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
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
OPERATING ACTIVITIES    
Net income $ 104,040 $ 54,961
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 107,458 87,347
Amortization of debt issuance costs 2,494 2,291
Amortization of debt discount and premium, net (533) (894)
Mark-to-market changes in value on equity securities 0 142
Equity-based compensation expense 4,088 3,108
Equity in (earnings) losses of unconsolidated real estate ventures (3,615) 251
Distributions from unconsolidated real estate ventures 14,133 10,628
Change in assets and liabilities, net of effects of self storage property acquisitions:    
Other assets (228) (1,555)
Accounts payable and accrued liabilities 10,638 12,008
Deferred revenue 176 (642)
Net Cash Provided by Operating Activities 238,651 167,645
INVESTING ACTIVITIES    
Acquisition of self storage properties (946,333) (259,003)
Capital expenditures (19,349) (13,018)
Investments in and advances to unconsolidated real estate ventures 0 (3,125)
Deposits and advances for self storage property and other acquisitions (19,677) (550)
Proceeds from sale of equity securities 0 7,560
Expenditures for corporate furniture, equipment and other (426) (362)
Net Cash Used In Investing Activities (985,785) (268,498)
FINANCING ACTIVITIES    
Proceeds from issuance of common shares 763,404 22,033
Borrowings under debt financings 933,000 415,500
Contributions from noncontrolling interests 103 661
Principal payments under debt financings (720,608) (208,607)
Payment of dividends to common shareholders (90,885) (65,882)
Distributions to preferred shareholders (9,827) (9,822)
Distributions to noncontrolling interests (71,428) (54,291)
Debt issuance costs (2,542) (865)
Equity offering costs (2,181) (885)
Net Cash Provided By Financing Activities 799,036 97,842
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 51,902 (3,011)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 21,701 24,276
End of period 73,603 21,265
Supplemental Cash Flow and Noncash Information    
Cash paid for interest 51,450 46,705
Redemptions and conversions of partnership interests 0 33,583
Issuance of common shares for management platform $ 0 $ 10,301