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SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company’s segment disclosures present the measure used by the chief operating decision maker (“CODM”) for purposes of assessing each segment’s performance. The Company’s CODM is its Executive Committee (“EC”), which uses net operating income (“NOI”) to assess the performance of the business for the Company’s reportable operating segments. The EC is comprised of the Chief Executive Officer, Chief Financial Officer, Chief Investment Officer, Chief Digital Officer, Chief Strategy and Partnership Officer, Chief Operations Officer, and Chief Legal Officer. 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 stores that are wholly-owned and in consolidated joint ventures. Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in the stores operated by the Company. Management fees and other income is excluded from segment revenues and net operating income.
The CODM regularly reviews NOI to assess the performance of each segment and makes 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 discrete financial information on a quarterly basis. 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:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2025202420252024
Revenues
Self-Storage Operations$735,581 $710,874 $2,160,965 $2,096,018 
Tenant Reinsurance90,341 84,048 263,625 249,100 
Total segment revenues$825,922 $794,922 $2,424,590 $2,345,118 
Operating expenses
Self-Storage Operations:
Payroll and benefits$46,386 $41,393 $135,285 $127,074 
Marketing19,604 14,816 53,651 49,204 
Office expense36,574 30,868 107,718 89,208 
Property operating expense21,122 19,543 59,877 55,958 
Repairs and maintenance15,150 13,176 45,689 41,411 
Property taxes82,499 76,996 244,742 211,310 
Insurance9,879 8,241 27,076 24,551 
Other segment items (1)
4,272 4,002 12,651 11,739 
Total self-storage operations expenses235,486 209,035 686,689 610,455 
 
Tenant Reinsurance:
Tenant reinsurance expense and other segment items (2)
$17,781 $17,510 $51,842 $55,646 
 
Total segment operating expenses$253,267 $226,545 $738,531 $666,101 
 
Net operating income
Self-Storage Operations$500,095 $501,839 $1,474,276 $1,485,563 
Tenant Reinsurance72,560 66,538 211,783 193,454 
Total segment net operating income:$572,655 $568,377 $1,686,059 $1,679,017 
Other components of net income:
Management fees and other income32,538 29,882 95,485 89,888 
General and administrative expense(43,479)(39,750)(134,405)(123,373)
Depreciation and amortization expense(177,466)(195,046)(535,088)(586,821)
Loss on real estate assets held for sale and sold, net(105,128)(8,961)(70,231)(63,620)
Interest expense (149,650)(142,855)(438,177)(412,875)
Non-cash interest expense related to amortization of discount on unsecured senior notes, net(12,086)(11,005)(35,169)(32,563)
Interest income 43,588 34,947 124,553 89,746 
Equity in earnings and dividend income from unconsolidated real estate entities15,669 16,246 51,884 48,508 
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and sale of a joint venture interest9,354 13,730 9,354 13,730 
Impairment of Life Storage trade name— (51,763)— (51,763)
Income tax expense(11,962)(10,857)(32,591)(27,443)
Net income $174,033 $202,945 $721,674 $622,431 
(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 include claims expense, acquisition costs, claims service fees, and miscellaneous administrative items.