Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES      
Net income $ 146,935 $ 79,478 $ 66,013
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 158,312 117,174 105,119
Amortization of debt issuance costs 3,438 3,088 2,913
Amortization of debt discount and premium, net (708) (1,075) (1,427)
Gain on sale of self storage properties 0 0 (2,814)
Mark-to-market changes in value on equity securities 0 142 (610)
Equity-based compensation expense 5,462 4,278 4,527
Equity in (earnings) losses of unconsolidated real estate ventures (5,294) (265) 4,970
Distributions from unconsolidated real estate ventures 19,640 14,634 14,551
Change in assets and liabilities, net of effects of self storage property acquisitions:      
Other assets (3,159) (3,440) 110
Accounts payable and accrued liabilities 8,404 7,445 5,617
Deferred revenue (1,681) (805) (2,318)
Net Cash Provided by Operating Activities 331,349 220,654 196,651
INVESTING ACTIVITIES      
Acquisition of self storage properties (1,966,382) (496,509) (371,096)
Capital expenditures (27,577) (16,395) (20,594)
Investments in and advances to unconsolidated real estate ventures 0 (4,382) 0
Distributions from unconsolidated real estate ventures 0 1,494 11,543
Deposits and advances for self storage property and other acquisitions (800) (1,087) (4,438)
Expenditures for corporate furniture, equipment and other (426) (364) (862)
Acquisition of equity securities 0 0 (12,674)
Proceeds from sale of equity securities 0 7,560 5,356
Acquisition of interest in reinsurance company and related cash flows (2,865) 0 (6,600)
Net proceeds from sale of self storage properties 0 0 6,335
Net Cash Used In Investing Activities (1,998,050) (509,683) (393,030)
FINANCING ACTIVITIES      
Proceeds from issuance of common shares 900,980 82,917 70,637
Proceeds from issuance of preferred shares 0 0 43,624
Borrowings under debt financings 2,348,500 929,500 822,000
Receipts for OP unit subscriptions 103 661 1,271
Principal payments under debt financings (1,322,169) (546,147) (561,628)
Payment of dividends to common shareholders (131,708) (90,141) (74,546)
Payment of dividends to preferred shareholders (13,104) (13,097) (12,390)
Distributions to noncontrolling interests (102,231) (73,798) (76,010)
Debt issuance costs (5,280) (2,471) (8,487)
Equity offering costs (2,216) (970) (179)
Net Cash Provided by Financing Activities 1,672,875 286,454 204,292
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 6,174 (2,575) 7,913
CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Beginning of year 21,701 24,276 16,363
End of year 27,875 21,701 24,276
Supplemental Cash Flow Information      
Cash paid for interest 66,918 59,346 52,666
Consideration exchanged in property acquisitions:      
Issuance of OP units and subordinated performance units 195,101 37,233 51,826
Deposits on acquisitions applied to purchase price 1,087 4,438 20,977
Other net liabilities assumed 14,232 3,626 2,403
Redemptions and conversions of partnership interests 0 33,583 0
Issuance of common shares for management platform 0 10,301 0
Issuance of OP unit subscription liability through reduced distributions 0 987 1,253
Settlement of acquisition receivables through reduced distributions 0 310 505
Change in payables for offering costs (361) 970 (321)
Settlement of offering expenses from equity issuance proceeds $ 0 $ 207 $ 1,241