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, 2023
Sep. 30, 2022
OPERATING ACTIVITIES    
Net income $ 128,932 $ 133,388
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 168,005 175,594
Amortization of debt issuance costs 4,841 3,245
Amortization of debt discount and premium, net (428) (522)
Gain on sale of self storage properties 0 (2,134)
Other 969 992
Equity-based compensation expense 5,028 4,670
Equity in earnings of unconsolidated real estate ventures (5,469) (5,590)
Distributions from unconsolidated real estate ventures 17,761 17,126
Change in assets and liabilities, net of effects of self storage property acquisitions:    
Other assets (3,632) (5,644)
Accounts payable and accrued liabilities 28,483 29,419
Deferred revenue 3,092 (601)
Net Cash Provided by Operating Activities 347,582 349,943
INVESTING ACTIVITIES    
Acquisition of self-storage properties (31,753) (488,735)
Capital expenditures (25,955) (33,902)
Investment in unconsolidated real estate venture 0 (55,044)
Deposits and advances for self storage properties and other acquisitions (241) (750)
Expenditures for corporate furniture, equipment and other (1,063) (754)
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 (75,936) (573,019)
FINANCING ACTIVITIES    
Borrowings under debt financings 799,000 1,402,000
Repurchase of common shares (282,748) (50,093)
Principal payments under debt financings (502,787) (853,255)
Payment of dividends to common shareholders (144,848) (146,149)
Payment of dividends to preferred shareholders (14,757) (10,043)
Distributions to noncontrolling interests (104,845) (104,783)
Debt issuance costs (2,213) (4,290)
Equity offering costs 0 (772)
Net Cash (Used In) Provided By Financing Activities (253,198) 232,615
Increase in Cash, Cash Equivalents and Restricted Cash 18,448 9,539
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 42,199 27,875
End of period 60,647 37,414
Supplemental Cash Flow and Noncash Information    
Cash paid for interest 100,466 65,424
Issuance of Series A-1 preferred units, OP units, LTIP units, and subordinated performance units 59,204 39,975
Issuance of Series B preferred shares 113,182 0
Deposits on acquisitions applied to purchase price 0 800
Other net liabilities assumed $ 197 $ 2,734