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Segment Information | 6 Months Ended
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Jun. 30, 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 on June 1, 2022. 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 June 30, |  | For the Six Months Ended June 30, |  |  |
| 2024 | 2023 |  | 2024 | 2023 |  |  |
Revenues: |  |  |  |  |  |  |  |
Self-Storage Operations | $ | 697,100 |  | $ | 440,747 |  |  | $ | 1,385,144 |  | $ | 874,709 |  |  |  |
Tenant Reinsurance | 83,705 |  | 48,433 |  |  | 165,052 |  | 96,137 |  |  |  |
Total segment revenues | $ | 780,805 |  | $ | 489,180 |  |  | $ | 1,550,196 |  | $ | 970,846 |  |  |  |
Operating expenses: |  |  |  |  |  |  |  |
Self-Storage Operations | $ | 196,902 |  | $ | 114,637 |  |  | $ | 401,420 |  | $ | 231,803 |  |  |  |
Tenant Reinsurance | 19,631 |  | 9,482 |  |  | 38,136 |  | 18,571 |  |  |  |
Total segment operating expenses | $ | 216,533 |  | $ | 124,119 |  |  | $ | 439,556 |  | $ | 250,374 |  |  |  |
Net operating income: |  |  |  |  |  |  |  |
Self-Storage Operations | $ | 500,198 |  | $ | 326,110 |  |  | $ | 983,724 |  | $ | 642,906 |  |  |  |
Tenant Reinsurance | 64,074 |  | 38,951 |  |  | 126,916 |  | 77,566 |  |  |  |
Total segment net operating income: | $ | 564,272 |  | $ | 365,061 |  |  | $ | 1,110,640 |  | $ | 720,472 |  |  |  |
Other components of net income: |  |  |  |  |  |  |  |
Management fees and other income | $ | 29,858 |  | $ | 22,206 |  |  | $ | 60,006 |  | $ | 43,590 |  |  |  |
General and administrative expense | (39,901) |  | (34,842) |  |  | (83,623) |  | (69,605) |  |  |  |
Depreciation and amortization expense | (194,809) |  | (79,086) |  |  | (391,775) |  | (157,576) |  |  |  |
Interest expense | (137,133) |  | (86,372) |  |  | (270,020) |  | (166,471) |  |  |  |
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes | (10,853) |  | — |  |  | (21,558) |  | — |  |  |  |
Interest income | 31,226 |  | 21,077 |  |  | 54,799 |  | 40,515 |  |  |  |
Equity in earnings and dividend income from unconsolidated real estate entities | 17,255 |  | 13,254 |  |  | 32,262 |  | 23,559 |  |  |  |
Income tax expense | (9,844) |  | (5,986) |  |  | (16,586) |  | (10,294) |  |  |  |
Net income | $ | 195,412 |  | $ | 215,312 |  |  | $ | 419,486 |  | $ | 424,190 |  |  |  |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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