Segment Information (Tables)

9 Months Ended

Sep. 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 September 30,						For the Nine Months Ended September 30,
	2019			2018			2019			2018
Revenues:
Self-Storage Operations	$	290,917		$	266,728		$	841,504		$	772,742
Tenant Reinsurance	33,588			30,105			95,086			85,660
Total segment revenues	$	324,505		$	296,833		$	936,590		$	858,402
Operating expenses:
Self-Storage Operations	$	88,653		$	73,652		$	248,288		$	219,488
Tenant Reinsurance	7,644			7,720			21,593			18,798
Total segment operating expenses	$	96,297		$	81,372		$	269,881		$	238,286
Net operating income:
Self-Storage Operations	$	202,264		$	193,076		$	593,216		$	553,254
Tenant Reinsurance	25,944			22,385			73,493			66,862
Total segment net operating income:	$	228,208		$	215,461		$	666,709		$	620,116
Other components of net income (loss):
Property management fees and other income	$	13,000		$	10,120		$	36,063		$	30,849
General and administrative expense	(22,519		)	(19,707		)	(68,548		)	(62,822		)
Depreciation and amortization expense	(56,051		)	(52,283		)	(165,116		)	(155,924		)
Gain on real estate transactions	—			30,807			1,205			30,807
Interest expense	(46,908		)	(45,926		)	(141,716		)	(130,239		)
Non-cash interest expense related to the amortization of discount on equity component of exchangeable senior notes	(1,186		)	(1,140		)	(3,533		)	(3,525		)
Interest income	2,799			1,371			5,905			3,997
Equity in earnings of unconsolidated real estate ventures	2,704			3,622			8,455			10,648
Income tax expense	(4,052		)	(2,638		)	(8,580		)	(6,077		)
Net income	$	115,995		$	139,687		$	330,844		$	337,830