Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES      
Net income $ 183,765 $ 146,935 $ 79,478
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 233,158 158,312 117,174
Amortization of debt issuance costs 4,423 3,438 3,088
Amortization of debt discount and premium, net (698) (708) (1,075)
Gain on sale of self storage properties (5,466) 0 0
Other 992 0 0
Mark-to-market changes in value on equity securities 0 0 142
Equity-based compensation expense 6,258 5,462 4,278
Equity in (earnings) of unconsolidated real estate ventures (7,745) (5,294) (265)
Distributions from unconsolidated real estate ventures 23,535 19,640 14,634
Change in assets and liabilities, net of effects of self storage property acquisitions:      
Other assets (10,206) (3,159) (3,440)
Accounts payable and accrued liabilities 16,519 8,404 7,445
Deferred revenue (688) (1,681) (805)
Net Cash Provided by Operating Activities 443,847 331,349 220,654
INVESTING ACTIVITIES      
Acquisition of self storage properties (496,358) (1,966,382) (496,509)
Capital expenditures (42,798) (27,577) (16,395)
Investments in and advances to unconsolidated real estate ventures (55,044) 0 (4,382)
Distributions from unconsolidated real estate ventures 0 0 1,494
Deposits and advances for self storage property and other acquisitions 0 (800) (1,087)
Expenditures for corporate furniture, equipment and other (928) (426) (364)
Proceeds from sale of equity securities 0 0 7,560
Acquisition of interest in reinsurance company and related cash flows 0 (2,865) 0
Net proceeds from sale of self storage properties 10,963 0 0
Net Cash Used In Investing Activities (584,165) (1,998,050) (509,683)
FINANCING ACTIVITIES      
Proceeds from issuance of common shares 0 900,980 82,917
Borrowings under debt financings 1,572,000 2,348,500 929,500
Receipts for OP unit subscriptions 0 103 661
Repurchase of common shares (90,109) 0 0
Principal payments under debt financings (960,372) (1,322,169) (546,147)
Payment of dividends to common shareholders (195,699) (131,708) (90,141)
Payment of dividends to preferred shareholders (13,425) (13,104) (13,097)
Distributions to noncontrolling interests (141,000) (102,231) (73,798)
Debt issuance costs (15,981) (5,280) (2,471)
Equity offering costs (772) (2,216) (970)
Net Cash Provided by Financing Activities 154,642 1,672,875 286,454
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 14,324 6,174 (2,575)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Beginning of year 27,875 21,701 24,276
End of year 42,199 27,875 21,701
Supplemental Cash Flow Information      
Cash paid for interest 99,433 66,918 59,346
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Issuance of OP units and subordinated performance units 72,116 195,101 37,233
Deposits on acquisitions applied to purchase price 800 1,087 4,438
Other net liabilities assumed 2,890 14,232 3,626
Redemptions and conversions of partnership interests 0 0 33,583
Issuance of common shares for management platform 0 0 10,301
Issuance of OP unit subscription liability through reduced distributions 0 0 987
Settlement of acquisition receivables through reduced distributions 0 0 310
Change in payables for offering costs 0 (361) 970
Settlement of offering expenses from equity issuance proceeds $ 0 $ 0 $ 207