v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES    
Net income $ 157,139 $ 128,932
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 141,702 168,005
Amortization of debt issuance costs 5,013 4,841
Amortization of debt discount and premium, net (491) (428)
Gain on sale of self storage properties (63,841) 0
Other 323 969
Equity-based compensation expense 6,097 5,028
Equity in losses (earnings) of unconsolidated real estate ventures 10,791 (5,469)
Distributions from unconsolidated real estate ventures 17,403 17,761
Change in assets and liabilities, net of effects of self storage property acquisitions:    
Other assets 1,716 (3,632)
Accounts payable and accrued liabilities 13,733 28,483
Deferred revenue (6,661) 3,092
Net Cash Provided by Operating Activities 282,924 347,582
INVESTING ACTIVITIES    
Acquisition of self-storage properties (25,063) (31,753)
Capital expenditures (13,005) (25,955)
Deposits and advances for self storage properties and other acquisitions (98) (241)
Investment in unconsolidated real estate venture (74,215) 0
Expenditures for corporate furniture, equipment and other (1,693) (1,063)
Acquisition of intangible assets from former PROs (32,741) (16,924)
Proceeds from sale of self storage properties 616,812 0
Other 908 0
Net Cash Provided by (Used In) Investing Activities 470,905 (75,936)
FINANCING ACTIVITIES    
Borrowings under debt financings 1,099,000 928,800
Redemption of OP equity (9,504) 0
Repurchase of common shares (275,195) (282,748)
Principal payments under debt financings (1,328,683) (632,587)
Payment of dividends to common shareholders (128,338) (144,848)
Payment of dividends to preferred shareholders (15,332) (14,757)
Distributions to noncontrolling interests (100,872) (104,845)
Debt issuance costs (3,601) (2,213)
Equity offering costs (572) 0
Net Cash Used In Financing Activities (763,097) (253,198)
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (9,268) 18,448
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 87,693 42,199
End of period 78,425 60,647
Supplemental Cash Flow Information    
Cash paid for interest 106,345 100,466
Issuance of OP units and subordinated performance units 0 59,204
Issuance of Series B preferred shares 0 113,182
Other net liabilities assumed 174 197
Issuance of OP units for acquisition of intangible assets from former PROs 62,311 0
Change in accrued capital spending $ (468) $ 741

Source

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