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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES      
Net income $ 116,274 $ 183,270 $ 236,988
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 189,320 189,855 221,993
Amortization of debt issuance costs 6,352 6,487 6,535
Amortization of debt discount and premium, net (470) (610) (561)
Gain on sale of self storage properties (16,293) (63,841) (63,910)
Other 0 323 969
Equity-based compensation expense 12,194 8,310 6,679
Equity in losses (earnings) of unconsolidated real estate ventures 7,327 16,075 (7,553)
Distributions from unconsolidated real estate ventures 20,256 23,307 23,635
Change in assets and liabilities, net of effects of self storage property acquisitions:      
Other assets 7,625 2,141 1,226
Accounts payable and accrued liabilities (3,909) 5,321 12,228
Deferred revenue (175) (7,573) 3,347
Net Cash Provided by Operating Activities 338,501 363,065 441,576
INVESTING ACTIVITIES      
Acquisition of self storage properties (23,770) (64,577) (48,725)
Capital expenditures (38,687) (18,651) (34,230)
Deposits and advances for self storage property and other acquisitions (172) (198) 0
Investment in unconsolidated real estate ventures (12,849) (74,215) 0
Expenditures for corporate furniture, equipment and other (561) (1,923) (1,318)
Acquisition of intangible assets from our former PROs 0 (32,741) (16,924)
Other 0 908 0
Net proceeds from sale of self storage properties 95,894 616,812 262,302
Net Cash Provided by Investing Activities 19,855 425,415 161,105
FINANCING ACTIVITIES      
Borrowings under debt financings 635,800 1,270,000 1,318,815
Redemption of OP equity (7,934) (9,504) 0
Repurchase of common shares 0 (275,195) (310,152)
Principal payments under debt financings (680,384) (1,479,536) (1,210,630)
Payment of dividends to common shareholders (174,909) (171,818) (190,907)
Payment of dividends to preferred shareholders (20,462) (20,445) (19,019)
Distributions to noncontrolling interests (134,056) (134,614) (141,474)
Debt issuance costs (2,943) (3,609) (3,820)
Equity offering costs (583) (699) 0
Net Cash Used in Financing Activities (385,471) (825,420) (557,187)
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (27,115) (36,940) 45,494
CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Beginning of year 50,753 87,693 42,199
End of year 23,638 50,753 87,693
Supplemental Cash Flow Information      
Cash paid for interest 156,296 145,414 143,622
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 0 67,266
Issuance of Series B preferred shares 0 0 113,129
Other net liabilities assumed 117 296 185
Issuance of OP units for acquisition of intangible assets from our former PROs 0 62,311 0
Change in accrued capital spending $ (1,071) $ 957 $ 1,260

Source

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