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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Property rental $ 650,887 $ 428,787 $ 1,525,596 $ 1,216,639
Tenant reinsurance 69,128 47,869 165,265 138,093
Management fees and other income 28,019 22,246 71,609 62,720
Total revenues 748,034 498,902 1,762,470 1,417,452
Expenses:        
Property operations 185,194 114,577 416,997 322,371
Tenant reinsurance 19,130 10,770 37,701 25,349
Transaction costs 0 0 0 1,465
Life Storage Merger transition costs 54,174 0 54,174 0
General and administrative 37,406 32,275 107,011 93,288
Depreciation and amortization 152,338 71,423 309,914 208,396
Total expenses 448,242 229,045 925,797 650,869
Gain on real estate transactions 0 0 0 14,249
Income from operations 299,792 269,857 836,673 780,832
Interest expense (122,899) (56,245) (289,370) (146,249)
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes (8,228) 0 (8,228) 0
Interest income 22,092 18,125 62,607 52,174
Income before equity in earnings and dividend income from unconsolidated real estate entities and income tax expense 190,757 231,737 601,682 686,757
Equity in earnings and dividend income from unconsolidated real estate entities 15,043 11,149 38,602 30,436
Income tax expense (6,944) (6,760) (17,238) (15,516)
Net income 198,856 236,126 623,046 701,677
Net income allocated to Preferred Operating Partnership noncontrolling interests (2,253) (4,454) (6,761) (13,278)
Net income allocated to Operating Partnership and other noncontrolling interests (8,253) (10,953) (29,221) (31,971)
Net income attributable to common stockholders $ 188,350 $ 220,719 $ 587,064 $ 656,428
Earnings per common share        
Basic (in dollars per share) $ 0.96 $ 1.65 $ 3.78 $ 4.89
Diluted (in dollars per share) $ 0.96 $ 1.65 $ 3.78 $ 4.89
Weighted average number of shares        
Basic (in shares) 195,324,444 133,913,652 155,112,071 134,094,490
Diluted (in shares) 195,328,020 141,504,215 155,116,149 141,567,845
Cash dividends paid per common share (in dollars per share) $ 1.62 $ 1.50 $ 4.86 $ 4.50