| Schedule 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, | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | | | | | (Amounts in thousands) | | Self-Storage Operations Reportable Segment | | | | | | | | | | | Revenue | $ | 1,139,947 | | | $ | 1,118,658 | | | $ | 2,268,072 | | | $ | 2,221,656 | | | | | Cost of operations: | | | | | | | | | | | Property taxes | (133,117) | | | (120,308) | | | (257,396) | | | (243,210) | | | | | On-site property manager payroll | (39,936) | | | (39,448) | | | (80,465) | | | (79,083) | | | | | Repairs and maintenance | (24,414) | | | (22,984) | | | (50,779) | | | (49,894) | | | | | Utilities | (14,505) | | | (13,493) | | | (33,034) | | | (32,218) | | | | | Marketing | (25,954) | | | (23,890) | | | (52,296) | | | (50,660) | | | | | Other direct property costs | (31,899) | | | (29,689) | | | (64,083) | | | (60,382) | | | | | Indirect cost of operations (a): | (37,995) | | | (34,905) | | | (75,446) | | | (70,424) | | | | | Total cost of operations | (307,820) | | | (284,717) | | | (613,499) | | | (585,871) | | | | | Net operating income | 832,127 | | | 833,941 | | | 1,654,573 | | | 1,635,785 | | | | | Depreciation and amortization | (287,757) | | | (283,216) | | | (578,480) | | | (565,931) | | | | | Net income | 544,370 | | | 550,725 | | | 1,076,093 | | | 1,069,854 | | | | | | | | | | | | | | | Ancillary Operations | | | | | | | | | | | Revenue | 92,934 | | | 82,436 | | | 182,550 | | | 162,622 | | | | | Cost of operations | (36,286) | | | (33,288) | | | (70,550) | | | (63,981) | | | | | Net operating income | 56,648 | | | 49,148 | | | 112,000 | | | 98,641 | | | | | Total net income allocated to segments | 601,018 | | | 599,873 | | | 1,188,093 | | | 1,168,495 | | | | | | | | | | | | | | | Other items not allocated to segments: | | | | | | | | | | | Real estate acquisition and development expense | (5,187) | | | (2,538) | | | (7,615) | | | (9,961) | | | | | General and administrative | (44,369) | | | (25,727) | | | (74,720) | | | (50,911) | | | | | Interest and other income (expense) | 16,877 | | | 12,789 | | | 24,655 | | | 26,023 | | | | | Interest expense | (84,781) | | | (71,609) | | | (164,799) | | | (143,618) | | | | | Equity in earnings (loss) of unconsolidated real estate entity | 4,944 | | | (2,230) | | | 11,780 | | | 1,397 | | | | | Foreign currency exchange gain (loss) | 17,187 | | | (146,070) | | | 58,860 | | | (214,765) | | | | | Gain (Loss) on sale of real estate | (35) | | | 163 | | | 344 | | | 208 | | | | | Income tax (provision) benefit | (2,716) | | | (3,240) | | | (4,285) | | | (4,666) | | | | | Net income | $ | 502,938 | | | $ | 361,411 | | | $ | 1,032,313 | | | $ | 772,202 | | | |
(a) Indirect cost of operations are comprised of supervisory payroll, centralized management costs, and share-based compensation
|