v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Real estate    
Self storage properties $ 5,873,499 $ 5,864,134
Less accumulated depreciation (1,095,918) (1,051,638)
Self storage properties, net 4,777,581 4,812,496
Cash and cash equivalents 19,266 50,408
Restricted cash 909 345
Debt issuance costs, net 4,921 5,632
Investment in unconsolidated real estate ventures 235,591 246,193
Other assets, net 196,079 218,482
Operating lease right-of-use assets 20,657 20,906
Total assets 5,255,004 5,354,462
Liabilities    
Debt financing 3,426,666 3,449,087
Accounts payable and accrued liabilities 92,016 98,657
Interest rate swap liabilities 1,196 471
Operating lease liabilities 22,662 22,888
Deferred revenue 20,272 20,012
Total liabilities 3,562,812 3,591,115
Commitments and contingencies (Note 11)
Equity    
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 14,697,845 and 14,695,458 issued (in series) and outstanding at March 31, 2025 and December 31, 2024, respectively, at liquidation preference 340,955 340,895
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 authorized, 76,450,466 and 76,344,661 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 764 763
Additional paid-in capital 1,249,291 1,249,426
Distributions in excess of earnings (566,346) (530,652)
Accumulated other comprehensive income 9,315 15,548
Total shareholders' equity 1,033,979 1,075,980
Noncontrolling interests 658,213 687,367
Total equity 1,692,192 1,763,347
Total liabilities and equity $ 5,255,004 $ 5,354,462

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