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Segment Information
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment Information Segment InformationOur reportable segments reflect the significant components of our operations where discrete financial information is evaluated separately by our chief operating decision maker (“CODM”). We organize our segments based primarily upon the nature of the underlying products and services, as well as the drivers of profitability growth. The net income for each reportable segment included in the table below are in conformity with GAAP and our
significant accounting policies as denoted in Note 2. The amounts not attributable to reportable segments are aggregated under “other items not allocated to segments.”
Following is a description of and basis for presentation for each of our reportable segments.
Self-Storage Operations
The Self-Storage Operations segment reflects the rental operations from all self-storage facilities we own. Our CODM reviews the net operating income (“NOI”) of this segment, which represents the related revenues less cost of operations (prior to depreciation expense), in assessing performance and making resource allocation decisions. The presentation in the tables below sets forth the NOI of this segment, as well as the depreciation expense for this segment, which while reviewed by our CODM and included in net income, is not considered by the CODM in assessing performance and decision making. For all periods presented, substantially all of our real estate facilities, goodwill and other intangible assets, other assets, and accrued and other liabilities are associated with the Self-Storage Operations segment.
Ancillary Operations
The Ancillary Operations segment reflects the operations of our tenant reinsurance, merchandise sales, and third party management activities.
Investment in PSB
This segment represents our approximate 42% equity interest in PSB, a publicly-traded REIT that owns, operates, acquires, and develops commercial properties, primarily multi-tenant flex, office, and industrial space. PSB has a separate management team and board of directors that makes its financing, capital allocation, and other significant decisions. In making resource allocation decisions with respect to our investment in PSB, the CODM reviews PSB’s net income, which is detailed in PSB’s periodic filings with the SEC. The segment presentation in the tables below includes our equity earnings from PSB.
Investment in Shurgard
This segment represents our approximate 35% equity interest in Shurgard, a publicly held company which owns and operates self-storage facilities located in seven countries in Western Europe. Shurgard has a separate management team and board of trustees that makes its financing, capital allocation, and other significant decisions. In making resource allocation decisions with respect to our investment in Shurgard, the CODM reviews Shurgard’s net income. The segment presentation below includes our equity earnings from Shurgard.
Presentation of Segment Information
The following table reconciles NOI (as applicable) and net income of each segment to our consolidated net income:
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
  (amounts in thousands)
Self-Storage Segment
Revenue$840,510 $683,949 $2,333,850 $2,022,692 
Cost of operations(216,999)(209,179)(631,699)(637,229)
   Net operating income623,511 474,770 1,702,151 1,385,463 
Depreciation and amortization(188,552)(138,333)(508,139)(411,851)
   Net income434,959 336,437 1,194,012 973,612 
Ancillary Segment
Revenue54,421 50,596 157,658 143,840 
Cost of operations(19,735)(15,174)(52,044)(44,081)
   Net operating income34,686 35,422 105,614 99,759 
Investment in PSB Segment (a) - Equity in earnings of unconsolidated entities27,110 16,548 62,494 51,513 
Investment in Shurgard Segment (a) - Equity in earnings of unconsolidated entities5,750 4,692 18,888 11,350 
    Total net income allocated to segments502,505 393,099 1,381,008 1,136,234 
Other items not allocated to segments:
General and administrative(31,682)(18,262)(78,996)(53,234)
Interest and other income3,356 7,192 9,321 18,976 
Interest expense(23,736)(14,282)(60,980)(42,048)
Foreign currency exchange gain (loss)40,906 (41,900)73,584 (52,250)
Gain on sale of real estate279 — 13,683 1,117 
     Net income$491,628 $325,847 $1,337,620 $1,008,795 
(a) See Note 4 for a reconciliation of these amounts to our total Equity in Earnings of Unconsolidated Real Estate Entities on our income statements.