Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Revenues:
Self-Storage Operations	$	710,874	$	650,887	$	2,096,018	$	1,525,596
Tenant Reinsurance	84,048		69,128		249,100		165,265
Total segment revenues	$	794,922	$	720,015	$	2,345,118	$	1,690,861
Operating expenses:
Self-Storage Operations	$	209,035	$	185,194	$	610,455	$	416,997
Tenant Reinsurance	17,510		19,130		55,646		37,701
Total segment operating expenses	$	226,545	$	204,324	$	666,101	$	454,698
Net operating income:
Self-Storage Operations	$	501,839	$	465,693	$	1,485,563	$	1,108,599
Tenant Reinsurance	66,538		49,998		193,454		127,564
Total segment net operating income:	$	568,377	$	515,691	$	1,679,017	$	1,236,163
Other components of net income:
Management fees and other income	$	29,882	$	28,019	$	89,888	$	71,609
Life Storage Merger transition costs	—		(54,174)		—		(54,174)
General and administrative expense	(39,750)		(37,406)		(123,373)		(107,011)
Depreciation and amortization expense	(195,046)		(152,338)		(586,821)		(309,914)
Loss on real estate assets held for sale	(8,961)		—		(63,620)		—
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
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	13,730		—		13,730		—
Impairment of trade name	(51,763)		—		(51,763)		—
Income tax expense	(10,857)		(6,944)		(27,443)		(17,238)
Net income	$	202,945	$	198,856	$	622,431	$	623,046