senior Notes were issued restricts the ability of the Company and its subsidiaries to incur debt unless the Company and its consolidated subsidiaries comply with a leverage ratio not to exceed 60% and an interest coverage ratio of more than 1.5:1 on all outstanding debt, after giving effect to the incurrence of the debt. The indenture also restricts the ability of the Company and its subsidiaries to incur secured debt unless the Company and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40% after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150% of the unsecured indebtedness of the Company and its consolidated subsidiaries. At September 30, 2022, the Company was in compliance with such covenants.

On July 21, 2016, the Company entered into a $200 million term note maturing July 21, 2028 bearing interest at a fixed rate of 3.67%.

On April 8, 2014, the Company entered into a $175 million term note maturing April 8, 2024 bearing interest at a fixed rate of 4.533%. The interest rate on the term note increases to 6.283% if the Company is not rated by at least one rating agency or if the Company’s credit rating is downgraded.

The line of credit and term notes require the Company to meet certain financial covenants, measured on a quarterly basis, including prescribed leverage, fixed charge coverage, minimum net worth, limitations on additional indebtedness and limitations on dividend payouts. At September 30, 2022, the Company was in compliance with such covenants.

We believe that if operating results remain consistent with historical levels and levels of other debt and liabilities remain consistent with amounts outstanding at September 30, 2022, the entire availability on the line of credit could be drawn without violating our debt covenants.

The Company’s fixed rate term notes contain a provision that allows for the noteholders to call the debt upon a change of control of the Company at an amount that includes a make whole premium based on rates in effect on the date of the change of control.

Deferred debt issuance costs and the discount on the outstanding term notes are both presented as reductions of term notes in the accompanying consolidated balance sheets at September 30, 2022 and December 31, 2021. Amortization expense related to deferred debt issuance costs was $0.6 million for both of the three months ended September 30, 2022 and 2021 and $1.7 million and $1.8 million for the nine months ended September 30, 2022 and 2021, respectively, and is included in interest expense in the consolidated statements of operations.

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Mortgages Payable and Debt Maturities

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Mortgages Payable and Debt Maturities

7. MORTGAGES PAYABLE AND DEBT MATURITIES

Mortgages payable at September 30, 2022 and December 31, 2021 consist of the following:

(dollars in thousands)	September 30, 2022		December 31, 2021
4.065% mortgage note due April 1, 2023, secured by one self-    storage facility with an aggregate net book value of $7.0    million, principal and interest paid monthly    (effective interest rate 4.33%)	$	3,648	$	3,728
5.26% mortgage note due November 1, 2023, secured by one    self-storage facility with an aggregate net book value of $7.5    million, principal and interest paid monthly    (effective interest rate 5.60%)		3,588		3,650
4.4625% mortgage notes due December 6, 2024, secured by    three self-storage facilities with an aggregate net book value    of $53.6 million, principal and interest paid monthly    (effective interest rate 3.24%)		22,233		22,427
4.44% mortgage note due July 6, 2025, secured by one    self-storage facility with an aggregate net book value of    $13.2 million, principal and interest paid monthly    (effective interest rate 4.51%)		6,138		6,228
5.99% mortgage note due May 1, 2026, secured by one self-    storage facility with an aggregate net book value of $6.2    million, principal and interest paid monthly    (effective interest rate 6.56%)		847		997
Total mortgages payable	$	36,454	$	37,030

The table below summarizes the Company’s debt obligations at September 30, 2022. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate term notes and mortgage notes were estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. These assumptions are considered Level 2 inputs within the fair value hierarchy as described in Note 9. The carrying values of our variable rate debt instruments approximate their fair values as these debt instruments bear interest at current market rates that approximate market participant rates. This is considered a Level 2 input within the fair value hierarchy. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company would realize in a current market exchange.

			Expected Maturity Date Including Discount
(dollars in thousands)	2022		2023		2024		2025		2026		Thereafter		Total		Fair Value
Line of credit - variable rate    SOFR + 0.775% (3.94% at   September 30, 2022)	$	—	$	—	$	—	$	—	$	—	$	456,000	$	456,000	$	456,000
Notes Payable:
Term note - fixed rate 4.533%		—		—		175,000		—		—		—		175,000		170,325
Term note - fixed rate 3.50%		—		—		—		—		600,000		—		600,000		551,359
Term note - fixed rate 3.875%		—		—		—		—		—		450,000		450,000		408,515
Term note - fixed rate 3.67%		—		—		—		—		—		200,000		200,000		176,252
Term note - fixed rate 4.00%		—		—		—		—		—		350,000		350,000		309,177
Term note - fixed rate 2.20%		—		—		—		—		—		400,000		400,000		298,381
Term note - fixed rate 2.40%		—		—		—		—		—		600,000		600,000		437,083
Mortgage note - fixed rate 4.065%		28		3,620		—		—		—		—		3,648		3,597
Mortgage note - fixed rate 5.26%		21		3,567		—		—		—		—		3,588		3,538
Mortgage notes - fixed rate 4.4625%		—		—		22,233		—		—		—		22,233		20,678
Mortgage note - fixed rate 4.44%		31		126		131		5,850		—		—		6,138		5,745
Mortgage note - fixed rate 5.99%		53		216		229		243		106		—		847		839
Total	$	133	$	7,529	$	197,593	$	6,093	$	600,106	$	2,456,000	$	3,267,454

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Derivative Financial Instruments

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

8. DERIVATIVE FINANCIAL INSTRUMENTS

In 2015 and 2016, the Company entered into forward starting interest rate swap agreements to hedge the risk of changes in the interest-related cash flows associated with the potential issuance of fixed rate long-term debt. In conjunction with the issuance of the 2026 Senior Notes (see Note 6), the Company terminated these hedges and settled the forward starting swap agreements for

approximately $9.2 million. The $9.2 million has been deferred in Accumulated Other Comprehensive Loss (“AOCL”) and is being amortized as additional interest expense over the ten-year term of the 2026 Senior Notes or until such time as interest payments on the 2026 Senior Notes are no longer probable. Such amortization is included in amortization of debt issuance costs and bond discount in the consolidated statements of cash flows.

The changes in AOCL for the three and nine months ended September 30, 2022 and 2021 are summarized as follows:

(dollars in thousands)	Three Months Ended September 30, 2022			Three Months Ended September 30, 2021			Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
Accumulated other comprehensive loss beginning    of period	$	(3,666	)	$	(4,583	)	$	(4,124	)	$	(5,041	)
Realized loss reclassified from accumulated other    comprehensive loss to interest expense		229			229			687			687
Accumulated other comprehensive loss end of period	$	(3,437	)	$	(4,354	)	$	(3,437	)	$	(4,354	)

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Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

9. FAIR VALUE MEASUREMENTS

The Company applies the provisions of ASC Topic 820 “Fair Value Measurements and Disclosures” in determining the fair value of its financial and nonfinancial assets and liabilities. ASC Topic 820 establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

Refer to Note 7 for presentation of the fair values of debt obligations which are disclosed at fair value on a recurring basis.

There are no assets or liabilities carried at fair value measured on a recurring basis on the consolidated balance sheets as of September 30, 2022 and December 31, 2021.

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Investment in Joint Ventures

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investment in Joint Ventures

10. INVESTMENT IN JOINT VENTURES

A summary of the Company’s unconsolidated joint ventures is as follows:

Venture	Number of Properties at September 30, 2022	Company common ownership interest at September 30, 2022	Carrying value of investment at September 30, 2022	Carrying value of investment at December 31, 2021
Sovran HHF Storage Holdings LLC (“Sovran HHF”)1	37	20%	$63.8 million	$58.7 million
Sovran HHF Storage Holdings II LLC (“Sovran HHF II”)2	22	15%	($2.5   million)	($2.4   million)
Life Storage-HIERS Storage LLC (“HIERS”)	17	20%	$13.6 million	$13.9 million
191 V Life Storage Holdings LLC ("191 V")3	17	20%	$27.8 million	$27.4 million
GII Life Storage Holdings LLC (“GII”)4	13	35%	$49.0 million	$51.5 million
Life Storage HHF Wasatch Holdings LLC ("Wasatch")5	15	20%	$51.2 million	—
Iskalo Office Holdings, LLC (“Iskalo”)6	N/A	49%	($2.3   million)	($2.4   million)
Life Storage Spacemax, LLC ("Spacemax")	6	40%	$13.9 million	$14.5 million
Life Storage 898 McDonald, LLC ("McDonald")7	—	0%	—	$30.0  million
Life Storage ArrowMark Venture LLC ("ArrowMark Venture")8	N/A	50%	$4.6   million	$1.5   million
Joint ventures with properties in development stage9	6	Various	$18.8   million	$4.7   million
Other unconsolidated joint ventures (11 joint ventures)10	10	Various	$12.0   million	$10.8   million

1 As of September 30, 2022, the carrying value of the Company’s investment in Sovran HHF exceeds its share of the underlying equity in net assets of Sovran HHF by approximately $1.7 million as a result of the capitalization of certain acquisition related costs in 2008. This difference is included in the carrying value of the investment. In June 2022, Sovran HHF acquired one additional self-storage facility for cash consideration of $31.7 million. The Company made an additional contribution of $6.7 million as the Company's share of this transaction.

2 In September 2020, the Company acquired eight self-storage facilities and related assets from Sovran HHF II for total consideration of $120.2 million, which is net of the Company’s share of Sovran HHF II’s gain resulting from the transaction. In connection with this transaction, $35.8 million of non-recourse loans related to these properties were settled in April 2021. Also in connection with this transaction, the Company made a $12.7 million contribution to Sovran HHF II. On April 1, 2021, Sovran HHF II paid off $69.1 million in existing nonrecourse mortgage debt and entered into $110 million of new nonrecourse mortgage debt which matures in 2029. As a result of the net proceeds from these transactions, the Company received a distribution of $31.6 million from Sovran HHF II on April 1, 2021.

3 In May 2021, the Company executed a joint venture agreement, 191 V Life Storage Holdings LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. In June 2021, 191 V acquired 17 self-storage facilities for a total of $320 million, at which time 191 V entered into $184 million of nonrecourse mortgage debt which matures in 2026. During 2021, the Company contributed $28.7 million to 191 V as the Company's share of the initial capital investment in the joint venture.

4	In November 2021, the Company executed a joint venture agreement, GII Life Storage Holdings LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. In December 2021, GII acquired 13 self-storage facilities for a total of $290.6 million, at which time GII entered into $145.3 million of nonrecourse mortgage debt which matures in 2029. During 2021, the Company contributed $52.0 million to GII as the Company's share of the initial capital investment in the joint venture.
5	In July 2022, the Company executed a joint venture agreement, Life Storage HHF Wasatch Holdings LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. In September 2022, Wasatch acquired 15 self-storage facilities for a total contractual purchase price of $262.0 million. During 2022, the Company contributed $51.5 million to Wasatch as the Company's share of the initial capital investment in the joint venture. At September 30, 2022, the joint venture was under contract to acquire one additional self-storage facility for an aggregate purchase price of $22.5 million.
6	Iskalo owns the building that houses the Company’s headquarters. The Company paid rent to Iskalo of $1.2 million and $1.1 million during the nine months ended September 30, 2022 and September 30, 2021, respectively.
7	In September 2021, the Company made an additional investment of $27.3 million in McDonald which increased the Company's ownership interest in McDonald from 5% to 86%. In April 2022, the Company purchased the remaining equity interest in McDonald for total consideration of $5.2 million. The allocated purchase price of McDonald also includes the carrying value of the Company's investment in McDonald at the date of acquisition, which totaled $30.2 million.
8	In October 2021, the Company executed a joint venture agreement, Life Storage ArrowMark Venture LLC, with the purpose of arranging and originating mortgage loans to owners of self-storage facilities throughout the United States. During 2021 and 2022, the Company contributed $1.6 million and $2.8 million, respectively, to ArrowMark Venture as the Company's share of the funding of two mortgage loans to third-parties in 2021 and one mortgage loan to a third-party in 2022.
9	The Company has entered into six separate joint ventures, one of which is developing a self-storage facility in Ontario, Canada, four of which are developing self-storage facilities in the New York City market, and one of which is developing a self-storage facility in the Tampa, FL, market. The Company has contributed an aggregate total of $18.8 million as its share of capital to these joint ventures.
10	Included in other unconsolidated joint ventures is LS HF8 COMREF Holdings LLC ("HF8"). During August 2022, the Company executed the HF8 joint venture agreement with an unrelated third party for the purpose of acquiring self-storage facilities and contributed $1.2 million as the Company's share of the initial capital investment in the joint venture during the three months ended September 30, 2022. At September 30, 2022, the joint venture was under contract to acquire three self-storage facilities for an aggregate purchase price of $59.0 million. The acquisition of these facilities was completed during October 2022.

In addition to the joint venture activity in the preceding table, Life-Storage-SERS Storage LLC ("SERS") owned three self-storage facilities which the Company acquired in September 2021 for total consideration of $51.7 million, which is net of the Company's share of SERS's gain resulting from the transaction. In connection with this transaction, all non-recourse loans held by SERS were settled. As SERS no longer operates any self-storage facilities, the Company received a distribution of $2.8 million in September 2021 as the Company's return of its remaining investment in SERS. SERS is expected to be dissolved in 2022.

Based on the facts and circumstances of each of the Company’s joint ventures, the Company has determined that one of the joint ventures at September 30, 2022 is a variable interest entity (“VIE”) in accordance with ASC 810, “Consolidation.” The Company has consolidated that joint venture as it was determined that the Company has substantive participation rights over the activities as stipulated in the joint venture agreement and is the primary beneficiary of the joint venture (see Note 5). The Company used the voting model under ASC 810 to determine whether or not to consolidate the remaining joint ventures. Based upon each member’s substantive participation rights over the activities as stipulated in the joint venture agreements, none of the joint ventures evaluated under the voting model are consolidated by the Company. Due to the Company’s significant influence over the operations of each of these joint ventures, all above joint ventures are accounted for under the equity method of accounting.

The carrying values of the Company’s investments in joint ventures are assessed for other-than-temporary impairment on a periodic basis and no such impairments have been recorded on any of the Company’s investments in joint ventures.

As property manager of the self-storage facilities owned by each of the operational joint ventures, the Company earns management and/or call center fees based on a percentage of joint venture gross revenues. These fees earned from joint ventures, which are included in other operating income in the consolidated statements of operations, totaled $2.8 million and $2.3 million for the three months ended September 30, 2022 and 2021, respectively, and $7.9 million and $5.9 million for the nine months ended September 30, 2022 and 2021.

The Company’s share of the unconsolidated joint ventures’ income is as follows:

(dollars in thousands) Venture	Three Months Ended September 30, 2022		Three Months Ended September 30, 2021			Nine Months Ended September 30, 2022		Nine Months Ended September 30, 2021
Sovran HHF	$	1,088	$	846		$	3,092	$	2,247
Sovran HHF II		583		435			1,595		1,157
191 V		708		(240	)		1,479		(229	)
Other unconsolidated joint ventures		420		436			666		951
	$	2,799	$	1,477		$	6,832	$	4,126

The Company does not guarantee the debt of any of its equity method investees.

We do not expect to have material future cash outlays relating to these joint ventures outside our share of capital required for future acquisitions of properties, our share of capital for the origination of nonrecourse loans by ArrowMark Venture, our share of capital required for the development of properties under construction, and our share of the payoff of secured debt held by these joint ventures.

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Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

11. INCOME TAXES

The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and will generally not be subject to corporate income taxes to the extent it distributes its taxable income to its shareholders and complies with certain other requirements.

The Company has elected to treat certain of its subsidiaries as taxable REIT subsidiaries. In general, the Company’s taxable REIT subsidiaries may perform additional services for tenants and generally may engage in certain real estate or non-real estate related business. A taxable REIT subsidiary is subject to corporate federal and state income taxes. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities.

The Company recorded federal and state income tax expense of $1.7 million and $3.6 million for the three and nine months ended September 30, 2022, respectively. Of these amounts, $0.9 million and $1.6 million are included in gain on sale of non-real estate assets for the three and nine months ended September 30, 2022, respectively, while the remainder is included in general and administrative expenses in the consolidated statements of operations. The Company recorded federal and state income tax expense of $0.7 million and $1.9 million for the three and nine months ended September 30, 2021, respectively. These amounts are included in general and administrative expenses in the consolidated statements of operations. At September 30, 2022 and 2021, there were no material unrecognized tax benefits, and the Company had no interest or penalties relating to uncertain tax positions during the periods then ended. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. Income taxes payable by the Company and the net deferred tax liabilities of our taxable REIT subsidiaries are classified within accounts payable and accrued liabilities in the consolidated balance sheets, while prepaid income taxes are classified within prepaid expenses. As of September 30, 2022, the Company’s taxable REIT subsidiaries have deferred tax assets totaling $0.5 million and a deferred tax liability of $1.9 million. As of December 31, 2021, the Company’s taxable REIT subsidiaries had deferred tax assets of $0.4 million and a deferred tax liability of $1.8 million. The tax years 2018-2021 remain open to examination by the major taxing jurisdictions to which the Company is subject.

The Tax Cuts and Jobs Act (the “TCJA”) was enacted on December 20, 2017. The TCJA significantly changed the U.S. federal income tax laws applicable to businesses and their owners, including REITs and their shareholders. Under the TCJA, the corporate income tax rate is reduced from a maximum rate of 35% to a flat 21% rate. The reduced corporate income tax rate, which is effective for taxable years beginning after December 31, 2017, applies to income earned by our taxable REIT subsidiaries.

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Earnings Per Share and Earnings Per Unit

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share and Earnings Per Unit

12. EARNINGS PER SHARE AND EARNINGS PER UNIT

The Company reports earnings per share and earnings per unit data in accordance ASC Topic 260, “Earnings Per Share.” Under ASC Topic 260-10, unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and shall be included in the computation of earnings-per-share pursuant to the two-class method. The Parent Company and the Operating Partnership have calculated their basic and diluted earnings per share/unit using the two-class method.

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method.

(in thousands except per share data)	Three Months Ended September 30, 2022			Three Months Ended September 30, 2021			Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
Numerator:
Net income attributable to common shareholders	$	98,505		$	70,274		$	264,344		$	175,172
Net income attributable to unvested restricted shares		(172	)		(119	)		(151	)		(78	)
Net income attributable to outstanding common shares	$	98,333		$	70,155		$	264,193		$	175,094
Effect of Dilutive Securities:
Net income attributable to preferred units		999			—			999			—
Numerator for diluted earnings per share	$	99,332		$	70,155		$	265,192		$	175,094
Denominator:
Denominator for basic earnings per share – weighted    average shares		84,473			78,961			84,129			77,135
Effect of Dilutive Securities:
Stock options and non-vested stock		924			219			425			168
Denominator for diluted earnings per share – adjusted    weighted average shares and assumed conversion		85,397			79,180			84,554			77,303
Basic earnings per common share attributable to    common shareholders	$	1.16		$	0.89		$	3.14		$	2.27
Diluted earnings per common share attributable to    common shareholders	$	1.16		$	0.89		$	3.14		$	2.27

Earnings Per Unit

The following table sets forth the computation of basic and diluted earnings per common unit utilizing the two-class method.

(in thousands except per unit data)	Three Months Ended September 30, 2022			Three Months Ended September 30, 2021			Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
Numerator:
Net income attributable to common unitholders	$	98,505		$	70,274		$	264,344		$	175,172
Net income attributable to unvested restricted units		(172	)		(119	)		(151	)		(78	)
Net income attributable to outstanding common units	$	98,333		$	70,155		$	264,193		$	175,094
Effect of Dilutive Securities:
Net income attributable to preferred units		999			—			999			—
Numerator for diluted earnings per unit	$	99,332		$	70,155		$	265,192		$	175,094
Denominator:
Denominator for basic earnings per unit – weighted    average units		84,473			78,961			84,129			77,135
Effect of Dilutive Securities:
Stock options and non-vested stock		924			219			425			168
Denominator for diluted earnings per unit – adjusted    weighted average units and assumed conversion		85,397			79,180			84,554			77,303
Basic earnings per common unit attributable to    common unitholders	$	1.16		$	0.89		$	3.14		$	2.27
Diluted earnings per common unit attributable to    common unitholders	$	1.16		$	0.89		$	3.14		$	2.27

Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 126,980 unvested restricted shares for the three months ended September 30, 2022, and 111,260 unvested restricted shares for the three months ended September 30, 2021, because their effect would be antidilutive. Additionally, the effect of 3,523,113 preferred noncontrolling redeemable Operating Partnership Units are included in the effect of dilutive securities above for both earnings per share and earnings

per unit for the three and nine months ended September 30, 2022 as if they were converted beginning at July 1, 2022 as such Units became redeemable during September 2022.

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Shareholders' Equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Shareholders' Equity

13. SHAREHOLDERS’ EQUITY

The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the nine months ended September 30, 2022:

(dollars in thousands)	Common Stock		Additional Paid-in Capital			Dividends in Excess of Net Income			Accumulated Other Comprehensive Income (Loss)			Total Shareholders’ Equity
Balance December 31, 2021	$	836	$	3,697,000		$	(314,713	)	$	(4,124	)	$	3,378,999
Net proceeds from issuance of common stock		7		92,764			—			—			92,771
Exercise of stock options		—		173			—			—			173
Earned portion of non-vested stock		—		1,661			—			—			1,661
Adjustment to redemption value on    noncontrolling redeemable Operating    Partnership units		—		—			10,924			—			10,924
Net income attributable to common    shareholders		—		—			73,575			—			73,575
Amortization of terminated hedge included in    AOCL		—		—			—			229			229
Dividends		—		—			(83,637	)		—			(83,637	)
Balance March 31, 2022	$	843	$	3,791,598		$	(313,851	)	$	(3,895	)	$	3,474,695
Net proceeds from issuance of common stock		1		7,864			—			—			7,865
Earned portion of non-vested stock		—		1,743			—			—			1,743
Carrying value less than redemption value on    redeemed noncontrolling interest		—		(2	)		—			—			(2	)
Adjustment to redemption value on    noncontrolling redeemable Operating    Partnership units		—		—			27,930			—			27,930
Net income attributable to common   shareholders		—		—			92,264			—			92,264
Amortization of terminated hedge included in    AOCL		—		—			—			229			229
Dividends		—		—			(84,363	)		—			(84,363	)
Balance June 30, 2022	$	844	$	3,801,203		$	(278,020	)	$	(3,666	)	$	3,520,361
Net proceeds from issuance of common stock		6		80,213			—			—			80,219
Earned portion of non-vested stock		—		1,822			—			—			1,822
Carrying value less than redemption value on    redeemed noncontrolling interest		—		(191	)		—			—			(191	)
Adjustment to redemption value on    noncontrolling redeemable Operating    Partnership units		—		—			(1,958	)		—			(1,958	)
Net income attributable to common   shareholders		—		—			98,505			—			98,505
Amortization of terminated hedge included in    AOCL		—		—			—			229			229
Dividends		—		—			(91,135	)		—			(91,135	)
Balance September 30, 2022	$	850	$	3,883,047		$	(272,608	)	$	(3,437	)	$	3,607,852

The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the nine months ended September 30, 2021:

(dollars in thousands)	Common Stock		Additional Paid-in Capital			Dividends in Excess of Net Income			Accumulated Other Comprehensive Income (Loss)			Total Shareholders’ Equity
Balance December 31, 2020	$	495	$	2,671,311		$	(288,667	)	$	(5,041	)	$	2,378,098
Net proceeds from issuance of common stock		18		180,511			—			—			180,529
Earned portion of non-vested stock		—		1,453			—			—			1,453
Stock dividend		252		(252	)		—			—			—
Carrying value less than redemption value on     redeemed noncontrolling interest		—		(4	)		—			—			(4	)
Adjustment to redemption value on    noncontrolling redeemable Operating    Partnership units		—		—			(2,358	)		—			(2,358	)
Net income attributable to common shareholders		—		—			47,383			—			47,383
Amortization of terminated hedge included in    AOCL		—		—			—			229			229
Dividends		—		—			(55,840	)		—			(55,840	)
Balance March 31, 2021	$	765	$	2,853,019		$	(299,482	)	$	(4,812	)	$	2,549,490
Net proceeds from issuance of common stock		16		148,309			—			—			148,325
Earned portion of non-vested stock		—		1,467			—			—			1,467
Carrying value less than redemption value on     redeemed noncontrolling interest		—		(13	)		—			—			(13	)
Adjustment to redemption value on    noncontrolling redeemable Operating    Partnership units		—		—			(7,142	)		—			(7,142	)
Net income attributable to common shareholders		—		—			57,516			—			57,516
Amortization of terminated hedge included in    AOCL		—		—			—			229			229
Dividends		—		—			(56,873	)		—			(56,873	)
Balance June 30, 2021	$	781	$	3,002,782		$	(305,981	)	$	(4,583	)	$	2,692,999
Net proceeds from issuance of common stock		39		478,292			—			—			478,331
Earned portion of non-vested stock		—		1,683			—			—			1,683
Carrying value less than redemption value on    redeemed noncontrolling interest		—		(15	)		—			—			(15	)
Adjustment to redemption value on    noncontrolling redeemable Operating    Partnership units		—		—			(3,570	)		—			(3,570	)
Net income attributable to common shareholders		—		—			70,274			—			70,274
Amortization of terminated hedge included in    AOCL		—		—			—			229			229
Dividends		—		—			(57,953	)		—			(57,953	)
Balance September 30, 2021	$	820	$	3,482,742		$	(297,230	)	$	(4,354	)	$	3,181,978

On December 29, 2020, the Company entered into a continuous equity offering program (“2020 Equity Program”) with multiple sales agents, pursuant to which the Company was permitted to sell up to $500 million in aggregate offering price of shares of the Company’s common stock. The 2020 Equity Program was replaced on June 15, 2021 when the Company entered into a new continuous equity offering program ("2021 Equity Program") with multiple sales agents pursuant to which the Company is permitted to sell up to $500 million in aggregate offering price of shares of the Company's stock. The 2021 Equity Program was replaced on August 11, 2022 when the Company entered into a new continuous equity offering program ("2022 Equity Program") with multiple sales agents pursuant to which the Company is permitted to sell up to $1 billion in aggregate offering price of shares of the Company's stock. Actual sales under this continuous equity offering program will depend on a variety of factors and conditions, including, but not limited to, market conditions, the trading price of the Company’s common stock, and determinations of the appropriate sources of funding for the Company. The Company expects to offer, sell and issue shares of common stock under this equity program from time to time based on various factors and conditions, although the Company is under no obligation to sell any shares under this equity program. The 2020 Equity Program, 2021 Equity Program, and 2022 Equity Program are referred to collectively as the "Equity Programs."

During the nine months ended September 30, 2022, the Company issued 1,352,833 shares of common stock under the Equity Programs at a weighted average issue price of $135.22 per share, generating net proceeds of $181.1 million after deducting $1.8 million of sales commissions paid to the sales agents (all other related expenses were minor during the period). The Company used such proceeds primarily to fund a portion of the 43 storage facilities acquired during the nine months ended September 30, 2022.

During the nine months ended September 30, 2021, the Company issued 4,838,200 shares of common stock under the Equity Programs at a weighted average issue price of $95.80 per share, generating net proceeds of $458.2 million after deducting $4.6 million of sales commissions paid to the sales agents, as well as other expenses of $0.7 million. The Company used such proceeds to fund a portion of the 62 storage facilities acquired during the nine months ended September 30, 2021.

On August 2, 2017, the Company’s Board of Directors authorized the repurchase of up to $200 million of the Company’s outstanding common shares (“Buyback Program”). The Buyback Program allows the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market, through privately negotiated transactions, or through other methods of acquiring shares. The Buyback Program may be suspended or discontinued at any time. The Company did not repurchase any outstanding common shares under the Buyback Program during the nine months ended September 30, 2022 or during the nine months ended September 30, 2021.

In 2013, the Company implemented a Dividend Reinvestment Plan which was suspended by the Company’s Board of Directors in 2017. As a result, the Company did not issue any shares under the Dividend Reinvestment Plan during the nine months ended September 30, 2022 and 2021.

On January 4, 2021, the Company announced a three-for-two stock split of the Company’s common stock, to be made in the form of a 50% stock dividend. Shareholders of record at the close of business on January 15, 2021 received one additional share of Company stock for every two shares owned. These additional shares were distributed on January 27, 2021, with cash distributed in lieu of fractional shares based on the closing price on the record date.

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Partners' Capital

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Partners' Capital

14. PARTNERS’ CAPITAL

The following is a reconciliation of the changes in total partners’ capital for the nine months ended September 30, 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
Net proceeds from issuance of Operating Partnership    Units		80			7,785			—			7,865
Earned portion of non-vested stock		17			1,726			—			1,743
Issuance of common Operating Partnership Units		103			(103	)		—			—
Carrying value less than redemption value on redeemed    noncontrolling interest		(2	)		—			—			(2	)
Adjustment to redemption value on noncontrolling    redeemable Operating Partnership Units		—			27,930			—			27,930
Net income attributable to common unitholders		944			91,320			—			92,264
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(853	)		(83,510	)		—			(84,363	)
Balance June 30, 2022	$	37,277		$	3,486,750		$	(3,666	)	$	3,520,361
Net proceeds from issuance of Operating Partnership Units		802			79,417			—			80,219
Earned portion of non-vested stock		18			1,804			—			1,822
Issuance of common Operating Partnership Units		17			(17	)		—			—
Carrying value less than redemption value on redeemed    noncontrolling interest		(19	)		(172	)		—			(191	)
Adjustment to redemption value on noncontrolling    redeemable Operating Partnership Units		—			(1,958	)		—			(1,958	)
Net income attributable to common unitholders		1,011			97,494			—			98,505
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(923	)		(90,212	)		—			(91,135	)
Balance September 30, 2022	$	38,185		$	3,573,104		$	(3,437	)	$	3,607,852

The following is a reconciliation of the changes in total partners’ capital for the nine months ended September 30, 2021:

(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, 2020	$	24,045		$	2,359,094		$	(5,041	)	$	2,378,098
Net proceeds from issuance of Operating Partnership    Units		1,807			178,722			—			180,529
Earned portion of non-vested stock		14			1,439			—			1,453
Carrying value less than redemption value on redeemed     noncontrolling interest		(1	)		(3	)		—			(4	)
Adjustment to redemption value on noncontrolling    redeemable Operating Partnership Units		—			(2,358	)		—			(2,358	)
Net income attributable to common unitholders		476			46,907			—			47,383
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(561	)		(55,279	)		—			(55,840	)
Balance March 31, 2021	$	25,782		$	2,528,520		$	(4,812	)	$	2,549,490
Net proceeds from issuance of Operating Partnership    Units		1,483			146,842			—			148,325
Earned portion of non-vested stock		15			1,452			—			1,467
Carrying value less than redemption value on redeemed     noncontrolling interest		(1	)		(12	)		—			(13	)
Adjustment to redemption value on noncontrolling    redeemable Operating Partnership Units		—			(7,142	)		—			(7,142	)
Net income attributable to common unitholders		578			56,938			—			57,516
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(572	)		(56,301	)		—			(56,873	)
Balance June 30, 2021	$	27,287		$	2,670,295		$	(4,583	)	$	2,692,999
Net proceeds from issuance of Operating Partnership Units		4,783			473,548			—			478,331
Earned portion of non-vested stock		17			1,666			—			1,683
Issuance of common Operating Partnership Units		15			(15	)		—			—
Issuance of preferred Operating Partnership Units		898			(898	)		—			—
Carrying value less than redemption value on redeemed     noncontrolling interest		(1	)		(14	)		—			(15	)
Adjustment to redemption value on noncontrolling    redeemable Operating Partnership Units		—			(3,570	)		—			(3,570	)
Net income attributable to common unitholders		711			69,563			—			70,274
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(582	)		(57,371	)		—			(57,953	)
Balance September 30, 2021	$	33,130		$	3,153,202		$	(4,354	)	$	3,181,978

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Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2022

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

15. RECENT ACCOUNTING PRONOUNCEMENTS

In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40: Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which reduced the number of accounting models for convertible debt instruments and convertible preferred stock, thus simplifying the accounting for convertible instruments. ASU 2020-06 is effective for annual periods beginning after December 31, 2021, and interim periods within those annual periods, and is therefore effective for the Company as of January 1, 2022. Management has evaluated the impact of the adoption of ASU 2020-06 on the Company, including, but not limited to, the accounting for the Company's noncontrolling redeemable Operating Partnership Units, and has concluded that the adoption of ASU 2020-06 did not have a material impact on the Company.

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Commitment and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitment and Contingencies

16. COMMITMENT AND CONTINGENCIES

The Company’s lease population is comprised of leases for land and/or buildings in which certain of the Company’s self-storage facilities operate, as well as leases of warehousing and corporate office space. All leases where the Company is the lessee qualify as operating leases and the Company does not have any financing leases as of September 30, 2022. At September 30, 2022 and

December 31, 2021, the Company’s aggregate right-of-use assets total $17.7 million and $19.5 million, respectively, and are included in other assets on the consolidated balance sheet. The related lease liabilities at September 30, 2022 and December 31, 2021 total $17.2 million and $19.2 million, respectively, and are included in accounts payable and accrued liabilities on the consolidated balance sheet.

Expenses related to operating leases totaled $0.7 million and $0.6 million for the three months ended September 30, 2022 and 2021, respectively, and $2.0 million and $1.8 million for the nine months ended September 30, 2022 and 2021, respectively. At September 30, 2022, the weighted average remaining lease term and weighted average discount rate for the Company’s operating leases were 9.6 years and 4.59%, respectively.

At September 30, 2022, the Company has approximately $22.3 million of operating lease commitments, excluding variable consideration. The undiscounted future minimum lease payments are summarized by year in the table below:

(in thousands)
2022	$	518
2023		2,663
2024		2,584
2025		2,402
2026		2,483
Thereafter		11,697
Total	$	22,347

The difference between the amounts included in the table above and the aggregate lease liability recorded in the accompanying consolidated balance sheet at September 30, 2022 is the result of the impact of the discount rate on future minimum lease payments.

At September 30, 2022, the Company was under contract to acquire fifteen self-storage facilities for an aggregate purchase price of $280.3 million. During October 2022, the Company completed the acquisition of seven of these self-storage facilities for an aggregate purchase price of $142.0 million. Also during October 2022, the Company assigned the contract to acquire four of the stores under contract to an unconsolidated joint venture of the Company which completed the acquisition of these self-storage facilities for an aggregate purchase price of $67.5 million. The purchases of the remaining self-storage facilities are subject to customary conditions to closing, and there is no assurance that these facilities will be acquired.

At September 30, 2022, the Company was under contract to acquire four self-storage facilities with various joint venture partners for an aggregate purchase price of $81.5 million. During October, the Company and its partner completed the acquisition of three of these facilities for an aggregate purchase price of $59.0 million, of which the Company's share was $11.8 million. The purchase of the remaining self-storage facility is subject to customary conditions to closing, and there is no assurance that this facility will be acquired.

At September 30, 2022, the Company has signed contracts in place with third-party contractors for expansion and enhancements at its existing facilities. The Company expects to pay $48.2 million under these contracts in 2022 and 2023.

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Subsequent Events

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

17. SUBSEQUENT EVENTS

On October 3, 2022, the Company declared a quarterly dividend of $1.08 per common share. The dividend was paid on October 26, 2022 to shareholders of record on October 14, 2022. The total dividend paid amounted to $91.8 million.

As discussed in Note 16, subsequent to September 30, 2022, the Company acquired seven self-storage facilities for an aggregate purchase price of $142.0 million.

As discussed in Notes 10 and 16, subsequent to September 30, 2022, certain unconsolidated joint ventures of the Company acquired seven self-storage facilities for an aggregate purchase price of $126.5 million, of which the Company's share was $25.3 million.

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Recent Accounting Pronouncements (Policies)

9 Months Ended

Sep. 30, 2022

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40: Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which reduced the number of accounting models for convertible debt instruments and convertible preferred stock, thus simplifying the accounting for convertible instruments. ASU 2020-06 is effective for annual periods beginning after December 31, 2021, and interim periods within those annual periods, and is therefore effective for the Company as of January 1, 2022. Management has evaluated the impact of the adoption of ASU 2020-06 on the Company, including, but not limited to, the accounting for the Company's noncontrolling redeemable Operating Partnership Units, and has concluded that the adoption of ASU 2020-06 did not have a material impact on the Company.

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Organization (Tables)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Reconciliation of Noncontrolling Interests

The following is a reconciliation of the Parent Company’s common noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable common capital interest for the period:

(dollars in thousands)	Nine Months Ended September 30, 2022
Beginning balance	$	142,892
Net income attributable to noncontrolling common    interests in the Operating Partnership		3,184
Issuance of units		11,996
Redemption of units		(1,942	)
Distributions		(3,044	)
Adjustment to redemption value		(36,896	)
Ending balance	$	116,190

Summary of Preferred NonControlling redeemable preferred capital operating partenership

The following is a reconciliation of the Parent Company’s preferred noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable preferred capital interest for the period:

(dollars in thousands)	Nine Months Ended September 30, 2022
Beginning balance	$	90,783
Net income attributable to noncontrolling preferred    interests in the Operating Partnership		3,002
Redemption of units		(1,687	)
Distributions		(3,021	)
Ending balance	$	89,077

Summary of Disaggregated Revenues

The disaggregated revenues of the Company presented in accordance with ASC Topic 606 “Revenue from Contracts with Customers” are as follows:

(dollars in thousands)	Three Months Ended September 30, 2022		Three Months Ended September 30, 2021		Nine Months Ended September 30, 2022		Nine Months Ended September 30, 2021
Rental income	$	241,261	$	182,937	$	674,008	$	496,316
Revenues related to tenant reinsurance		19,042		15,485		54,567		41,810
Management and acquisition fee    income		7,694		5,360		19,889		16,091
Other		4,957		4,474		15,025		13,189
Total operating revenues	$	272,954	$	208,256	$	763,489	$	567,406

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Cash and Restricted Cash (Tables)

9 Months Ended

Sep. 30, 2022

Cash and Cash Equivalents [Abstract]

Summary of Reconciliation of Cash and Restricted Cash

The following table provides a reconciliation of cash and restricted cash reported within the consolidated statement of cash flows:

(Dollars in thousands)	September 30, 2022		December 31, 2021		September 30, 2021
Cash	$	22,498	$	171,865	$	136,157
Restricted cash		5,602		4,569		5,211
Total cash and restricted cash	$	28,100	$	176,434	$	141,368

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Investment in Storage Facilities and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

Summary of Activity in Storage Facilities

The following summarizes our activity in storage facilities during the nine months ended September 30, 2022:

(dollars in thousands)
Cost:
Beginning balance	$	7,090,457
Acquisition of wholly owned storage facilities		822,980
Consolidated joint venture self-storage facility acquisition		28,813
Improvements and equipment additions		48,281
Net increase in construction in progress		19,457
Dispositions		(8,145	)
Ending balance	$	8,001,843
Accumulated Depreciation:
Beginning balance	$	1,007,650
Additions during the period		127,134
Dispositions		(6,701	)
Ending balance	$	1,128,083

Schedule of Purchase Price of Facilities Acquired

The purchase prices of the facilities acquired in 2022 have been assigned as follows:

(dollars in thousands)						Consideration paid									Acquisition Date Fair Value
States	Number of Properties		Date of Acquisition	Purchase Price		Cash Paid		Carrying Value of Noncontrolling Interest in Joint Venture		Value of Operating Partnership Units Issued		Net Other Liabilities (Assets) Assumed			Land		Building, Equipment, and Improvements		In-Place Customer Leases
CA		6	1/4/2022	$	165,225	$	165,160	$	-	$	-	$	65		$	20,321	$	143,243	$	1,661
GA, NC, SC		3	3/11/2022		48,586		48,446		-		-		140			3,926		44,300		360
IL, NC, TX		8	3/15/2022		116,048		115,410		-		-		638			12,292		102,439		1,317
MD		1	3/28/2022		21,651		21,646		-		-		5			1,640		19,856		155
NY		1	4/4/2022		35,802		5,557		30,186		-		59			10,287		25,280		235
FL		3	4/19/2022		52,343		52,060		-		-		283			7,894		43,814		635
GA		1	4/22/2022		16,403		16,390		-		-		13			1,333		14,903		167
MA		1	4/25/2022		20,083		20,087		-		-		(4	)		810		19,041		232
FL		1	5/10/2022		17,218		17,112		-		-		106			3,712		13,306		200
FL		1	5/12/2022		36,452		36,254		-		-		198			5,101		31,079		272
NY		2	5/17/2022		32,487		32,374		-		-		113			1,524		30,594		369
TX		1	5/17/2022		17,097		6,608		-		10,300		189			1,273		15,615		209
FL		1	5/31/2022		22,021		21,880		-		-		141			3,563		18,171		287
CA		1	6/21/2022		12,675		12,641		-		-		34			5,967		6,572		136
NC		1	7/6/2022		20,059		19,970		-		-		89			428		19,428		203
NV		1	8/12/2022		29,113		29,154		-		-		(41	)		2,354		26,512		247
NY		1	8/12/2022		29,000		24,130		4,915		-		(45	)		8,079		20,734		187
CA		1	8/23/2022		10,709		10,690		-		-		19			1,324		9,292		93
AZ		1	8/24/2022		30,550		30,388		-		-		162			3,959		26,255		336
MO		5	9/14/2022		93,103		91,820		-		-		1,283			8,212		83,702		1,189
MA		1	9/21/2022		16,650		16,618		-		-		32			640		15,819		191
FL		1	9/22/2022		17,363		17,233		-		-		130			1,830		15,369		164
Total acquired in 2022		43		$	860,638	$	811,628	$	35,101	$	10,300	$	3,609		$	106,469	$	745,324	$	8,845

Schedule of In-place Customer Leases

In-place customer leases are included in other assets on the Company’s consolidated balance sheets as follows:

(Dollars in thousands)	September 30, 2022			December 31, 2021
In-place customer leases	$	116,631		$	107,786
Accumulated amortization		(109,887	)		(93,820	)
Net carrying value at the end of period	$	6,744		$	13,966

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Unsecured Line of Credit and Term Notes (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Borrowings Outstanding on Unsecured Line of Credit and Term Notes

Borrowings outstanding on our unsecured line of credit and term notes are as follows:

(Dollars in thousands)	September 30, 2022			December 31, 2021
Revolving line of credit borrowings	$	456,000		$	—
Term note due April 8, 2024	$	175,000		$	175,000
Senior term note due July 1, 2026		600,000			600,000
Senior term note due December 15, 2027		450,000			450,000
Term note due July 21, 2028		200,000			200,000
Senior term note due June 15, 2029		350,000			350,000
Senior term note due October 15, 2030		400,000			400,000
Senior term note due October 15, 2031		600,000			600,000
Total term note principal balance outstanding		2,775,000			2,775,000
Less: unamortized debt issuance costs		(14,266	)		(16,008	)
Less: unamortized senior term note discount		(10,051	)		(11,154	)
Term notes payable	$	2,750,683		$	2,747,838

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Mortgages Payable and Debt Maturities (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Summary of Mortgage Payable

Mortgages payable at September 30, 2022 and December 31, 2021 consist of the following:

(dollars in thousands)	September 30, 2022		December 31, 2021
4.065% mortgage note due April 1, 2023, secured by one self-    storage facility with an aggregate net book value of $7.0    million, principal and interest paid monthly    (effective interest rate 4.33%)	$	3,648	$	3,728
5.26% mortgage note due November 1, 2023, secured by one    self-storage facility with an aggregate net book value of $7.5    million, principal and interest paid monthly    (effective interest rate 5.60%)		3,588		3,650
4.4625% mortgage notes due December 6, 2024, secured by    three self-storage facilities with an aggregate net book value    of $53.6 million, principal and interest paid monthly    (effective interest rate 3.24%)		22,233		22,427
4.44% mortgage note due July 6, 2025, secured by one    self-storage facility with an aggregate net book value of    $13.2 million, principal and interest paid monthly    (effective interest rate 4.51%)		6,138		6,228
5.99% mortgage note due May 1, 2026, secured by one self-    storage facility with an aggregate net book value of $6.2    million, principal and interest paid monthly    (effective interest rate 6.56%)		847		997
Total mortgages payable	$	36,454	$	37,030

Summary of Debt Obligations and Interest Rate Derivatives

Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company would realize in a current market exchange.

			Expected Maturity Date Including Discount
(dollars in thousands)	2022		2023		2024		2025		2026		Thereafter		Total		Fair Value
Line of credit - variable rate    SOFR + 0.775% (3.94% at   September 30, 2022)	$	—	$	—	$	—	$	—	$	—	$	456,000	$	456,000	$	456,000
Notes Payable:
Term note - fixed rate 4.533%		—		—		175,000		—		—		—		175,000		170,325
Term note - fixed rate 3.50%		—		—		—		—		600,000		—		600,000		551,359
Term note - fixed rate 3.875%		—		—		—		—		—		450,000		450,000		408,515
Term note - fixed rate 3.67%		—		—		—		—		—		200,000		200,000		176,252
Term note - fixed rate 4.00%		—		—		—		—		—		350,000		350,000		309,177
Term note - fixed rate 2.20%		—		—		—		—		—		400,000		400,000		298,381
Term note - fixed rate 2.40%		—		—		—		—		—		600,000		600,000		437,083
Mortgage note - fixed rate 4.065%		28		3,620		—		—		—		—		3,648		3,597
Mortgage note - fixed rate 5.26%		21		3,567		—		—		—		—		3,588		3,538
Mortgage notes - fixed rate 4.4625%		—		—		22,233		—		—		—		22,233		20,678
Mortgage note - fixed rate 4.44%		31		126		131		5,850		—		—		6,138		5,745
Mortgage note - fixed rate 5.99%		53		216		229		243		106		—		847		839
Total	$	133	$	7,529	$	197,593	$	6,093	$	600,106	$	2,456,000	$	3,267,454

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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Changes in AOCL

The changes in AOCL for the three and nine months ended September 30, 2022 and 2021 are summarized as follows:

(dollars in thousands)	Three Months Ended September 30, 2022			Three Months Ended September 30, 2021			Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
Accumulated other comprehensive loss beginning    of period	$	(3,666	)	$	(4,583	)	$	(4,124	)	$	(5,041	)
Realized loss reclassified from accumulated other    comprehensive loss to interest expense		229			229			687			687
Accumulated other comprehensive loss end of period	$	(3,437	)	$	(4,354	)	$	(3,437	)	$	(4,354	)

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Investment in Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Summary of Company's Unconsolidated Joint Ventures

A summary of the Company’s unconsolidated joint ventures is as follows:

Venture	Number of Properties at September 30, 2022	Company common ownership interest at September 30, 2022	Carrying value of investment at September 30, 2022	Carrying value of investment at December 31, 2021
Sovran HHF Storage Holdings LLC (“Sovran HHF”)1	37	20%	$63.8 million	$58.7 million
Sovran HHF Storage Holdings II LLC (“Sovran HHF II”)2	22	15%	($2.5   million)	($2.4   million)
Life Storage-HIERS Storage LLC (“HIERS”)	17	20%	$13.6 million	$13.9 million
191 V Life Storage Holdings LLC ("191 V")3	17	20%	$27.8 million	$27.4 million
GII Life Storage Holdings LLC (“GII”)4	13	35%	$49.0 million	$51.5 million
Life Storage HHF Wasatch Holdings LLC ("Wasatch")5	15	20%	$51.2 million	—
Iskalo Office Holdings, LLC (“Iskalo”)6	N/A	49%	($2.3   million)	($2.4   million)
Life Storage Spacemax, LLC ("Spacemax")	6	40%	$13.9 million	$14.5 million
Life Storage 898 McDonald, LLC ("McDonald")7	—	0%	—	$30.0  million
Life Storage ArrowMark Venture LLC ("ArrowMark Venture")8	N/A	50%	$4.6   million	$1.5   million
Joint ventures with properties in development stage9	6	Various	$18.8   million	$4.7   million
Other unconsolidated joint ventures (11 joint ventures)10	10	Various	$12.0   million	$10.8   million

1 As of September 30, 2022, the carrying value of the Company’s investment in Sovran HHF exceeds its share of the underlying equity in net assets of Sovran HHF by approximately $1.7 million as a result of the capitalization of certain acquisition related costs in 2008. This difference is included in the carrying value of the investment. In June 2022, Sovran HHF acquired one additional self-storage facility for cash consideration of $31.7 million. The Company made an additional contribution of $6.7 million as the Company's share of this transaction.

2 In September 2020, the Company acquired eight self-storage facilities and related assets from Sovran HHF II for total consideration of $120.2 million, which is net of the Company’s share of Sovran HHF II’s gain resulting from the transaction. In connection with this transaction, $35.8 million of non-recourse loans related to these properties were settled in April 2021. Also in connection with this transaction, the Company made a $12.7 million contribution to Sovran HHF II. On April 1, 2021, Sovran HHF II paid off $69.1 million in existing nonrecourse mortgage debt and entered into $110 million of new nonrecourse mortgage debt which matures in 2029. As a result of the net proceeds from these transactions, the Company received a distribution of $31.6 million from Sovran HHF II on April 1, 2021.

3 In May 2021, the Company executed a joint venture agreement, 191 V Life Storage Holdings LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. In June 2021, 191 V acquired 17 self-storage facilities for a total of $320 million, at which time 191 V entered into $184 million of nonrecourse mortgage debt which matures in 2026. During 2021, the Company contributed $28.7 million to 191 V as the Company's share of the initial capital investment in the joint venture.

4	In November 2021, the Company executed a joint venture agreement, GII Life Storage Holdings LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. In December 2021, GII acquired 13 self-storage facilities for a total of $290.6 million, at which time GII entered into $145.3 million of nonrecourse mortgage debt which matures in 2029. During 2021, the Company contributed $52.0 million to GII as the Company's share of the initial capital investment in the joint venture.
5	In July 2022, the Company executed a joint venture agreement, Life Storage HHF Wasatch Holdings LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. In September 2022, Wasatch acquired 15 self-storage facilities for a total contractual purchase price of $262.0 million. During 2022, the Company contributed $51.5 million to Wasatch as the Company's share of the initial capital investment in the joint venture. At September 30, 2022, the joint venture was under contract to acquire one additional self-storage facility for an aggregate purchase price of $22.5 million.
6	Iskalo owns the building that houses the Company’s headquarters. The Company paid rent to Iskalo of $1.2 million and $1.1 million during the nine months ended September 30, 2022 and September 30, 2021, respectively.
7	In September 2021, the Company made an additional investment of $27.3 million in McDonald which increased the Company's ownership interest in McDonald from 5% to 86%. In April 2022, the Company purchased the remaining equity interest in McDonald for total consideration of $5.2 million. The allocated purchase price of McDonald also includes the carrying value of the Company's investment in McDonald at the date of acquisition, which totaled $30.2 million.
8	In October 2021, the Company executed a joint venture agreement, Life Storage ArrowMark Venture LLC, with the purpose of arranging and originating mortgage loans to owners of self-storage facilities throughout the United States. During 2021 and 2022, the Company contributed $1.6 million and $2.8 million, respectively, to ArrowMark Venture as the Company's share of the funding of two mortgage loans to third-parties in 2021 and one mortgage loan to a third-party in 2022.
9	The Company has entered into six separate joint ventures, one of which is developing a self-storage facility in Ontario, Canada, four of which are developing self-storage facilities in the New York City market, and one of which is developing a self-storage facility in the Tampa, FL, market. The Company has contributed an aggregate total of $18.8 million as its share of capital to these joint ventures.
10	Included in other unconsolidated joint ventures is LS HF8 COMREF Holdings LLC ("HF8"). During August 2022, the Company executed the HF8 joint venture agreement with an unrelated third party for the purpose of acquiring self-storage facilities and contributed $1.2 million as the Company's share of the initial capital investment in the joint venture during the three months ended September 30, 2022. At September 30, 2022, the joint venture was under contract to acquire three self-storage facilities for an aggregate purchase price of $59.0 million. The acquisition of these facilities was completed during October 2022.

Company's Share of Unconsolidated Joint Ventures' Income (Loss)

The Company’s share of the unconsolidated joint ventures’ income is as follows:

(dollars in thousands) Venture	Three Months Ended September 30, 2022		Three Months Ended September 30, 2021			Nine Months Ended September 30, 2022		Nine Months Ended September 30, 2021
Sovran HHF	$	1,088	$	846		$	3,092	$	2,247
Sovran HHF II		583		435			1,595		1,157
191 V		708		(240	)		1,479		(229	)
Other unconsolidated joint ventures		420		436			666		951
	$	2,799	$	1,477		$	6,832	$	4,126

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Earnings Per Share and Earnings Per Unit (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Common Share/Unit

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method.

(in thousands except per share data)	Three Months Ended September 30, 2022			Three Months Ended September 30, 2021			Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
Numerator:
Net income attributable to common shareholders	$	98,505		$	70,274		$	264,344		$	175,172
Net income attributable to unvested restricted shares		(172	)		(119	)		(151	)		(78	)
Net income attributable to outstanding common shares	$	98,333		$	70,155		$	264,193		$	175,094
Effect of Dilutive Securities:
Net income attributable to preferred units		999			—			999			—
Numerator for diluted earnings per share	$	99,332		$	70,155		$	265,192		$	175,094
Denominator:
Denominator for basic earnings per share – weighted    average shares		84,473			78,961			84,129			77,135
Effect of Dilutive Securities:
Stock options and non-vested stock		924			219			425			168
Denominator for diluted earnings per share – adjusted    weighted average shares and assumed conversion		85,397			79,180			84,554			77,303
Basic earnings per common share attributable to    common shareholders	$	1.16		$	0.89		$	3.14		$	2.27
Diluted earnings per common share attributable to    common shareholders	$	1.16		$	0.89		$	3.14		$	2.27

Earnings Per Unit

The following table sets forth the computation of basic and diluted earnings per common unit utilizing the two-class method.

(in thousands except per unit data)	Three Months Ended September 30, 2022			Three Months Ended September 30, 2021			Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
Numerator:
Net income attributable to common unitholders	$	98,505		$	70,274		$	264,344		$	175,172
Net income attributable to unvested restricted units		(172	)		(119	)		(151	)		(78	)
Net income attributable to outstanding common units	$	98,333		$	70,155		$	264,193		$	175,094
Effect of Dilutive Securities:
Net income attributable to preferred units		999			—			999			—
Numerator for diluted earnings per unit	$	99,332		$	70,155		$	265,192		$	175,094
Denominator:
Denominator for basic earnings per unit – weighted    average units		84,473			78,961			84,129			77,135
Effect of Dilutive Securities:
Stock options and non-vested stock		924			219			425			168
Denominator for diluted earnings per unit – adjusted    weighted average units and assumed conversion		85,397			79,180			84,554			77,303
Basic earnings per common unit attributable to    common unitholders	$	1.16		$	0.89		$	3.14		$	2.27
Diluted earnings per common unit attributable to    common unitholders	$	1.16		$	0.89		$	3.14		$	2.27

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Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Reconciliation of Changes in Parent Company's Total Shareholders' Equity

The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the nine months ended September 30, 2022:

(dollars in thousands)	Common Stock		Additional Paid-in Capital			Dividends in Excess of Net Income			Accumulated Other Comprehensive Income (Loss)			Total Shareholders’ Equity
Balance December 31, 2021	$	836	$	3,697,000		$	(314,713	)	$	(4,124	)	$	3,378,999
Net proceeds from issuance of common stock		7		92,764			—			—			92,771
Exercise of stock options		—		173			—			—			173
Earned portion of non-vested stock		—		1,661			—			—			1,661
Adjustment to redemption value on    noncontrolling redeemable Operating    Partnership units		—		—			10,924			—			10,924
Net income attributable to common    shareholders		—		—			73,575			—			73,575
Amortization of terminated hedge included in    AOCL		—		—			—			229			229
Dividends		—		—			(83,637	)		—			(83,637	)
Balance March 31, 2022	$	843	$	3,791,598		$	(313,851	)	$	(3,895	)	$	3,474,695
Net proceeds from issuance of common stock		1		7,864			—			—			7,865
Earned portion of non-vested stock		—		1,743			—			—			1,743
Carrying value less than redemption value on    redeemed noncontrolling interest		—		(2	)		—			—			(2	)
Adjustment to redemption value on    noncontrolling redeemable Operating    Partnership units		—		—			27,930			—			27,930
Net income attributable to common   shareholders		—		—			92,264			—			92,264
Amortization of terminated hedge included in    AOCL		—		—			—			229			229
Dividends		—		—			(84,363	)		—			(84,363	)
Balance June 30, 2022	$	844	$	3,801,203		$	(278,020	)	$	(3,666	)	$	3,520,361
Net proceeds from issuance of common stock		6		80,213			—			—			80,219
Earned portion of non-vested stock		—		1,822			—			—			1,822
Carrying value less than redemption value on    redeemed noncontrolling interest		—		(191	)		—			—			(191	)
Adjustment to redemption value on    noncontrolling redeemable Operating    Partnership units		—		—			(1,958	)		—			(1,958	)
Net income attributable to common   shareholders		—		—			98,505			—			98,505
Amortization of terminated hedge included in    AOCL		—		—			—			229			229
Dividends		—		—			(91,135	)		—			(91,135	)
Balance September 30, 2022	$	850	$	3,883,047		$	(272,608	)	$	(3,437	)	$	3,607,852

The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the nine months ended September 30, 2021:

(dollars in thousands)	Common Stock		Additional Paid-in Capital			Dividends in Excess of Net Income			Accumulated Other Comprehensive Income (Loss)			Total Shareholders’ Equity
Balance December 31, 2020	$	495	$	2,671,311		$	(288,667	)	$	(5,041	)	$	2,378,098
Net proceeds from issuance of common stock		18		180,511			—			—			180,529
Earned portion of non-vested stock		—		1,453			—			—			1,453
Stock dividend		252		(252	)		—			—			—
Carrying value less than redemption value on     redeemed noncontrolling interest		—		(4	)		—			—			(4	)
Adjustment to redemption value on    noncontrolling redeemable Operating    Partnership units		—		—			(2,358	)		—			(2,358	)
Net income attributable to common shareholders		—		—			47,383			—			47,383
Amortization of terminated hedge included in    AOCL		—		—			—			229			229
Dividends		—		—			(55,840	)		—			(55,840	)
Balance March 31, 2021	$	765	$	2,853,019		$	(299,482	)	$	(4,812	)	$	2,549,490
Net proceeds from issuance of common stock		16		148,309			—			—			148,325
Earned portion of non-vested stock		—		1,467			—			—			1,467
Carrying value less than redemption value on     redeemed noncontrolling interest		—		(13	)		—			—			(13	)
Adjustment to redemption value on    noncontrolling redeemable Operating    Partnership units		—		—			(7,142	)		—			(7,142	)
Net income attributable to common shareholders		—		—			57,516			—			57,516
Amortization of terminated hedge included in    AOCL		—		—			—			229			229
Dividends		—		—			(56,873	)		—			(56,873	)
Balance June 30, 2021	$	781	$	3,002,782		$	(305,981	)	$	(4,583	)	$	2,692,999
Net proceeds from issuance of common stock		39		478,292			—			—			478,331
Earned portion of non-vested stock		—		1,683			—			—			1,683
Carrying value less than redemption value on    redeemed noncontrolling interest		—		(15	)		—			—			(15	)
Adjustment to redemption value on    noncontrolling redeemable Operating    Partnership units		—		—			(3,570	)		—			(3,570	)
Net income attributable to common shareholders		—		—			70,274			—			70,274
Amortization of terminated hedge included in    AOCL		—		—			—			229			229
Dividends		—		—			(57,953	)		—			(57,953	)
Balance September 30, 2021	$	820	$	3,482,742		$	(297,230	)	$	(4,354	)	$	3,181,978

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Partners' Capital (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Reconciliation of Changes in Total Partners' Capital

The following is a reconciliation of the changes in total partners’ capital for the nine months ended September 30, 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
Net proceeds from issuance of Operating Partnership    Units		80			7,785			—			7,865
Earned portion of non-vested stock		17			1,726			—			1,743
Issuance of common Operating Partnership Units		103			(103	)		—			—
Carrying value less than redemption value on redeemed    noncontrolling interest		(2	)		—			—			(2	)
Adjustment to redemption value on noncontrolling    redeemable Operating Partnership Units		—			27,930			—			27,930
Net income attributable to common unitholders		944			91,320			—			92,264
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(853	)		(83,510	)		—			(84,363	)
Balance June 30, 2022	$	37,277		$	3,486,750		$	(3,666	)	$	3,520,361
Net proceeds from issuance of Operating Partnership Units		802			79,417			—			80,219
Earned portion of non-vested stock		18			1,804			—			1,822
Issuance of common Operating Partnership Units		17			(17	)		—			—
Carrying value less than redemption value on redeemed    noncontrolling interest		(19	)		(172	)		—			(191	)
Adjustment to redemption value on noncontrolling    redeemable Operating Partnership Units		—			(1,958	)		—			(1,958	)
Net income attributable to common unitholders		1,011			97,494			—			98,505
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(923	)		(90,212	)		—			(91,135	)
Balance September 30, 2022	$	38,185		$	3,573,104		$	(3,437	)	$	3,607,852

The following is a reconciliation of the changes in total partners’ capital for the nine months ended September 30, 2021:

(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, 2020	$	24,045		$	2,359,094		$	(5,041	)	$	2,378,098
Net proceeds from issuance of Operating Partnership    Units		1,807			178,722			—			180,529
Earned portion of non-vested stock		14			1,439			—			1,453
Carrying value less than redemption value on redeemed     noncontrolling interest		(1	)		(3	)		—			(4	)
Adjustment to redemption value on noncontrolling    redeemable Operating Partnership Units		—			(2,358	)		—			(2,358	)
Net income attributable to common unitholders		476			46,907			—			47,383
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(561	)		(55,279	)		—			(55,840	)
Balance March 31, 2021	$	25,782		$	2,528,520		$	(4,812	)	$	2,549,490
Net proceeds from issuance of Operating Partnership    Units		1,483			146,842			—			148,325
Earned portion of non-vested stock		15			1,452			—			1,467
Carrying value less than redemption value on redeemed     noncontrolling interest		(1	)		(12	)		—			(13	)
Adjustment to redemption value on noncontrolling    redeemable Operating Partnership Units		—			(7,142	)		—			(7,142	)
Net income attributable to common unitholders		578			56,938			—			57,516
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(572	)		(56,301	)		—			(56,873	)
Balance June 30, 2021	$	27,287		$	2,670,295		$	(4,583	)	$	2,692,999
Net proceeds from issuance of Operating Partnership Units		4,783			473,548			—			478,331
Earned portion of non-vested stock		17			1,666			—			1,683
Issuance of common Operating Partnership Units		15			(15	)		—			—
Issuance of preferred Operating Partnership Units		898			(898	)		—			—
Carrying value less than redemption value on redeemed     noncontrolling interest		(1	)		(14	)		—			(15	)
Adjustment to redemption value on noncontrolling    redeemable Operating Partnership Units		—			(3,570	)		—			(3,570	)
Net income attributable to common unitholders		711			69,563			—			70,274
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(582	)		(57,371	)		—			(57,953	)
Balance September 30, 2021	$	33,130		$	3,153,202		$	(4,354	)	$	3,181,978

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Commitment and Contingencies (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Summary of Undiscounted Future Minimum Lease Payments

The undiscounted future minimum lease payments are summarized by year in the table below:

(in thousands)
2022	$	518
2023		2,663
2024		2,584
2025		2,402
2026		2,483
Thereafter		11,697
Total	$	22,347

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Basis of Presentation - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2022
Life Storage LP [Member]
Schedule Of Significant Accounting Policies [Line Items]
Stock distribution terms	Share and per share amounts and unit and per unit amounts as of and for all periods presented have been adjusted to reflect the impact of the three-for-two distribution of common stock announced by the Company on January 4, 2021 and distributed on January 27, 2021 to shareholders and unitholders of record on January 15, 2021.

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Organization - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2022 Property State $ / shares shares	Dec. 31, 2021 shares
Organization [Line Items]
Number of self-storage properties owned and managed	1,152
Number of states in which self-storage properties owned and managed | State	37
Number of properties managed under joint ventures	133
Number of properties managed with no ownership	267
Fixed priority return on Preferred unitholders, Percentage	4.50%
Noncontrolling limited partnership unit redemption value	one common share or cash
Revenue [Member]
Organization [Line Items]
Number of self-storage properties owned and managed	1,152
Geographic Concentration Risk [Member] | Texas [Member] | Revenue [Member]
Organization [Line Items]
Concentration risk, percentage	15.00%
Geographic Concentration Risk [Member] | Florida [Member] | Revenue [Member]
Organization [Line Items]
Concentration risk, percentage	16.00%
Warehouse Anywhere LLC [Member]
Organization [Line Items]
Equity Method Investment, Ownership Percentage	83.00%
Life Storage LP [Member]
Organization [Line Items]
Units of redeemable noncontrolling interest in operating partnership | shares	1,041,510	960,708
Redeemable Preferred Stock [Member]
Organization [Line Items]
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 25.00
Redeemable Preferred Stock [Member] | Life Storage LP [Member]
Organization [Line Items]
Units of redeemable noncontrolling interest in operating partnership | shares	3,523,113	3,590,603
Life Storage LP [Member]
Organization [Line Items]
Ownership interest	98.00%

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Organization - Summary of Reconciliation of Noncontrolling Interests (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Redeemable Noncontrolling Interest [Line Items]
Adjustment to redemption value	$ (1,958)	$ 27,930	$ 10,924	$ (3,570)	$ (7,142)	$ (2,358)
Ending balance	116,190						$ 116,190
Redeemable Common Stock [Member]
Redeemable Noncontrolling Interest [Line Items]
Noncontrolling interest, beginning balance			$ 142,892				142,892
Net income attributable to noncontrolling interest in the Operating Partnership	1,231			$ 301			3,184	$ 760
Issuance of units							11,996
Redemption of units							(1,942)
Distributions							(3,044)
Adjustment to redemption value							(36,896)
Ending balance	$ 116,190						$ 116,190

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Organization - Summary of Reconciliation of Preferred Noncontrolling Redeemable Operating Units (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Redeemable Noncontrolling Interest [Line Items]
Beginning balance			$ 90,783
Ending balance	$ 89,077		89,077
Redeemable Preferred Stock [Member]
Redeemable Noncontrolling Interest [Line Items]
Beginning balance			90,783
Net income attributable to noncontrolling interest in the Operating Partnership	999	$ 476	3,002	$ 476
Redemption of units			(1,687)
Distributions			(3,021)
Ending balance	$ 89,077		$ 89,077

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Organization - Summary of Disaggregated Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation Of Revenue [Line Items]
Rental income	$ 241,261	$ 182,937	$ 674,008	$ 496,316
Revenues related to tenant reinsurance	19,042	15,485	54,567	41,810
Total operating revenues	272,954	208,256	763,489	567,406
Management and Acquisition Fee Income [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	7,694	5,360	19,889	16,091
Tenant reinsurance [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	19,042	15,485	54,567	41,810
Other Operating Income [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	$ 4,957	$ 4,474	$ 15,025	$ 13,189

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Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price			$ 32.95
Stock options exercised by employees and directors	0	0	5,250	0
Number of shares of non-vested stock that vested	3,869	563	29,665	29,913
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization of non-vested stock grants and performance-based awards	$ 1,822,000	$ 1,683,000	$ 5,226,000	$ 4,603,000
Stock option plan, share based compensation, vesting period (in years)			3 years
Aggregate fair value			$ 800
Shares granted under performance plan			10,148
Employees and Directors [Member] | Non-Vested Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of non-vested stock issued			31,442
Aggregate fair value			$ 3,900
Employees and Directors [Member] | Non-Vested Shares [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan, share based compensation, vesting period (in years)			1 year
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value			$ 113.74
Employees and Directors [Member] | Non-Vested Shares [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan, share based compensation, vesting period (in years)			5 years
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value			$ 149.73

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Cash and Restricted Cash - Summary of Reconciliation of Cash and Restricted Cash (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
Cash	$ 22,498	$ 171,865	$ 136,157
Restricted cash	5,602	4,569	5,211
Total cash and restricted cash	$ 28,100	$ 176,434	$ 141,368	$ 58,771

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Investment in Storage Facilities and Intangible Assets - Summary of Activity in Storage Facilities (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Cost:
Beginning balance	$ 7,090,457
Acquisition of wholly owned storage facilities	822,980
Consolidated joint venture self-storage facility acquisition	28,813
Improvements and equipment additions	48,281
Net increase in construction in progress	19,457
Dispositions	(8,145)
Ending balance	8,001,843
Accumulated Depreciation:
Beginning balance	1,007,650
Additions during the period	127,134
Dispositions	(6,701)
Ending balance	$ 1,128,083

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Investment in Storage Facilities and Intangible Assets - Additional Information (Detail) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 USD ($) Property $ / shares	Apr. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Investment Holdings [Line Items]
Number of storage facilities acquired | Property				43	62
Minority Interest Ownership Percentage	17.00%
Noncontrolling interest in consolidated subsidiary		$ 4,924		$ 4,924			$ 0
Net other liabilities assumed				$ (3,600)
Amortization period for in-place customer leases on a straight-line basis				12 months
Increase in depreciation expense due to facility replacement		200		$ 2,500
Issuance of Operating Partnership Units				10,300
Accelerated depreciation reduced basic and diluted earnings per share | $ / shares					$ 0.03
NY [Member]
Investment Holdings [Line Items]
Ownership percentage in joint venture	83.00%
Carrying value of investment		24,100		24,100
Total consideration acquired	$ 29,000
Retained interest in joint venture	$ 4,900
Net investment in joint venture		24,100		24,100
Depreciation and Amortization Expense [Member]
Investment Holdings [Line Items]
Amortization expense related to in-place customer leases		$ 5,000	$ 3,600	16,100	$ 8,400
Life Storage 898 McDonald LLC [Member]
Investment Holdings [Line Items]
Issuance of Operating Partnership Units				$ 10,300
Life Storage 898 McDonald LLC [Member] | NY [Member]
Investment Holdings [Line Items]
Company common ownership interest						14.20%
Carrying value of investment						$ 30,200
Net investment in joint venture						$ 30,200

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Investment in Storage Facilities and Intangible Assets - Schedule of Purchase Price of Facilities Acquired (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 Property
Investment Holdings [Line Items]
Number of Properties | Property	43	62
Purchase Price	$ 860,638
Consideration paid, Cash Paid	811,628
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	35,101
Consideration paid, Value of Operating Partnership Units Issued	10,300
Consideration paid, Net Other Liabilities (Assets) Assumed	3,609
Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	106,469
Acquisition Date Fair Value, In-Place Customer Leases	8,845
Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 745,324
CA [Member] | Asset Acquired on 1/4/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	6
Date of Acquisition	Jan. 04, 2022
Purchase Price	$ 165,225
Consideration paid, Cash Paid	165,160
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	65
Acquisition Date Fair Value, In-Place Customer Leases	1,661
CA [Member] | Asset Acquired on 1/4/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	20,321
CA [Member] | Asset Acquired on 1/4/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 143,243
CA [Member] | Asset Acquired on 6/21/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Jun. 21, 2022
Purchase Price	$ 12,675
Consideration paid, Cash Paid	12,641
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	34
Acquisition Date Fair Value, In-Place Customer Leases	136
CA [Member] | Asset Acquired on 6/21/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	5,967
CA [Member] | Asset Acquired on 6/21/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 6,572
CA [Member] | Asset Acquired On 8/23/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Aug. 23, 2022
Purchase Price	$ 10,709
Consideration paid, Cash Paid	10,690
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	19
Acquisition Date Fair Value, In-Place Customer Leases	93
CA [Member] | Asset Acquired On 8/23/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	1,324
CA [Member] | Asset Acquired On 8/23/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 9,292
GA, NC, SC [Member] | Asset Acquired on 3/11/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	3
Date of Acquisition	Mar. 11, 2022
Purchase Price	$ 48,586
Consideration paid, Cash Paid	48,446
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	140
Acquisition Date Fair Value, In-Place Customer Leases	360
GA, NC, SC [Member] | Asset Acquired on 3/11/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	3,926
GA, NC, SC [Member] | Asset Acquired on 3/11/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 44,300
IL, NC, TX [Member] | Asset Acquired on 3/15/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	8
Date of Acquisition	Mar. 15, 2022
Purchase Price	$ 116,048
Consideration paid, Cash Paid	115,410
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	638
Acquisition Date Fair Value, In-Place Customer Leases	1,317
IL, NC, TX [Member] | Asset Acquired on 3/15/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	12,292
IL, NC, TX [Member] | Asset Acquired on 3/15/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 102,439
MD [Member] | Asset Acquired on 3/28/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Mar. 28, 2022
Purchase Price	$ 21,651
Consideration paid, Cash Paid	21,646
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	5
Acquisition Date Fair Value, In-Place Customer Leases	155
MD [Member] | Asset Acquired on 3/28/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	1,640
MD [Member] | Asset Acquired on 3/28/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 19,856
NY [Member] | Asset Acquired on 4/4/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Apr. 04, 2022
Purchase Price	$ 35,802
Consideration paid, Cash Paid	5,557
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	30,186
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	59
Acquisition Date Fair Value, In-Place Customer Leases	235
NY [Member] | Asset Acquired on 4/4/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	10,287
NY [Member] | Asset Acquired on 4/4/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 25,280
NY [Member] | Asset Acquired on 5/17/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	2
Date of Acquisition	May 17, 2022
Purchase Price	$ 32,487
Consideration paid, Cash Paid	32,374
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	113
Acquisition Date Fair Value, In-Place Customer Leases	369
NY [Member] | Asset Acquired on 5/17/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	1,524
NY [Member] | Asset Acquired on 5/17/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 30,594
NY [Member] | Asset Acquired On 8/12/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Aug. 12, 2022
Purchase Price	$ 29,000
Consideration paid, Cash Paid	24,130
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	4,915
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(45)
Acquisition Date Fair Value, In-Place Customer Leases	187
NY [Member] | Asset Acquired On 8/12/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	8,079
NY [Member] | Asset Acquired On 8/12/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 20,734
FL [Member] | Asset Acquired on 4/19/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	3
Date of Acquisition	Apr. 19, 2022
Purchase Price	$ 52,343
Consideration paid, Cash Paid	52,060
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	283
Acquisition Date Fair Value, In-Place Customer Leases	635
FL [Member] | Asset Acquired on 4/19/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	7,894
FL [Member] | Asset Acquired on 4/19/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 43,814
FL [Member] | Asset Acquired on 5/10/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	May 10, 2022
Purchase Price	$ 17,218
Consideration paid, Cash Paid	17,112
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	106
Acquisition Date Fair Value, In-Place Customer Leases	200
FL [Member] | Asset Acquired on 5/10/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	3,712
FL [Member] | Asset Acquired on 5/10/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 13,306
FL [Member] | Asset Acquired on 5/12/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	May 12, 2022
Purchase Price	$ 36,452
Consideration paid, Cash Paid	36,254
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	198
Acquisition Date Fair Value, In-Place Customer Leases	272
FL [Member] | Asset Acquired on 5/12/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	5,101
FL [Member] | Asset Acquired on 5/12/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 31,079
FL [Member] | Asset Acquired on 5/31/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	May 31, 2022
Purchase Price	$ 22,021
Consideration paid, Cash Paid	21,880
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	141
Acquisition Date Fair Value, In-Place Customer Leases	287
FL [Member] | Asset Acquired on 5/31/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	3,563
FL [Member] | Asset Acquired on 5/31/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 18,171
FL [Member] | Asset Acquired On 9/22/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Sep. 22, 2022
Purchase Price	$ 17,363
Consideration paid, Cash Paid	17,233
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	130
Acquisition Date Fair Value, In-Place Customer Leases	164
FL [Member] | Asset Acquired On 9/22/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	1,830
FL [Member] | Asset Acquired On 9/22/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 15,369
GA [Member] | Asset Acquired on 4/22/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Apr. 22, 2022
Purchase Price	$ 16,403
Consideration paid, Cash Paid	16,390
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	13
Acquisition Date Fair Value, In-Place Customer Leases	167
GA [Member] | Asset Acquired on 4/22/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	1,333
GA [Member] | Asset Acquired on 4/22/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 14,903
MA [Member] | Asset Acquired on 4/25/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Apr. 25, 2022
Purchase Price	$ 20,083
Consideration paid, Cash Paid	20,087
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(4)
Acquisition Date Fair Value, In-Place Customer Leases	232
MA [Member] | Asset Acquired on 4/25/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	810
MA [Member] | Asset Acquired on 4/25/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 19,041
MA [Member] | Asset Acquired On 9/21/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Sep. 21, 2022
Purchase Price	$ 16,650
Consideration paid, Cash Paid	16,618
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	32
Acquisition Date Fair Value, In-Place Customer Leases	191
MA [Member] | Asset Acquired On 9/21/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	640
MA [Member] | Asset Acquired On 9/21/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 15,819
TX [Member] | Asset Acquired on 5/17/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	May 17, 2022
Purchase Price	$ 17,097
Consideration paid, Cash Paid	6,608
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	10,300
Consideration paid, Net Other Liabilities (Assets) Assumed	189
Acquisition Date Fair Value, In-Place Customer Leases	209
TX [Member] | Asset Acquired on 5/17/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	1,273
TX [Member] | Asset Acquired on 5/17/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 15,615
NC [Member] | Asset Acquired On 7/6/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Jul. 06, 2022
Purchase Price	$ 20,059
Consideration paid, Cash Paid	19,970
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	89
Acquisition Date Fair Value, In-Place Customer Leases	203
NC [Member] | Asset Acquired On 7/6/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	428
NC [Member] | Asset Acquired On 7/6/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 19,428
NV [Member] | Asset Acquired On 8/12/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Aug. 12, 2022
Purchase Price	$ 29,113
Consideration paid, Cash Paid	29,154
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(41)
Acquisition Date Fair Value, In-Place Customer Leases	247
NV [Member] | Asset Acquired On 8/12/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	2,354
NV [Member] | Asset Acquired On 8/12/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 26,512
AZ [Member] | Asset Acquired On 8/24/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Aug. 24, 2022
Purchase Price	$ 30,550
Consideration paid, Cash Paid	30,388
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	162
Acquisition Date Fair Value, In-Place Customer Leases	336
AZ [Member] | Asset Acquired On 8/24/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	3,959
AZ [Member] | Asset Acquired On 8/24/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 26,255
MO [Member] | Asset Acquired On 9/14/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	5
Date of Acquisition	Sep. 14, 2022
Purchase Price	$ 93,103
Consideration paid, Cash Paid	91,820
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	1,283
Acquisition Date Fair Value, In-Place Customer Leases	1,189
MO [Member] | Asset Acquired On 9/14/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	8,212
MO [Member] | Asset Acquired On 9/14/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 83,702

XML

Investment in Storage Facilities and Intangible Assets - Schedule of In-place Customer Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real Estate [Abstract]
In-place customer leases	$ 116,631	$ 107,786
Accumulated amortization	(109,887)	(93,820)
Net carrying value at the end of period	$ 6,744	$ 13,966

XML

Unsecured Line of Credit and Term Notes - Borrowings Outstanding on Unsecured Line of Credit and Term Notes (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Revolving line of credit borrowings	$ 456,000	$ 0
Total term note principal balance outstanding	2,775,000	2,775,000
Less: unamortized debt issuance costs	(14,266)	(16,008)
Less: unamortized senior term note discount	(10,051)	(11,154)
Term notes payable	2,750,683	2,747,838
Term Note Due April 8, 2024 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	175,000	175,000
Senior Term Note Due July 1, 2026 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	600,000	600,000
Senior Term Note Due December 15, 2027 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	450,000	450,000
Term Note Due July 21, 2028 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	200,000	200,000
Senior Term Note Due June 15, 2029 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	350,000	350,000
Senior Term Note Due October 15, 2030 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	400,000	400,000
Senior Term Note Due October 15, 2031 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	$ 600,000	$ 600,000

XML

Unsecured Line of Credit and Term Notes - Additional Information (Detail) - USD ($)									3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 13, 2022	Oct. 07, 2021	Sep. 23, 2020	Jun. 03, 2019	Dec. 07, 2017	Jul. 21, 2016	Jun. 20, 2016	Apr. 08, 2014	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Unamortized senior term note discount									$ 10,051,000		$ 10,051,000		$ 11,154,000
Underwriting discount and other offering expenses											5,994,000	$ 88,000
Amortization expense related to deferred debt issuance costs											$ 4,187,000	3,185,000
Maximum [Member]
Debt Instrument [Line Items]
Leverage ratio percentage											60.00%
Indenture covenant percentage on unencumbered assets											150.00%
Minimum [Member]
Debt Instrument [Line Items]
Interest coverage ratio on debt											1.5
SOFR[Member]
Debt Instrument [Line Items]
Basis spread over SOFR											0.775%
Facility fee											0.15%
Secured Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Leverage ratio percentage											40.00%
Senior Term Note Due October 15, 2031 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount		$ 600,000,000
Debt instrument,maturity date		Oct. 15, 2031
Debt instrument stated interest rate		2.40%
Debt instrument percentage discount to par		0.917%
Debt instrument, interest payable description											Interest on the 2031 Senior Notes is payable semi-annually in arrears on each April 15 and October 15.
Unamortized senior term note discount		$ 5,500,000
Underwriting discount and other offering expenses		5,100,000
Proceeds from senior notes, net		$ 589,400,000
Senior Term Note Due October 15, 2030 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount			$ 400,000,000
Debt instrument,maturity date			Oct. 15, 2030
Debt instrument stated interest rate			2.20%
Debt instrument percentage discount to par			0.476%
Debt instrument, interest payable description											Interest on the 2030 Senior Notes is payable semi-annually in arrears on each April 15 and October 15.
Unamortized senior term note discount			$ 1,900,000
Underwriting discount and other offering expenses			3,500,000
Proceeds from senior notes, net			$ 394,600,000
Senior Term Note Due June 15, 2029 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount				$ 350,000,000
Debt instrument,maturity date				Jun. 15, 2029
Debt instrument stated interest rate				4.00%
Debt instrument percentage discount to par				0.524%
Debt instrument, interest payable description											Interest on the 2029 Senior Notes is payable semi-annually in arrears on each June 15 and December 15.
Unamortized senior term note discount				$ 1,800,000
Underwriting discount and other offering expenses				3,100,000
Proceeds from senior notes, net				$ 345,100,000
Senior Term Note Due December 15, 2027 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount					$ 450,000,000
Debt instrument,maturity date					Dec. 15, 2027
Debt instrument stated interest rate					3.875%
Debt instrument percentage discount to par					0.477%
Debt instrument, interest payable description											Interest on the 2027 Senior Notes is payable semi-annually in arrears on each June 15 and December 15.
Unamortized senior term note discount					$ 2,100,000
Underwriting discount and other offering expenses					4,000,000.0
Proceeds from senior notes, net					$ 443,900,000
Senior Term Note Due July 1, 2026 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount							$ 600,000,000
Debt instrument,maturity date							Jul. 01, 2026
Debt instrument stated interest rate							3.50%
Debt instrument percentage discount to par							0.553%
Debt instrument, interest payable description											Interest on the 2026 Senior Notes is payable semi-annually in arrears on each January 1 and July 1.
Unamortized senior term note discount							$ 3,300,000
Underwriting discount and other offering expenses							5,500,000
Proceeds from senior notes, net							$ 591,200,000
Term Note Due July 21, 2028 [Member]
Debt Instrument [Line Items]
Debt instrument,maturity date						Jul. 21, 2028
Debt instrument stated interest rate						3.67%
Additional secured term note						$ 200,000,000
Term Note Due April 8, 2024 [Member]
Debt Instrument [Line Items]
Debt instrument,maturity date								Apr. 08, 2024
Debt instrument stated interest rate								4.533%
Additional secured term note								$ 175,000,000
Term Note Due April 8, 2024 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument stated interest rate								6.283%
Senior Notes and Term Notes [Member]
Debt Instrument [Line Items]
Amortization expense related to deferred debt issuance costs									600,000	$ 600,000	$ 1,700,000	$ 1,800,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit limit	$ 1,250,000,000								$ 500,000,000		$ 500,000,000
Line of credit facility, expiration date	Jan. 13, 2027										Mar. 10, 2023
Facility fee													0.15%
Interest rate, line of credit facility													1.05%
Revolving Credit Facility [Member] | SOFR[Member]
Debt Instrument [Line Items]
Revolving credit limit	$ 2,000,000,000.0
Basis spread over SOFR	0.10%
Line of Credit [Member]
Debt Instrument [Line Items]
Interest rate, line of credit facility									3.94%		3.94%
Amount available on unsecured revolving line of credit									$ 793,900,000		$ 793,900,000

XML

Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Mortgages payable	$ 36,454	$ 37,030
4.065% Mortgage Note Due April 1, 2023 [Member]
Debt Instrument [Line Items]
Mortgages payable	3,648	3,728
5.26% Mortgage Note Due November 1, 2023 [Member]
Debt Instrument [Line Items]
Mortgages payable	3,588	3,650
4.4625% Mortgage Note Due December 6, 2024 [Member]
Debt Instrument [Line Items]
Mortgages payable	22,233	22,427
4.44% Mortgage Note Due July 6, 2025 [Member]
Debt Instrument [Line Items]
Mortgages payable	6,138	6,228
5.99% Mortgage Note Due May 1, 2026 [Member]
Debt Instrument [Line Items]
Mortgages payable	$ 847	$ 997

XML

Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Parenthetical) (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) Facility
4.065% Mortgage Note Due April 1, 2023 [Member]
Debt Instrument [Line Items]
Interest rate	4.065%
Mortgage note due date	Apr. 01, 2023
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 7.0
Effective interest rate	4.33%
5.26% Mortgage Note Due November 1, 2023 [Member]
Debt Instrument [Line Items]
Interest rate	5.26%
Mortgage note due date	Nov. 01, 2023
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 7.5
Effective interest rate	5.60%
4.4625% Mortgage Note Due December 6, 2024 [Member]
Debt Instrument [Line Items]
Interest rate	4.4625%
Mortgage note due date	Dec. 06, 2024
Self-storage facilities | Facility	3
Aggregate net book value of property pledged for mortgage note | $	$ 53.6
Effective interest rate	3.24%
4.44% Mortgage Note Due July 6, 2025 [Member]
Debt Instrument [Line Items]
Interest rate	4.44%
Mortgage note due date	Jul. 06, 2025
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 13.2
Effective interest rate	4.51%
5.99% Mortgage Note Due May 1, 2026 [Member]
Debt Instrument [Line Items]
Interest rate	5.99%
Mortgage note due date	May 01, 2026
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 6.2
Effective interest rate	6.56%

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Mortgages Payable and Debt Maturities - Summary of Debt Obligation and Interest Rate Derivatives (Detail) $ in Thousands	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
Payables due 2022	$ 133
Payables due 2023	7,529
Payables due 2024	197,593
Payables due 2025	6,093
Payables due 2026	600,106
Payables due Thereafter	2,456,000
Debt obligations	3,267,454
Line of credit - variable rate SOFR + 0.775%(3.94% at September 30,2022)
Debt Instrument [Line Items]
Payables due Thereafter	456,000
Debt obligations	456,000
Debt instrument, fair value	456,000
Term Note - Fixed Rate 4.533% [Member]
Debt Instrument [Line Items]
Payables due 2024	175,000
Debt obligations	175,000
Term note, fair value	170,325
Term Note - Fixed Rate 3.50% [Member]
Debt Instrument [Line Items]
Payables due 2026	600,000
Debt obligations	600,000
Term note, fair value	551,359
Term Note - Fixed Rate 3.875% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	450,000
Debt obligations	450,000
Term note, fair value	408,515
Term Note - Fixed Rate 3.67% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	200,000
Debt obligations	200,000
Term note, fair value	176,252
Term Note - Fixed Rate 4.00% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	350,000
Debt obligations	350,000
Term note, fair value	309,177
Term Note - Fixed Rate 2.20% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	400,000
Debt obligations	400,000
Term note, fair value	298,381
Term note - fixed rate 2.40% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	600,000
Debt obligations	600,000
Term note, fair value	437,083
Mortgage Note - Fixed Rate 4.065% [Member]
Debt Instrument [Line Items]
Payables due 2022	28
Payables due 2023	3,620
Debt obligations	3,648
Term note, fair value	3,597
Mortgage Note - Fixed Rate 5.26% [Member]
Debt Instrument [Line Items]
Payables due 2022	21
Payables due 2023	3,567
Debt obligations	3,588
Term note, fair value	3,538
Mortgage Note - Fixed Rate 4.4625% [Member]
Debt Instrument [Line Items]
Payables due 2024	22,233
Debt obligations	22,233
Term note, fair value	20,678
Mortgage Note - Fixed Rate 4.44% [Member]
Debt Instrument [Line Items]
Payables due 2022	31
Payables due 2023	126
Payables due 2024	131
Payables due 2025	5,850
Debt obligations	6,138
Term note, fair value	5,745
Mortgage Note - Fixed Rate 5.99% [Member]
Debt Instrument [Line Items]
Payables due 2022	53
Payables due 2023	216
Payables due 2024	229
Payables due 2025	243
Payables due 2026	106
Debt obligations	847
Term note, fair value	$ 839

XML

Mortgages Payable and Debt Maturities - Summary of Debt Obligation and Interest Rate Derivatives (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2022
Line of credit - variable rate SOFR + 0.775%(3.94% at September 30,2022)
Debt Instrument [Line Items]
Interest rate at end of period	3.94%
Basis spread over SOFR	0.775%
Term Note - Fixed Rate 4.533% [Member]
Debt Instrument [Line Items]
Interest rate	4.533%
Term Note - Fixed Rate 3.50% [Member]
Debt Instrument [Line Items]
Interest rate	3.50%
Term Note - Fixed Rate 3.875% [Member]
Debt Instrument [Line Items]
Interest rate	3.875%
Term Note - Fixed Rate 3.67% [Member]
Debt Instrument [Line Items]
Interest rate	3.67%
Term Note - Fixed Rate 4.00% [Member]
Debt Instrument [Line Items]
Interest rate	4.00%
Term Note - Fixed Rate 2.20% [Member]
Debt Instrument [Line Items]
Interest rate	2.20%
Term note - fixed rate 2.40% [Member]
Debt Instrument [Line Items]
Interest rate	2.40%
Mortgage Note - Fixed Rate 4.065% [Member]
Debt Instrument [Line Items]
Interest rate	4.065%
Mortgage Note - Fixed Rate 5.26% [Member]
Debt Instrument [Line Items]
Interest rate	5.26%
Mortgage Note - Fixed Rate 4.4625% [Member]
Debt Instrument [Line Items]
Interest rate	4.4625%
Mortgage Note - Fixed Rate 4.44% [Member]
Debt Instrument [Line Items]
Interest rate	4.44%
Mortgage Note - Fixed Rate 5.99% [Member]
Debt Instrument [Line Items]
Interest rate	5.99%

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Derivative Financial Instruments - Additional Information (Detail) - Senior Term Note Due July 1, 2026 [Member] $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Derivative [Line Items]
Settlement of forward starting swap agreements	$ 9.2
Amortized period on interest expense	10 years

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Derivative Financial Instruments - Summary of Changes in AOCL (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated other comprehensive loss beginning of period			$ 3,378,999
Realized loss reclassified from accumulated other comprehensive loss to interest expense	$ 229	$ 229	687	$ 687
Accumulated other comprehensive loss end of period	3,612,776		3,612,776
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated other comprehensive loss beginning of period	(3,666)	(4,583)	(4,124)	(5,041)
Accumulated other comprehensive loss end of period	$ (3,437)	$ (4,354)	$ (3,437)	$ (4,354)

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Fair Value Measurements - Additional Information (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 0	$ 0
Liabilities measured at fair value	$ 0	$ 0

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Investment in Joint Ventures - Summary of Company's Unconsolidated Joint Ventures (Detail)	9 Months Ended
	Sep. 30, 2022 USD ($) Property	Dec. 31, 2021 USD ($)
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	37
Company common ownership interest	20.00%
Carrying value of investment	$ 63,800,000	$ 58,700,000
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	22
Company common ownership interest	15.00%
Carrying value of investment	$ (2,500,000)	(2,400,000)
Life Storage-HIERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	17
Company common ownership interest	20.00%
Carrying value of investment	$ 13,600,000	13,900,000
191 V Life Storage Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	17
Company common ownership interest	20.00%
Carrying value of investment	$ 27,800,000	27,400,000
GII Life Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	13
Company common ownership interest	35.00%
Carrying value of investment	$ 49,000,000.0	51,500,000
Life Storage HHF Wasatch Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	15
Company common ownership interest	20.00%
Carrying value of investment	$ 51,200	0
Iskalo Office Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest	49.00%
Carrying value of investment	$ (2,300,000)	(2,400,000)
Life Storage Spacemax, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	6
Company common ownership interest	40.00%
Carrying value of investment	$ 13,900,000	14,500,000
Life Storage 898 McDonald, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	0
Company common ownership interest	0.00%
Carrying value of investment		30,000,000.0
Life Storage ArrowMark Venture LLC [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest	50.00%
Carrying value of investment	$ 4,600,000	1,500,000
Joint Ventures with Properties in Development Stage [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	6
Company common ownership interest	Various
Carrying value of investment	$ 18,800,000	4,700,000
Other Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	10
Company common ownership interest	Various
Carrying value of investment	$ 12,000,000.0	$ 10,800,000

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Investment in Joint Ventures - Summary of Company's Unconsolidated Joint Ventures (Parenthetical) (Detail) $ in Thousands			1 Months Ended											3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($) Property	Apr. 01, 2021 USD ($)	Oct. 31, 2022 USD ($)	Sep. 30, 2022 USD ($) Property	Aug. 31, 2022 USD ($)	Jul. 31, 2022 USD ($) Property	Jun. 30, 2022 USD ($)	Apr. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) Property	Oct. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($) Property	Sep. 30, 2020 USD ($) Property	Sep. 30, 2022 USD ($) Property	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 USD ($) Property	Apr. 30, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property															43	62
Contribution of company to joint venture as share in capital														$ 1,200
Distributions from unconsolidated joint ventures															$ 12,710	$ 10,359
Rent paid during the period															1,200	$ 1,100
Mortgages payable	$ 36,454			$ 36,454					$ 37,030					36,454	36,454
Purchase price of business to be acquired				59,000
NY [Member]
Schedule of Equity Method Investments [Line Items]
Total consideration acquired					$ 29,000
Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property									13			17
Total consideration acquired									$ 290,600			$ 320,000
Contribution of company to joint venture as share in capital									$ 52,000			$ 28,700
Mortgage debt maturity year									2029			2026
Mortgages payable									$ 145,300			$ 184,000
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Excess of investment over net asset due to capitalization of acquisition related costs	$ 1,700			$ 1,700										$ 1,700	$ 1,700
Total consideration acquired							$ 31,700
Additional contribution							$ 6,700
Company common ownership interest	20.00%			20.00%										20.00%	20.00%
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Total consideration acquired													$ 120,200
Cash has been placed into escrow until non-recourse loans																	$ 35,800
Contribution of company to joint venture as share in capital													$ 12,700
Company common ownership interest	15.00%			15.00%										15.00%	15.00%
Mortgage debt paid off		$ 69,100
Mortgage debt maturity year		2029
Distributions from unconsolidated joint ventures		$ 31,600
Mortgages payable		$ 110,000
Sovran HHF Storage Holdings II LLC [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property													8
Life Storage ArrowMark Venture LLC [Member]
Schedule of Equity Method Investments [Line Items]
Total consideration acquired			$ 2,800							$ 1,600
Company common ownership interest	50.00%			50.00%										50.00%	50.00%
SNL Orix 1200 McDonald Ave., LLC [Member]
Schedule of Equity Method Investments [Line Items]
Excess of investment over net asset due to capitalization of acquisition related costs								$ 30,200
Contribution of company to joint venture as share in capital											$ 27,300
Asset Acquisition, Consideration Transferred								$ 5,200
SNL Orix 1200 McDonald Ave., LLC [Member] | Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest											5.00%					5.00%
SNL Orix 1200 McDonald Ave., LLC [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest											86.00%					86.00%
Joint Ventures with Properties in Development Stage [Member]
Schedule of Equity Method Investments [Line Items]
Number Of joint ventures | Property															6
Joint Ventures with Properties in Development Stage [Member] | Ontario, Canada [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint venture developing self-storage facilities | Property	1			1										1	1
Joint Ventures with Properties in Development Stage [Member] | NY [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint venture developing self-storage facilities | Property	4			4										4	4
Joint Ventures with Properties in Development Stage [Member] | Tampa, FL [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint venture developing self-storage facilities | Property	1			1										1	1
Joint Ventures with Properties in Development Stage [Member] | Common Stock Shares [Member]
Schedule of Equity Method Investments [Line Items]
Total consideration acquired															$ 18,800
Life Storage HHF Wasatch Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property						15
Total consideration acquired						$ 262,000
Contribution of company to joint venture as share in capital						$ 51,500
Company common ownership interest	20.00%			20.00%										20.00%	20.00%
Purchase price of business to be acquired	$ 22,500
Life Storage-SERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Total consideration acquired															$ 51,700
Distributions from unconsolidated joint ventures											$ 2,800

XML

Investment in Joint Ventures - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule of Equity Method Investments [Line Items]
Distributions from unconsolidated joint ventures			$ 12,710	$ 10,359
Operational Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Management and call center fee earned	$ 2,800	$ 2,300	$ 7,900	$ 5,900

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Investment in Joint Ventures - Company's Share of Unconsolidated Joint Ventures' Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 2,799	$ 1,477	$ 6,832	$ 4,126
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	1,088	846	3,092	2,247
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	583	435	1,595	1,157
191 V Life Storage Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	708	(240)	1,479	(229)
Other Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 420	$ 436	$ 666	$ 951

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Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2017	Dec. 31, 2021
Tax Credit Carryforward [Line Items]
Unrecognized tax benefits	$ 0	$ 0	$ 0	$ 0
Gains Losses On Sales Of Non Real Estate	(2,841)	0	(4,806)	0
Interest or penalties related to uncertain tax positions	0	0	0	0
Deferred tax assets	500		500			$ 400
Deferred tax liability	1,900		$ 1,900			$ 1,800
Corporate income tax rate			21.00%		35.00%
Tax Year 2016 [Member]
Tax Credit Carryforward [Line Items]
Tax years open to examination			2018
Tax Year 2019 [Member]
Tax Credit Carryforward [Line Items]
Tax years open to examination			2021
General and Administrative Expense [Member]
Tax Credit Carryforward [Line Items]
Federal and state income tax expense (benefit)	1,700	$ 700	$ 3,600	$ 1,900
Gains Losses On Sales Of Non Real Estate	$ 900		$ 1,600

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Earnings Per Share and Earnings Per Unit - Computation of Basic and Diluted Earnings Per Common Share/Unit (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income attributable to common shareholders/unitholders	$ 98,505	$ 92,264	$ 73,575	$ 70,274	$ 57,516	$ 47,383	$ 264,344	$ 175,172
Net income attributable to unvested restricted shares	(172)			(119)			(151)	(78)
Net income attributable to outstanding common shares	$ 98,333			$ 70,155			$ 264,193	$ 175,094
Denominator:
Denominator for basic earnings per share/unit - weighted average shares/units	84,472,979			78,961,434			84,129,261	77,135,429
Effect of Dilutive Securities:
Net income attributable to preferred units	999			0			999	0
Numerator for diluted earning per share	$ 99,332			$ 70,155			$ 265,192	$ 175,094
Stock options and non-vested stock	924,000			219,000			425,000	168,000
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion	85,396,539			79,179,816			84,554,165	77,303,339
Basic earnings per common share/unit attributable to common shareholders/unitholders	$ 1.16			$ 0.89			$ 3.14	$ 2.27
Diluted earnings per common share/unit attributable to common shareholders/unitholders	$ 1.16			$ 0.89			$ 3.14	$ 2.27
Life Storage LP [Member]
Numerator:
Net income attributable to common shareholders/unitholders	$ 98,505	$ 92,264	$ 73,575	$ 70,274	$ 57,516	$ 47,383	$ 264,344	$ 175,172
Net income attributable to unvested restricted shares	(172)			(119)			(151)	(78)
Net income attributable to outstanding common shares	$ 98,333			$ 70,155			$ 264,193	$ 175,094
Denominator:
Denominator for basic earnings per share/unit - weighted average shares/units	84,472,979			78,961,434			84,129,261	77,135,429
Effect of Dilutive Securities:
Net income attributable to preferred units	999			0			999	0
Numerator for diluted earning per share	$ 99,332			$ 70,155			$ 265,192	$ 175,094
Stock options and non-vested stock	924,000			219,000			425,000	168,000
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion	85,396,539			79,179,816			84,554,165	77,303,339
Basic earnings per common share/unit attributable to common shareholders/unitholders	$ 1.16			$ 0.89			$ 3.14	$ 2.27
Diluted earnings per common share/unit attributable to common shareholders/unitholders	$ 1.16			$ 0.89			$ 3.14	$ 2.27

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Earnings Per Share and Earnings Per Unit - Additional Information (Detail) - shares	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Redeemable Preferred Stock [Member] | Subsidiary Issuer [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Units of redeemable noncontrolling interest in operating partnership	3,523,113
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities not included in the effect of dilutive securities	126,980	111,260

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Shareholders' Equity - Reconciliation of Changes in Parent Company's Total Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Beginning Balance	$ 3,520,361	$ 3,474,695	$ 3,378,999	$ 2,692,999	$ 2,549,490	$ 2,378,098	$ 3,378,999	$ 2,378,098
Net proceeds from issuance of common stock	80,219	7,865	92,771	478,331	148,325	180,529
Exercise of stock options			173
Earned portion of non-vested stock	1,822	1,743	1,661	1,683	1,467	1,453
Stock dividend						0
Carrying value less than redemption value on redeemed noncontrolling interest	(191)	(2)		(15)	(13)	(4)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	(1,958)	27,930	10,924	(3,570)	(7,142)	(2,358)
Net income attributable to common shareholders	98,505	92,264	73,575	70,274	57,516	47,383	264,344	175,172
Amortization of terminated hedge included in AOCL	229	229	229	229	229	229
Dividends	(91,135)	(84,363)	(83,637)	(57,953)	(56,873)	(55,840)
Ending Balance	3,607,852	3,520,361	3,474,695	3,181,978	2,692,999	2,549,490	3,607,852	3,181,978
Common Stock Shares [Member]
Beginning Balance	844	843	836	781	765	495	836	495
Net proceeds from issuance of common stock	6	1	7	39	16	18
Exercise of stock options			0
Earned portion of non-vested stock	0	0	0	0	0	0
Stock dividend						252
Carrying value less than redemption value on redeemed noncontrolling interest	0	0		0	0	0
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	0	0	0	0	0	0
Net income attributable to common shareholders	0	0	0	0	0	0
Amortization of terminated hedge included in AOCL	0	0	0	0	0	0
Dividends	0	0	0	0	0	0
Ending Balance	850	844	843	820	781	765	850	820
Additional Paid-in Capital [Member]
Beginning Balance	3,801,203	3,791,598	3,697,000	3,002,782	2,853,019	2,671,311	3,697,000	2,671,311
Net proceeds from issuance of common stock	80,213	7,864	92,764	478,292	148,309	180,511
Exercise of stock options			173
Earned portion of non-vested stock	1,822	1,743	1,661	1,683	1,467	1,453
Stock dividend						(252)
Carrying value less than redemption value on redeemed noncontrolling interest	(191)	(2)		(15)	(13)	(4)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	0	0	0	0	0	0
Net income attributable to common shareholders	0	0	0	0	0	0
Amortization of terminated hedge included in AOCL	0	0	0	0	0	0
Dividends	0	0	0	0	0	0
Ending Balance	3,883,047	3,801,203	3,791,598	3,482,742	3,002,782	2,853,019	3,883,047	3,482,742
Dividends in Excess of Net Income [Member]
Beginning Balance	(278,020)	(313,851)	(314,713)	(305,981)	(299,482)	(288,667)	(314,713)	(288,667)
Net proceeds from issuance of common stock	0	0	0	0	0	0
Exercise of stock options			0
Earned portion of non-vested stock	0	0	0	0	0	0
Stock dividend						0
Carrying value less than redemption value on redeemed noncontrolling interest	0	0		0	0	0
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	(1,958)	27,930	10,924	(3,570)	(7,142)	(2,358)
Net income attributable to common shareholders	98,505	92,264	73,575	70,274	57,516	47,383
Amortization of terminated hedge included in AOCL	0	0	0	0	0	0
Dividends	(91,135)	(84,363)	(83,637)	(57,953)	(56,873)	(55,840)
Ending Balance	(272,608)	(278,020)	(313,851)	(297,230)	(305,981)	(299,482)	(272,608)	(297,230)
Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance	(3,666)	(3,895)	(4,124)	(4,583)	(4,812)	(5,041)	(4,124)	(5,041)
Net proceeds from issuance of common stock	0	0	0	0	0	0
Exercise of stock options			0
Earned portion of non-vested stock	0	0	0	0	0	0
Stock dividend						0
Carrying value less than redemption value on redeemed noncontrolling interest	0	0		0	0	0
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	0	0	0	0	0	0
Net income attributable to common shareholders	0	0	0	0	0	0
Amortization of terminated hedge included in AOCL	229	229	229	229	229	229
Dividends	0	0	0	0	0	0
Ending Balance	$ (3,437)	$ (3,666)	$ (3,895)	$ (4,354)	$ (4,583)	$ (4,812)	$ (3,437)	$ (4,354)

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Shareholders' Equity - Additional Information (Detail)		9 Months Ended
	Jan. 04, 2021	Sep. 30, 2022 USD ($) Property $ / shares shares	Sep. 30, 2021 USD ($) Property $ / shares shares	Aug. 11, 2022 USD ($)	Jun. 15, 2021 USD ($)	Dec. 29, 2020 USD ($)	Aug. 02, 2017 USD ($)
Stockholders Equity [Line Items]
Number of storage facilities acquired | Property		43	62
Buyback Program, authorized repurchase amount							$ 200,000,000
Stock repurchased during period, shares | shares		0	0
Shares issued under dividend reinvestment plan | shares		0	0
Description of stock split of common stock		three-for-two
Stock dividend payable percentage of common stock	50.00%
Description of additional share received		Shareholders of record at the close of business on January 15, 2021 received one additional share of Company stock for every two shares owned.
2020 Equity Program [Member]
Stockholders Equity [Line Items]
Common stock value authorized under equity offering program						$ 500,000,000
Common stock shares issued under equity offering program | shares			4,838,200
Weighted average issue price | $ / shares			$ 95.80
Proceeds from issuance of common stock			$ 458,200,000
Sales commissions paid			4,600,000
Other expenses			$ 700,000
2021 Equity Program [Member]
Stockholders Equity [Line Items]
Common stock value authorized under equity offering program					$ 500,000,000
Common stock shares issued under equity offering program | shares		1,352,833
Weighted average issue price | $ / shares		$ 135.22
Proceeds from issuance of common stock		$ 181,100,000
Sales commissions paid		$ 1,800,000
2022 Equity Program [Member]
Stockholders Equity [Line Items]
Common stock value authorized under equity offering program				$ 1,000,000,000

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Partners' Capital - Reconciliation of Change in Total Partners' Capital (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Partners Capital [Line Items]
Exercise of stock options			$ 173
Earned portion of non-vested stock	$ 1,822	$ 1,743	1,661	$ 1,683	$ 1,467	$ 1,453
Carrying value less than redemption value on redeemed noncontrolling interest	(191)	(2)		(15)	(13)	(4)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	(1,958)	27,930	10,924	(3,570)	(7,142)	(2,358)
Net income attributable to common shareholders/unitholders	98,505	92,264	73,575	70,274	57,516	47,383	$ 264,344	$ 175,172
Amortization of terminated hedge included in AOCL	229	229	229	229	229	229
Life Storage LP [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	3,520,361	3,474,695	3,378,999	2,692,999	2,549,490	2,378,098	3,378,999	2,378,098
Net proceeds from issuance of Operating Partnership Units	80,219	7,865	92,771	478,331	148,325	180,529
Exercise of stock options			173
Earned portion of non-vested stock	1,822	1,743	1,661	1,683	1,467	1,453
Issuance of common Operating Partnership Units	0	0		0
Issuance of preferred Operating Partnership Units				0
Carrying value less than redemption value on redeemed noncontrolling interest	(191)	(2)	0	(15)	(13)	(4)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	(1,958)	27,930	10,924	(3,570)	(7,142)	(2,358)
Net income attributable to common shareholders/unitholders	98,505	92,264	73,575	70,274	57,516	47,383	264,344	175,172
Amortization of terminated hedge included in AOCL	229	229	229	229	229	229
Distributions	(91,135)	(84,363)	(83,637)	(57,953)	(56,873)	(55,840)
Ending balance of total controlling partners’ capital	3,607,852	3,520,361	3,474,695	3,181,978	2,692,999	2,549,490	3,607,852	3,181,978
Life Storage LP [Member] | Life Storage Holdings, Inc. General Partner [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	37,277	36,986	36,131	27,287	25,782	24,045	36,131	24,045
Net proceeds from issuance of Operating Partnership Units	802	80	927	4,783	1,483	1,807
Exercise of stock options			2
Earned portion of non-vested stock	18	17	17	17	15	14
Issuance of common Operating Partnership Units	17	103		15
Issuance of preferred Operating Partnership Units				898
Carrying value less than redemption value on redeemed noncontrolling interest	(19)	(2)	(1)	1	(1)	(1)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	0	0	0	0	0	0
Net income attributable to common shareholders/unitholders	1,011	944	754	711	578	476
Amortization of terminated hedge included in AOCL	2	2	2	2	2	2
Distributions	(923)	(853)	(846)	(582)	(572)	(561)
Ending balance of total controlling partners’ capital	38,185	37,277	36,986	33,130	27,287	25,782	38,185	33,130
Life Storage LP [Member] | Life Storage, Inc. Limited Partner [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	3,486,750	3,441,604	3,346,992	2,670,295	2,528,520	2,359,094	3,346,992	2,359,094
Net proceeds from issuance of Operating Partnership Units	79,417	7,785	91,844	473,548	146,842	178,722
Exercise of stock options			171
Earned portion of non-vested stock	1,804	1,726	1,644	1,666	1,452	1,439
Issuance of common Operating Partnership Units	(17)	(103)		(15)
Issuance of preferred Operating Partnership Units				(898)
Carrying value less than redemption value on redeemed noncontrolling interest	(172)	0	1	(14)	(12)	(3)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	(1,958)	27,930	10,924	(3,570)	(7,142)	(2,358)
Net income attributable to common shareholders/unitholders	97,494	91,320	72,821	69,563	56,938	46,907
Amortization of terminated hedge included in AOCL	(2)	(2)	(2)	(2)	(2)	(2)
Distributions	(90,212)	(83,510)	(82,791)	(57,371)	(56,301)	(55,279)
Ending balance of total controlling partners’ capital	3,573,104	3,486,750	3,441,604	3,153,202	2,670,295	2,528,520	3,573,104	3,153,202
Accumulated Other Comprehensive Income (Loss) [Member]
Partners Capital [Line Items]
Exercise of stock options			0
Earned portion of non-vested stock	0	0	0	0	0	0
Carrying value less than redemption value on redeemed noncontrolling interest	0	0		0	0	0
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	0	0	0	0	0	0
Net income attributable to common shareholders/unitholders	0	0	0	0	0	0
Amortization of terminated hedge included in AOCL	229	229	229	229	229	229
Accumulated Other Comprehensive Income (Loss) [Member] | Life Storage LP [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	(3,666)	(3,895)	(4,124)	(4,583)	(4,812)	(5,041)	(4,124)	(5,041)
Net proceeds from issuance of Operating Partnership Units	0	0	0	0	0	0
Exercise of stock options			0
Earned portion of non-vested stock	0	0	0	0	0	0
Issuance of common Operating Partnership Units	0	0		0
Issuance of preferred Operating Partnership Units				0
Carrying value less than redemption value on redeemed noncontrolling interest	0	0	0	0	0	0
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	0	0	0	0	0	0
Net income attributable to common shareholders/unitholders	0	0	0	0	0	0
Amortization of terminated hedge included in AOCL	229	229	229	229	229	229
Distributions	0	0	0	0	0	0
Ending balance of total controlling partners’ capital	$ (3,437)	$ (3,666)	$ (3,895)	$ (4,354)	$ (4,583)	$ (4,812)	$ (3,437)	$ (4,354)

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Commitment and Contingencies - Additional Information (Detail) $ in Thousands		1 Months Ended		3 Months Ended		9 Months Ended
	Oct. 01, 2022 USD ($) Property	Oct. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 USD ($) Property	Dec. 31, 2021 USD ($)
Commitment And Contingencies [Line Items]
Operating lease, aggregate right-of-use assets			$ 17,700	$ 17,700		$ 17,700		$ 19,500
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]			Other assets	Other assets		Other assets		Other assets
Operating lease liabilities			$ 17,200	$ 17,200		$ 17,200		$ 19,200
Operating Lease, Liability, Statement of Financial Position [Extensible List]			us-gaap:AccountsPayableAndAccruedLiabilitiesMember	us-gaap:AccountsPayableAndAccruedLiabilitiesMember		us-gaap:AccountsPayableAndAccruedLiabilitiesMember		us-gaap:AccountsPayableAndAccruedLiabilitiesMember
Operating lease expenses				$ 700	$ 600	$ 2,000	$ 1,800
Weighted average remaining lease term			9 years 7 months 6 days	9 years 7 months 6 days		9 years 7 months 6 days
Weighted average discount rate			4.59%	4.59%		4.59%
Operating lease commitments			$ 22,347	$ 22,347		$ 22,347
Purchase price of business to be acquired			$ 59,000
Number of storage facilities acquired | Property						43	62
Purchase Price						$ 860,638
Expansion and enhancement contracts						48,200
Self-storage Facilities [Member]
Commitment And Contingencies [Line Items]
Purchase price of business to be acquired	$ 142,000					$ 280,300
Number of storage facilities acquired | Property	7					15
Self-storage Facilities [Member] | Corporate Joint Venture [Member]
Commitment And Contingencies [Line Items]
Purchase price of business to be acquired	$ 59,000					$ 81,500
Number of storage facilities acquired | Property	3					4
Business combination share value owned	$ 11,800
Self-storage Facilities [Member] | Facility Acquired [Member]
Commitment And Contingencies [Line Items]
Purchase Price		$ 67,500

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Commitment and Contingencies - Summary of Undiscounted Future Minimum Lease Payments (Detail) $ in Thousands	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 518
2023	2,663
2024	2,584
2025	2,402
2026	2,483
Thereafter	11,697
Total	$ 22,347

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Subsequent Events - Additional Information (Detail)				1 Months Ended		9 Months Ended
	Oct. 14, 2022 USD ($)	Oct. 03, 2022 $ / shares	Oct. 01, 2022 USD ($) Property	Oct. 31, 2022 USD ($) Property	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 Property
Subsequent Event [Line Items]
Number of storage facilities acquired | Property						43	62
Purchase price of business to be acquired					$ 59,000,000.0
Self-storage Facilities [Member]
Subsequent Event [Line Items]
Number of storage facilities acquired | Property			7			15
Purchase price of business to be acquired			$ 142,000,000.0			$ 280,300,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend declared, date		Oct. 03, 2022
Dividend per common share | $ / shares		$ 1.08
Dividend paid, date		Oct. 26, 2022
Dividend record, date		Oct. 14, 2022
Dividend paid	$ 91,800,000
Subsequent Event [Member] | Self-storage Facilities [Member]
Subsequent Event [Line Items]
Number of storage facilities acquired | Property				7
Total consideration acquired				$ 142,000,000.0
Purchase price of business to be acquired				126,500
Business combination share value owned				$ 25,300