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SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 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 the 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

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Nine Months Ended

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September 30,

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September 30,

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2025

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2024

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2025

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2024

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(in thousands)

Total revenues

    

$

285,080

    

$

270,890

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$

840,419

    

$

798,505

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Significant segment-level expenses (income):

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Property taxes

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29,927

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26,390

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90,193

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​

80,438

Personnel expense

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24,009

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21,561

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67,793

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66,229

Advertising

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9,791

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​

9,343

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​

24,198

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21,359

Repair and maintenance

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3,689

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​

2,848

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9,737

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8,654

Utilities

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6,699

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6,901

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19,126

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18,811

Property insurance

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3,385

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3,993

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11,414

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11,496

Other property operating expenses

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13,348

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10,832

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​

40,349

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​

35,015

Total property operating expenses

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90,848

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​

81,868

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262,810

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242,002

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Depreciation and amortization

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66,688

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​

51,210

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192,332

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152,962

General and administrative

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​

16,506

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14,265

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47,471

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44,512

Interest expense on loans

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29,380

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​

22,750

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84,570

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68,436

Loan procurement amortization expense

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1,258

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​

986

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3,700

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3,031

Equity in earnings of real estate ventures

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(648)

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(418)

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(1,574)

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(1,688)

Other

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(1,368)

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(721)

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(2,483)

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(744)

Net income

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$

82,416

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$

100,950

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$

253,593

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$

289,994

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