Noncontrolling Interests	9 Months Ended
Sep. 30, 2026
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests There are noncontrolling interests related to subsidiaries of PSOC that we consolidate. At September 30, 2026, certain of these subsidiaries have issued 470,398 partnership units to third parties that are redeemable by the holders on a one-for-one basis for common shares of the Company or cash at our option. During the nine months ended September 30, 2026, we acquired the noncontrolling equity interest held by a third party for a total purchase price of $7.5 million in cash. The acquisition resulted in the Company owning a 100% controlling interest in the subsidiary. The difference of $7.5 million between the purchase price and the acquired noncontrolling interest was recorded as a reduction to Paid-in Capital on the Consolidated Balance Sheets. Upon completion of the NSA acquisition (see Note 3), the Company became the primary beneficiary of, and therefore consolidated, 21 partnerships that are considered VIEs, which owned 34 self storage properties. We manage the properties and have the power to direct the activities that most significantly impact the economic performance of the entities leading us to conclude that we are the primary beneficiary. The net book value of the real estate owned by these VIEs was $533.2 million as of September 30, 2026. Certain partnerships have issued fixed rate mortgages, with a principal balance of $172.9 million as of September 30, 2026. The creditors of the consolidated VIEs do not have recourse to the Company's general credit. Noncontrolling interests also include the partnership interests of PSA OP not owned by the Company, including OP Units, preferred units issued by PSA OP, and vested Long-Term Incentive Plan units of PSA OP (“LTIP units”) from equity awards we issue to certain officers and trustees of the Company. Vested LTIP units (subject to certain conditions) may be converted into the same number of OP Units, which are redeemable by the holders on a one-for-one basis for common shares of the Company or cash at our option. During the nine months ended September 30, 2026, in connection with the acquisitions of NSA and PS Canada, we issued 4,125,017 and 2,762,108 OP Units at a fair value of $1.2 billion and $795.0 million, respectively. The holders of OP Units and vested LTIP units are entitled to receive per-unit cash distributions equal to the per-share dividends received by our common shareholders. At September 30, 2026, approximately 3.81% of the partnership interests of PSA OP, were not owned by the Company. We adjust the balance of noncontrolling interests of PSA OP to reflect their proportionate share of the net assets of PSA OP as of the end of each period. Additionally, in connection with the acquisition of NSA, we issued PSA OP Series T-1 preferred units. The Series T-1 preferred units rank senior to OP Units and LTIP units with respect to distributions and liquidation. The Series T-1 preferred units have a stated value of $25.00 per unit and receive distributions at an annual rate of 6.000%. These distributions are cumulative. The Series T-1 preferred units are redeemable at the option of the holder after the first anniversary of the date of issuance. Redemption obligations may be satisfied at the Company's option in cash in an amount equal to the market value of an equivalent number of the Company's 6.000% Series T preferred shares or the issuance of 6.000% Series T preferred shares on a one-for-one basis, subject to adjustments. Generally, the Series T-1 preferred units become redeemable by the Company beginning ten years after the initial issuance of each Series T-1 preferred unit at a stated value of $25.00 per unit, plus accrued but unpaid distributions.

There are noncontrolling interests related to subsidiaries of PSOC that we consolidate. At September 30, 2026, certain of these subsidiaries have issued 470,398 partnership units to third parties that are redeemable by the holders on a one-for-one basis for common shares of the Company or cash at our option.

During the nine months ended September 30, 2026, we acquired the noncontrolling equity interest held by a third party for a total purchase price of $7.5 million in cash. The acquisition resulted in the Company owning a 100% controlling interest in the subsidiary. The difference of $7.5 million between the purchase price and the acquired noncontrolling interest was recorded as a reduction to Paid-in Capital on the Consolidated Balance Sheets.

Upon completion of the NSA acquisition (see Note 3), the Company became the primary beneficiary of, and therefore consolidated, 21 partnerships that are considered VIEs, which owned 34 self storage properties. We manage the properties and have the power to direct the activities that most significantly impact the economic performance of the entities leading us to conclude that we are the primary beneficiary. The net book value of the real estate owned by these VIEs was $533.2 million as of September 30, 2026. Certain partnerships have issued fixed rate mortgages, with a principal balance of $172.9 million as of September 30, 2026. The creditors of the consolidated VIEs do not have recourse to the Company's general credit.

Noncontrolling interests also include the partnership interests of PSA OP not owned by the Company, including OP Units, preferred units issued by PSA OP, and vested Long-Term Incentive Plan units of PSA OP (“LTIP units”) from equity awards we issue to certain officers and trustees of the Company. Vested LTIP units (subject to certain conditions) may be converted into the same number of OP Units, which are redeemable by the holders on a one-for-one basis for common shares of the Company or cash at our option. During the nine months ended September 30, 2026, in connection with the acquisitions of NSA and PS Canada, we issued 4,125,017 and 2,762,108 OP Units at a fair value of $1.2 billion and $795.0 million, respectively. The holders of OP Units and vested LTIP units are entitled to receive per-unit cash distributions equal to the per-share dividends received by our common shareholders. At September 30, 2026, approximately 3.81% of the partnership interests of PSA OP, were not owned by the Company. We adjust the balance of noncontrolling interests of PSA OP to reflect their proportionate share of the net assets of PSA OP as of the end of each period.