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Segment Disclosures (Tables)

12 Months Ended

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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- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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