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Segment Disclosures (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Summary of Reportable Segments | The following tables summarize information for the reportable segments for the periods presented (in thousands):
|  | Year Ended December 31, 2024 |
|  | Self Storage |  |  | Managed REIT Platform |  |  | Corporate and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Self storage rental revenue |  | $ | 209,579 |  |  | $ | — |  |  | $ | — |  |  | $ | 209,579 |
Ancillary operating revenue |  |  | 9,397 |  |  |  | — |  |  |  | — |  |  |  | 9,397 |
Managed REIT Platform revenue |  |  | — |  |  |  | 11,383 |  |  |  | — |  |  |  | 11,383 |
Reimbursable costs from Managed REITs |  |  | — |  |  |  | 6,647 |  |  |  | — |  |  |  | 6,647 |
Total revenues |  |  | 218,976 |  |  |  | 18,030 |  |  |  | — |  |  |  | 237,006 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property taxes |  |  | 21,070 |  |  |  | — |  |  |  | — |  |  |  | 21,070 |
Payroll |  |  | 16,731 |  |  |  | — |  |  |  | — |  |  |  | 16,731 |
Advertising |  |  | 5,664 |  |  |  | — |  |  |  | — |  |  |  | 5,664 |
Repairs & Maintenance |  |  | 5,483 |  |  |  | — |  |  |  | — |  |  |  | 5,483 |
Utilities |  |  | 5,090 |  |  |  | — |  |  |  | — |  |  |  | 5,090 |
Property Insurance |  |  | 5,407 |  |  |  | — |  |  |  | — |  |  |  | 5,407 |
Administrative and professional |  |  | 11,239 |  |  |  | — |  |  |  | — |  |  |  | 11,239 |
Total property operating expenses |  |  | 70,684 |  |  |  | — |  |  |  | — |  |  |  | 70,684 |
Managed REIT Platform expense |  |  | — |  |  |  | 3,982 |  |  |  | — |  |  |  | 3,982 |
Reimbursable costs from Managed REITs |  |  | — |  |  |  | 6,647 |  |  |  | — |  |  |  | 6,647 |
Segment operating income |  |  | 148,292 |  |  |  | 7,401 |  |  |  | — |  |  |  | 155,693 |
Other operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative |  |  | — |  |  |  | — |  |  |  | 29,948 |  |  |  | 29,948 |
Depreciation |  |  | 54,218 |  |  |  | — |  |  |  | 957 |  |  |  | 55,175 |
Intangible amortization expense |  |  | 810 |  |  |  | 125 |  |  |  | — |  |  |  | 935 |
Acquisition expenses |  |  | 413 |  |  |  | — |  |  |  | — |  |  |  | 413 |
Total other operating expenses |  |  | 55,441 |  |  |  | 125 |  |  |  | 30,905 |  |  |  | 86,471 |
Income (loss) from operations |  |  | 92,851 |  |  |  | 7,276 |  |  |  | (30,905 | ) |  |  | 69,222 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings (losses) from investments in JV Properties |  |  | — |  |  |  | — |  |  |  | (1,380 | ) |  |  | (1,380 | )
Equity in earnings (losses) from investments in Managed REITs |  |  | — |  |  |  | (1,414 | ) |  |  | — |  |  |  | (1,414 | )
Other, net |  |  | (1,204 | ) |  |  | — |  |  |  | (78 | ) |  |  | (1,282 | )
Interest income |  |  | 942 |  |  |  | 2,305 |  |  |  | — |  |  |  | 3,247 |
Interest expense |  |  | (71,868 | ) |  |  | (292 | ) |  |  | (165 | ) |  |  | (72,325 | )
Loss on debt extinguishment |  |  | (471 | ) |  |  | — |  |  |  | — |  |  |  | (471 | )
Income tax (expense) benefit |  |  | (1,175 | ) |  |  | (265 | ) |  |  | (44 | ) |  |  | (1,484 | )
Net income (loss) |  | $ | 19,075 |  |  | $ | 7,610 |  |  | $ | (32,572 | ) |  | $ | (5,887 | )
|  | Year Ended December 31, 2023 |
|  | Self Storage |  |  | Managed REIT Platform |  |  | Corporate and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Self storage rental revenue |  | $ | 206,494 |  |  | $ | — |  |  | $ | — |  |  | $ | 206,494 |
Ancillary operating revenue |  |  | 8,827 |  |  |  | — |  |  |  | — |  |  |  | 8,827 |
Managed REIT Platform revenue |  |  | — |  |  |  | 11,906 |  |  |  | — |  |  |  | 11,906 |
Reimbursable costs from Managed REITs |  |  | — |  |  |  | 5,765 |  |  |  | — |  |  |  | 5,765 |
Total revenues |  |  | 215,321 |  |  |  | 17,671 |  |  |  | — |  |  |  | 232,992 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property taxes |  |  | 19,940 |  |  |  | — |  |  |  | — |  |  |  | 19,940 |
Payroll |  |  | 15,775 |  |  |  | — |  |  |  | — |  |  |  | 15,775 |
Advertising |  |  | 5,145 |  |  |  | — |  |  |  | — |  |  |  | 5,145 |
Repairs & Maintenance |  |  | 4,749 |  |  |  | — |  |  |  | — |  |  |  | 4,749 |
Utilities |  |  | 5,070 |  |  |  | — |  |  |  | — |  |  |  | 5,070 |
Property Insurance |  |  | 4,297 |  |  |  | — |  |  |  | — |  |  |  | 4,297 |
Administrative and professional |  |  | 10,387 |  |  |  | — |  |  |  | — |  |  |  | 10,387 |
Total property operating expenses |  |  | 65,363 |  |  |  | — |  |  |  | — |  |  |  | 65,363 |
Managed REIT Platform expense |  |  | — |  |  |  | 3,365 |  |  |  | — |  |  |  | 3,365 |
Reimbursable costs from Managed REITs |  |  | — |  |  |  | 5,764 |  |  |  | — |  |  |  | 5,764 |
Segment operating income |  |  | 149,958 |  |  |  | 8,542 |  |  |  | — |  |  |  | 158,500 |
Other operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative |  |  | — |  |  |  | — |  |  |  | 27,452 |  |  |  | 27,452 |
Depreciation |  |  | 52,754 |  |  |  | — |  |  |  | 882 |  |  |  | 53,636 |
Intangible amortization expense |  |  | 6,398 |  |  |  | 196 |  |  |  | — |  |  |  | 6,594 |
Acquisition expenses |  |  | 193 |  |  |  | — |  |  |  | — |  |  |  | 193 |
Total other operating expenses |  |  | 59,345 |  |  |  | 196 |  |  |  | 28,334 |  |  |  | 87,875 |
Income (loss) from operations |  |  | 90,613 |  |  |  | 8,346 |  |  |  | (28,334 | ) |  |  | 70,625 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings (losses) from investments in JV Properties |  |  | — |  |  |  | — |  |  |  | (1,625 | ) |  |  | (1,625 | )
Equity in earnings (losses) from investments in Managed REITs |  |  | — |  |  |  | (1,273 | ) |  |  | — |  |  |  | (1,273 | )
Other, net |  |  | (149 | ) |  |  | 367 |  |  |  | (449 | ) |  |  | (231 | )
Interest income |  |  | 367 |  |  |  | 2,993 |  |  |  | — |  |  |  | 3,360 |
Interest expense |  |  | (61,636 | ) |  |  | — |  |  |  | (169 | ) |  |  | (61,805 | )
Income tax (expense) benefit |  |  | 2,401 |  |  |  | (197 | ) |  |  | 392 |  |  |  | 2,596 |
Net income (loss) |  | $ | 31,596 |  |  | $ | 10,236 |  |  | $ | (30,185 | ) |  | $ | 11,647 |
|  | Year Ended December 31, 2022 |
|  | Self Storage |  |  | Managed REIT Platform |  |  | Corporate and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Self storage rental revenue |  | $ | 191,750 |  |  | $ | — |  |  | $ | — |  |  | $ | 191,750 |
Ancillary operating revenue |  |  | 8,446 |  |  |  | — |  |  |  | — |  |  |  | 8,446 |
Managed REIT Platform revenue |  |  | — |  |  |  | 7,819 |  |  |  | — |  |  |  | 7,819 |
Reimbursable costs from Managed REITs |  |  | — |  |  |  | 4,628 |  |  |  | — |  |  |  | 4,628 |
Total revenues |  |  | 200,196 |  |  |  | 12,447 |  |  |  | — |  |  |  | 212,643 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property taxes |  |  | 17,627 |  |  |  | — |  |  |  | — |  |  |  | 17,627 |
Payroll |  |  | 13,997 |  |  |  | — |  |  |  | — |  |  |  | 13,997 |
Advertising |  |  | 4,755 |  |  |  | — |  |  |  | — |  |  |  | 4,755 |
Repairs & Maintenance |  |  | 4,658 |  |  |  | — |  |  |  | — |  |  |  | 4,658 |
Utilities |  |  | 4,922 |  |  |  | — |  |  |  | — |  |  |  | 4,922 |
Property Insurance |  |  | 3,020 |  |  |  | — |  |  |  | — |  |  |  | 3,020 |
Administrative and professional |  |  | 9,458 |  |  |  | — |  |  |  | — |  |  |  | 9,458 |
Total property operating expenses |  |  | 58,437 |  |  |  | — |  |  |  | — |  |  |  | 58,437 |
Managed REIT Platform expense |  |  | — |  |  |  | 2,485 |  |  |  | — |  |  |  | 2,485 |
Reimbursable costs from Managed REITs |  |  | — |  |  |  | 4,628 |  |  |  | — |  |  |  | 4,628 |
Segment operating income |  |  | 141,759 |  |  |  | 5,334 |  |  |  | — |  |  |  | 147,093 |
Other operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative |  |  | — |  |  |  | — |  |  |  | 28,254 |  |  |  | 28,254 |
Depreciation |  |  | 48,504 |  |  |  | — |  |  |  | 914 |  |  |  | 49,418 |
Intangible amortization expense |  |  | 14,728 |  |  |  | 473 |  |  |  | — |  |  |  | 15,201 |
Acquisition expenses |  |  | 888 |  |  |  | — |  |  |  | — |  |  |  | 888 |
Contingent earnout adjustment |  |  | — |  |  |  | 1,514 |  |  |  | — |  |  |  | 1,514 |
Write-off of equity interest and preexisting relationships in SST IV upon acquisition of control |  |  | — |  |  |  | 2,050 |  |  |  | — |  |  |  | 2,050 |
Total other operating expenses |  |  | 64,120 |  |  |  | 4,037 |  |  |  | 29,168 |  |  |  | 97,325 |
Gain on equity interests upon acquisition |  |  | — |  |  |  | 16,101 |  |  |  | — |  |  |  | 16,101 |
Income (loss) from operations |  |  | 77,639 |  |  |  | 17,398 |  |  |  | (29,168 | ) |  |  | 65,869 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings (losses) from investments in JV Properties |  |  | — |  |  |  | — |  |  |  | (760 | ) |  |  | (760 | )
Equity in earnings (losses) from investments in Managed REITs |  |  | — |  |  |  | (930 | ) |  |  | — |  |  |  | (930 | )
Other, net |  |  | (220 | ) |  |  | (681 | ) |  |  | (97 | ) |  |  | (998 | )
Interest income |  |  | 10 |  |  |  | 1,767 |  |  |  | 61 |  |  |  | 1,838 |
Interest expense |  |  | (41,339 | ) |  |  | — |  |  |  | (173 | ) |  |  | (41,512 | )
Loss on debt extinguishment |  |  | (2,393 | ) |  |  | — |  |  |  | — |  |  |  | (2,393 | )
Income tax (expense) benefit |  |  | 36 |  |  |  | 563 |  |  |  | (44 | ) |  |  | 555 |
Net income (loss) |  | $ | 33,733 |  |  | $ | 18,117 |  |  | $ | (30,181 | ) |  | $ | 21,669 |
Summary of Total Assets by Segment | The following table summarizes our total assets by segment (in thousands):
Segments |  | December 31, 2024 |  |  | December 31, 2023 |
Self Storage (1) |  | $ | 1,915,303 |  |  | $ | 1,798,510 |
Managed REIT Platform (2) |  |  | 63,700 |  |  |  | 41,761 |
Corporate and Other |  |  | 63,064 |  |  |  | 55,370 |
Total assets (3) |  | $ | 2,042,067 |  |  | $ | 1,895,641 |
(1) | Included in the assets of the Self Storage segment as of December 31, 2024 and 2023 were approximately $52.2 million of goodwill. Additionally, as of December 31, 2024 and 2023 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, 2024 and 2023, 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 well as our capital expenditures for the years ended and as of December 31, 2024 and 2023, respectively, were associated with our self storage platform. Please see Note 3 – Real Estate of the Notes to the Consolidated Financial Statements for additional detail.

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