For the Three Months Ended June 30,

For the Six Months Ended June 30,

2021

2020

2021

2020

Revenues:

Self-Storage Operations

$

321,500

$

279,312

$

625,093

$

566,015

Tenant Reinsurance

42,334

35,078

81,953

68,691

Total segment revenues

$

363,834

$

314,390

$

707,046

$

634,706

Operating expenses:

Self-Storage Operations

$

89,155

$

89,040

$

181,522

$

179,337

Tenant Reinsurance

6,735

6,858

13,896

13,536

Total segment operating expenses

$

95,890

$

95,898

$

195,418

$

192,873

Net operating income:

Self-Storage Operations

$

232,345

$

190,272

$

443,571

$

386,678

Tenant Reinsurance

35,599

28,220

68,057

55,155

Total segment net operating income:

$

267,944

$

218,492

$

511,628

$

441,833

Other components of net income:

Management fees and other income

$

14,796

$

12,856

$

30,441

$

24,992

General and administrative expense

(26,341)

(25,337)

(49,881)

(48,348)

Depreciation and amortization expense

(59,570)

(56,018)

(118,169)

(111,293)

Gain on real estate transactions

—

63,883

—

Interest expense

(40,240)

(41,039)

(80,935)

(85,397)

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

—

(1,233)

—

(2,442)

Interest income

12,838

1,669

25,142

3,343

Equity in earnings and dividend income from unconsolidated real estate entities

8,322

5,044

15,278

10,087

Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest

6,251

—

6,251

—

Income tax expense

(5,421)

(3,177)

(9,558)

(5,356)

Net income

$

178,579

$

111,257

$

394,080

$

227,419