Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Revenues:
Self-Storage Operations	$	2,222,578	$	1,654,735	$	1,340,990
Tenant Reinsurance	235,680		185,531		170,108
Total segment revenues	$	2,458,258	$	1,840,266	$	1,511,098
Operating expenses:
Self-Storage Operations	$	612,036	$	435,342	$	368,608
Tenant Reinsurance	58,874		33,560		29,488
Total segment operating expenses	$	670,910	$	468,902	$	398,096
Net operating income:
Self-Storage Operations	$	1,610,542	$	1,219,393	$	972,382
Tenant Reinsurance	176,806		151,971		140,620
Total segment net operating income:	$	1,787,348	$	1,371,364	$	1,113,002
Total segment net operating income	$	1,787,348	$	1,371,364	$	1,113,002
Other components of net income:
Property management fees and other income	101,986		83,904		66,264
Transaction costs	—		(1,548)		—
Life Storage Merger transition costs	(66,732)		—		—
General and administrative expense	(146,408)		(129,251)		(102,194)
Depreciation and amortization expense	(506,053)		(288,316)		(241,879)
Gain on real estate transactions	—		14,249		140,760
Interest expense	(419,035)		(219,171)		(166,183)
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes	(18,786)		—		—
Interest income	84,857		69,422		49,703
Equity in earnings and dividend income from unconsolidated real estate entities	54,835		41,428		32,358
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets	—		—		6,251
Income tax expense	(21,559)		(20,925)		(20,324)
Net income	$	850,453	$	921,156	$	877,758