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, 2023
Jun. 30, 2022
OPERATING ACTIVITIES    
Net income $ 85,868 $ 93,211
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 112,163 115,963
Amortization of debt issuance costs 3,235 2,116
Amortization of debt discount and premium, net (292) (346)
Other 969 0
Gain on sale of self storage properties 0 (2,134)
Equity-based compensation expense 3,326 3,124
Equity in earnings of unconsolidated real estate ventures (3,539) (3,456)
Distributions from unconsolidated real estate ventures 11,921 10,905
Change in assets and liabilities, net of effects of self storage property acquisitions:    
Other assets (2,729) (282)
Accounts payable and accrued liabilities 5,979 7,133
Deferred revenue 1,284 809
Net Cash Provided by Operating Activities 218,185 227,043
INVESTING ACTIVITIES    
Acquisition of self-storage properties (18,087) (174,951)
Capital expenditures (17,933) (20,333)
Investment in unconsolidated real estate venture 0 (53,335)
Deposits and advances for self storage properties and other acquisitions 0 (1,925)
Expenditures for corporate furniture, equipment and other (678) (548)
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 (53,622) (244,926)
FINANCING ACTIVITIES    
Borrowings under debt financings 449,000 864,000
Repurchase of common shares (69,311) 0
Principal payments under debt financings (359,496) (661,163)
Payment of dividends to common shareholders (98,206) (96,176)
Payment of dividends to preferred shareholders (9,364) (6,661)
Distributions to noncontrolling interests (69,969) (69,841)
Debt issuance costs (2,095) (3,763)
Equity offering costs 0 (772)
Net Cash (Used In) Provided By Financing Activities (159,441) 25,624
Increase in Cash, Cash Equivalents and Restricted Cash 5,122 7,741
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 42,199 27,875
End of period 47,321 35,616
Supplemental Cash Flow and Noncash Information    
Cash paid for interest 64,536 44,102
Issuance of OP Units and subordinated performance units 42,834 33,731
Issuance of Series B preferred shares 113,274 0
Deposits on acquisitions applied to purchase price 0 800
Other net liabilities assumed $ 119 $ 973