Segment Disclosures (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Summary of Reportable Segments

The following tables summarize information for the reportable segments for the periods presented (in thousands):


		Three Months Ended September 30, 2025
						Managed REIT				Corporate
		Self Storage				Platform				and Other				Total
Revenues:
Self storage rental revenue		$	61,768			$	—			$	—			$	61,768
Ancillary operating revenue			2,825				—				—				2,825
Managed REIT Platform revenue			—				3,841				—				3,841
Reimbursable costs from Managed REITs			—				1,995				—				1,995
Total revenues			64,593				5,836				—				70,429
Operating expenses:
Property operating expenses
Property taxes			6,859				—				—				6,859
Payroll (1)			6,691				—				—				6,691
Advertising			1,604				—				—				1,604
Repairs & maintenance			2,005				—				—				2,005
Utilities			1,691				—				—				1,691
Property insurance			1,556				—				—				1,556
Administrative and professional			3,085				—				—				3,085
Total property operating expenses			23,491				—				—				23,491
Managed REIT Platform expense (1)			—				2,074				—				2,074
Reimbursable costs from Managed REITs			—				1,995				—				1,995
Segment operating income			41,102				1,767				—				42,869
Other operating expenses:
General and administrative (1)			—				—				10,435				10,435
Depreciation			16,064				—				210				16,274
Intangible amortization expense			2,904				—				—				2,904
Acquisition expenses			408				—				72				480
Total other operating expenses			19,376				—				10,717				30,093
Income (loss) from operations			21,726				1,767				(10,717	)			12,776
Other income (expense):
Equity in earnings (losses) from investments in JV Properties			—				—				(47	)			(47	)
Equity in earnings (losses) from investments in Managed REITs			—				(248	)			—				(248	)
Other, net			4,649				—				18				4,667
Interest income			139				1,397				—				1,536
Interest expense			(12,480	)			—				(41	)			(12,521	)
Income tax (expense) benefit			(497	)			(118	)			—				(615	)
Net income (loss)		$	13,537			$	2,798			$	(10,787	)		$	5,548

(1) Included within Payroll, Managed REIT Platform expense, and General and administrative expense was approximately $1.9 million, $1.1 million, and $1.5 million of stock and related compensation expense related to our IPO Grant for the three months ended September 30, 2025, respectively.


		Three Months Ended September 30, 2024
						Managed REIT				Corporate
		Self Storage				Platform				and Other				Total
Revenues:
Self storage rental revenue		$	52,921			$	—			$	—			$	52,921
Ancillary operating revenue			2,457				—				—				2,457
Managed REIT Platform revenue			—				2,923				—				2,923
Reimbursable costs from Managed REITs			—				1,856				—				1,856
Total revenues			55,378				4,779				—				60,157
Operating expenses:
Property operating expenses
Property taxes			5,305				—				—				5,305
Payroll			4,223				—				—				4,223
Advertising			1,393				—				—				1,393
Repairs & Maintenance			1,387				—				—				1,387
Utilities			1,440				—				—				1,440
Property Insurance			1,473				—				—				1,473
Administrative and professional			3,028				—				—				3,028
Total property operating expenses			18,249				—				—				18,249
Managed REIT Platform expense			—				1,053				—				1,053
Reimbursable costs from Managed REITs			—				1,856				—				1,856
Segment operating income			37,129				1,870				—				38,999
Other operating expenses:
General and administrative			—				—				7,210				7,210
Depreciation			13,592				—				244				13,836
Intangible amortization expense			202				13				—				215
Acquisition expenses			38				—				—				38
Total other operating expenses			13,832				13				7,454				21,299
Income (loss) from operations			23,297				1,857				(7,454	)			17,700
Other income (expense):
Equity in earnings (losses) from investments in JV Properties			—				—				(380	)			(380	)
Equity in earnings (losses) from investments in Managed REITs			—				(248	)			—				(248	)
Other, net			(1,976	)			—				(5	)			(1,981	)
Interest income			263				760				—				1,023
Interest expense			(19,061	)			—				(41	)			(19,102	)
Income tax (expense) benefit			(333	)			(75	)			4				(404	)
Net income (loss)		$	2,190			$	2,294			$	(7,876	)		$	(3,392	)


		Nine Months Ended September 30, 2025
						Managed REIT				Corporate
		Self Storage				Platform				and Other				Total
Revenues:
Self storage rental revenue		$	176,509			$	—			$	—			$	176,509
Ancillary operating revenue			8,161				—				—				8,161
Managed REIT Platform revenue			—				11,990				—				11,990
Reimbursable costs from Managed REITs			—				6,035				—				6,035
Total revenues			184,670				18,025				—				202,695
Operating expenses:
Property operating expenses
Property taxes			19,966				—				—				19,966
Payroll (1)			17,892				—				—				17,892
Advertising			4,650				—				—				4,650
Repairs & maintenance			5,050				—				—				5,050
Utilities			4,458				—				—				4,458
Property insurance			4,738				—				—				4,738
Administrative and professional			8,874				—				—				8,874
Total property operating expenses			65,628				—				—				65,628
Managed REIT Platform expense (1)			—				6,559				—				6,559
Reimbursable costs from Managed REITs			—				6,035				—				6,035
Segment operating income			119,042				5,431				—				124,473
Other operating expenses:
General and administrative (1)			—				—				29,980				29,980
Depreciation			45,974				—				767				46,741
Intangible amortization expense			6,431				—				—				6,431
Acquisition expenses			853				—				189				1,042
Total other operating expenses			53,258				—				30,936				84,194
Income (loss) from operations			65,784				5,431				(30,936	)			40,279
Other income (expense):
Equity in earnings (losses) from investments in JV Properties			—				—				(408	)			(408	)
Equity in earnings (losses) from investments in Managed REITs			—				(620	)			—				(620	)
Other, net			3,369				—				334				3,703
Interest income			390				2,594				—				2,984
Interest expense			(46,453	)			—				(120	)			(46,573	)
Loss on debt extinguishment			(2,533	)			—				—				(2,533	)
Income tax (expense) benefit			(1,200	)			(258	)			(80	)			(1,538	)
Net income (loss)		$	19,357			$	7,147			$	(31,210	)		$	(4,706	)

(1) Included within Payroll, Managed REIT Platform expense, and General and administrative expense was approximately $3.6 million, $2.0 million, and $3.1 million of stock and related compensation expense related to our IPO Grant for the nine months ended September 30, 2025, respectively.


		Nine Months Ended September 30, 2024
						Managed REIT				Corporate
		Self Storage				Platform				and Other				Total
Revenues:
Self storage rental revenue		$	156,050			$	—			$	—			$	156,050
Ancillary operating revenue			6,973				—				—				6,973
Managed REIT Platform revenue			—				8,328				—				8,328
Reimbursable costs from Managed REITs			—				5,011				—				5,011
Total revenues			163,023				13,339				—				176,362
Operating expenses:
Property operating expenses
Property taxes			15,817				—				—				15,817
Payroll			12,629				—				—				12,629
Advertising			4,295				—				—				4,295
Repairs & maintenance			4,197				—				—				4,197
Utilities			3,846				—				—				3,846
Property insurance			4,070				—				—				4,070
Administrative and professional			8,480				—				—				8,480
Total property operating expenses			53,334				—				—				53,334
Managed REIT Platform expense			—				2,552				—				2,552
Reimbursable costs from Managed REITs			—				5,011				—				5,011
Segment operating income			109,689				5,776				—				115,465
Other operating expenses:
General and administrative			—				—				22,449				22,449
Depreciation			40,348				—				709				41,057
Intangible amortization expense			350				111				—				461
Acquisition expenses			121				—				—				121
Total other operating expenses			40,819				111				23,158				64,088
Income (loss) from operations			68,870				5,665				(23,158	)			51,377
Other income (expense):
Equity in earnings (losses) from investments in JV Properties			—				—				(1,068	)			(1,068	)
Equity in earnings (losses) from investments in Managed REITs			—				(957	)			—				(957	)
Other, net			(2,891	)			—				(58	)			(2,949	)
Interest income			758				1,617				—				2,375
Interest expense			(52,826	)			—				(123	)			(52,949	)
Loss on debt extinguishment			(471	)			—				—				(471	)
Income tax (expense) benefit			(862	)			(210	)			(21	)			(1,093	)
Net income (loss)		$	12,578			$	6,115			$	(24,428	)		$	(5,735	)

Summary of Total Assets by Segment

The following table summarizes our total assets by segment (in thousands):


Segments		September 30, 2025				December 31, 2024
Self Storage(1)		$	2,206,364			$	1,915,303
Managed REIT Platform(2)			118,034				63,700
Corporate and Other			66,881				63,064
Total assets(3)		$	2,391,279			$	2,042,067

(1) Included in the assets of the Self Storage segment as of September 30, 2025 and December 31, 2024 was approximately $52.2 million of goodwill. Additionally, as of September 30, 2025 and December 31, 2024, there were no accumulated impairment charges to goodwill within the Self Storage segment.

(2) Included in the assets of the Managed REIT Platform segment as of September 30, 2025 and December 31, 2024 was approximately $1.4 million of goodwill. Such goodwill is net of accumulated impairment charges in the

Managed REIT Platform segment of approximately $24.7 million, which relates to the impairment charge recorded during the quarter ended March 31, 2020.

(3) Other than our investments in and advances to Managed REITs and our investments in JV Properties, substantially all of our investments in real estate facilities and intangible assets as well as our capital expenditures for the nine months and year ended September 30, 2025 and December 31, 2024, respectively, were associated with our self storage platform. Please see Note 3 – Real Estate of the Notes to the Consolidated Financial Statements for additional detail.