Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
OPERATING ACTIVITIES    
Net income $ 63,310 $ 33,550
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 68,475 58,414
Amortization of debt issuance costs 1,626 1,521
Amortization of debt discount and premium, net (357) (711)
Mark-to-market changes in value on equity securities 0 142
Equity-based compensation expense 2,634 1,925
Equity in (earnings) losses of unconsolidated real estate ventures (1,933) 288
Distributions from unconsolidated real estate ventures 8,899 6,761
Change in assets and liabilities, net of effects of self storage property acquisitions:    
Other assets (715) 1,212
Accounts payable and accrued liabilities 1,526 3,093
Deferred revenue 794 (512)
Net Cash Provided by Operating Activities 144,259 105,683
INVESTING ACTIVITIES    
Acquisition of self storage properties (383,702) (239,138)
Capital expenditures (13,187) (8,583)
Investments in and advances to unconsolidated real estate ventures 0 (3,125)
Deposits and advances for self storage property and other acquisitions (1,100) (294)
Proceeds from sale of equity securities 0 7,560
Expenditures for corporate furniture, equipment and other (147) (318)
Net Cash Used In Investing Activities (398,136) (243,898)
FINANCING ACTIVITIES    
Proceeds from issuance of common shares 226,082 16,165
Borrowings under debt financings 546,000 311,000
Contributions from noncontrolling interests 103 661
Principal payments under debt financings (405,073) (103,911)
Payment of dividends to common shareholders (54,418) (42,372)
Distributions to preferred shareholders (6,551) (6,547)
Distributions to noncontrolling interests (45,336) (36,431)
Debt issuance costs (495) (835)
Equity offering costs (2,161) (885)
Net Cash Provided By Financing Activities 258,151 136,845
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 4,274 (1,370)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 21,701 24,276
End of period 25,975 22,906
Supplemental Cash Flow and Noncash Information    
Cash paid for interest 31,612 30,366
Redemptions and conversions of partnership interests 0 33,583
Issuance of common shares for management platform $ 0 $ 10,301