v3.26.1
Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segments Segments
The Company manages the business as one reportable segment consisting of owning and managing self storage properties located in the United States. The Company collects rental revenue from customers for space rentals and related fees. Although the Company has several operating segments consisting of self storage properties in different geographic markets, these operating segments have been aggregated into one reportable segment based on the similar economic characteristics among all markets. The Company considers factors such as the physical and economic characteristics of its properties and the related operating activities in determining its operating segments. Operating segments that exhibit similar physical and economic characteristics and other operating similarities have been aggregated. The Company has other operating segments, consisting of activities other than owning and managing self storage properties, that are insignificant based on the guidance set forth in Accounting Standards Codification ("ASC") 280, and included under the heading "All Other."
The Company's chief operating decision maker ("CODM") is its President and Chief Executive Officer. The CODM uses net operating income ("NOI") to assess segment performance and allocate resources. NOI is the key measure used by the CODM to evaluate the economic productivity from owning and managing the Company's self storage properties, as it enables the CODM to evaluate the operating performance of the Company's self storage properties on a consistent and comparable basis from period to period.
Reportable segment asset information is not provided to the CODM as the CODM does not use segment asset information to evaluate the business and allocate resources.
The following table presents our reportable segment NOI for the three months ended March 31, 2026 and 2025 (dollars in thousands):
Three Months Ended
March 31,
20262025
Reportable segment revenue
Rental revenue$168,214 $169,475 
Other property-related revenue5,586 6,744 
Total reportable segment revenue173,800 176,219 
Property operating expenses
Store payroll and related costs11,295 12,914 
Property tax expense16,436 15,917 
Utilities expense5,046 5,724 
Repairs & maintenance expense3,609 5,003 
Marketing expense6,343 5,528 
Insurance expense2,483 2,689 
Other property operating expenses6,822 7,329 
Total property operating expenses52,034 55,104 
Net operating income$121,766 $121,115 
NOI represents rental revenue plus other property-related revenue, minus property operating expenses. NOI excludes management fees and other revenue, general and administrative expenses, depreciation and amortization, interest expense, loss on early extinguishment of debt, equity in losses (earnings) of unconsolidated real estate ventures, acquisition and integration costs, merger related costs, non-operating (income) expense, gain on sale of self storage properties and income tax expense.
The following table is a reconciliation of our reportable segment revenue to total revenue for the three months ended March 31, 2026 and 2025 (dollars in thousands):
Three Months Ended
March 31,
20262025
Reportable segment revenue
Rental revenue$168,214 $169,475 
Other property-related revenue5,586 6,744 
Total reportable segment revenue173,800 176,219 
Management fees and other revenue11,601 12,135 
Total Revenue$185,401 $188,354 
The following table is a reconciliation of our reported income before income taxes to our net operating income for the three months ended March 31, 2026 and 2025 (dollars in thousands):
Three Months Ended
March 31,
20262025
Income before income taxes$28,160 $20,639 
All Other
Management fees and other revenue(11,601)(12,135)
General and administrative expenses13,231 13,145 
Depreciation and amortization46,140 48,116 
Other3,098 4,476 
Interest expense39,257 40,475 
Equity in (earnings) losses of unconsolidated real estate ventures(1,155)5,739 
Acquisition and integration costs811 2,445 
Merger related costs9,981 — 
Non-operating expense (income)302 (360)
Gain on sale of self storage properties(6,458)(1,425)
Net operating income$121,766 $121,115