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, 2023
Mar. 31, 2022
OPERATING ACTIVITIES    
Net income $ 40,392 $ 44,786
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 55,458 58,072
Amortization of debt issuance costs 1,600 1,043
Amortization of debt discount and premium, net (150) (172)
Other 969 0
Gain on sale of self storage properties 0 (2,134)
Equity-based compensation expense 1,649 1,544
Equity in earnings of unconsolidated real estate ventures (1,678) (1,494)
Distributions from unconsolidated real estate ventures 5,981 5,135
Change in assets and liabilities, net of effects of self storage property acquisitions:    
Other assets 7,730 (437)
Accounts payable and accrued liabilities (3,043) 2,846
Deferred revenue 845 877
Net Cash Provided by Operating Activities 109,753 110,066
INVESTING ACTIVITIES    
Acquisition of self-storage properties (9,920) (75,098)
Capital expenditures (8,450) (8,213)
Deposits and advances for self storage properties and other acquisitions (200) (6,000)
Expenditures for corporate furniture, equipment and other (678) (370)
Acquisition of management company assets and interest in reinsurance company from PRO retirement (16,924) 0
Proceeds from sale of self storage properties 0 6,166
Net Cash Used In Investing Activities (36,172) (83,515)
FINANCING ACTIVITIES    
Borrowings under debt financings 196,000 324,000
Repurchase of common shares (69,311) 0
Principal payments under debt financings (102,644) (265,085)
Payment of dividends to common shareholders (48,755) (45,710)
Payment of dividends to preferred shareholders (3,664) (3,279)
Distributions to noncontrolling interests (34,513) (33,277)
Debt issuance costs (1,057) (1,222)
Equity offering costs 0 (706)
Net Cash Used In Financing Activities (63,944) (25,279)
Increase in Cash, Cash Equivalents and Restricted Cash 9,637 1,272
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 42,199 27,875
End of period 51,836 29,147
Supplemental Cash Flow and Noncash Information    
Cash paid for interest 29,521 21,140
Issuance of OP Units and subordinated performance units 37,257 19,793
Issuance of Series B preferred shares 113,274 0
Deposits on acquisitions applied to purchase price 0 700
Other net liabilities assumed $ 85 $ 332