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Segment Disclosures (Tables)

3 Months Ended

Mar. 31, 2023

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.