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, 2022
Sep. 30, 2021
OPERATING ACTIVITIES    
Net income $ 133,388 $ 104,040
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 175,594 107,458
Amortization of debt issuance costs 3,245 2,494
Amortization of debt discount and premium, net (522) (533)
Gain on sale of self storage properties (2,134) 0
Other 992 0
Equity-based compensation expense 4,670 4,088
Equity in earnings of unconsolidated real estate ventures (5,590) (3,615)
Distributions from unconsolidated real estate ventures 17,126 14,133
Change in assets and liabilities, net of effects of self storage property acquisitions:    
Other assets (5,644) (228)
Accounts payable and accrued liabilities 29,419 10,638
Deferred revenue (601) 176
Net Cash Provided by Operating Activities 349,943 238,651
INVESTING ACTIVITIES    
Acquisition of self storage properties (488,735) (946,333)
Capital expenditures (33,902) (19,349)
Investments in and advances to unconsolidated real estate ventures (55,044) 0
Deposits and advances for self storage property and other acquisitions (750) (19,677)
Expenditures for corporate furniture, equipment and other (754) (426)
Proceeds from sale of self storage properties 6,166 0
Net Cash Used In Investing Activities (573,019) (985,785)
FINANCING ACTIVITIES    
Proceeds from issuance of common shares 0 763,404
Borrowings under debt financings 1,402,000 933,000
Contributions from noncontrolling interests 0 103
Repurchase of common shares (50,093) 0
Principal payments under debt financings (853,255) (720,608)
Payment of dividends to common shareholders (146,149) (90,885)
Distributions to preferred shareholders (10,043) (9,827)
Distributions to noncontrolling interests (104,783) (71,428)
Debt issuance costs (4,290) (2,542)
Equity offering costs (772) (2,181)
Net Cash Provided By Financing Activities 232,615 799,036
Increase in Cash, Cash Equivalents and Restricted Cash 9,539 51,902
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 27,875 21,701
End of period 37,414 73,603
Supplemental Cash Flow and Noncash Information    
Cash paid for interest 65,424 51,450
Issuance of OP Units and subordinated performance units 39,975 78,073
Deposits on acquisitions applied to purchase price 800 1,087
Other net liabilities assumed $ 2,734 $ 8,947