Segments (Tables)

3 Months Ended

Mar. 31, 2026

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,
	2026		2025
Reportable segment revenue
Rental revenue	$	168,214	$	169,475
Other property-related revenue	5,586		6,744
Total reportable segment revenue	173,800		176,219
Property operating expenses
Store payroll and related costs	11,295		12,914
Property tax expense	16,436		15,917
Utilities expense	5,046		5,724
Repairs & maintenance expense	3,609		5,003
Marketing expense	6,343		5,528
Insurance expense	2,483		2,689
Other property operating expenses	6,822		7,329
Total property operating expenses	52,034		55,104
Net operating income	$	121,766	$	121,115

Schedule Of Reconciliation Of Our Reportable Segment Revenue To Total Revenue

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,
	2026		2025
Reportable segment revenue
Rental revenue	$	168,214	$	169,475
Other property-related revenue	5,586		6,744
Total reportable segment revenue	173,800		176,219

Management fees and other revenue	11,601		12,135
Total Revenue	$	185,401	$	188,354

Schedule Of Reconciliation Of Our Reported Income Before Income Taxes To Our Net Operating Income

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,
	2026		2025
Income before income taxes	$	28,160	$	20,639
All Other
Management fees and other revenue	(11,601)		(12,135)
General and administrative expenses	13,231		13,145
Depreciation and amortization	46,140		48,116
Other	3,098		4,476
Interest expense	39,257		40,475

Equity in (earnings) losses of unconsolidated real estate ventures	(1,155)		5,739
Acquisition and integration costs	811		2,445
Merger related costs	9,981		—
Non-operating expense (income)	302		(360)
Gain on sale of self storage properties	(6,458)		(1,425)
Net operating income	$	121,766	$	121,115