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, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES      
Net income $ 236,988 $ 183,765 $ 146,935
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 221,993 233,158 158,312
Amortization of debt issuance costs 6,535 4,423 3,438
Amortization of debt discount and premium, net (561) (698) (708)
Gain on sale of self storage properties (63,910) (5,466) 0
Other 969 992 0
Equity-based compensation expense 6,679 6,258 5,462
Equity in (earnings) of unconsolidated real estate ventures (7,553) (7,745) (5,294)
Distributions from unconsolidated real estate ventures 23,635 23,535 19,640
Change in assets and liabilities, net of effects of self storage property acquisitions:      
Other assets 1,226 (10,206) (3,159)
Accounts payable and accrued liabilities 12,228 16,519 8,404
Deferred revenue 3,347 (688) (1,681)
Net Cash Provided by Operating Activities 441,576 443,847 331,349
INVESTING ACTIVITIES      
Acquisition of self storage properties (48,725) (496,358) (1,966,382)
Capital expenditures (34,230) (42,798) (27,577)
Investments in and advances to unconsolidated real estate ventures 0 (55,044) 0
Deposits and advances for self storage property and other acquisitions 0 0 (800)
Expenditures for corporate furniture, equipment and other (1,318) (928) (426)
Acquisition of management company assets and interest in reinsurance company from PRO retirement (16,924) 0 (2,865)
Net proceeds from sale of self storage properties 262,302 10,963 0
Net Cash Provided by (Used In) Investing Activities 161,105 (584,165) (1,998,050)
FINANCING ACTIVITIES      
Proceeds from issuance of common shares 0 0 900,980
Borrowings under debt financings 1,318,815 1,572,000 2,348,500
Receipts for OP unit subscriptions 0 0 103
Repurchase of common shares (310,152) (90,109) 0
Principal payments under debt financings (1,210,630) (960,372) (1,322,169)
Payment of dividends to common shareholders (190,907) (195,699) (131,708)
Payment of dividends to preferred shareholders (19,019) (13,425) (13,104)
Distributions to noncontrolling interests (141,474) (141,000) (102,231)
Debt issuance costs (3,820) (15,981) (5,280)
Equity offering costs 0 (772) (2,216)
Net Cash (Used in) Provided by Financing Activities (557,187) 154,642 1,672,875
Increase in Cash, Cash Equivalents and Restricted Cash 45,494 14,324 6,174
CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Beginning of year 42,199 27,875 21,701
End of year 87,693 42,199 27,875
Supplemental Cash Flow Information      
Cash paid for interest 143,622 99,433 66,918
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Issuance of Series A-1 preferred units, OP units, LTIP units, and subordinated performance units 67,266 72,116 195,101
Issuance of Series B preferred shares 113,129 0 0
Deposits on acquisitions applied to purchase price 0 800 1,087
Other net liabilities assumed 185 2,890 14,232
Change in accrued capital spending $ 1,260 $ 57 $ (1,846)