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,
2025202420252024
Reportable segment revenue
Rental revenue$169,907 $174,467 $509,220 $529,218 
Other property-related revenue6,459 7,405 19,977 20,654 
Total reportable segment revenue176,366 181,872 529,197 549,872 
Property operating expenses
Store payroll and related costs13,012 12,487 39,133 38,975 
Property tax expense15,983 15,042 47,818 45,475 
Utilities expense6,450 5,990 17,418 16,220 
Repairs & maintenance expense3,854 3,835 13,565 12,359 
Marketing expense5,986 4,715 18,376 14,432 
Insurance expense2,488 2,732 7,682 8,311 
Other property operating expenses7,574 7,911 22,086 23,835 
Total property operating expenses55,347 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,
2025202420252024
Reportable segment revenue
Rental revenue$169,907 $174,467 $509,220 $529,218 
Other property-related revenue6,459 7,405 19,977 20,654 
Total reportable segment revenue176,366 181,872 529,197 549,872 
Management fees and other revenue12,336 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,
2025202420252024
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 expenses11,460 13,114 37,409 44,977 
Depreciation and amortization46,885 47,661 142,613 141,702 
Other4,101 3,643 13,077 10,510 
Interest expense40,549 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 costs1,439 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