Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Real estate    
Self storage properties $ 5,792,174 $ 6,391,572
Less accumulated depreciation (874,359) (772,661)
Self storage properties, net 4,917,815 5,618,911
Cash and cash equivalents 64,980 35,312
Restricted cash 22,713 6,887
Debt issuance costs, net 8,442 1,393
Investment in unconsolidated real estate ventures 211,361 227,441
Other assets, net 134,002 156,228
Asset held for sale 550,199 0
Operating lease right-of-use assets 22,299 23,835
Total assets 5,931,811 6,070,007
Liabilities    
Debt financing 3,658,205 3,551,179
Accounts payable and accrued liabilities 92,766 80,377
Interest rate swap liabilities 3,450 483
Operating lease liabilities 24,195 25,741
Deferred revenue 27,354 23,213
Total liabilities 3,805,970 3,680,993
Commitments and contingencies (Note 12)
Equity    
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 authorized, 82,285,995 and 89,842,145 shares issued and outstanding at December 31, 2023 and 2022, respectively 823 898
Additional paid-in capital 1,509,563 1,777,984
Distributions in excess of earnings (449,907) (396,650)
Accumulated other comprehensive income 21,058 40,530
Total shareholders' equity 1,422,188 1,648,201
Noncontrolling interests 703,653 740,813
Total equity 2,125,841 2,389,014
Total liabilities and equity 5,931,811 6,070,007
Series A Preferred Shares    
Equity    
Series A and B Preferred shares of beneficial interest, shares authorized, issued and outstanding at liquidation preference 225,439 225,439
Series B Preferred Stock    
Equity    
Series A and B Preferred shares of beneficial interest, shares authorized, issued and outstanding at liquidation preference $ 115,212 $ 0