Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
OPERATING ACTIVITIES      
Net income $ 79,478 $ 66,013 $ 56,326
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 117,174 105,119 89,147
Amortization of debt issuance costs 3,088 2,913 2,569
Amortization of debt discount and premium, net (1,075) (1,427) (1,469)
Gain on sale of self storage properties 0 (2,814) (391)
Mark-to-market changes in value on equity securities 142 (610) 0
Equity-based compensation expense 4,278 4,527 3,837
Equity in (earnings) losses of unconsolidated real estate ventures (265) 4,970 1,423
Distributions from unconsolidated real estate ventures 14,634 14,551 8,187
Change in assets and liabilities, net of effects of self storage property acquisitions:      
Other assets (3,440) 110 (5,713)
Accounts payable and accrued liabilities 7,445 5,617 6,597
Deferred revenue (805) (2,318) 1,283
Net Cash Provided by Operating Activities 220,654 196,651 161,796
INVESTING ACTIVITIES      
Acquisition of self storage properties (496,509) (371,096) (313,712)
Capital expenditures (16,395) (20,594) (19,014)
Investments in and advances to unconsolidated real estate ventures (4,382) 0 (165,642)
Distributions from unconsolidated real estate ventures 1,494 11,543 0
Deposits and advances for self storage property and other acquisitions (1,087) (4,438) (20,977)
Expenditures for corporate furniture, equipment and other (364) (862) (403)
Acquisition of equity securities 0 (12,674) 0
Proceeds from sale of equity securities 7,560 5,356 0
Acquisition of interest in reinsurance company and related cash flows 0 (6,600) 0
Net proceeds from sale of self storage properties 0 6,335 5,259
Net Cash Used In Investing Activities (509,683) (393,030) (514,489)
FINANCING ACTIVITIES      
Proceeds from issuance of common shares 82,917 70,637 175,616
Proceeds from issuance of preferred shares 0 43,624 0
Borrowings under debt financings 929,500 822,000 822,500
Receipts for OP unit subscriptions 661 1,271 1,211
Principal payments under debt financings (546,147) (561,628) (507,239)
Payment of dividends to common shareholders (90,141) (74,546) (62,152)
Payment of dividends to preferred shareholders (13,097) (12,390) (10,350)
Distributions to noncontrolling interests (73,798) (76,010) (63,350)
Debt issuance costs (2,471) (8,487) (2,860)
Equity offering costs (970) (179) (727)
Net Cash Provided by Financing Activities 286,454 204,292 352,649
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (2,575) 7,913 (44)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Beginning of year 24,276 16,363 16,407
End of year 21,701 24,276 16,363
Supplemental Cash Flow Information      
Cash paid for interest 59,346 52,666 40,475
Consideration exchanged in property acquisitions:      
Issuance of OP units and subordinated performance units 37,233 51,826 28,063
Deposits on acquisitions applied to purchase price 4,438 20,977 5,050
Assumption of mortgages payable 0 0 7,581
Other net liabilities assumed 3,626 2,403 2,167
Redemptions and conversions of partnership interests 33,583 0  
Issuance of common shares for management platform 10,301 0  
Issuance of OP unit subscription liability through reduced distributions 987 1,253 1,236
Settlement of acquisition receivables through reduced distributions 310 505 642
Increase in OP unit subscription liability through reduced distributions 0 0 19
Change in payables for offering costs 970 (321) 626
Settlement of offering expenses from equity issuance proceeds 207 1,241 $ 575
Operating lease right-of-use assets on balance sheet due to implementation of leases standard 0 23,306  
Operating lease liabilities on balance sheet due to implementation of leases standard $ 0 $ 24,665