Segment Information

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Information

Segment Information

Our operating segments reflect the significant components of our operations where discrete financial information is evaluated separately by our chief operating decision maker.

Self-Storage Operations

The Self-Storage Operations reportable segment reflects the aggregated rental operations from the self-storage facilities we own from (i) Same Store Facilities, (ii) Acquired Facilities, (iii) Developed and Expanded Facilities, and (iv) Other Non-Same Store Facilities. The presentation in the table below sets forth the Net Operating Income ("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,
	2022		2021		2022		2021
	(amounts in thousands)
Self-Storage Operations Reportable Segment
Revenue	$	973,286	$	776,993	$	1,890,301	$	1,493,340
Cost of operations	(237,989)		(202,595)		(483,483)		(414,700)
Net operating income	735,297		574,398		1,406,818		1,078,640
Depreciation and amortization	(218,708)		(172,728)		(440,836)		(319,587)
Net income	516,589		401,670		965,982		759,053
Ancillary Operations
Revenue	58,759		52,322		115,189		103,237
Cost of operations	(17,210)		(15,991)		(32,725)		(32,309)
Net operating income	41,549		36,331		82,464		70,928
Total net income allocated to segments	558,138		438,001		1,048,446		829,981
Other items not allocated to segments:
General and administrative	(28,831)		(27,740)		(51,900)		(47,314)
Interest and other income	10,279		3,113		13,658		5,965
Interest expense	(32,941)		(21,994)		(66,065)		(37,244)
Equity in earnings of unconsolidated real estate entities	48,525		29,066		91,949		48,522
Foreign currency exchange gain (loss)	101,723		(12,707)		137,100		32,678
Gain on sale of real estate	—		3,991		—		13,404
Net income	$	656,893	$	411,730	$	1,173,188	$	845,992