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, 2022
Jun. 30, 2021
OPERATING ACTIVITIES    
Net income $ 93,211 $ 63,310
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 115,963 68,475
Amortization of debt issuance costs 2,116 1,626
Amortization of debt discount and premium, net (346) (357)
Gain on sale of self storage properties (2,134) 0
Equity-based compensation expense 3,124 2,634
Equity in earnings of unconsolidated real estate ventures (3,456) (1,933)
Distributions from unconsolidated real estate ventures 10,905 8,899
Change in assets and liabilities, net of effects of self storage property acquisitions:    
Other assets (282) (715)
Accounts payable and accrued liabilities 7,133 1,526
Deferred revenue 809 794
Net Cash Provided by Operating Activities 227,043 144,259
INVESTING ACTIVITIES    
Acquisition of self storage properties (174,951) (383,702)
Capital expenditures (20,333) (13,187)
Investments in and advances to unconsolidated real estate ventures (53,335) 0
Deposits and advances for self storage property and other acquisitions (1,925) (1,100)
Expenditures for corporate furniture, equipment and other (548) (147)
Proceeds from sale of self storage properties 6,166 0
Net Cash Used In Investing Activities (244,926) (398,136)
FINANCING ACTIVITIES    
Proceeds from issuance of common shares 0 226,082
Borrowings under debt financings 864,000 546,000
Principal payments under debt financings (661,163) (405,073)
Contributions from noncontrolling interests 0 103
Payment of dividends to common shareholders (96,176) (54,418)
Distributions to preferred shareholders (6,661) (6,551)
Distributions to noncontrolling interests (69,841) (45,336)
Debt issuance costs (3,763) (495)
Equity offering costs (772) (2,161)
Net Cash Provided By Financing Activities 25,624 258,151
Increase in Cash, Cash Equivalents and Restricted Cash 7,741 4,274
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 27,875 21,701
End of period 35,616 25,975
Supplemental Cash Flow and Noncash Information    
Cash paid for interest 44,102 31,612
Issuance of OP Units and subordinated performance units 33,731 46,999
Deposits on acquisitions applied to purchase price 800 1,087
Other net liabilities assumed $ 973 $ 2,850