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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Financial Information of Business Segments | 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 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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