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v3.25.3

Segments (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Reporting Segment NOI | 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 |
Schedule Of Reconciliation Of Our Reportable Segment Revenue To Total Revenue | 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 |
Schedule Of Reconciliation Of Our Reported Income Before Income Taxes To Our Net Operating Income | 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 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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