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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES      
Net income $ 183,270 $ 236,988 $ 183,765
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 189,855 221,993 233,158
Amortization of debt issuance costs 6,487 6,535 4,423
Amortization of debt discount and premium, net (610) (561) (698)
Gain on sale of self storage properties (63,841) (63,910) (5,466)
Other 323 969 992
Equity-based compensation expense 8,310 6,679 6,258
Equity in losses (earnings) of unconsolidated real estate ventures 16,075 (7,553) (7,745)
Distributions from unconsolidated real estate ventures 23,307 23,635 23,535
Change in assets and liabilities, net of effects of self storage property acquisitions:      
Other assets 2,141 1,226 (10,206)
Accounts payable and accrued liabilities 5,321 12,228 16,519
Deferred revenue (7,573) 3,347 (688)
Net Cash Provided by Operating Activities 363,065 441,576 443,847
INVESTING ACTIVITIES      
Acquisition of self storage properties (64,577) (48,725) (496,358)
Capital expenditures (18,651) (34,230) (42,798)
Deposits and advances for self storage property and other acquisitions (198) 0 0
Investment in unconsolidated real estate ventures (74,215) 0 (55,044)
Expenditures for corporate furniture, equipment and other (1,923) (1,318) (928)
Acquisition of intangible assets from our former PROs (32,741) (16,924) 0
Other 908 0 0
Net proceeds from sale of self storage properties 616,812 262,302 10,963
Net Cash Provided by (Used In) Investing Activities 425,415 161,105 (584,165)
FINANCING ACTIVITIES      
Borrowings under debt financings 1,270,000 1,318,815 1,572,000
Redemption of OP equity (9,504) 0 0
Repurchase of common shares (275,195) (310,152) (90,109)
Principal payments under debt financings (1,479,536) (1,210,630) (960,372)
Payment of dividends to common shareholders (171,818) (190,907) (195,699)
Payment of dividends to preferred shareholders (20,445) (19,019) (13,425)
Distributions to noncontrolling interests (134,614) (141,474) (141,000)
Debt issuance costs (3,609) (3,820) (15,981)
Equity offering costs (699) 0 (772)
Net Cash (Used in) Provided by Financing Activities (825,420) (557,187) 154,642
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (36,940) 45,494 14,324
CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Beginning of year 87,693 42,199 27,875
End of year 50,753 87,693 42,199
Supplemental Cash Flow Information      
Cash paid for interest 145,414 143,622 99,433
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Issuance of Series A-1 preferred units, OP units, LTIP units, and subordinated performance units 0 67,266 72,116
Issuance of Series B preferred shares 0 113,129 0
Deposits on acquisitions applied to purchase price 0 0 800
Other net liabilities assumed 296 185 2,890
Issuance of OP units for acquisition of intangible assets from our former PROs 62,311 0 0
Change in accrued capital spending $ 957 $ 1,260 $ 57

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