Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Real estate    
Self storage properties $ 3,639,192 $ 3,091,719
Less accumulated depreciation (443,623) (337,822)
Self storage properties, net 3,195,569 2,753,897
Cash and cash equivalents 18,723 20,558
Restricted cash 2,978 3,718
Debt issuance costs, net 2,496 3,264
Investment in unconsolidated real estate ventures 202,533 214,061
Other assets, net 68,149 65,441
Operating lease right-of-use assets 23,129 23,306
Total assets 3,513,577 3,084,245
Liabilities    
Debt financing 1,916,971 1,534,047
Accounts payable and accrued liabilities 47,043 37,966
Interest rate swap liabilities 77,918 19,943
Operating lease liabilities 24,756 24,665
Deferred revenue 16,414 15,523
Total liabilities 2,083,102 1,632,144
Commitments and contingencies (Note 12)
Equity    
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 8,732,719 and 8,727,119 issued and outstanding at December 31, 2020 and 2019, at liquidation preference 218,318 218,178
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 authorized, 71,293,117 and 59,659,108 shares issued and outstanding at December 31, 2020 and 2019, respectively 713 597
Additional paid-in capital 1,050,714 905,763
Distributions in excess of earnings (251,704) (197,075)
Accumulated other comprehensive loss (49,084) (7,833)
Total shareholders' equity 968,957 919,630
Noncontrolling interests 461,518 532,471
Total equity 1,430,475 1,452,101
Total liabilities and equity $ 3,513,577 $ 3,084,245