Segment Information (Tables)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Schedule of Financial Information of Business Segments

Financial information for the Company’s business segments is set forth below:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Revenues:
Self-Storage Operations	$	266,728		$	248,589		$	772,742		$	720,878
Tenant Reinsurance	30,105			25,882			85,660			73,050
Total segment revenues	296,833			274,471			858,402			793,928
Operating expenses:
Self-Storage Operations	$	73,652		$	70,430		$	219,488		$	204,370
Tenant Reinsurance	7,720			6,272			18,798			13,996
Total segment operating expenses	$	81,372		$	76,702		$	238,286		$	218,366
Net operating income:
Self-Storage Operations	193,076			178,159			553,254			516,508
Tenant Reinsurance	22,385			19,610			66,862			59,054
Total segment net operating income:	$	215,461		$	197,769		$	620,116		$	575,562
Other components of net income (loss):
Property management fees and other income	10,120			9,685			30,849			29,239
General and administrative expense	(19,707		)	(19,498		)	(62,822		)	(60,171		)
Depreciation and amortization expense	(52,283		)	(48,075		)	(155,924		)	(144,139		)
Gain/(loss) on real estate transactions and impairment of real estate	30,807			—			30,807			(6,019		)
Interest expense	(45,926		)	(39,766		)	(130,239		)	(113,192		)
Non-cash interest expense related to the amortization of discount on equity component of exchangeable senior notes	(1,140		)	(1,268		)	(3,525		)	(3,827		)
Interest income	1,371			1,401			3,997			5,201
Equity in earnings of unconsolidated real estate ventures	3,622			3,990			10,648			11,407
Income tax expense	(2,638		)	(3,163		)	(6,077		)	(9,154		)
Net income	$	139,687		$	101,075		$	337,830		$	284,907