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Segments (Tables)

9 Months Ended

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

X

- 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.

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Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues.

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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.

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