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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Property rental $ 697,100 $ 440,747 $ 1,385,144 $ 874,709
Tenant reinsurance 83,705 48,433 165,052 96,137
Management fees and other income 29,858 22,206 60,006 43,590
Total revenues 810,663 511,386 1,610,202 1,014,436
Expenses:        
Property operations 196,902 114,637 401,420 231,803
Tenant reinsurance 19,631 9,482 38,136 18,571
General and administrative 39,901 34,842 83,623 69,605
Depreciation and amortization 194,809 79,086 391,775 157,576
Total expenses 451,243 238,047 914,954 477,555
Loss on real estate assets held for sale (54,659) 0 (54,659) 0
Income from operations 304,761 273,339 640,589 536,881
Interest expense (137,133) (86,372) (270,020) (166,471)
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes (10,853) 0 (21,558) 0
Interest income 31,226 21,077 54,799 40,515
Income before equity in earnings and dividend income from unconsolidated real estate entities and income tax expense 188,001 208,044 403,810 410,925
Equity in earnings and dividend income from unconsolidated real estate entities 17,255 13,254 32,262 23,559
Income tax expense (9,844) (5,986) (16,586) (10,294)
Net income 195,412 215,312 419,486 424,190
Net income allocated to Preferred Operating Partnership noncontrolling interests (1,933) (2,254) (4,141) (4,508)
Net income allocated to Operating Partnership and other noncontrolling interests (7,607) (10,648) (16,361) (20,968)
Net income attributable to common stockholders $ 185,872 $ 202,410 $ 398,984 $ 398,714
Earnings per common share        
Basic (in dollars per share) $ 0.88 $ 1.50 $ 1.88 $ 2.96
Diluted (in dollars per share) $ 0.88 $ 1.50 $ 1.88 $ 2.95
Weighted average number of shares        
Basic (in shares) 211,584,155 134,832,232 211,433,877 134,672,672
Diluted (in shares) 211,587,105 143,529,817 220,114,016 143,337,522
Cash dividends paid per common share (in dollars per share) $ 1.62 $ 1.62 $ 3.24 $ 3.24