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Segment Information
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
The Company’s segment disclosures present the measure used by the chief operating decision makers ("CODMs") for purposes of assessing each segment’s performance. The Company’s CODMs are comprised of several members of its executive management team who use net operating income ("NOI") to assess the performance of the business for the Company’s reportable operating segments. The Company’s segments are comprised of two reportable segments: (1) self-storage operations and (2) tenant reinsurance. NOI for the Company's self-storage operations represents total property revenue less direct property operating expenses. NOI for the Company's tenant reinsurance segment represents tenant reinsurance revenues less tenant reinsurance expense.

The self-storage operations activities include rental operations of wholly-owned stores and self-storage units acquired in the Bargold transaction. The Company's consolidated revenues equal total segment revenues plus property management fees and other income. Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in the stores operated by the Company. Excluded from segment revenues and net operating income is property management fees and other income.

For all periods presented, substantially all of the Company's real estate assets, intangible assets, other assets, and accrued and other liabilities are associated with the self-storage operations segment. Financial information for the Company’s business segments is set forth below:
For the Three Months Ended March 31,
20242023
Revenues:
Self-Storage Operations$688,044 $433,962 
Tenant Reinsurance81,347 47,704 
Total segment revenues$769,391 $481,666 
Operating expenses:
Self-Storage Operations$204,518 $117,166 
Tenant Reinsurance18,505 9,089 
Total segment operating expenses$223,023 $126,255 
Net operating income:
Self-Storage Operations$483,526 $316,796 
Tenant Reinsurance62,842 38,615 
Total segment net operating income:$546,368 $355,411 
Other components of net income:
Management fees and other income$30,148 $21,384 
General and administrative expense(43,722)(34,763)
Depreciation and amortization expense(196,966)(78,490)
Interest expense (132,887)(80,099)
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes(10,705)— 
Interest income 23,573 19,438 
Equity in earnings and dividend income from unconsolidated real estate entities15,007 10,305 
Income tax expense(6,742)(4,308)
Net income $224,074 $208,878