Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
OPERATING ACTIVITIES    
Net income $ 33,550 $ 30,673
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 58,414 50,178
Amortization of debt issuance costs 1,521 1,414
Amortization of debt discount and premium, net (711) (708)
Gain on sale of self storage properties 0 (2,814)
Mark-to-market changes in value on equity securities 142 0
Equity-based compensation expense 1,925 2,220
Equity in losses of unconsolidated real estate ventures 288 3,748
Distributions from unconsolidated real estate ventures 6,761 7,065
Change in assets and liabilities, net of effects of self storage property acquisitions:    
Other assets 1,212 119
Accounts payable and accrued liabilities 3,093 2,893
Deferred revenue (512) (1,313)
Net Cash Provided by Operating Activities 105,683 93,475
INVESTING ACTIVITIES    
Acquisition of self storage properties (239,138) (307,791)
Capital expenditures (8,583) (10,443)
Investments in and advances to unconsolidated real estate ventures (3,125) 0
Distributions from unconsolidated real estate ventures 0 1,017
Deposits and advances for self storage property and other acquisitions (294) (175)
Proceeds from sale of equity securities 7,560 0
Expenditures for corporate furniture, equipment and other (318) (416)
Acquisition of interest in reinsurance company and related cash flows 0 (6,600)
Proceeds from sale of self storage properties 0 6,335
Net Cash Used In Investing Activities (243,898) (318,073)
FINANCING ACTIVITIES    
Proceeds from issuance of common shares 16,165 70,637
Proceeds from issuance of preferred shares 0 43,624
Borrowings under debt financings 311,000 499,000
Receipts for OP unit subscriptions 661 318
Principal payments under debt financings (103,911) (306,538)
Payment of dividends to common shareholders (42,372) (35,980)
Distributions to preferred shareholders (6,547) (5,845)
Distributions to noncontrolling interests (36,431) (36,080)
Debt issuance costs (835) (987)
Equity offering costs (885) (161)
Net Cash Provided By Financing Activities 136,845 227,988
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (1,370) 3,390
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 24,276 16,363
End of period 22,906 19,753
Supplemental Cash Flow and Noncash Information    
Cash paid for interest 30,366 25,999
Operating lease right-of-use assets on balance sheet due to implementation of leases standard 23,577 22,971
Operating lease liabilities on balance sheet due to implementation of leases standard 25,095 24,152
Redemptions and conversions of partnership interests 33,583 0
Issuance of common shares for management platform $ 10,301 $ 0