For the Three Months Ended June 30,

For the Six Months Ended June 30,

2020

2019

2020

2019

Revenues:

Self-Storage Operations

$

279,312

$

279,584

$

566,015

$

550,587

Tenant Reinsurance

35,078

31,701

68,691

61,498

Total segment revenues

$

314,390

$

311,285

$

634,706

$

612,085

Operating expenses:

Self-Storage Operations

$

89,040

$

80,870

$

179,337

$

159,635

Tenant Reinsurance

6,858

6,982

13,536

13,949

Total segment operating expenses

$

95,898

$

87,852

$

192,873

$

173,584

Net operating income:

Self-Storage Operations

$

190,272

$

198,714

$

386,678

$

390,952

Tenant Reinsurance

28,220

24,719

55,155

47,549

Total segment net operating income:

$

218,492

$

223,433

$

441,833

$

438,501

Other components of net income (loss):

Management fees and other income

$

12,856

$

12,317

$

24,992

$

23,063

General and administrative expense

(25,337)

(23,351)

(48,348)

(46,029)

Depreciation and amortization expense

(56,018)

(54,406)

(111,293)

(109,065)

Gain on real estate transactions

—

1,205

—

1,205

Interest expense

(41,039)

(47,448)

(85,397)

(94,808)

Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes

(1,233)

(1,185)

(2,442)

(2,347)

Interest income

1,669

1,718

3,343

3,106

Equity in earnings and dividend income from unconsolidated real estate entities

5,044

3,121

10,087

5,751

Income tax expense

(3,177)

(2,715)

(5,356)

(4,528)

Net income

$

111,257

$

112,689

$

227,419

$

214,849