v3.25.4
Segment Disclosures
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Disclosures

Note 11. Segment Disclosures

We operate in two reportable business segments: (i) self storage operations and (ii) our Managed Platform business. Our self storage operations consist of our wholly-owned self storage facilities, primarily consisting of month-to-month rental revenue and related ancillary revenue that these self storage facilities produce. Our Managed Platform business consists of the various management services we perform for the Managed REITs and the services we perform through our Third Party Platform, including the services performed related to property management, asset management, and construction and development management. The reportable segments offer different products and services to different customers and are therefore managed separately.

The chief operating decision maker (“CODM”) is our Chief Executive Officer. Our CODM and other management regularly evaluate performance based upon segment operating income (“SOI”). For our self storage operations, SOI is defined as leasing and related revenues, less property level operating expenses. SOI for the Company’s Managed Platform business represents Managed Platform revenues less Managed Platform expenses. Our CODM uses SOI when making decisions about allocating capital and personnel to the various segments. Property operating expenses represents a significant segment expense for purposes of evaluating performance of our self storage operations. Managed Platform expense represents a significant segment expense for purposes of evaluating performance of the Company's Managed Platform. Such income statement amounts are reflected below in the calculation of SOI. On a quarterly basis, our CODM considers budget-to-actual and period-to-period variances when evaluating company and segment performance in addition to other interim reviews.

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

 

 

Year Ended December 31, 2025

 

 

 

 

 

 

Managed

 

 

Corporate

 

 

 

 

 

 

Self Storage

 

 

Platform

 

 

and Other

 

 

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Self storage rental revenue

 

$

238,501

 

 

$

—

 

 

$

—

 

 

$

238,501

 

Ancillary operating revenue

 

 

11,014

 

 

 

—

 

 

 

—

 

 

 

11,014

 

Managed Platform revenue (1)

 

 

—

 

 

 

19,166

 

 

 

—

 

 

 

19,166

 

Reimbursable costs from Managed Platform (2)

 

 

—

 

 

 

12,460

 

 

 

—

 

 

 

12,460

 

Total revenues

 

 

249,515

 

 

 

31,626

 

 

 

—

 

 

 

281,141

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Property operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Property taxes

 

 

26,381

 

 

 

—

 

 

 

—

 

 

 

26,381

 

Payroll (3)

 

 

22,630

 

 

 

—

 

 

 

—

 

 

 

22,630

 

Advertising

 

 

6,211

 

 

 

—

 

 

 

—

 

 

 

6,211

 

Repairs & Maintenance

 

 

6,558

 

 

 

—

 

 

 

—

 

 

 

6,558

 

Utilities

 

 

5,966

 

 

 

—

 

 

 

—

 

 

 

5,966

 

Property Insurance

 

 

6,330

 

 

 

—

 

 

 

—

 

 

 

6,330

 

Administrative and professional

 

 

12,288

 

 

 

—

 

 

 

—

 

 

 

12,288

 

Total property operating expenses

 

 

86,364

 

 

 

—

 

 

 

—

 

 

 

86,364

 

Managed Platform expense (3) (4)

 

 

—

 

 

 

9,843

 

 

 

—

 

 

 

9,843

 

Reimbursable costs from Managed Platform(2)

 

 

—

 

 

 

12,460

 

 

 

—

 

 

 

12,460

 

Segment operating income (5)

 

 

163,151

 

 

 

9,323

 

 

 

—

 

 

 

172,474

 

Other operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative (3)

 

 

—

 

 

 

—

 

 

 

38,211

 

 

 

38,211

 

Depreciation

 

 

62,232

 

 

 

—

 

 

 

994

 

 

 

63,226

 

Intangible amortization expense

 

 

9,649

 

 

 

325

 

 

 

—

 

 

 

9,974

 

Acquisition expenses

 

 

1,048

 

 

 

982

 

 

 

—

 

 

 

2,030

 

Contingent earnout adjustment

 

 

—

 

 

 

221

 

 

 

—

 

 

 

221

 

Total other operating expenses

 

 

72,929

 

 

 

1,528

 

 

 

39,205

 

 

 

113,662

 

Gain on disposition of real estate

 

 

284

 

 

 

—

 

 

 

—

 

 

 

284

 

Income (loss) from operations

 

 

90,506

 

 

 

7,795

 

 

 

(39,205

)

 

 

59,096

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Equity in losses from investments in unconsolidated real estate ventures

 

 

—

 

 

 

—

 

 

 

(407

)

 

 

(407

)

Equity in losses from investments in Managed REITs

 

 

—

 

 

 

(444

)

 

 

—

 

 

 

(444

)

Other, net

 

 

(610

)

 

 

—

 

 

 

589

 

 

 

(21

)

Interest income

 

 

529

 

 

 

3,839

 

 

 

—

 

 

 

4,368

 

Interest expense

 

 

(59,734

)

 

 

—

 

 

 

(161

)

 

 

(59,895

)

Loss on debt extinguishment

 

 

(2,533

)

 

 

—

 

 

 

—

 

 

 

(2,533

)

Income tax (expense) benefit

 

 

(1,374

)

 

 

(403

)

 

 

(124

)

 

 

(1,901

)

Net income (loss)

 

$

26,784

 

 

$

10,787

 

 

$

(39,308

)

 

$

(1,737

)

 

(1)
Included within Managed Platform revenue was approximately $2.9 million of revenue related to our Third Party Platform acquired on October 1, 2025.
(2)
Included within Reimbursable costs from Managed Platform was approximately $3.8 million related to our Third Party Platform acquired on October 1, 2025.
(3)
Included within Payroll, Managed Platform expense, and General and administrative was approximately $3.6 million, $2.1 million, and $3.8 million, respectively, of stock and related compensation expense related to our IPO Grant (as defined in Note 13 – Equity Based Compensation).
(4)
Included within Managed Platform expense was approximately $2.5 million of expense related to our Third Party Platform acquired on October 1, 2025.
(5)
Included within Managed Platform segment operating income was approximately $0.4 million related to our Third Party Platform acquired on October 1, 2025.

 

 

 

Year Ended December 31, 2024

 

 

 

 

 

 

Managed

 

 

Corporate

 

 

 

 

 

 

Self Storage

 

 

Platform

 

 

and Other

 

 

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Self storage rental revenue

 

$

209,579

 

 

$

—

 

 

$

—

 

 

$

209,579

 

Ancillary operating revenue

 

 

9,397

 

 

 

—

 

 

 

—

 

 

 

9,397

 

Managed Platform revenue

 

 

—

 

 

 

11,383

 

 

 

—

 

 

 

11,383

 

Reimbursable costs from Managed Platform

 

 

—

 

 

 

6,647

 

 

 

—

 

 

 

6,647

 

Total revenues

 

 

218,976

 

 

 

18,030

 

 

 

—

 

 

 

237,006

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Property operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Property taxes

 

 

21,070

 

 

 

—

 

 

 

—

 

 

 

21,070

 

Payroll

 

 

16,731

 

 

 

—

 

 

 

—

 

 

 

16,731

 

Advertising

 

 

5,664

 

 

 

—

 

 

 

—

 

 

 

5,664

 

Repairs & Maintenance

 

 

5,483

 

 

 

—

 

 

 

—

 

 

 

5,483

 

Utilities

 

 

5,090

 

 

 

—

 

 

 

—

 

 

 

5,090

 

Property Insurance

 

 

5,407

 

 

 

—

 

 

 

—

 

 

 

5,407

 

Administrative and professional

 

 

11,239

 

 

 

—

 

 

 

—

 

 

 

11,239

 

Total property operating expenses

 

 

70,684

 

 

 

—

 

 

 

—

 

 

 

70,684

 

Managed Platform expense

 

 

—

 

 

 

3,982

 

 

 

—

 

 

 

3,982

 

Reimbursable costs from Managed Platform

 

 

—

 

 

 

6,647

 

 

 

—

 

 

 

6,647

 

Segment operating income

 

 

148,292

 

 

 

7,401

 

 

 

—

 

 

 

155,693

 

Other operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

—

 

 

 

—

 

 

 

29,948

 

 

 

29,948

 

Depreciation

 

 

54,218

 

 

 

—

 

 

 

957

 

 

 

55,175

 

Intangible amortization expense

 

 

810

 

 

 

125

 

 

 

—

 

 

 

935

 

Acquisition expenses

 

 

413

 

 

 

—

 

 

 

—

 

 

 

413

 

Total other operating expenses

 

 

55,441

 

 

 

125

 

 

 

30,905

 

 

 

86,471

 

Income (loss) from operations

 

 

92,851

 

 

 

7,276

 

 

 

(30,905

)

 

 

69,222

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Equity in losses from investments in unconsolidated real estate ventures

 

 

—

 

 

 

—

 

 

 

(1,380

)

 

 

(1,380

)

Equity in losses from investments in Managed REITs

 

 

—

 

 

 

(1,414

)

 

 

—

 

 

 

(1,414

)

Other, net

 

 

(1,204

)

 

 

—

 

 

 

(78

)

 

 

(1,282

)

Interest income

 

 

942

 

 

 

2,305

 

 

 

—

 

 

 

3,247

 

Interest expense

 

 

(71,868

)

 

 

(292

)

 

 

(165

)

 

 

(72,325

)

Loss on debt extinguishment

 

 

(471

)

 

 

—

 

 

 

—

 

 

 

(471

)

Income tax expense

 

 

(1,175

)

 

 

(265

)

 

 

(44

)

 

 

(1,484

)

Net income (loss)

 

$

19,075

 

 

$

7,610

 

 

$

(32,572

)

 

$

(5,887

)

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

 

 

 

Managed

 

 

Corporate

 

 

 

 

 

 

Self Storage

 

 

Platform

 

 

and Other

 

 

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Self storage rental revenue

 

$

206,494

 

 

$

—

 

 

$

—

 

 

$

206,494

 

Ancillary operating revenue

 

 

8,827

 

 

 

—

 

 

 

—

 

 

 

8,827

 

Managed Platform revenue

 

 

—

 

 

 

11,906

 

 

 

—

 

 

 

11,906

 

Reimbursable costs from Managed Platform

 

 

—

 

 

 

5,765

 

 

 

—

 

 

 

5,765

 

Total revenues

 

 

215,321

 

 

 

17,671

 

 

 

—

 

 

 

232,992

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Property operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Property taxes

 

 

19,940

 

 

 

—

 

 

 

—

 

 

 

19,940

 

Payroll

 

 

15,775

 

 

 

—

 

 

 

—

 

 

 

15,775

 

Advertising

 

 

5,145

 

 

 

—

 

 

 

—

 

 

 

5,145

 

Repairs & Maintenance

 

 

4,749

 

 

 

—

 

 

 

—

 

 

 

4,749

 

Utilities

 

 

5,070

 

 

 

—

 

 

 

—

 

 

 

5,070

 

Property Insurance

 

 

4,297

 

 

 

—

 

 

 

—

 

 

 

4,297

 

Administrative and professional

 

 

10,387

 

 

 

—

 

 

 

—

 

 

 

10,387

 

Total property operating expenses

 

 

65,363

 

 

 

—

 

 

 

—

 

 

 

65,363

 

Managed Platform expense

 

 

—

 

 

 

3,365

 

 

 

—

 

 

 

3,365

 

Reimbursable costs from Managed Platform

 

 

—

 

 

 

5,764

 

 

 

—

 

 

 

5,764

 

Segment operating income

 

 

149,958

 

 

 

8,542

 

 

 

—

 

 

 

158,500

 

Other operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

—

 

 

 

—

 

 

 

27,452

 

 

 

27,452

 

Depreciation

 

 

52,754

 

 

 

—

 

 

 

882

 

 

 

53,636

 

Intangible amortization expense

 

 

6,398

 

 

 

196

 

 

 

—

 

 

 

6,594

 

Acquisition expenses

 

 

193

 

 

 

—

 

 

 

—

 

 

 

193

 

Total other operating expenses

 

 

59,345

 

 

 

196

 

 

 

28,334

 

 

 

87,875

 

Income (loss) from operations

 

 

90,613

 

 

 

8,346

 

 

 

(28,334

)

 

 

70,625

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Equity in losses from investments in unconsolidated real estate ventures

 

 

—

 

 

 

—

 

 

 

(1,625

)

 

 

(1,625

)

Equity in losses from investments in Managed REITs

 

 

—

 

 

 

(1,273

)

 

 

—

 

 

 

(1,273

)

Other, net

 

 

(149

)

 

 

367

 

 

 

(449

)

 

 

(231

)

Interest income

 

 

367

 

 

 

2,993

 

 

 

—

 

 

 

3,360

 

Interest expense

 

 

(61,636

)

 

 

—

 

 

 

(169

)

 

 

(61,805

)

Income tax benefit (expense)

 

 

2,401

 

 

 

(197

)

 

 

392

 

 

 

2,596

 

Net income (loss)

 

$

31,596

 

 

$

10,236

 

 

$

(30,185

)

 

$

11,647

 

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

 

 

December 31,

 

Segments

 

2025

 

 

2024

 

Self Storage (1)

 

$

2,204,897

 

 

$

1,915,303

 

Managed Platform (2)

 

 

164,508

 

 

 

63,700

 

Corporate and Other

 

 

62,767

 

 

 

63,064

 

Total assets (3)

 

$

2,432,172

 

 

$

2,042,067

 

 

(1)
Included in the assets of the Self Storage segment as of December 31, 2025 and 2024 were approximately $52.2 million of goodwill. Additionally, as of December 31, 2025 and 2024 there were no accumulated impairment charges to goodwill within the Self Storage segment.
(2)
Included in the assets of the Managed Platform segment as of December 31, 2025 and 2024, was approximately $1.4 million of goodwill related to our Self Administration Transaction (as defined in Note 12 – Related Party Transactions). Such goodwill is net of accumulated impairment charges in the Managed Platform segment of approximately $24.7 million, which relates to the impairment charge recorded during the year ended December 31, 2020. Additionally, as of December 31, 2025, there was approximately $16.3 million of goodwill related to the Third Party Platform Acquisition, bringing the total amount of goodwill therein to approximately $17.7 million. Also included in the assets of the
Management Platform segment as of December 31, 2025 was approximately $7.7 million of net intangible asset related to the acquisition of our Third Party Platform. See Note 4 – Third Party Platform Acquisition for further information.
(3)
Other than our investments in and advances to Managed REITs, investments in unconsolidated real estate ventures and investment in the Third Party Platform, substantially all of our investments in real estate facilities and intangible assets, as well as our capital expenditures, for the years ended and as of December 31, 2025 and 2024, were associated with our self storage platform. See Note 3 – Real Estate Facilities for additional detail.

As of December 31, 2025 and 2024, approximately $255 million and $155 million, respectively, of our assets in the self storage segment related to our operations in Canada. For the years ended December 31, 2025, 2024, and 2023, approximately $25.7 million, $22.6 million, and $22.1 million, respectively, of our revenues in the self storage segment related to our operations in Canada. Substantially all of our operations related to the management fees we generate through our management contracts with the Managed REITs and all of the fees from our Third Party Platform are performed in the U.S.; accordingly substantially all of our assets and revenues related to our Managed Platform segment are based in the U.S. as well.

As of December 31, 2025 and 2024, approximately $29.7 million and $32.8 million, respectively, of our assets in the Corporate and Other segment table above relate to our Canadian JV Properties which operate in Canada. For the years ended December 31, 2025, 2024, and 2023, approximately $0.4 million, $1.4 million, and $1.6 million of losses, respectively, relate to these Canadian JV Properties' operations in Canada.