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Segment Information (Tables)
 12 Months Ended
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,
202420232022
Revenues
Self-Storage Operations$2,803,252 $2,222,578 $1,654,735 
Tenant Reinsurance332,795 235,680 185,531 
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 
Marketing64,146 44,117 26,349 
Office expense123,604 97,621 74,400 
Property operating expense74,498 57,376 38,982 
Repairs and maintenance55,097 38,750 27,834 
Property taxes292,413 212,360 153,558 
Insurance32,892 25,466 14,636 
Other segment items (1)
18,387 9,046 5,578 
Total self-storage operations expenses831,566 612,036 435,342 
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 Reinsurance258,909 176,806 151,971 
Total segment net operating income:$2,230,595 $1,787,348 $1,371,364 
Other components of net income:
Management fees and other income120,855 101,986 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 entities67,272 54,835 41,428 
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets13,730 — — 
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.