Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Revenues:
Self-Storage Operations	$	408,044	$	321,500	$	787,852	$	625,093
Tenant Reinsurance	46,427		42,334		90,224		81,953
Total segment revenues	$	454,471	$	363,834	$	878,076	$	707,046
Operating expenses:
Self-Storage Operations	$	104,252	$	89,155	$	207,794	$	181,522
Tenant Reinsurance	7,537		6,735		14,579		13,896
Total segment operating expenses	$	111,789	$	95,890	$	222,373	$	195,418
Net operating income:
Self-Storage Operations	$	303,792	$	232,345	$	580,058	$	443,571
Tenant Reinsurance	38,890		35,599		75,645		68,057
Total segment net operating income:	$	342,682	$	267,944	$	655,703	$	511,628
Other components of net income:
Management fees and other income	$	20,517	$	14,796	$	40,474	$	30,441
Transaction related costs	(1,465)		—		(1,465)		—
General and administrative expense	(31,251)		(26,341)		(61,013)		(49,881)
Depreciation and amortization expense	(69,067)		(59,570)		(136,973)		(118,169)
Gain on real estate transactions	14,249		—		14,249		63,883
Interest expense	(47,466)		(40,240)		(90,004)		(80,935)
Interest income	15,060		12,838		34,049		25,142
Equity in earnings and dividend income from unconsolidated real estate entities	10,190		8,322		19,287		15,278
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	(5,615)		(5,421)		(8,756)		(9,558)
Net income	$	247,834	$	178,579	$	465,551	$	394,080