For the Three Months Ended September 30,

For the Nine Months Ended September 30,

2021

2020

2021

2020

Revenues:

Self-Storage Operations

$

351,355

$

290,423

$

976,448

$

856,438

Tenant Reinsurance

44,258

39,294

126,211

107,985

Total segment revenues

$

395,613

$

329,717

$

1,102,659

$

964,423

Operating expenses:

Self-Storage Operations

$

92,794

$

92,322

$

274,316

$

271,659

Tenant Reinsurance

7,509

7,189

21,405

20,725

Total segment operating expenses

$

100,303

$

99,511

$

295,721

$

292,384

Net operating income:

Self-Storage Operations

$

258,561

$

198,101

$

702,132

$

584,779

Tenant Reinsurance

36,749

32,105

104,806

87,260

Total segment net operating income:

$

295,310

$

230,206

$

806,938

$

672,039

Other components of net income:

Management fees and other income

$

16,879

$

13,307

$

47,320

$

38,299

General and administrative expense

(24,395)

(23,894)

(74,276)

(72,242)

Depreciation and amortization expense

(61,516)

(56,412)

(179,685)

(167,705)

Gain on real estate transactions

—

63,883

—

Interest expense

(39,670)

(42,213)

(120,605)

(127,610)

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

—

(1,233)

—

(3,675)

Interest income

11,729

3,145

36,871

6,488

Equity in earnings and dividend income from unconsolidated real estate entities

8,255

5,605

23,533

15,692

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

—

Income tax expense

(6,772)

(4,657)

(16,330)

(10,013)

Net income

$

199,820

$

123,854

$

593,900

$

351,273