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Segment Disclosures
 9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
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 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:
 
   
Three Months Ended September 30, 2023
  
   
Self Storage
    
Managed REIT
Platform
    
Corporate
and Other
    
Total
  
Revenues:
        
Self storage rental revenue
  
$
52,502,410
    
$
—  
    
$
—  
    
$
52,502,410
  
Ancillary operating revenue
    
2,255,170
      
—  
      
—  
      
2,255,170
  
Managed REIT Platform revenue
    
—  
      
2,517,853
      
—  
      
2,517,853
  
Reimbursable costs from Managed REITs
    
—  
      
1,429,527
      
—  
      
1,429,527
  
 
 
 
    
 
 
    
 
 
    
 
 
  
Total revenues
    
54,757,580
      
3,947,380
      
—  
      
58,704,960
  
 
 
 
    
 
 
    
 
 
    
 
 
  
Operating expenses:
        
Property operating expenses
    
16,316,563
      
—  
      
—  
      
16,316,563
  
Managed REIT Platform expense
    
—  
      
1,307,006
      
—  
      
1,307,006
  
Reimbursable costs from Managed REITs
    
—  
      
1,429,527
      
—  
      
1,429,527
  
General and administrative
    
—  
      
—  
      
6,277,252
      
6,277,252
  
Depreciation
    
13,195,987
      
—  
      
231,151
      
13,427,138
  
Intangible amortization expense
    
1,682,861
      
48,930
      
—  
      
1,731,791
  
Acquisition expenses
    
75,933
      
—  
      
—  
      
75,933
  
 
 
 
    
 
 
    
 
 
    
 
 
  
Total operating expenses
    
31,271,344
      
2,785,463
      
6,508,403
      
40,565,210
  
 
 
 
    
 
 
    
 
 
    
 
 
  
Income (loss) from operations
    
23,486,236
      
1,161,917
      
(6,508,403
) 
    
18,139,750
  
Other income (expense):
        
Equity in earnings (losses) from investments in JV Properties
    
—  
      
—  
      
(274,236
) 
    
(274,236
) 
Equity in earnings (losses) from investments in Managed REITs
    
—  
      
(444,043
) 
    
—  
      
(444,043
) 
Other, net
    
(94,186
) 
    
696,786
      
(169,9 955
) 
    
432,645
  
Interest expense
    
(15,883,077
) 
    
—  
      
(42,363
) 
    
(15,925,440
) 
Income tax (expense) benefit
    
1,162,745
      
(106,011
) 
    
(6,684
) 
    
1,050,050
  
 
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
  
$
8,671,718
 
  
$
1,308,649
 
  
$
(7,001,641
) 
  
$
2,978,726
 
 
 
 
    
 
 
    
 
 
    
 
 
  
 
   
Three Months Ended September 30, 2022
  
   
Self Storage
    
Managed REIT
Platform
    
Corporate
and Other
    
Total
  
Revenues:
        
Self storage rental revenue
  
$
51,022,976
    
$
—  
    
$
—  
    
$
51,022,976
  
Ancillary operating revenue
    
2,209,695
      
—  
      
—  
      
2,209,695
  
Managed REIT Platform revenue
    
—  
      
2,055,224
      
—  
      
2,055,224
  
Reimbursable costs from Managed REITs
    
—  
      
1,165,994
      
—  
      
1,165,994
  
 
 
 
    
 
 
    
 
 
    
 
 
  
Total revenues
    
53,232,671
      
3,221,218
      
—  
      
56,453,889
  
 
 
 
    
 
 
    
 
 
    
 
 
  
Operating expenses:
        
Property operating expenses
    
15,984,019
      
—  
      
—  
      
15,984,019
  
Managed REIT Platform expense
    
—  
      
725,599
      
—  
      
725,599
  
Reimbursable costs from Managed REITs
    
—  
      
1,165,994
      
—  
      
1,165,994
  
General and administrative
    
—  
      
—  
      
7,330,245
      
7,330,245
  
Depreciation
    
12,965,473
      
—  
      
255,443
      
13,220,916
  
Intangible amortization expense
    
4,801,004
      
48,930
      
—  
      
4,849,934
  
Acquisition expenses
    
77,813
      
—  
      
—  
      
77,813
  
Contingent earnout adjustment
    
—  
      
200,626
      
—  
      
200,626
  
 
 
 
    
 
 
    
 
 
    
 
 
  
Total operating expenses
    
33,828,309
      
2,141,149
      
7,585,688
      
43,555,146
  
Income (loss) from operations
    
19,404,362
      
1,080,069
      
(7,585,688
) 
    
12,898,743
  
Other income (expense):
        
Equity in earnings (losses) from investments in JV Properties
    
—  
      
—  
      
(187,123
) 
    
(187,123
) 
Equity in earnings (losses) from investments in Managed REITs
    
—  
      
(340,164
) 
    
—  
      
(340,164
) 
Other, net
    
645,520
      
444,287
      
640,150
      
1,729,957
  
Interest expense
    
(11,709,293
) 
    
—  
      
(43,363
) 
    
(11,752,656
) 
Income tax (expense) benefit
    
70,245
      
(92,725
) 
    
(79,753
) 
    
(102,233
) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
  
$
8,410,834
 
  
 
$1,091,467
 
  
$
(7,255,777
) 
  
$
2,246,524
 
 
 
 
    
 
 
    
 
 
    
 
 
  
 
   
Nine Months Ended September 30, 2023
  
   
Self Storage
    
Managed REIT
Platform
    
Corporate

and Other
    
Total
  
Revenues:
        
Self storage rental revenue
  
$
155,457,123
    
$
—  
    
$
—  
    
$
155,457,123
  
Ancillary operating revenue
    
6,625,943
      
—  
      
—  
      
6,625,943
  
Managed REIT Platform revenue
    
—  
      
9,115,093
      
—  
      
9,115,093
  
Reimbursable costs from Managed REITs
    
—  
      
4,232,436
      
—  
      
4,232,436
  
 
 
 
    
 
 
    
 
 
    
 
 
  
Total revenues
    
162,083,066
      
13,347,529
      
—  
      
175,430,595
  
 
 
 
    
 
 
    
 
 
    
 
 
  
Operating expenses:
        
Property operating expenses
    
49,332,858
      
—  
      
—  
      
49,332,858
  
Managed REIT Platform expense
    
—  
      
2,538,073
      
—  
      
2,538,073
  
Reimbursable costs from Managed REITs
    
—  
      
4,232,436
      
—  
      
4,232,436
  
General and administrative
    
—  
      
—  
      
19,995,770
      
19,995,770
  
Depreciation
    
39,425,200
      
—  
      
650,131
      
40,075,331
  
Intangible amortization expense
    
5,340,396
      
146,791
      
—  
      
5,487,187
  
Acquisition expenses
    
118,229
      
—  
      
—  
      
118,229
  
 
 
 
    
 
 
    
 
 
    
 
 
  
Total operating expenses
    
94,216,683
      
6,917,300
      
20,645,901
      
121,779,884
  
 
 
 
    
 
 
    
 
 
    
 
 
  
Income (loss) from operations
    
67,866,383
      
6,430,229
      
(20,645,901
) 
    
53,650,711
  
Other income (expense):
        
Equity in earnings (losses) from investments in JV Properties
    
—  
      
—  
      
(1,215,114
) 
    
(1,215,114
) 
Equity in earnings (losses) from investments in Managed REITs
    
—  
      
(893,793
) 
    
—  
      
(893,793
) 
Other, net
    
126,923
      
2,535,800
      
(286,585
) 
    
2,376,138
  
Interest expense
    
(45,407,435
) 
    
—  
      
(126,451
) 
    
(45,533,886
) 
Income tax (expense) benefit
    
705,693
      
(198,892
) 
    
399,823
      
906,624
  
 
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
  
$
23,291,564
 
  
$
7,873,344
 
  
$
(21,874,228
) 
  
$
9,290,680
 
 
 
 
    
 
 
    
 
 
    
 
 
  
 
 
   
Nine Months Ended September 30, 2022
  
   
Self Storage
    
Managed REIT
Platform
    
Corporate

and Other
    
Total
  
Revenues:
        
Self storage rental revenue
  
$
140,551,208
    
$
—  
    
$
—  
    
$
140,551,208
  
Ancillary operating revenue
    
6,282,850
      
—  
      
—  
      
6,282,850
  
Managed REIT Platform revenue
    
—  
      
5,877,454
      
—  
      
5,877,454
  
Reimbursable costs from Managed REITs
    
—  
      
3,514,486
      
—  
      
3,514,486
  
 
 
 
    
 
 
    
 
 
    
 
 
  
Total revenues
    
146,834,058
      
9,391,940
      
—  
      
156,225,998
  
 
 
 
    
 
 
    
 
 
    
 
 
  
Operating expenses:
        
Property operating expenses
    
42,726,575
      
—  
      
—  
      
42,726,575
  
Managed REIT Platform expense
    
—  
      
1,732,710
      
—  
      
1,732,710
  
Reimbursable costs from Managed REITs
    
—  
      
3,514,486
      
—  
      
3,514,486
  
General and administrative
    
—  
      
—  
      
21,114,475
      
21,114,475
  
Depreciation
    
35,498,513
      
—  
      
656,495
      
36,155,008
  
Intangible amortization expense
    
12,799,016
      
423,775
      
—  
      
13,222,791
  
Acquisition expenses
    
780,684
      
—  
      
—  
      
780,684
  
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
    
91,804,788
      
9,235,100
      
21,770,970
      
122,810,858
  
 
 
 
    
 
 
    
 
 
    
 
 
  
Gain on sale of real estate
    
—  
      
16,101,237
      
—  
      
16,101,237
  
 
 
 
    
 
 
    
 
 
    
 
 
  
Income (loss) from operations
    
55,029,270
      
16,258,077
      
(21,770,970
) 
    
49,516,377
  
Other income (expense):
        
Equity in earnings (losses) from investments in JV Properties
    
—  
      
—  
      
(611,526
) 
    
(611,526
) 
Equity in earnings (losses) from investments in Managed REITs
    
—  
      
(647,548
) 
    
—  
      
(647,548
) 
Other, net
    
394,535
      
569,387
      
480,139
      
1,444,061
  
Interest expense
    
(28,051,635
) 
    
—  
      
(129,391
) 
    
(28,181,026
) 
Net loss on extinguishment of debt
    
(2,393,475
) 
    
—  
      
—  
      
(2,393,475
) 
Income tax (expense) benefit
    
(13,131
) 
    
606,719
      
(191,346
) 
    
402,242
  
 
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
  
$
24,965,564
 
  
$
16,786,635
 
  
$
(22,223,094
) 
  
$
19,529,105
 
 
 
 
    
 
 
    
 
 
    
 
 
  
The following table summarizes our total assets by segment:
 
Segments
   
September 30, 2023
     
December 31, 2022
  
Self Storage
(1)
  
$
1,802,026,290
     
$
1,820,922,309
  
Managed REIT Platform
(2)
    
37,263,666
       
65,433,006
  
Corporate and Other
     
51,960,520
       
60,862,072
  
  
 
 
     
 
 
  
Total assets
(3)
  
$
1,891,250,476
     
$
1,947,217,387
  
  
 
 
     
 
 
  
 
(1)
 
Included in the assets of the Self Storage segment as of September 30, 2023 and December 31, 2022 was approximately $52.2 million of goodwill. Additionally, as of September 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 September 30, 2023 and December 31, 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 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 September 30, 2023, respectively, were associated with our self storage platform.
As of September 30, 2023 and December 31, 2022, approximately $168 million and $170 million, respectively, of our assets in the self storage segment related to our operations in Canada. For the three and nine months ended September 30, 2023, approximately $5.7 million and $16.6 million, respectively, of our revenues in the self storage segment related to our operations in Canada. For the three and nine months ended September 30, 2022, approximately $5.5 million and $16.0 million, respectively, of our revenues in the self storage segment related to our operations in Canada. 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 September 30, 2023 and December 31, 2022, approximately $34.7 million and $28.5 million, respectively, of our assets in the Corporate and Other segment in the table above relate to our JV Properties which operate in Canada. For the nine months ended September 30, 2023 and 2022, approximately $1.2 million and $0.6 million of losses, respectively, relate to these JV Properties’ operations in Canada.
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, 2022
  
    
Self Storage
    
Managed REIT
Platform
     
Corporate
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):
          
Interest expense
     
(41,339,401
) 
    
—  
       
(172,510
) 
    
(41,511,911
) 
Net loss on extinguishment of debt
     
(2,393,475
) 
    
—  
       
—  
      
(2,393,475
) 
Other, net
     
(209,578
) 
    
155,332
       
(794,559
) 
    
(848,805
) 
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
  
    
Self Storage
    
Managed REIT
Platform
    
Corporate
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):
         
Interest expense
     
(33,207,310
) 
    
—  
      
(176,294
) 
    
(33,383,604
) 
Net loss on extinguishment of debt
     
(2,444,788
) 
    
—  
      
—  
      
(2,444,788
) 
Other, net
     
(173,245
) 
    
(602,403
) 
    
(1,279,703
) 
    
(2,055,351
) 
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
) 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
 
    
Year Ended December 31, 2020
  
    
Self Storage
    
Managed REIT
Platform
    
Corporate
and Other
    
Total
  
Revenues:
         
Self storage rental revenue
   
$
104,888,883
    
$
—  
    
$
—  
    
$
104,888,883
  
Ancillary operating revenue
     
5,286,042
      
—  
      
—  
      
5,286,042
  
Managed REIT Platform revenue
     
—  
      
8,048,630
      
—  
      
8,048,630
  
Reimbursable costs from Managed REITs
     
—  
      
5,800,808
      
—  
      
5,800,808
  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total revenues
     
110,174,925
      
13,849,438
      
—  
      
124,024,363
  
  
 
 
    
 
 
    
 
 
    
 
 
  
Operating expenses:
         
Property operating expenses
     
38,305,199
      
—  
      
—  
      
38,305,199
  
Managed REIT Platform expense
     
—  
      
2,806,921
      
—  
      
2,806,921
  
Reimbursable costs from Managed REITs
     
—  
      
5,800,808
      
—  
      
5,800,808
  
General and administrative
     
—  
      
—  
      
16,471,199
      
16,471,199
  
Depreciation
     
31,773,526
      
—  
      
521,101
      
32,294,627
  
Intangible amortization expense
     
5,234,312
      
4,542,804
      
—  
      
9,777,116
  
Acquisition expenses
     
1,366,092
      
—  
      
—  
      
1,366,092
  
Contingent earnout adjustment
     
—  
      
(2,500,000
) 
    
—  
      
(2,500,000
) 
Impairment of goodwill and intangible assets
     
—  
      
36,465,732
      
—  
      
36,465,732
  
Impairment of investments in Managed REITs
     
—  
      
4,376,879
      
—  
      
4,376,879
  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total operating expenses
     
76,679,129
      
51,493,144
      
16,992,300
      
145,164,573
  
  
 
 
    
 
 
    
 
 
    
 
 
  
Operating income (loss)
     
33,495,796
      
(37,643,706
) 
    
(16,992,300
) 
    
(21,140,210
) 
Other income (expense):
         
Interest expense
     
(35,864,227
) 
    
—  
      
(189,085
) 
    
(36,053,312
) 
Other, net
     
(783,189
) 
    
1,222,086
      
(278,436
) 
    
160,461
  
Income tax (expense) benefit
     
2,491,215
      
3,335,043
      
—  
      
5,826,258
  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net loss
   
$
(660,405
) 
  
$
(33,086,577
) 
  
$
(17,459,821
) 
  
$
(51,206,803
) 
  
 
 
    
 
 
    
 
 
    
 
 
  
The following table summarizes our total assets by segment:
 
Segments
   
December 31, 2022
     
December 31, 2021
  
Self Storage
 (1)
   
$
1,820,922,309
     
$
1,546,835,094
  
Managed REIT Platform
(2)
     
65,433,006
       
21,707,326
  
Corporate and Other
     
60,862,072
       
49,750,356
  
  
 
 
     
 
 
  
Total assets
(3)
   
$
1,947,217,387
     
$
1,618,292,776
  
  
 
 
     
 
 
  
 
(1)
 
Included in the assets of the Self Storage segment as of December 31, 2022 and 2021 were approximately $52.2 million and $49.8 million of goodwill, respectively. Additionally, as of December 31, 2022 we had never recorded any impairment charges to goodwill within the Self Storage segment.
(2)
 
Included in the assets of the Managed REIT Platform segment as of December 31, 2022 and 2021, were approximately $1.4 million and $3.9 million of goodwill, respectively. Such goodwill is net of previous impairment charges in the Managed REIT Platform segment of approximately $24.7 million as of December 31, 2022 and 2021, 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 made during the years ended December 31, 2022 and 2021 were associated with our self storage platform.
As of December 31, 2022 and 2021, approximately $170 million and $185 million, respectively, of our assets in the self storage segment related to our operations in Canada. For the years ended December 31, 2022, 2021, and 2020, approximately $21.5 million, $19.2 million, and $14.7 million, respectively, of our revenues in the self storage segment related to our operations in Canada. 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.