Segments (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Segment Reporting Information, by Segment

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,
	2024		2023		2022
Reportable segment revenue
Rental revenue	$	700,247	$	793,966	$	748,814
Other property-related revenue	27,362		29,686		25,131
Total reportable segment revenue	727,609		823,652		773,945
Property operating expenses
Store payroll and related costs	51,675		58,519		57,197
Property tax expense	60,893		66,315		62,995
Utilities expense	21,288		23,440		21,548
Repairs & maintenance expense	16,044		17,911		17,116
Marketing expense	19,152		18,995		13,874
Insurance expense	11,135		10,633		7,357
Other property operating expenses	31,665		33,173		30,938
Total property operating expenses	211,852		228,986		211,025
Net operating income	515,757		594,666		562,920

Reconciliation of Revenue from Segments to Consolidated

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,
	2024		2023		2022
Reportable segment revenue
Rental revenue	$	700,247	$	793,966	$	748,814
Other property-related revenue	27,362		29,686		25,131
Total reportable segment revenue	727,609		823,652		773,945

Management fees and other revenue	42,726		34,411		27,624
Total Revenue	$	770,335	$	858,063	$	801,569

Summary of Reconciliation of Net Operating Income to Reported Net Income

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,
	2024		2023		2022
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 expenses	57,606		59,281		59,311
Depreciation and amortization	189,855		221,993		233,158
Other	13,866		11,108		8,537
Interest expense	154,260		166,147		110,599
Loss on early extinguishment of debt	323		758		—
Equity in losses (earnings) of unconsolidated real estate ventures	16,075		(7,553)		(7,745)

Acquisition costs	3,616		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