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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES    
Net income $ 127,368 $ 85,868
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 94,041 112,163
Amortization of debt issuance costs 3,418 3,235
Amortization of debt discount and premium, net (373) (292)
Gain on sale of self storage properties (63,841) 0
Other 0 969
Equity-based compensation expense 4,186 3,326
Equity in losses (earnings) of unconsolidated real estate ventures 6,079 (3,539)
Distributions from unconsolidated real estate ventures 11,136 11,921
Change in assets and liabilities, net of effects of self storage property acquisitions:    
Other assets 2,449 (2,729)
Accounts payable and accrued liabilities (1,234) 5,979
Deferred revenue (6,012) 1,284
Net Cash Provided by Operating Activities 177,217 218,185
INVESTING ACTIVITIES    
Acquisition of self-storage properties (25,063) (18,087)
Capital expenditures (9,084) (17,933)
Deposits and advances for self storage properties and other acquisitions (1,495) 0
Investment in unconsolidated real estate venture (36,149) 0
Expenditures for corporate furniture, equipment and other (367) (678)
Acquisition of management company assets and interest in reinsurance company from PRO retirement 0 (16,924)
Proceeds from sale of self storage properties 616,812 0
Net Cash Provided by (Used In) Investing Activities 544,654 (53,622)
FINANCING ACTIVITIES    
Borrowings under debt financings 419,000 578,815
Redemption of OP equity (9,504) 0
Repurchase of common shares (275,195) (69,311)
Principal payments under debt financings (712,964) (489,311)
Payment of dividends to common shareholders (85,730) (98,206)
Payment of dividends to preferred shareholders (10,220) (9,364)
Distributions to noncontrolling interests (66,640) (69,969)
Debt issuance costs (700) (2,095)
Equity offering costs (572) 0
Net Cash Used In Financing Activities (742,525) (159,441)
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (20,654) 5,122
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 87,693 42,199
End of period 67,039 47,321
Supplemental Cash Flow Information    
Cash paid for interest 74,895 64,536
Issuance of OP units and subordinated performance units 0 42,834
Issuance of Series B preferred shares 0 113,274
Other net liabilities assumed 174 119
Change in accrued capital spending $ (433) $ 750

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