v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
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 Executive Officer, who is our chief operating decision maker (“CODM”). Segment asset information is not used by the CODM to assess performance or allocate resources.
Self-Storage Operations
The Self-Storage Operations reportable segment reflects the aggregated rental operations from the self-storage facilities we own through the following operating segments: (i) Same Store Facilities, (ii) Acquired Facilities, (iii) Developed and Expanded Facilities, and (iv) Other Non-Same Store Facilities. Our CODM evaluates performance and allocates resources for the Self-Storage Operations reportable segment based on its Net Operating Income (“NOI”), which represents the related revenue less cost of operations. Our CODM utilizes NOI during the budget and forecasting process to allocate capital and personnel resources and evaluates financial performance and operating trends of the reportable segment based on the budget-to-actual variance and year-over-year change of the NOI on an ongoing basis.
The presentation in the table below sets forth the revenue, significant expense categories, and 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
Ancillary Operations reflects the combined operations of our tenant reinsurance, merchandise sales, and management fees related to properties we manage through our joint venture investments and agreements with unrelated third parties.
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 September 30,Nine Months Ended September 30,
2026202520262025
(Amounts in thousands)
Self-Storage Operations Reportable Segment
Revenue$1,254,111 $1,138,837 $3,522,183 $3,360,493 
Cost of operations:
Property taxes(132,983)(119,397)(390,379)(362,607)
On-site property manager payroll(45,229)(40,915)(125,694)(119,998)
Repairs and maintenance(31,016)(23,946)(81,795)(73,840)
Utilities(21,104)(17,790)(54,138)(50,008)
Marketing(33,424)(26,610)(85,720)(77,270)
Other direct property costs(33,865)(30,664)(97,948)(91,046)
Indirect cost of operations (a):(35,573)(35,143)(111,019)(105,567)
Total cost of operations(333,194)(294,465)(946,693)(880,336)
   Net operating income920,917 844,372 2,575,490 2,480,157 
Depreciation and amortization(403,870)(290,251)(982,125)(855,957)
   Net income517,047 554,121 1,593,365 1,624,200 
Ancillary Operations
Revenue112,079 85,206 294,629 247,828 
Cost of operations(43,698)(36,385)(114,248)(100,366)
   Net operating income68,381 48,821 180,381 147,462 
Amortization(8,744)(113)(8,969)(338)
Net income59,637 48,708 171,412 147,124 
Total net income allocated to segments576,684 602,829 1,764,777 1,771,324 
Other items not allocated to segments:
Real estate acquisition and development expense(4,291)(2,837)(11,906)(12,798)
General and administrative(38,257)(28,783)(108,290)(79,694)
Transaction and integration expense(114,642)— (119,329)— 
Interest and other income (expense)14,943 21,012 39,598 47,035 
Interest expense(102,534)(79,692)(267,333)(223,310)
Equity in earnings (losses) of unconsolidated real estate entities(5,470)3,674 6,310 5,071 
Foreign currency exchange gain (loss)9,868 899 68,728 (213,866)
Gain (Loss) on sale of real estate27,011 502 27,355 710 
Income tax (provision) benefit15,036 (2,831)10,751 (7,497)
     Net income$378,348 $514,773 $1,410,661 $1,286,975 
(a) Indirect cost of operations are comprised of supervisory payroll, centralized management costs, and share-based compensation