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SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2025

SEGMENT INFORMATION

SEGMENT INFORMATION

14. SEGMENT INFORMATION

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Overview

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The Company has one operating segment: the ownership, operation, development, management, and acquisition of self-storage properties (the “self-storage segment”). Accordingly, the self-storage segment is the Company’s only reportable segment. The self-storage segment derives substantially all of its revenue from customers who lease self-storage space at the Company’s self-storage properties and fees earned from managing self-storage properties. Expenses incurred by the segment relate to expenses directly related to these revenue-generating activities, the depreciation and amortization of the Company’s assets, and other expenses incurred for the administration and financing of the Company’s operations.

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The accounting policies applicable to the self-storage segment are the same as those described in the summary of significant accounting policies included in note 2 to the consolidated financial statements included in the Parent Company’s and Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2024. The Company does not have intra-entity sales or transfers. The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer.

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In determining the Company’s operating segment, management considered the reports and information that the CODM reviews, the Company’s organizational structure, the basis of the Company’s incentive compensation, and the information discussed on the Company’s earnings calls and presented on its website. After such analysis, management determined that the Company is primarily and fundamentally managed at the consolidated level, with one operating segment.

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Segment Assets

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The CODM does not regularly review total assets for our single reportable segment as total assets are not used to assess performance or allocate resources.

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Segment Profit or Loss

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As a single-segment entity, the Company’s measure of segment profit or loss is net income, which is reported on the Company’s consolidated statements of operations. This measure includes all of the Company’s revenues and expenses, allowing the CODM to evaluate the self-storage segment’s overall performance and informing the CODM’s decisions to allocate resources to different operational, investing and financing aspects of the self-storage segment.

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The following table details the revenues and significant segment-level expenses of the self-storage segment.

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​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​	​	2025		​	2024
​	​	(in thousands)
Total revenues		$	273,036		$	261,406
​	​	​	​	​	​	​
Significant segment-level expenses (income):	​	​	​	​	​	​
Property taxes	​	​	30,179	​	​	27,363
Personnel expense	​	​	21,380	​	​	21,093
Advertising	​	​	4,421	​	​	3,592
Repair and maintenance	​	​	2,864	​	​	2,561
Utilities	​	​	6,669	​	​	6,356
Property insurance	​	​	4,173	​	​	3,672
Other property operating expenses	​	​	13,248	​	​	12,400
Total property operating expenses	​	​	82,934	​	​	77,037
​	​	​	​	​	​	​
Depreciation and amortization	​	​	59,156	​	​	50,717
General and administrative	​	​	16,068	​	​	15,625
Interest expense on loans	​	​	26,100	​	​	22,919
Loan procurement amortization expense	​	​	1,221	​	​	1,030
Equity in earnings of real estate ventures	​	​	(379)	​	​	(845)
Other	​	​	(809)	​	​	65
Net income	​	$	88,745	​	$	94,858
​	​	​	​	​	​	​

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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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