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
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
OPERATING ACTIVITIES    
Net income $ 44,786 $ 27,635
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 58,072 32,424
Amortization of debt issuance costs 1,043 806
Amortization of debt discount and premium, net (172) (177)
Gain on sale of self storage properties (2,134) 0
Equity-based compensation expense 1,544 1,286
Equity in earnings of unconsolidated real estate ventures (1,494) (759)
Distributions from unconsolidated real estate ventures 5,135 4,015
Change in assets and liabilities, net of effects of self storage property acquisitions:    
Other assets (437) 686
Accounts payable and accrued liabilities 2,846 (3,037)
Deferred revenue 877 1,191
Net Cash Provided by Operating Activities 110,066 64,070
INVESTING ACTIVITIES    
Acquisition of self storage properties (75,098) (141,175)
Capital expenditures (8,213) (5,685)
Deposits and advances for self storage property and other acquisitions (6,000) (2,530)
Expenditures for corporate furniture, equipment and other (370) (10)
Proceeds from sale of self storage properties 6,166 0
Net Cash Used In Investing Activities (83,515) (149,400)
FINANCING ACTIVITIES    
Proceeds from issuance of common shares 0 122,412
Borrowings under debt financings 324,000 180,000
Contributions from noncontrolling interests 0 103
Principal payments under debt financings (265,085) (164,564)
Payment of dividends to common shareholders (45,710) (25,014)
Distributions to preferred shareholders (3,279) (3,275)
Distributions to noncontrolling interests (33,277) (20,730)
Debt issuance costs (1,222) (332)
Equity offering costs (706) (2,161)
Net Cash (Used In) Provided By Financing Activities (25,279) 86,439
Increase in Cash, Cash Equivalents and Restricted Cash 1,272 1,109
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 27,875 21,701
End of period 29,147 22,810
Supplemental Cash Flow and Noncash Information    
Cash paid for interest 21,140 18,359
Issuance of OP Units and subordinated performance units 19,793 22,897
Deposits on acquisitions applied to purchase price 700 1,087
Other net liabilities assumed $ 332 $ 1,138