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Segment Information (Tables) | 9 Months Ended
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Sep. 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 September 30, |  | For the Nine Months Ended September 30, |  |  |
| 2024 | 2023 |  | 2024 | 2023 |  |  |
Revenues: |  |  |  |  |  |  |  |
Self-Storage Operations | $ | 710,874 |  | $ | 650,887 |  |  | $ | 2,096,018 |  | $ | 1,525,596 |  |  |  |
Tenant Reinsurance | 84,048 |  | 69,128 |  |  | 249,100 |  | 165,265 |  |  |  |
Total segment revenues | $ | 794,922 |  | $ | 720,015 |  |  | $ | 2,345,118 |  | $ | 1,690,861 |  |  |  |
Operating expenses: |  |  |  |  |  |  |  |
Self-Storage Operations | $ | 209,035 |  | $ | 185,194 |  |  | $ | 610,455 |  | $ | 416,997 |  |  |  |
Tenant Reinsurance | 17,510 |  | 19,130 |  |  | 55,646 |  | 37,701 |  |  |  |
Total segment operating expenses | $ | 226,545 |  | $ | 204,324 |  |  | $ | 666,101 |  | $ | 454,698 |  |  |  |
Net operating income: |  |  |  |  |  |  |  |
Self-Storage Operations | $ | 501,839 |  | $ | 465,693 |  |  | $ | 1,485,563 |  | $ | 1,108,599 |  |  |  |
Tenant Reinsurance | 66,538 |  | 49,998 |  |  | 193,454 |  | 127,564 |  |  |  |
Total segment net operating income: | $ | 568,377 |  | $ | 515,691 |  |  | $ | 1,679,017 |  | $ | 1,236,163 |  |  |  |
Other components of net income: |  |  |  |  |  |  |  |
Management fees and other income | $ | 29,882 |  | $ | 28,019 |  |  | $ | 89,888 |  | $ | 71,609 |  |  |  |
Life Storage Merger transition costs | — |  | (54,174) |  |  | — |  | (54,174) |  |  |  |
General and administrative expense | (39,750) |  | (37,406) |  |  | (123,373) |  | (107,011) |  |  |  |
Depreciation and amortization expense | (195,046) |  | (152,338) |  |  | (586,821) |  | (309,914) |  |  |  |
Loss on real estate assets held for sale | (8,961) |  | — |  |  | (63,620) |  | — |  |  |  |
Interest expense | (142,855) |  | (122,899) |  |  | (412,875) |  | (289,370) |  |  |  |
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes | (11,005) |  | (8,228) |  |  | (32,563) |  | (8,228) |  |  |  |
Interest income | 34,947 |  | 22,092 |  |  | 89,746 |  | 62,607 |  |  |  |
Equity in earnings and dividend income from unconsolidated real estate entities | 16,246 |  | 15,043 |  |  | 48,508 |  | 38,602 |  |  |  |
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets | 13,730 |  | — |  |  | 13,730 |  | — |  |  |  |
Impairment of trade name | (51,763) |  | — |  |  | (51,763) |  | — |  |  |  |
Income tax expense | (10,857) |  | (6,944) |  |  | (27,443) |  | (17,238) |  |  |  |
Net income | $ | 202,945 |  | $ | 198,856 |  |  | $ | 622,431 |  | $ | 623,046 |  |  |  |

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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 + Details
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