Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Financial Information of Business Segments

Financial information for the Company’s business segments is set forth below:

	For the Three Months Ended March 31,
	2024		2023
Revenues:
Self-Storage Operations	$	688,044	$	433,962
Tenant Reinsurance	81,347		47,704
Total segment revenues	$	769,391	$	481,666
Operating expenses:
Self-Storage Operations	$	204,518	$	117,166
Tenant Reinsurance	18,505		9,089
Total segment operating expenses	$	223,023	$	126,255
Net operating income:
Self-Storage Operations	$	483,526	$	316,796
Tenant Reinsurance	62,842		38,615
Total segment net operating income:	$	546,368	$	355,411
Other components of net income:
Management fees and other income	$	30,148	$	21,384
General and administrative expense	(43,722)		(34,763)
Depreciation and amortization expense	(196,966)		(78,490)
Interest expense	(132,887)		(80,099)
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes	(10,705)		—
Interest income	23,573		19,438
Equity in earnings and dividend income from unconsolidated real estate entities	15,007		10,305
Income tax expense	(6,742)		(4,308)
Net income	$	224,074	$	208,878