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Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segments Segments
The Company manages the business as one reportable segment consisting of owning and managing self storage properties located in the United States. The Company collects rental revenue from customers for space rentals and related fees. Although the Company has several operating segments consisting of self storage properties in different geographic markets, these operating segments have been aggregated into one reportable segment based on the similar economic characteristics among all markets. The Company considers factors such as the physical and economic characteristics of its properties and the related operating activities in determining its operating segments. Operating segments that exhibit similar physical and economic characteristics and other operating similarities have been aggregated. The company has other operating segments, consisting of activities other than owning and managing self storage properties, that are insignificant based on the guidance set forth in ASC 280, and included under the heading “All Other.”
The Company’s chief operating decision maker (“CODM”) is its President and Chief Executive Officer. The CODM uses net operating income ("NOI") to assess segment performance and allocate resources. NOI is the key measure used by the CODM to evaluate the economic productivity from owning and managing the Company's self storage properties, as it enables the CODM to evaluate the operating performance of the Company's self storage properties on a consistent and comparable basis from period to period.
Reportable segment asset information is not provided to the CODM as the CODM does not use segment asset information to evaluate the business and allocate resources.
The following table presents our reportable segment NOI for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands):
Year Ended December 31,
202420232022
Reportable segment revenue
Rental revenue$700,247 $793,966 $748,814 
Other property-related revenue27,362 29,686 25,131 
Total reportable segment revenue727,609 823,652 773,945 
Property operating expenses
Store payroll and related costs51,675 58,519 57,197 
Property tax expense60,893 66,315 62,995 
Utilities expense21,288 23,440 21,548 
Repairs & maintenance expense16,044 17,911 17,116 
Marketing expense19,152 18,995 13,874 
Insurance expense11,135 10,633 7,357 
Other property operating expenses31,665 33,173 30,938 
Total property operating expenses211,852 228,986 211,025 
Net operating income515,757 594,666 562,920 
NOI represents rental revenue plus other property-related revenue, minus property operating expenses. NOI excludes management fees and other revenue, general and administrative expenses, depreciation and amortization, interest expense, loss on early extinguishment of debt, equity in losses (earnings) of unconsolidated real estate ventures, acquisition costs, non-operating (income) expense, gain on sale of self storage properties or income tax expense.
The following table is a reconciliation of our reportable segment revenue to total revenue for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands):
Year Ended December 31,
202420232022
Reportable segment revenue
Rental revenue$700,247 $793,966 $748,814 
Other property-related revenue27,362 29,686 25,131 
Total reportable segment revenue727,609 823,652 773,945 
Management fees and other revenue42,726 34,411 27,624 
Total Revenue$770,335 $858,063 $801,569 
The following table is a reconciliation of our reported income before income taxes to our net operating income for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands):
Year Ended December 31,
202420232022
Income before income taxes$187,037 $238,578 $188,454 
All Other
Management fees and other revenue(42,726)(34,411)(27,624)
General and administrative expenses57,606 59,281 59,311 
Depreciation and amortization189,855 221,993 233,158 
Other13,866 11,108 8,537 
Interest expense154,260 166,147 110,599 
Loss on early extinguishment of debt323 758 — 
Equity in losses (earnings) of unconsolidated real estate ventures16,075 (7,553)(7,745)
Acquisition costs3,616 1,659 2,745 
Non-operating (income) expense(314)1,016 951 
Gain on sale of self storage properties(63,841)(63,910)(5,466)
Net operating income$515,757 $594,666 $562,920