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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
OPERATING ACTIVITIES    
Net income $ 79,493 $ 157,139
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 142,613 141,702
Amortization of debt issuance costs 4,706 5,013
Amortization of debt premium (351) (491)
Gain on sale of self storage properties (10,996) (63,841)
Other 0 323
Equity-based compensation expense 9,329 6,097
Equity in losses of unconsolidated real estate ventures 9,221 10,791
Distributions from unconsolidated real estate ventures 14,756 17,403
Change in assets and liabilities, net of effects of self storage property acquisitions:    
Other assets 7,223 1,716
Accounts payable and accrued liabilities 9,447 13,733
Deferred revenue 249 (6,661)
Net Cash Provided by Operating Activities 265,690 282,924
INVESTING ACTIVITIES    
Acquisition of self storage properties (23,770) (25,063)
Capital expenditures (24,028) (13,005)
Deposits and advances for self storage properties and other acquisitions (122) (98)
Expenditures for corporate furniture, equipment and other (461) (1,693)
Investment in unconsolidated real estate ventures (12,849) (74,215)
Acquisition of intangible assets from our former PROs 0 (32,741)
Other 0 908
Net proceeds from sale of self storage properties 72,064 616,812
Net Cash Provided by Investing Activities 10,834 470,905
FINANCING ACTIVITIES    
Borrowings under debt financings 486,800 1,099,000
Redemption of OP units (3,262) (9,504)
Repurchase of common shares 0 (275,195)
Principal payments under debt financings (532,326) (1,328,683)
Payment of dividends to common shareholders (131,017) (128,338)
Payment of dividends to preferred shareholders (15,345) (15,332)
Distributions to noncontrolling interests (100,820) (100,872)
Debt issuance costs (2,858) (3,601)
Equity offering costs (583) (572)
Net Cash Used In Financing Activities (299,411) (763,097)
Decrease in Cash, Cash Equivalents and Restricted Cash (22,887) (9,268)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 50,753 87,693
End of period 27,866 78,425
Supplemental Cash Flow Information    
Cash paid for interest 116,510 106,345
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Other net liabilities assumed 117 174
Issuance of OP Units for acquisition of intangible assets from former PROs 0 62,311
Change in accrued capital spending $ (2,577) $ (468)

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