SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Financial Information of Business Segments

Financial information for the Company’s business segments is set forth below:


	For the Three Months Ended March 31,
	2025		2024
Revenues
Self-Storage Operations	$	704,380	$	688,044
Tenant Reinsurance	84,712		81,347
Total segment revenues	$	789,092	$	769,391

Operating expenses
Self-Storage Operations:
Payroll and benefits	$	43,746	$	43,399
Marketing	15,150		16,625
Office expense	34,994		29,454
Property operating expense	21,225		20,218
Repairs and maintenance	16,257		15,211
Property taxes	79,884		67,680
Insurance	8,432		8,245
Other segment items (1)	3,894		3,686
Total self-storage operations expenses	223,582		204,518

Tenant Reinsurance:
Tenant reinsurance expense and other segment items (2)	$	17,116	$	18,505

Total segment operating expenses	$	240,698	$	223,023

Net operating income
Self-Storage Operations	$	480,798	$	483,526
Tenant Reinsurance	67,596		62,842
Total segment net operating income:	$	548,394	$	546,368

Other components of net income:
Management fees and other income	30,905		30,148


General and administrative expense	(45,974)		(43,722)
Depreciation and amortization expense	(180,356)		(196,966)
Gain on real estate assets held for sale and sold, net	35,761		—
Interest expense	(142,399)		(132,887)
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes	(11,313)		(10,705)
Interest income	38,967		23,573
Equity in earnings and dividend income from unconsolidated real estate entities	19,931		15,007

Income tax expense	(8,991)		(6,742)
Net income	$	284,925	$	224,074

(1) Other segment items for the Self-Storage Operations segment include miscellaneous items such as legal and professional fees, capital expenditures, taxes, and casualty losses.
(2) Tenant reinsurance expense and other segment items for the Tenant Reinsurance segment include claims expense, acquisition costs, claims service fees, and miscellaneous administrative items.