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Segment Information | 12 Months Ended
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Dec. 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 revenue less tenant reinsurance expenses. The Company's consolidated revenues equal total segment revenues plus management fees and other income. 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. 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 management fees and other income. The Chief Executive Officer (“CEO”) is the primary CODM for self-storage operations, and the Chief Financial Officer (“CFO”) is the primary CODM for tenant reinsurance. The CODM for each reportable operating segment regularly reviews NOI to assess the performance of each segment and make decisions about resources to be allocated to each segment. As part of this process, the CODM approves each operating segment’s budget, determines allocation of funds for capital expenditures, and reviews monthly discrete financial information. Based on each segment’s budgeted operating revenues and expenses, resources are allocated to each segment, and these budgeted amounts comprising NOI are compared against actual segment performance. 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:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Revenues |  |  |  |  |
Self-Storage Operations | $ | 2,803,252 |  |  | $ | 2,222,578 |  |  | $ | 1,654,735 |
Tenant Reinsurance | 332,795 |  |  | 235,680 |  |  | 185,531 |
Total segment revenues | $ | 3,136,047 |  |  | $ | 2,458,258 |  |  | $ | 1,840,266 |
Operating expenses |  |  |  |  |
Self-Storage Operations: |  |  |  |  |
Payroll and benefits | $ | 170,529 |  |  | $ | 127,300 |  |  | $ | 94,005 |
Marketing | 64,146 |  |  | 44,117 |  |  | 26,349 |
Office expense | 123,604 |  |  | 97,621 |  |  | 74,400 |
Property operating expense | 74,498 |  |  | 57,376 |  |  | 38,982 |
Repairs and maintenance | 55,097 |  |  | 38,750 |  |  | 27,834 |
Property taxes | 292,413 |  |  | 212,360 |  |  | 153,558 |
Insurance | 32,892 |  |  | 25,466 |  |  | 14,636 |
Other segment items (1) | 18,387 |  |  | 9,046 |  |  | 5,578 |
Total self-storage operations expenses | 831,566 |  |  | 612,036 |  |  | 435,342 |
Tenant Reinsurance: |  |  |  |  |
Tenant reinsurance expense and other segment items (2) | $ | 73,886 |  |  | $ | 58,874 |  |  | $ | 33,560 |
Total segment operating expenses | $ | 905,452 |  |  | $ | 670,910 |  |  | $ | 468,902 |
Net operating income |  |  |  |  |
Self-Storage Operations | $ | 1,971,686 |  |  | $ | 1,610,542 |  |  | $ | 1,219,393 |
Tenant Reinsurance | 258,909 |  |  | 176,806 |  |  | 151,971 |
Total segment net operating income: | $ | 2,230,595 |  |  | $ | 1,787,348 |  |  | $ | 1,371,364 |
Other components of net income: |  |  |  |  |
Management fees and other income | 120,855 |  |  | 101,986 |  |  | 83,904 |
Transaction costs | — |  |  | — |  |  | (1,548) |
Life Storage Merger transition costs | — |  |  | (66,732) |  |  | — |
General and administrative expense | (167,398) |  |  | (146,408) |  |  | (129,251) |
Depreciation and amortization expense | (783,023) |  |  | (506,053) |  |  | (288,316) |
Gain (loss) on real estate assets held for sale and sold, net | (25,906) |  |  | — |  |  | 14,249 |
Impairment of Life Storage trade name | (51,763) |  |  | — |  |  | — |
Interest expense | (551,354) |  |  | (419,035) |  |  | (219,171) |
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes | (43,720) |  |  | (18,786) |  |  | — |
Interest income | 124,422 |  |  | 84,857 |  |  | 69,422 |
Equity in earnings and dividend income from unconsolidated real estate entities | 67,272 |  |  | 54,835 |  |  | 41,428 |
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets | 13,730 |  |  | — |  |  | — |
Income tax expense | (33,478) |  |  | (21,559) |  |  | (20,925) |
Net income | $ | 900,232 |  |  | $ | 850,453 |  |  | $ | 921,156 |
(1) Other segment items for the Self-Storage Operations segment include miscellaneous items such as legal and professional fees, capital expenditures, taxes, and casualty losses.
(2) Tenant reinsurance expense and other segment items for the Tenant Reinsurance segment includes claims expense, acquisition costs, claims service fees and miscellaneous administrative items.

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- Definition The entire disclosure for reporting segments including data and tables. 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