Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

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,
	2023		2022		2023		2022
Revenues:
Self-Storage Operations	$	440,747	$	408,044	$	874,709	$	787,852
Tenant Reinsurance	48,433		46,427		96,137		90,224
Total segment revenues	$	489,180	$	454,471	$	970,846	$	878,076
Operating expenses:
Self-Storage Operations	$	114,637	$	104,252	$	231,803	$	207,794
Tenant Reinsurance	9,482		7,537		18,571		14,579
Total segment operating expenses	$	124,119	$	111,789	$	250,374	$	222,373
Net operating income:
Self-Storage Operations	$	326,110	$	303,792	$	642,906	$	580,058
Tenant Reinsurance	38,951		38,890		77,566		75,645
Total segment net operating income:	$	365,061	$	342,682	$	720,472	$	655,703
Other components of net income:
Management fees and other income	$	22,206	$	20,517	$	43,590	$	40,474
Transaction related costs	—		(1,465)		—		(1,465)
General and administrative expense	(34,842)		(31,251)		(69,605)		(61,013)
Depreciation and amortization expense	(79,086)		(69,067)		(157,576)		(136,973)
Gain on real estate transactions	—		14,249		—		14,249
Interest expense	(86,372)		(47,466)		(166,471)		(90,004)
Interest income	21,077		15,060		40,515		34,049
Equity in earnings and dividend income from unconsolidated real estate entities	13,254		10,190		23,559		19,287
Income tax expense	(5,986)		(5,615)		(10,294)		(8,756)
Net income	$	215,312	$	247,834	$	424,190	$	465,551