v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
OPERATING ACTIVITIES    
Net income $ 19,519 $ 95,088
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 48,116 47,331
Amortization of debt issuance costs 1,475 1,709
Amortization of debt premium (116) (255)
Gain on sale of self storage properties (1,425) (61,173)
Equity-based compensation expense 3,079 1,855
Equity in losses of unconsolidated real estate ventures 5,739 1,630
Distributions from unconsolidated real estate ventures 4,863 5,479
Change in assets and liabilities, net of effects of self storage property acquisitions:    
Other assets 9,627 13,010
Accounts payable and accrued liabilities (5,467) (5,681)
Deferred revenue 216 (4,992)
Net Cash Provided by Operating Activities 85,626 94,001
INVESTING ACTIVITIES    
Acquisition of self storage properties (12,434) 0
Capital expenditures (5,731) (5,374)
Deposits and advances for self storage properties and other acquisitions (171) 0
Expenditures for corporate furniture, equipment and other (89) (230)
Investment in unconsolidated real estate ventures 0 (35,774)
Net proceeds from sale of self storage properties 8,752 608,777
Net Cash (Used In) Provided by Investing Activities (9,673) 567,399
FINANCING ACTIVITIES    
Borrowings under debt financings 134,000 240,000
Redemption of OP units 0 (381)
Repurchase of common shares 0 (203,528)
Principal payments under debt financings (157,033) (613,401)
Payment of dividends to common shareholders (43,574) (43,751)
Payment of dividends to preferred shareholders (5,114) (5,110)
Distributions to noncontrolling interests (33,709) (33,809)
Debt issuance costs (528) 0
Equity offering costs (573) (33)
Net Cash Used In Financing Activities (106,531) (660,013)
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (30,578) 1,387
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 50,753 87,693
End of period 20,175 89,080
Supplemental Cash Flow Information    
Cash paid for interest 37,268 33,605
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Other net liabilities assumed 60 0
Change in accrued capital spending $ 260 $ (125)

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