Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Real estate    
Self storage properties $ 6,391,572 $ 5,798,188
Less accumulated depreciation (772,661) (578,717)
Self storage properties, net 5,618,911 5,219,471
Cash and cash equivalents 35,312 25,013
Restricted cash 6,887 2,862
Debt issuance costs, net 1,393 2,433
Investment in unconsolidated real estate ventures 227,441 188,187
Other assets, net 156,228 102,417
Operating lease right-of-use assets 23,835 22,211
Total assets 6,070,007 5,562,594
Liabilities    
Debt financing 3,551,179 2,940,931
Accounts payable and accrued liabilities 80,377 59,262
Interest rate swap liabilities 483 33,757
Operating lease liabilities 25,741 23,981
Deferred revenue 23,213 22,208
Total liabilities 3,680,993 3,080,139
Commitments and contingencies (Note 12)
Equity    
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 9,017,588 and 8,736,719 issued and outstanding at December 31, 2022 and 2021, at liquidation preference 225,439 218,418
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 authorized, 89,842,145 and 91,198,929 shares issued and outstanding at December 31, 2022 and 2021, respectively 898 912
Additional paid-in capital 1,777,984 1,866,773
Distributions in excess of earnings (396,650) (291,263)
Accumulated other comprehensive income (loss) 40,530 (19,611)
Total shareholders' equity 1,648,201 1,775,229
Noncontrolling interests 740,813 707,226
Total equity 2,389,014 2,482,455
Total liabilities and equity $ 6,070,007 $ 5,562,594