Segment Information (Tables)

9 Months Ended

Sep. 30, 2020

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,
	2020		2019		2020		2019
Revenues:
Self-Storage Operations	$	290,423	$	290,917	$	856,438	$	841,504
Tenant Reinsurance	39,294		33,588		107,985		95,086
Total segment revenues	$	329,717	$	324,505	$	964,423	$	936,590
Operating expenses:
Self-Storage Operations	$	92,322	$	88,653	$	271,659	$	248,288
Tenant Reinsurance	7,189		7,644		20,725		21,593
Total segment operating expenses	$	99,511	$	96,297	$	292,384	$	269,881
Net operating income:
Self-Storage Operations	$	198,101	$	202,264	$	584,779	$	593,216
Tenant Reinsurance	32,105		25,944		87,260		73,493
Total segment net operating income:	$	230,206	$	228,208	$	672,039	$	666,709
Other components of net income (loss):
Management fees and other income	$	13,307	$	13,000	$	38,299	$	36,063
General and administrative expense	(23,894)		(22,519)		(72,242)		(68,548)
Depreciation and amortization expense	(56,412)		(56,051)		(167,705)		(165,116)
Gain on real estate transactions	—		—		—		1,205
Interest expense	(42,213)		(46,908)		(127,610)		(141,716)
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes	(1,233)		(1,186)		(3,675)		(3,533)
Interest income	3,145		2,799		6,488		5,905
Equity in earnings and dividend income from unconsolidated real estate entities	5,605		2,704		15,692		8,455
Income tax expense	(4,657)		(4,052)		(10,013)		(8,580)
Net income	$	123,854	$	115,995	$	351,273	$	330,844