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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2025
SEGMENT INFORMATION |
SEGMENT INFORMATION | 15. SEGMENT INFORMATION ​ Overview ​ 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 are directly related to the 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. ​ The accounting policies applicable to the self-storage segment are the same as those described in the summary of significant accounting policies (see note 2). The Company does not have intra-entity sales or transfers. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. ​ 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. ​ Segment Assets ​ 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. ​ Segment Profit or Loss ​ 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. ​ The following table details the revenues and significant segment-level expenses of the self-storage segment. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
​ | ​ | 2025 | ​ | 2024 | ​ | 2023 | ​
​ | ​ | (in thousands) | ​
Total revenues | ​ | $ | 1,123,110 | ​ | ​ | $ | 1,066,231 | ​ | ​ | $ | 1,050,334 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Significant segment-level expenses (income): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property taxes | ​ |  | 117,313 | ​ | ​ | ​ | 106,090 | ​ | ​ | ​ | 97,650 | ​
Personnel expense | ​ |  | 94,988 | ​ | ​ | ​ | 87,418 | ​ | ​ | ​ | 80,469 | ​
Advertising | ​ | ​ | 30,297 | ​ | ​ | ​ | 26,000 | ​ | ​ | ​ | 24,508 | ​
Repair and maintenance | ​ | ​ | 13,904 | ​ | ​ | ​ | 11,592 | ​ | ​ | ​ | 10,919 | ​
Utilities | ​ | ​ | 25,255 | ​ | ​ | ​ | 24,505 | ​ | ​ | ​ | 24,104 | ​
Property insurance | ​ | ​ | 14,848 | ​ | ​ | ​ | 15,377 | ​ | ​ | ​ | 13,085 | ​
Other property operating expenses | ​ | ​ | 54,800 | ​ | ​ | ​ | 46,768 | ​ | ​ | ​ | 44,045 | ​
Total property operating expenses | ​ | ​ | 351,405 | ​ | ​ | ​ | 317,750 | ​ | ​ | ​ | 294,780 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization | ​ | ​ | 258,151 | ​ | ​ | ​ | 205,703 | ​ | ​ | ​ | 201,238 | ​
General and administrative | ​ | ​ | 64,655 | ​ | ​ | ​ | 59,663 | ​ | ​ | ​ | 57,041 | ​
Interest expense on loans | ​ | ​ | 114,099 | ​ | ​ | ​ | 90,820 | ​ | ​ | ​ | 93,065 | ​
Loan procurement amortization expense | ​ | ​ | 4,972 | ​ | ​ | ​ | 4,067 | ​ | ​ | ​ | 4,141 | ​
Loss on early extinguishment of debt | ​ | ​ | 3,692 | ​ | ​ | ​ | — | ​ | ​ | ​ | — | ​
Equity in earnings of real estate ventures | ​ | ​ | (2,460) | ​ | ​ | ​ | (2,499) | ​ | ​ | ​ | (6,085) | ​
Other | ​ | ​ | (2,721) | ​ | ​ | ​ | (1,158) | ​ | ​ | ​ | (6,281) | ​
Net income | ​ | $ | 331,317 | ​ | ​ | $ | 391,885 | ​ | ​ | $ | 412,435 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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