Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Reconciliation of Noncontrolling Interests

The following is a reconciliation of the Parent Company’s common noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable capital interest for the years ending December 31:

(dollars in thousands)	2021			2020
Beginning balance	$	26,446		$	26,307
Redemption of units		(757	)		(2,487	)
Issuance of units		82,951			—
Net income attributable to noncontrolling interests in the    Operating Partnership		1,364			789
Distributions		(1,275	)		(1,047	)
Adjustment to redemption value		34,163			2,884
Ending balance	$	142,892		$	26,446

Summary of Preferred NonControlling redeemable preferred capital operating partenership

The following is a reconciliation of the Parent Company's preferred noncontrolling redeemable Operating Partnership Units and the Operating Partnership's limited partners' preferred redeemable capital interest for the years ending December 31:

(dollars in thousands)	2021			2020
Beginning balance	$	—		$	—
Issuance of units		89,765			—
Net income attributable to noncontrolling interests in the    Operating Partnership		1,494			—
Distributions		(476	)		—
Ending balance	$	90,783		$	—

Summary of Reconciliation of Cash and Restricted Cash

The following table provides a reconciliation of cash and restricted cash reported within the consolidated statements of cash flows for the years ending December 31:

(dollars in thousands)	2021		2020		2019
Cash	$	171,865	$	54,400	$	17,458
Restricted cash		4,569		4,371		4,098
Total cash and restricted cash	$	176,434	$	58,771	$	21,556

Summary of Disaggregated Revenues

The disaggregated revenues of the Company presented in accordance with ASC Topic 606 “Revenue from Contracts with Customers” are as follows:

(dollars in thousands)	2021		2020		2019
Rental income	$	690,758	$	539,554	$	510,774
Management and acquisition fee income		22,127		17,407		14,274
Tenant reinsurance		58,103		44,742		34,902
Other		17,577		15,068		14,789
Total operating revenues	$	788,565	$	616,771	$	574,739

Other revenue consists primarily of sales of storage-related merchandise (locks and packing supplies) and storage and inventory management services provided by Warehouse Anywhere.

Performance Based Nonvested [Member]

Schedule of Weighted Average Fair Value of Options Granted

The fair values of the performance-based awards in 2021, 2020 and 2019 were estimated at the time the awards were granted using a Monte Carlo pricing model applying the following weighted-average assumptions:

	2021			2020			2019
Expected life (years)		3.0			3.0			3.0
Risk free interest rate		0.93	%		0.19	%		1.64	%
Expected volatility		27.75	%		28.15	%		18.22	%
Fair value	$	157.61		$	78.00		$	66.96