Segment Information (Tables)

6 Months Ended

Jun. 30, 2019

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 June 30,						For the Six Months Ended June 30,
	2019			2018			2019			2018
Revenues:
Self-Storage Operations	$	279,584		$	258,128		$	550,587		$	506,014
Tenant Reinsurance	31,701			28,521			61,498			55,555
Total segment revenues	$	311,285		$	286,649		$	612,085		$	561,569
Operating expenses:
Self-Storage Operations	$	80,870		$	73,083		$	159,635		$	145,836
Tenant Reinsurance	6,982			5,471			13,949			11,078
Total segment operating expenses	$	87,852		$	78,554		$	173,584		$	156,914
Net operating income:
Self-Storage Operations	$	198,714		$	185,045		$	390,952		$	360,178
Tenant Reinsurance	24,719			23,050			47,549			44,477
Total segment net operating income:	$	223,433		$	208,095		$	438,501		$	404,655
Other components of net income (loss):
Property management fees and other income	$	12,317		$	10,164		23,063			20,729
General and administrative expense	(23,351		)	(21,651		)	(46,029		)	(43,115		)
Depreciation and amortization expense	(54,406		)	(51,892		)	(109,065		)	(103,641		)
Gain on real estate transactions	1,205			—			1,205			—
Interest expense	(47,448		)	(43,347		)	(94,808		)	(84,313		)
Non-cash interest expense related to the amortization of discount on equity component of exchangeable senior notes	(1,185		)	(1,176		)	(2,347		)	(2,385		)
Interest income	1,718			1,188			3,106			2,626
Equity in earnings of unconsolidated real estate ventures	3,121			3,429			5,751			7,026
Income tax expense	(2,715		)	(2,097		)	(4,528		)	(3,439		)
Net income	$	112,689		$	102,713		$	214,849		$	198,143