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Segment Information
 9 Months Ended
Sep. 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 September 30,For the Nine Months Ended September 30,
2024202320242023
Revenues:
Self-Storage Operations$710,874 $650,887 $2,096,018 $1,525,596 
Tenant Reinsurance84,048 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 Reinsurance17,510 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 Reinsurance66,538 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 entities16,246 15,043 48,508 38,602 
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets13,730 — 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