Segments (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Reporting Segment NOI

The following table presents our reportable segment NOI for the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):

	Year Ended December 31,
	2025		2024		2023
Reportable segment revenue
Rental revenue	$	678,489	$	700,247	$	793,966
Other property-related revenue	25,911		27,362		29,686
Total reportable segment revenue	704,400		727,609		823,652
Property operating expenses
Store payroll and related costs	51,294		51,675		58,519
Property tax expense	63,118		60,893		66,315
Utilities expense	22,098		21,288		23,440
Repairs & maintenance expense	17,134		16,044		17,911
Marketing expense	24,695		19,152		18,995
Insurance expense	10,175		11,135		10,633
Other property operating expenses	29,032		31,665		33,173
Total property operating expenses	217,546		211,852		228,986
Net operating income	486,854		515,757		594,666

Schedule of Reconciliation of Our Reportable Segment Revenue To Total Revenue

The following table is a reconciliation of our reportable segment revenue to total revenue for the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):

	Year Ended December 31,
	2025		2024		2023
Reportable segment revenue
Rental revenue	$	678,489	$	700,247	$	793,966
Other property-related revenue	25,911		27,362		29,686
Total reportable segment revenue	704,400		727,609		823,652
Management fees and other revenue	48,529		42,726		34,411
Total Revenue	$	752,929	$	770,335	$	858,063

Schedule of Reconciliation of Our Reported Income Before Income Taxes To Our Net Operating 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, 2025, 2024 and 2023 (dollars in thousands):

	Year Ended December 31,
	2025		2024		2023
Income before income taxes	$	119,376	$	187,037	$	238,578
All Other
Management fees and other revenue	(48,529)		(42,726)		(34,411)
General and administrative expenses	51,130		57,606		59,281
Depreciation and amortization	189,320		189,855		221,993
Other	16,291		13,866		11,108
Interest expense	162,445		154,260		166,147
Loss on early extinguishment of debt	—		323		758
Equity in losses (earnings) of unconsolidated real estate ventures	7,327		16,075		(7,553)
Acquisition costs	6,721		3,616		1,659
Non-operating (income) expense	(934)		(314)		1,016
Gain on sale of self storage properties	(16,293)		(63,841)		(63,910)
Net operating income	$	486,854	$	515,757	$	594,666