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Segment Information
9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segment Information Segment Information
Our operating segments reflect the significant components of our operations where discrete financial information is evaluated separately by our chief operating decision maker.
Self-Storage Operations
The Self-Storage Operations reportable segment reflects the aggregated rental operations from the self-storage facilities we own from (i) Same Store Facilities, (ii) Acquired Facilities, (iii) Developed and Expanded Facilities, and (iv) Other Non-Same Store Facilities. The presentation in the table below sets forth the Net Operating Income (“NOI”) of this reportable segment, as well as the related depreciation expense. 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 reportable segment.
Ancillary Operations
The Ancillary Operations reflects the combined operations of our tenant reinsurance, merchandise sales, and third party property management operating segments.
Presentation of Segment Information
The following table reconciles NOI and net income attributable to our reportable segment to our consolidated net income:
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2022202120222021
 (amounts in thousands)
Self-Storage Operations Reportable Segment
Revenue$1,027,374 $840,510 $2,917,675 $2,333,850 
Cost of operations(255,470)(216,999)(738,953)(631,699)
   Net operating income771,904 623,511 2,178,722 1,702,151 
Depreciation and amortization(220,772)(188,552)(661,608)(508,139)
   Net income551,132 434,959 1,517,114 1,194,012 
Ancillary Operations
Revenue60,757 54,421 175,946 157,658 
Cost of operations(21,572)(19,735)(54,297)(52,044)
   Net operating income39,185 34,686 121,649 105,614 
    Total net income allocated to segments590,317 469,645 1,638,763 1,299,626 
Other items not allocated to segments:
General and administrative(29,501)(31,682)(81,401)(78,996)
Interest and other income12,736 3,356 26,394 9,321 
Interest expense(34,113)(23,736)(100,178)(60,980)
Equity in earnings of unconsolidated real estate entities8,180 32,860 100,129 81,382 
Foreign currency exchange gain100,170 40,906 237,270 73,584 
Gain on sale of real estate1,503 279 1,503 13,683 
Gain on sale of equity investment in PS Business Parks, Inc.2,128,860 — 2,128,860 — 
     Net income$2,778,152 $491,628 $3,951,340 $1,337,620