Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Financial Information of Business Segments

Financial information for the Company’s business segments is set forth below:

	Year Ended December 31,
	2022		2021		2020
Revenues:
Self-Storage Operations	$	1,654,735	$	1,340,990	$	1,157,522
Tenant Reinsurance	185,531		170,108		146,561
Total segment revenues	$	1,840,266	$	1,511,098	$	1,304,083
Operating expenses:
Self-Storage Operations	$	435,342	$	368,608	$	360,615
Tenant Reinsurance	33,560		29,488		26,494
Total segment operating expenses	$	468,902	$	398,096	$	387,109
Net operating income:
Self-Storage Operations	$	1,219,393	$	972,382	$	796,907
Tenant Reinsurance	151,971		140,620		120,067
Total segment net operating income:	$	1,371,364	$	1,113,002	$	916,974
Total segment net operating income	$	1,371,364	$	1,113,002	$	916,974
Other components of net income:
Property management fees and other income	83,904		66,264		52,129
Transaction related costs	(1,548)		—		—
General and administrative expense	(129,251)		(102,194)		(96,594)
Depreciation and amortization expense	(288,316)		(241,879)		(224,444)
Gain on real estate transactions	14,249		140,760		18,075
Interest expense	(219,171)		(166,183)		(168,626)
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes	—		—		(3,675)
Interest income	69,422		49,703		15,192
Equity in earnings and dividend income from unconsolidated real estate entities	41,428		32,358		22,361
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets	—		6,251		—
Income tax expense	(20,925)		(20,324)		(13,810)
Net income	$	921,156	$	877,758	$	517,582