XML 30 R20.htm IDEA: XBRL DOCUMENT
v3.25.3

SEGMENTS | 9 Months Ended
--- | ---
Sep. 30, 2025
Segment Reporting [Abstract] |
Segments | Segments The Company manages the business as one reportable segment consisting of owning and managing self storage properties located in the United States. The Company collects rental revenue from customers for space rentals and related fees. Although the Company has several operating segments consisting of self storage properties in different geographic markets, these operating segments have been aggregated into one reportable segment based on the similar economic characteristics among all markets. The Company considers factors such as the physical and economic characteristics of its properties and the related operating activities in determining its operating segments. Operating segments that exhibit similar physical and economic characteristics and other operating similarities have been aggregated. The Company has other operating segments, consisting of activities other than owning and managing self storage properties, that are insignificant based on the guidance set forth in Accounting Standards Codification ("ASC") 280, and included under the heading "All Other." The Company's chief operating decision maker ("CODM") is its President and Chief Executive Officer. The CODM uses net operating income ("NOI") to assess segment performance and allocate resources. NOI is the key measure used by the CODM to evaluate the economic productivity from owning and managing the Company's self storage properties, as it enables the CODM to evaluate the operating performance of the Company's self storage properties on a consistent and comparable basis from period to period. Reportable segment asset information is not provided to the CODM as the CODM does not use segment asset information to evaluate the business and allocate resources. The following table presents our reportable segment NOI for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Reportable segment revenue |  |  |  |  |  |  |
Rental revenue | $ | 169,907 |  |  | $ | 174,467 |  |  | $ | 509,220 |  |  | $ | 529,218 |
Other property-related revenue | 6,459 |  |  | 7,405 |  |  | 19,977 |  |  | 20,654 |
Total reportable segment revenue | 176,366 |  |  | 181,872 |  |  | 529,197 |  |  | 549,872 |
Property operating expenses |  |  |  |  |  |  |
Store payroll and related costs | 13,012 |  |  | 12,487 |  |  | 39,133 |  |  | 38,975 |
Property tax expense | 15,983 |  |  | 15,042 |  |  | 47,818 |  |  | 45,475 |
Utilities expense | 6,450 |  |  | 5,990 |  |  | 17,418 |  |  | 16,220 |
Repairs & maintenance expense | 3,854 |  |  | 3,835 |  |  | 13,565 |  |  | 12,359 |
Marketing expense | 5,986 |  |  | 4,715 |  |  | 18,376 |  |  | 14,432 |
Insurance expense | 2,488 |  |  | 2,732 |  |  | 7,682 |  |  | 8,311 |
Other property operating expenses | 7,574 |  |  | 7,911 |  |  | 22,086 |  |  | 23,835 |
Total property operating expenses | 55,347 |  |  | 52,712 |  |  | 166,078 |  |  | 159,607 |
Net operating income | $ | 121,019 |  |  | $ | 129,160 |  |  | $ | 363,119 |  |  | $ | 390,265 |
NOI represents rental revenue plus other property-related revenue, minus property operating expenses. NOI excludes management fees and other revenue, general and administrative expenses, depreciation and amortization, interest expense, loss on early extinguishment of debt, equity in losses (earnings) of unconsolidated real estate ventures, acquisition costs, non-operating (income) expense, gain on sale of self storage properties or income tax expense. The following table is a reconciliation of our reportable segment revenue to total revenue for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Reportable segment revenue |  |  |  |  |  |  |
Rental revenue | $ | 169,907 |  |  | $ | 174,467 |  |  | $ | 509,220 |  |  | $ | 529,218 |
Other property-related revenue | 6,459 |  |  | 7,405 |  |  | 19,977 |  |  | 20,654 |
Total reportable segment revenue | 176,366 |  |  | 181,872 |  |  | 529,197 |  |  | 549,872 |
Management fees and other revenue | 12,336 |  |  | 11,749 |  |  | 36,701 |  |  | 30,345 |
Total Revenue | $ | 188,702 |  |  | $ | 193,621 |  |  | $ | 565,898 |  |  | $ | 580,217 |
The following table is a reconciliation of our reported income before income taxes to our net operating income for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Income before income taxes | $ | 29,887 |  |  | $ | 30,634 |  |  | $ | 81,604 |  |  | $ | 159,429 |
All Other |  |  |  |  |  |  |
Management fees and other revenue | (12,336) |  |  | (11,749) |  |  | (36,701) |  |  | (30,345) |
General and administrative expenses | 11,460 |  |  | 13,114 |  |  | 37,409 |  |  | 44,977 |
Depreciation and amortization | 46,885 |  |  | 47,661 |  |  | 142,613 |  |  | 141,702 |
Other | 4,101 |  |  | 3,643 |  |  | 13,077 |  |  | 10,510 |
Interest expense | 40,549 |  |  | 39,575 |  |  | 122,293 |  |  | 114,920 |
Loss on early extinguishment of debt | — |  |  | 323 |  |  | — |  |  | 323 |
Equity in (earnings) losses of unconsolidated real estate ventures | (463) |  |  | 4,712 |  |  | 9,221 |  |  | 10,791 |
Acquisition and integration costs | 1,439 |  |  | 1,164 |  |  | 5,924 |  |  | 2,151 |
Non-operating (income) expense | (503) |  |  | 83 |  |  | (1,325) |  |  | (352) |
Gain on sale of self storage properties | — |  |  | — |  |  | (10,996) |  |  | (63,841) |
Net operating income | $ | 121,019 |  |  | $ | 129,160 |  |  | $ | 363,119 |  |  | $ | 390,265 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration