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Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues        
Rental income $ 227,239 $ 163,096 $ 432,748 $ 313,379
Total operating revenues 257,046 187,262 490,537 359,149
Expenses        
Property operations and maintenance 42,458 33,369 84,827 67,109
Tenant reinsurance 6,481 5,425 13,328 10,206
Real estate taxes 25,356 20,510 49,879 40,397
General and administrative 18,636 15,083 34,502 29,266
Depreciation and amortization 48,076 35,771 94,476 69,130
Total operating expenses 141,007 110,158 277,012 216,108
Gain on sale of non-real estate assets 1,925 0 1,965 0
Income from operations 117,964 77,104 215,490 143,041
Other income (expenses)        
Interest expense (25,505) (20,774) (49,745) (41,119)
Interest and dividend income 4 7 18 786
Equity in income of joint ventures 1,914 1,428 4,032 2,649
Net income 94,377 57,765 169,795 105,357
Net income attributable to common shareholders/unitholders $ 92,264 $ 57,516 $ 165,839 $ 104,898
Earnings per common share/unit attributable to common shareholders/unitholders - basic $ 1.09 $ 0.75 $ 1.98 $ 1.38
Earnings per common share/unit attributable to common shareholders/unitholders - diluted $ 1.09 $ 0.74 $ 1.97 $ 1.37
Common shares/units used in basic earnings per share/unit calculation 84,270,378 77,057,520 83,957,402 76,222,426
Common shares/units used in diluted earnings per share/unit calculation 84,428,182 77,219,999 84,132,978 76,365,100
Dividends/distributions declared per common share/unit $ 1.00 $ 0.74 $ 2.00 $ 1.48
Other operating income [Member]        
Revenues        
Other operating income $ 11,550 $ 10,461 $ 22,264 $ 19,446
Tenant reinsurance [Member]        
Revenues        
Other operating income 18,257 13,705 35,525 26,324
Redeemable Preferred Stock [Member]        
Other income (expenses)        
Net income attributable to noncontrolling interest in the Operating Partnership (1,007) 0 (2,003) 0
Redeemable Common Stock [Member]        
Other income (expenses)        
Net income attributable to noncontrolling interest in the Operating Partnership (1,106) (249) (1,953) (459)
Life Storage LP [Member]        
Revenues        
Rental income 227,239 163,096 432,748 313,379
Total operating revenues 257,046 187,262 490,537 359,149
Expenses        
Property operations and maintenance 42,458 33,369 84,827 67,109
Tenant reinsurance 6,481 5,425 13,328 10,206
Real estate taxes 25,356 20,510 49,879 40,397
General and administrative 18,636 15,083 34,502 29,266
Depreciation and amortization 48,076 35,771 94,476 69,130
Total operating expenses 141,007 110,158 277,012 216,108
Gain on sale of non-real estate assets (1,925) 0 (1,965) 0
Income from operations 117,964 77,104 215,490 143,041
Other income (expenses)        
Interest expense (25,505) (20,774) (49,745) (41,119)
Interest and dividend income 4 7 18 786
Equity in income of joint ventures 1,914 1,428 4,032 2,649
Net income 94,377 57,765 169,795 105,357
Net income attributable to common shareholders/unitholders $ 92,264 $ 57,516 $ 165,839 $ 104,898
Earnings per common share/unit attributable to common shareholders/unitholders - basic $ 1.09 $ 0.75 $ 1.98 $ 1.38
Earnings per common share/unit attributable to common shareholders/unitholders - diluted $ 1.09 $ 0.74 $ 1.97 $ 1.37
Common shares/units used in basic earnings per share/unit calculation 84,270,378 77,057,520 83,957,402 76,222,426
Common shares/units used in diluted earnings per share/unit calculation 84,428,182 77,219,999 84,132,978 76,365,100
Dividends/distributions declared per common share/unit $ 1.00 $ 0.74 $ 2.00 $ 1.48
Net income attributable to general partner $ (944) $ 578 $ (1,698) $ 1,054
Net income attributable to limited partners (91,320) 56,938 (164,141) 103,844
Life Storage LP [Member] | Other operating income [Member]        
Revenues        
Other operating income 11,550 10,461 22,264 19,446
Life Storage LP [Member] | Tenant reinsurance [Member]        
Revenues        
Other operating income 18,257 13,705 35,525 26,324
Life Storage LP [Member] | Redeemable Preferred Stock [Member]        
Other income (expenses)        
Net income attributable to noncontrolling interest in the Operating Partnership (1,007) 0 (2,003) 0
Life Storage LP [Member] | Redeemable Common Stock [Member]        
Other income (expenses)        
Net income attributable to noncontrolling interest in the Operating Partnership $ (1,106) $ (249) $ (1,953) $ (459)