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Segment Disclosures (Tables) | 3 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
Summary of Reportable Segments | The following tables summarize information for the reportable segments for the periods presented:
|  | Three Months Ended March 31, 2023 |
|  |  |  |  | Managed REIT |  |  | Corporate |  |  |  |
|  | Self Storage |  |  | Platform |  |  | and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Self storage rental revenue |  | $ | 51,276,898 |  |  | $ | — |  |  | $ | — |  |  | $ | 51,276,898 |
Ancillary operating revenue |  |  | 2,190,622 |  |  |  | — |  |  |  | — |  |  |  | 2,190,622 |
Managed REIT Platform revenue |  |  | — |  |  |  | 2,276,535 |  |  |  | — |  |  |  | 2,276,535 |
Reimbursable costs from Managed REITs |  |  | — |  |  |  | 1,391,210 |  |  |  | — |  |  |  | 1,391,210 |
Total revenues |  |  | 53,467,520 |  |  |  | 3,667,745 |  |  |  | — |  |  |  | 57,135,265 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Property operating expenses |  |  | 16,533,452 |  |  |  | — |  |  |  | — |  |  |  | 16,533,452 |
Managed REIT Platform expense |  |  | — |  |  |  | 549,936 |  |  |  | — |  |  |  | 549,936 |
Reimbursable costs from Managed REITs |  |  | — |  |  |  | 1,391,210 |  |  |  | — |  |  |  | 1,391,210 |
General and administrative |  |  | — |  |  |  | — |  |  |  | 6,536,626 |  |  |  | 6,536,626 |
Depreciation |  |  | 13,085,836 |  |  |  | — |  |  |  | 186,435 |  |  |  | 13,272,271 |
Intangible amortization expense |  |  | 1,870,775 |  |  |  | 48,930 |  |  |  | — |  |  |  | 1,919,705 |
Acquisition expenses |  |  | 31,190 |  |  |  | — |  |  |  | — |  |  |  | 31,190 |
Contingent earnout expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total operating expenses |  |  | 31,521,253 |  |  |  | 1,990,076 |  |  |  | 6,723,061 |  |  |  | 40,234,390 |
Income (loss) from operations |  |  | 21,946,267 |  |  |  | 1,677,669 |  |  |  | (6,723,061 | ) |  |  | 16,900,875 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings (losses) from investments in JV Properties |  |  | — |  |  |  | — |  |  |  | (405,111 | ) |  |  | (405,111 | )
Equity in earnings (losses) from investments in Managed REITs |  |  | — |  |  |  | (233,025 | ) |  |  | — |  |  |  | (233,025 | )
Other, net |  |  | (415,297 | ) |  |  | 1,142,964 |  |  |  | 23,311 |  |  |  | 750,978 |
Interest expense |  |  | (14,661,959 | ) |  |  | — |  |  |  | (41,938 | ) |  |  | (14,703,897 | )
Income tax (expense) benefit |  |  | (144,596 | ) |  |  | — |  |  |  | (132,624 | ) |  |  | (277,220 | )
Net income (loss) |  | $ | 6,724,415 |  |  | $ | 2,587,608 |  |  | $ | (7,279,423 | ) |  | $ | 2,032,600 |
|  | Three Months Ended March 31, 2022 |
|  |  |  |  | Managed REIT |  |  | Corporate |  |  |  |
|  | Self Storage |  |  | Platform |  |  | and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Self storage rental revenue |  | $ | 43,056,872 |  |  | $ | — |  |  | $ | — |  |  | $ | 43,056,872 |
Ancillary operating revenue |  |  | 1,974,320 |  |  |  | — |  |  |  | — |  |  |  | 1,974,320 |
Managed REIT Platform revenue |  |  | — |  |  |  | 1,809,096 |  |  |  | — |  |  |  | 1,809,096 |
Reimbursable costs from Managed REITs |  |  | — |  |  |  | 1,143,573 |  |  |  | — |  |  |  | 1,143,573 |
Total revenues |  |  | 45,031,192 |  |  |  | 2,952,669 |  |  |  | — |  |  |  | 47,983,861 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Property operating expenses |  |  | 13,105,325 |  |  |  | — |  |  |  | — |  |  |  | 13,105,325 |
Managed REIT Platform expense |  |  | — |  |  |  | 389,265 |  |  |  | — |  |  |  | 389,265 |
Reimbursable costs from Managed REITs |  |  | — |  |  |  | 1,143,573 |  |  |  | — |  |  |  | 1,143,573 |
General and administrative |  |  | — |  |  |  | — |  |  |  | 5,837,647 |  |  |  | 5,837,647 |
Depreciation |  |  | 10,878,956 |  |  |  | — |  |  |  | 229,030 |  |  |  | 11,107,986 |
Intangible amortization expense |  |  | 2,663,825 |  |  |  | 1,237,059 |  |  |  | — |  |  |  | 3,900,884 |
Acquisition expenses |  |  | 417,774 |  |  |  | — |  |  |  | — |  |  |  | 417,774 |
Contingent earnout adjustment |  |  | — |  |  |  | 513,821 |  |  |  | — |  |  |  | 513,821 |
Total operating expenses |  |  | 27,065,880 |  |  |  | 3,283,718 |  |  |  | 6,066,677 |  |  |  | 36,416,275 |
Income (loss) from operations |  |  | 17,965,312 |  |  |  | (331,049 | ) |  |  | (6,066,677 | ) |  |  | 11,567,586 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings (losses) from investments in JV Properties |  |  | — |  |  |  | — |  |  |  | (233,294 | ) |  |  | (233,294 | )
Equity in earnings (losses) from investments in Managed REITs |  |  | — |  |  |  | (139,294 | ) |  |  | — |  |  |  | (139,294 | )
Other, net |  |  | 158,528 |  |  |  | 98,737 |  |  |  | (285,892 | ) |  |  | (28,627 | )
Interest expense |  |  | (7,532,887 | ) |  |  | — |  |  |  | (42,897 | ) |  |  | (7,575,784 | )
Income tax (expense) benefit |  |  | (323,434 | ) |  |  | — |  |  |  | 2,306 |  |  |  | (321,128 | )
Net income (loss) |  | $ | 10,267,519 |  |  | $ | (371,606 | ) |  | $ | (6,626,454 | ) |  | $ | 3,269,459 |
Summary of Total Assets by Segment | The following table summarizes our total assets by segment:
Segments |  | March 31, 2023 |  |  | December 31, 2022 |
Self Storage(1) |  | $ | 1,801,942,160 |  |  | $ | 1,820,922,309 |
Managed REIT Platform(2) |  |  | 81,248,895 |  |  |  | 65,433,006 |
Corporate and Other |  |  | 56,635,660 |  |  |  | 60,862,072 |
Total assets(3) |  | $ | 1,939,826,715 |  |  | $ | 1,947,217,387 |
(1) Included in the assets of the Self Storage segment as of March 31, 2023 and December 31, 2022 was approximately $52.2 million and $52.2 million of goodwill, respectively. Additionally, as of March 31, 2023 and December 31, 2022, there were no accumulated impairment charges to goodwill within the Self Storage segment. (2) Included in the assets of the Managed REIT Platform segment as of March 31, 2023 and December 31, 2022 is approximately $1.4 million and $1.4 million of goodwill, respectively. Such goodwill is net of accumulated impairment charges in the Managed REIT Platform segment of approximately $24.7 million, which relates to the impairment charge recorded during the quarter ended March 31, 2020. (3) Other than our investments in and advances to Managed REITs, substantially all of our investments in real estate facilities and intangible assets as of December 31, 2022 and March 31, 2023, respectively, were associated with our self storage platform.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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