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Segment Disclosures (Tables)

6 Months Ended

Jun. 30, 2023

The following tables summarize information for the reportable segments for the periods presented:


	Three Months Ended June 30, 2023
				Managed REIT			Corporate
	Self Storage			Platform			and Other			Total
Revenues:
Self storage rental revenue	$	51,677,815		$	—		$	—		$	51,677,815
Ancillary operating revenue		2,180,151			—			—			2,180,151
Managed REIT Platform revenue		—			4,320,705			—			4,320,705
Reimbursable costs from Managed REITs		—			1,411,699			—			1,411,699
Total revenues		53,857,966			5,732,404			—			59,590,370
Operating expenses:
Property operating expenses		16,482,843			—			—			16,482,843
Managed REIT Platform expense		—			681,131			—			681,131
Reimbursable costs from Managed REITs		—			1,411,699			—			1,411,699
General and administrative		—			—			7,181,892			7,181,892
Depreciation		13,143,376			—			232,546			13,375,922
Intangible amortization expense		1,786,761			48,930			—			1,835,691
Acquisition expenses		11,106			—			—			11,106
Total operating expenses		31,424,086			2,141,760			7,414,438			40,980,284
Income (loss) from operations		22,433,880			3,590,644			(7,414,438	)		18,610,086
Other income (expense):
Equity in earnings (losses) from investments in JV Properties		—			—			(535,767	)		(535,767	)
Equity in earnings (losses) from investments in Managed REITs		—			(216,725	)		—			(216,725	)
Other, net		504,831			696,050			(8,366	)		1,192,515
Interest expense		(14,862,399	)		—			(42,150	)		(14,904,549	)
Income tax (expense) benefit		(187,718	)		(43,726	)		365,238			133,794
Net income (loss)	$	7,888,594		$	4,026,243		$	(7,635,483	)	$	4,279,354


	Three Months Ended June 30, 2022
				Managed REIT			Corporate
	Self Storage			Platform			and Other			Total
Revenues:
Self storage rental revenue	$	46,471,360		$	—		$	—		$	46,471,360
Ancillary operating revenue		2,098,835			—			—			2,098,835
Managed REIT Platform revenue		—			2,013,134			—			2,013,134
Reimbursable costs from Managed REITs		—			1,204,919			—			1,204,919
Total revenues		48,570,195			3,218,053			—			51,788,248
Operating expenses:
Property operating expenses		13,637,231			—			—			13,637,231
Managed REIT Platform expense		—			617,846			—			617,846
Reimbursable costs from Managed REITs		—			1,204,919			—			1,204,919
General and administrative		—			—			7,946,583			7,946,583
Depreciation		11,654,085			—			172,021			11,826,106
Intangible amortization expense		4,312,249			159,724			—			4,471,973
Acquisition expenses		285,097			—			—			285,097
Contingent earnout adjustment		—			800,000			—			800,000
Write-off of equity interest and preexisting relationships upon acquisition of control		—			2,049,682			—			2,049,682
Total operating expenses		29,888,662			4,832,171			8,118,604			42,839,437
Gain on equity interests upon acquisition		—			16,101,237			—			16,101,237
Income (loss) from operations		18,681,533			14,487,119			(8,118,604	)		25,050,048
Other income (expense):
Equity in earnings (losses) from investments in JV Properties		—			—			(191,109	)		(191,109	)
Equity in earnings (losses) from investments in Managed REITs		—			(167,977	)		—			(167,977	)
Other, net		(751,986	)		658,408			(171,234	)		(264,812	)
Interest expense		(8,809,456	)		—			(43,130	)		(8,852,586	)
Income tax (expense) benefit		741,807			(20,664	)		111,890			833,033
Net loss on extinguishment of debt		(2,393,475	)		—			—			(2,393,475	)
Net income (loss)	$	7,468,423		$	14,956,886		$	(8,412,187	)	$	14,013,122


	Six Months Ended June 30, 2023
				Managed REIT			Corporate
	Self Storage			Platform			and Other			Total
Revenues:
Self storage rental revenue	$	102,954,713		$	—		$	—		$	102,954,713
Ancillary operating revenue		4,370,773			—			—			4,370,773
Managed REIT Platform revenue		—			6,597,240			—			6,597,240
Reimbursable costs from Managed REITs		—			2,802,909			—			2,802,909
Total revenues		107,325,486			9,400,149			—			116,725,635
Operating expenses:
Property operating expenses		33,016,295			—			—			33,016,295
Managed REIT Platform expense		—			1,231,067			—			1,231,067
Reimbursable costs from Managed REITs		—			2,802,909			—			2,802,909
General and administrative		—			—			13,718,518			13,718,518
Depreciation		26,229,212			—			418,981			26,648,193
Intangible amortization expense		3,657,535			97,861			—			3,755,396
Acquisition expenses		42,296			—			—			42,296
Total operating expenses		62,945,338			4,131,837			14,137,499			81,214,674
Income (loss) from operations		44,380,148			5,268,312			(14,137,499	)		35,510,961
Other income (expense):
Equity in earnings (losses) from investments in JV Properties		—			—			(940,878	)		(940,878	)
Equity in earnings (losses) from investments in Managed REITs		—			(449,750	)		—			(449,750	)
Other, net		221,109			1,839,014			(116,630	)		1,943,493
Interest expense		(29,524,357	)		—			(84,089	)		(29,608,446	)
Income tax (expense) benefit		(290,443	)		(85,597	)		232,614			(143,426	)
Net income (loss)	$	14,786,457		$	6,571,979		$	(15,046,482	)	$	6,311,954


	Six Months Ended June 30, 2022
				Managed REIT			Corporate
	Self Storage			Platform			and Other			Total
Revenues:
Self storage rental revenue	$	89,528,232		$	—		$	—		$	89,528,232
Ancillary operating revenue		4,073,155			—			—			4,073,155
Managed REIT Platform revenue		—			3,822,230			—			3,822,230
Reimbursable costs from Managed REITs		—			2,348,492			—			2,348,492
Total revenues		93,601,387			6,170,722			—			99,772,109
Operating expenses:
Property operating expenses		26,742,556			—			—			26,742,556
Managed REIT Platform expense		—			1,007,111			—			1,007,111
Reimbursable costs from Managed REITs		—			2,348,492			—			2,348,492
General and administrative		—			—			13,784,230			13,784,230
Depreciation		22,533,041			—			401,051			22,934,092
Intangible amortization expense		7,998,012			374,845			—			8,372,857
Acquisition expenses		702,871			—			—			702,871
Contingent earnout adjustment		—			1,313,821			—			1,313,821
Write-off of equity interest and preexisting relationships upon acquisition of control		—			2,049,682			—			2,049,682
Total operating expenses		57,976,480			7,093,951			14,185,281			79,255,712
Gain on sale of real estate		—			16,101,237			—			16,101,237
Income (loss) from operations		35,624,907			15,178,008			(14,185,281	)		36,617,634
Other income (expense):
Equity in earnings (losses) from investments in JV Properties		—			—			(424,403	)		(424,403	)
Equity in earnings (losses) from investments in Managed REITs		—			(307,384	)		—			(307,384	)
Other, net		(752,989	)		814,021			(354,359	)		(293,327	)
Interest expense		(16,342,343	)		—			(86,027	)		(16,428,370	)
Income tax (expense) benefit		564,533			(77,427	)		24,800			511,906
Net loss on extinguishment of debt		(2,393,475	)		—			—			(2,393,475	)
Net income (loss)	$	16,700,633		$	15,607,218		$	(15,025,270	)	$	17,282,581

Summary of Total Assets by Segment

The following table summarizes our total assets by segment:


Segments	June 30, 2023		December 31, 2022
Self Storage(1)	$	1,795,627,912	$	1,820,922,309
Managed REIT Platform(2)		38,633,273		65,433,006
Corporate and Other		59,851,221		60,862,072
Total assets(3)	$	1,894,112,406	$	1,947,217,387

(1)

Included in the assets of the Self Storage segment as of June 30, 2023 and December 31, 2022 was approximately $52.2 million and $52.2 million of goodwill, respectively. Additionally, as of June 30, 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 June 30, 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 June 30, 2023, respectively, were associated with our self storage platform.