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Segment Disclosures | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Disclosures | Note 9. Segment Disclosures We operate in two reportable business segments: (i) self storage operations and (ii) our Managed REIT Platform business. Management evaluates performance based upon property net operating income (“NOI”). For our self storage operations, NOI is defined as leasing and related revenues, less property level operating expenses. NOI for the Company’s Managed REIT Platform business represents Managed REIT Platform revenues less Managed REIT Platform expenses. The following tables summarize information for the reportable segments for the periods presented:
|  | Year Ended December 31, 2023 |
|  |  |  |  | Managed REIT |  |  | Corporate |  |  |  |
|  | Self Storage |  |  | Platform |  |  | and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Self storage rental revenue |  | $ | 206,494,202 |  |  | $ | — |  |  | $ | — |  |  | $ | 206,494,202 |
Ancillary operating revenue |  |  | 8,826,868 |  |  |  | — |  |  |  | — |  |  |  | 8,826,868 |
Managed REIT Platform revenue |  |  | — |  |  |  | 11,906,311 |  |  |  | — |  |  |  | 11,906,311 |
Reimbursable costs from Managed REITs |  |  | — |  |  |  | 5,764,363 |  |  |  | — |  |  |  | 5,764,363 |
Total revenues |  |  | 215,321,070 |  |  |  | 17,670,674 |  |  |  | — |  |  |  | 232,991,744 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Property operating expenses |  |  | 65,362,857 |  |  |  | — |  |  |  | — |  |  |  | 65,362,857 |
Managed REIT Platform expense |  |  | — |  |  |  | 3,365,491 |  |  |  | — |  |  |  | 3,365,491 |
Reimbursable costs from Managed REITs |  |  | — |  |  |  | 5,764,363 |  |  |  | — |  |  |  | 5,764,363 |
General and administrative |  |  | — |  |  |  | — |  |  |  | 27,451,533 |  |  |  | 27,451,533 |
Depreciation |  |  | 52,754,196 |  |  |  | — |  |  |  | 882,157 |  |  |  | 53,636,353 |
Intangible amortization expense |  |  | 6,398,131 |  |  |  | 195,722 |  |  |  | — |  |  |  | 6,593,853 |
Acquisition expenses |  |  | 192,358 |  |  |  | — |  |  |  | — |  |  |  | 192,358 |
Total operating expenses |  |  | 124,707,542 |  |  |  | 9,325,576 |  |  |  | 28,333,690 |  |  |  | 162,366,808 |
Income (loss) from operations |  |  | 90,613,528 |  |  |  | 8,345,098 |  |  |  | (28,333,690 | ) |  |  | 70,624,936 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings (losses) from investments in JV Properties |  |  | — |  |  |  | — |  |  |  | (1,625,135 | ) |  |  | (1,625,135 | )
Equity in earnings (losses) from investments in Managed REITs |  |  | — |  |  |  | (1,273,143 | ) |  |  | — |  |  |  | (1,273,143 | )
Other, net |  |  | 217,807 |  |  |  | 3,359,875 |  |  |  | (448,815 | ) |  |  | 3,128,867 |
Interest expense |  |  | (61,636,064 | ) |  |  | — |  |  |  | (168,557 | ) |  |  | (61,804,621 | )
Income tax (expense) benefit |  |  | 2,400,878 |  |  |  | (196,599 | ) |  |  | 391,577 |  |  |  | 2,595,856 |
Net income (loss) |  | $ | 31,596,149 |  |  | $ | 10,235,231 |  |  | $ | (30,184,620 | ) |  | $ | 11,646,760 |
|  | Year Ended December 31, 2022 |
|  |  |  |  | Managed REIT |  |  | Corporate |  |  |  |
|  | Self Storage |  |  | Platform |  |  | and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Self storage rental revenue |  | $ | 191,749,578 |  |  | $ | — |  |  | $ | — |  |  | $ | 191,749,578 |
Ancillary operating revenue |  |  | 8,445,803 |  |  |  | — |  |  |  | — |  |  |  | 8,445,803 |
Managed REIT Platform revenue |  |  | — |  |  |  | 7,819,216 |  |  |  | — |  |  |  | 7,819,216 |
Reimbursable costs from Managed REITs |  |  | — |  |  |  | 4,628,497 |  |  |  | — |  |  |  | 4,628,497 |
Total revenues |  |  | 200,195,381 |  |  |  | 12,447,713 |  |  |  | — |  |  |  | 212,643,094 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Property operating expenses |  |  | 58,437,110 |  |  |  | — |  |  |  | — |  |  |  | 58,437,110 |
Managed REIT Platform expense |  |  | — |  |  |  | 2,485,290 |  |  |  | — |  |  |  | 2,485,290 |
Reimbursable costs from Managed REITs |  |  | — |  |  |  | 4,628,497 |  |  |  | — |  |  |  | 4,628,497 |
General and administrative |  |  | — |  |  |  | — |  |  |  | 28,253,905 |  |  |  | 28,253,905 |
Depreciation |  |  | 48,503,743 |  |  |  | — |  |  |  | 913,936 |  |  |  | 49,417,679 |
Intangible amortization expense |  |  | 14,728,148 |  |  |  | 472,706 |  |  |  | — |  |  |  | 15,200,854 |
Acquisition expenses |  |  | 888,009 |  |  |  | — |  |  |  | — |  |  |  | 888,009 |
Contingent earnout adjustment |  |  | — |  |  |  | 1,514,447 |  |  |  | — |  |  |  | 1,514,447 |
Write-off of equity interest and preexisting relationships upon acquisition of control |  |  | — |  |  |  | 2,049,682 |  |  |  | — |  |  |  | 2,049,682 |
Total operating expenses |  |  | 122,557,010 |  |  |  | 11,150,622 |  |  |  | 29,167,841 |  |  |  | 162,875,473 |
Gain on equity interests upon acquisition |  |  | — |  |  |  | 16,101,237 |  |  |  | — |  |  |  | 16,101,237 |
Income (loss) from operations |  |  | 77,638,371 |  |  |  | 17,398,328 |  |  |  | (29,167,841 | ) |  |  | 65,868,858 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings (losses) from investments in JV Properties |  |  | — |  |  |  | — |  |  |  | (760,005 | ) |  |  | (760,005 | )
Equity in earnings (losses) from investments in Managed REITs |  |  | — |  |  |  | (930,201 | ) |  |  | — |  |  |  | (930,201 | )
Other, net |  |  | (209,578 | ) |  |  | 1,085,533 |  |  |  | (34,554 | ) |  |  | 841,401 |
Interest expense |  |  | (41,339,401 | ) |  |  | — |  |  |  | (172,510 | ) |  |  | (41,511,911 | )
Net loss on extinguishment of debt |  |  | (2,393,475 | ) |  |  | — |  |  |  | — |  |  |  | (2,393,475 | )
Income tax (expense) benefit |  |  | 36,197 |  |  |  | 563,053 |  |  |  | (44,465 | ) |  |  | 554,785 |
Net income (loss) |  | $ | 33,732,114 |  |  | $ | 18,116,713 |  |  | $ | (30,179,375 | ) |  | $ | 21,669,452 |
|  | Year Ended December 31, 2021 |
|  |  |  |  | Managed REIT |  |  | Corporate |  |  |  |
|  | Self Storage |  |  | Platform |  |  | and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Self storage rental revenue |  | $ | 150,610,337 |  |  | $ | — |  |  | $ | — |  |  | $ | 150,610,337 |
Ancillary operating revenue |  |  | 7,552,597 |  |  |  | — |  |  |  | — |  |  |  | 7,552,597 |
Managed REIT Platform revenue |  |  | — |  |  |  | 6,322,970 |  |  |  | — |  |  |  | 6,322,970 |
Reimbursable costs from Managed REITs |  |  | — |  |  |  | 4,278,667 |  |  |  | — |  |  |  | 4,278,667 |
Total revenues |  |  | 158,162,934 |  |  |  | 10,601,637 |  |  |  | — |  |  |  | 168,764,571 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Property operating expenses |  |  | 48,127,657 |  |  |  | — |  |  |  | — |  |  |  | 48,127,657 |
Managed REIT Platform expense |  |  | — |  |  |  | 1,451,166 |  |  |  | — |  |  |  | 1,451,166 |
Reimbursable costs from Managed REITs |  |  | — |  |  |  | 4,278,667 |  |  |  | — |  |  |  | 4,278,667 |
General and administrative |  |  | — |  |  |  | — |  |  |  | 23,265,196 |  |  |  | 23,265,196 |
Depreciation |  |  | 40,203,484 |  |  |  | — |  |  |  | 742,922 |  |  |  | 40,946,406 |
Intangible amortization expense |  |  | 11,134,100 |  |  |  | 1,288,105 |  |  |  | — |  |  |  | 12,422,205 |
Acquisition expenses |  |  | 934,838 |  |  |  | — |  |  |  | — |  |  |  | 934,838 |
Contingent earnout adjustment |  |  | — |  |  |  | 12,619,744 |  |  |  | — |  |  |  | 12,619,744 |
Write-off of equity interest and preexisting relationships in SST IV upon acquisition of control |  |  | — |  |  |  | 8,389,573 |  |  |  | — |  |  |  | 8,389,573 |
Total operating expenses |  |  | 100,400,079 |  |  |  | 28,027,255 |  |  |  | 24,008,118 |  |  |  | 152,435,452 |
Gain on sale of real estate |  |  | 178,631 |  |  |  | — |  |  |  | — |  |  |  | 178,631 |
Income (loss) from operations |  |  | 57,941,486 |  |  |  | (17,425,618 | ) |  |  | (24,008,118 | ) |  |  | 16,507,750 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings (losses) from investments in JV Properties |  |  | — |  |  |  | — |  |  |  | (494,327 | ) |  |  | (494,327 | )
Equity in earnings (losses) from investments in Managed REITs |  |  | — |  |  |  | (623,393 | ) |  |  | — |  |  |  | (623,393 | )
Other, net |  |  | (173,245 | ) |  |  | 20,990 |  |  |  | (785,376 | ) |  |  | (937,631 | )
Interest expense |  |  | (33,207,310 | ) |  |  | — |  |  |  | (176,294 | ) |  |  | (33,383,604 | )
Net loss on extinguishment of debt |  |  | (2,444,788 | ) |  |  | — |  |  |  | — |  |  |  | (2,444,788 | )
Income tax (expense) benefit |  |  | (193,604 | ) |  |  | 2,004,879 |  |  |  | — |  |  |  | 1,811,275 |
Net income (loss) |  | $ | 21,922,539 |  |  | $ | (16,023,142 | ) |  | $ | (25,464,115 | ) |  | $ | (19,564,718 | )
The following table summarizes our total assets by segment:
Segments |  | December 31, 2023 |  |  | December 31, 2022 |
Self Storage(1) |  | $ | 1,798,510,325 |  |  | $ | 1,820,922,309 |
Managed REIT Platform(2) |  |  | 41,761,259 |  |  |  | 65,433,006 |
Corporate and Other |  |  | 55,369,141 |  |  |  | 60,862,072 |
Total assets(3) |  | $ | 1,895,640,725 |  |  | $ | 1,947,217,387 |
(1) Included in the assets of the Self Storage segment as of December 31, 2023 and 2022 were approximately $52.2 million of goodwill. Additionally, as of December 31, 2023 and 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 December 31, 2023 and 2022, was approximately $1.4 million of goodwill. 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 year ended December 31, 2020. (3) Other than our investments in and advances to Managed REITs and investments in JV properties, substantially all of our investments in real estate facilities and intangible assets as of December 31, 2023 and 2022, respectively, were associated with our self storage platform. As of December 31, 2023 and 2 022, approximately $174 million and $170 million, respectively, of our assets in the self storage segment related to our operations in Canada. For the years ended December 31, 2023, 2022, and 2021, approximately $22.1 million, $21.5 million, and $19.2 million, respectively, of our revenues in the self storage segment related to our operations in Cana da. Substantially all of our operations related to the management fees we generate through our management contracts with the Managed REITs are performed in the U.S.; accordingly substantially all of our assets and revenues related to our Managed REIT segment are based in the U.S. as well. As of December 31, 2023 and 2022, approximately $35.8 million and $28.5 million, respectively, of our assets in the Corporate and Other segment table above relate to our JV Properties which operate in Canada. For the years ended December 31, 2023 and 2022, approximately $1.6 million and $0.8 million of losses, respectively, relate to these JV Properties' operations in Canada.

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