v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information
14. Segment Information
Our operating segments reflect the significant components of our operations where discrete financial information is evaluated separately by our President and Chief Executive Officer, who is our chief operating decision maker (“CODM”).
Self-Storage Operations
The Self-Storage Operations reportable segment reflects the aggregated rental operations from the self-storage facilities we own through the following operating segments: (i) Same Store Facilities, (ii) Acquired Facilities, (iii) Newly Developed and Expanded Facilities, and (iv) Other Non-Same Store Facilities. Our CODM evaluates performance and allocates resources for the Self-Storage Operations reportable segment based on its Net Operating Income (“NOI”), which represents the related revenue less cost of operations. Our CODM utilizes NOI during the budget and forecasting process to allocate capital and personnel resources and evaluates financial performance and operating trends of the reportable segment based on the budget-to-actual variance and year-over-year change of the NOI on an ongoing basis.
The presentation in the table below sets forth the revenue, significant expense categories, and NOI of this reportable segment, as well as the related depreciation expense. For all periods presented, substantially all of our real estate facilities, goodwill and other intangible assets, other assets, and accrued and other liabilities are associated with the Self-Storage Operations reportable segment.
Ancillary Operations
The Ancillary Operations reflects the combined operations of our tenant reinsurance, merchandise sales, and third party property management operating segments.
Presentation of Segment Information
The following table reconciles NOI and net income attributable to our reportable segment to our consolidated net income:
 Three Months Ended
June 30,		Six Months Ended June 30,
 2025202420252024
 (amounts in thousands)
Self-Storage Operations Reportable Segment
Revenue$1,118,658 $1,099,736 $2,221,656 $2,185,781 
Cost of operations:
Property taxes(120,308)(114,750)(243,210)(231,842)
On-site property manager payroll(39,448)(39,959)(79,083)(84,452)
Repairs and maintenance(22,984)(22,597)(49,894)(47,297)
Utilities(13,493)(13,121)(32,218)(30,624)
Marketing(23,890)(22,572)(50,660)(51,834)
Other direct property costs(29,689)(28,838)(60,382)(59,184)
Supervisory payroll(13,355)(12,346)(27,271)(25,452)
Centralized management costs(18,585)(16,253)(37,057)(33,920)
Share-based compensation(2,965)(3,065)(6,096)(6,310)
Total cost of operations(284,717)(273,501)(585,871)(570,915)
   Net operating income833,941 826,235 1,635,785 1,614,866 
Depreciation and amortization(283,216)(283,342)(565,931)(568,545)
   Net income550,725 542,893 1,069,854 1,046,321 
Ancillary Operations
Revenue82,436 73,475 162,622 144,650 
Cost of operations(33,288)(27,543)(63,981)(54,612)
   Net operating income49,148 45,932 98,641 90,038 
    Total net income allocated to segments599,873 588,825 1,168,495 1,136,359 
Other items not allocated to segments:
Real estate acquisition and development expense(2,538)(2,907)(9,961)(6,624)
General and administrative(25,727)(26,580)(50,911)(47,916)
Interest and other income12,789 18,253 26,023 32,219 
Interest expense(71,609)(73,236)(143,618)(141,014)
Equity in earnings of unconsolidated real estate entities(2,230)6,480 1,397 12,570 
Foreign currency exchange (loss) gain(146,070)12,449 (214,765)49,992 
Gain on sale of real estate163 — 208 874 
Income tax expense(3,240)(2,075)(4,666)(3,554)
     Net income$361,411 $521,209 $772,202 $1,032,906