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Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Financial Information of Business Segments

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

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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- References

No definition available.

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