Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

Segment Information

Our operating segments reflect the significant components of our operations where discrete financial information is evaluated separately by our chief operating decision maker (“CODM”).

Self-Storage Operations

The Self-Storage Operations reportable segment reflects the aggregated rental operations from the self-storage facilities we own from (i) Same Store Facilities, (ii) Acquired Facilities, (iii) Developed and Expanded Facilities, and (iv) Other Non-Same Store Facilities. The presentation in the table below sets forth the NOI of this reportable segment, as well as the related depreciation expense. For all periods presented, substantially all of our real estate facilities, goodwill and other intangible assets, other assets, and accrued and other liabilities are associated with the Self-Storage Operations reportable segment.

Ancillary Operations

The Ancillary Operations reflects the combined operations of our tenant loss reinsurance, merchandise sales, and third party property management operating segments.

Presentation of Segment Information

The following table reconciles NOI and net income attributable to our reportable segment to our consolidated net income:

	For the Years Ended December 31,
	2021		2020		2019
	(amounts in thousands)
Self-Storage Operations Reportable Segment
Revenue	$	3,203,566	$	2,721,630	$	2,684,552
Cost of operations	(852,030)		(807,543)		(762,416)
Net operating income	2,351,536		1,914,087		1,922,136
Depreciation and amortization	(713,428)		(553,257)		(512,918)
Net income	1,638,108		1,360,830		1,409,218
Ancillary Operations
Revenue	212,258		193,438		170,556
Cost of operations	(68,568)		(59,919)		(50,736)
Net operating income	143,690		133,519		119,820
Total net income allocated to segments	1,781,798		1,494,349		1,529,038
Other items not allocated to segments:
General and administrative	(101,254)		(83,199)		(62,146)
Interest and other income	12,306		22,323		26,683
Interest expense	(90,774)		(56,283)		(45,641)
Equity in earnings of unconsolidated real estate entities	232,093		80,497		69,547
Foreign currency exchange gain (loss)	111,787		(97,953)		7,829
Gain on sale of real estate	13,683		1,493		341
Net income	$	1,959,639	$	1,361,227	$	1,525,651