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SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Financial Information of Business Segments 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.