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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Property rental $ 710,874 $ 650,887 $ 2,096,018 $ 1,525,596
Tenant reinsurance 84,048 69,128 249,100 165,265
Management fees and other income 29,882 28,019 89,888 71,609
Total revenues 824,804 748,034 2,435,006 1,762,470
Expenses:        
Property operations 209,035 185,194 610,455 416,997
Tenant reinsurance 17,510 19,130 55,646 37,701
Life Storage Merger transition costs 0 54,174 0 54,174
General and administrative 39,750 37,406 123,373 107,011
Depreciation and amortization 195,046 152,338 586,821 309,914
Total expenses 461,341 448,242 1,376,295 925,797
Loss on real estate assets held for sale (8,961) 0 (63,620) 0
Impairment of Life Storage trade name (51,763) 0 (51,763) 0
Income from operations 302,739 299,792 943,328 836,673
Interest expense (142,855) (122,899) (412,875) (289,370)
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes (11,005) (8,228) (32,563) (8,228)
Interest income 34,947 22,092 89,746 62,607
Income before equity in earnings and dividend income from unconsolidated real estate entities and income tax expense 183,826 190,757 587,636 601,682
Equity in earnings and dividend income from unconsolidated real estate entities 16,246 15,043 48,508 38,602
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and sale of a joint venture interest 13,730 0 13,730 0
Income tax expense (10,857) (6,944) (27,443) (17,238)
Net income 202,945 198,856 622,431 623,046
Net income allocated to Preferred Operating Partnership noncontrolling interests (1,932) (2,253) (6,073) (6,761)
Net income allocated to Operating Partnership and other noncontrolling interests (7,803) (8,253) (24,164) (29,221)
Net income attributable to common stockholders $ 193,210 $ 188,350 $ 592,194 $ 587,064
Earnings per common share        
Basic (in dollars per share) $ 0.91 $ 0.96 $ 2.79 $ 3.78
Diluted (in dollars per share) $ 0.91 $ 0.96 $ 2.79 $ 3.78
Weighted average number of shares        
Basic (in shares) 211,698,436 195,324,444 211,522,578 155,112,071
Diluted (in shares) 220,298,870 195,328,020 220,177,692 155,116,149
Cash dividends paid per common share (in dollars per share) $ 1.62 $ 1.62 $ 4.86 $ 4.86