v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES    
Net income $ 50,477 $ 127,368
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 95,728 94,041
Amortization of debt issuance costs 3,087 3,418
Amortization of debt premium (233) (373)
Gain on sale of self storage properties (10,996) (63,841)
Equity-based compensation expense 6,217 4,186
Equity in losses of unconsolidated real estate ventures 9,684 6,079
Distributions from unconsolidated real estate ventures 9,653 11,136
Change in assets and liabilities, net of effects of self storage property acquisitions:    
Other assets 4,993 2,449
Accounts payable and accrued liabilities (3,609) (1,234)
Deferred revenue 501 (6,012)
Net Cash Provided by Operating Activities 165,502 177,217
INVESTING ACTIVITIES    
Acquisition of self storage properties (23,770) (25,063)
Capital expenditures (11,848) (9,084)
Deposits and advances for self storage properties and other acquisitions (122) (1,495)
Expenditures for corporate furniture, equipment and other (310) (367)
Investment in unconsolidated real estate ventures (4,503) (36,149)
Net proceeds from sale of self storage properties 66,102 616,812
Net Cash Provided by Investing Activities 25,549 544,654
FINANCING ACTIVITIES    
Borrowings under debt financings 314,000 419,000
Redemption of OP units (125) (9,504)
Repurchase of common shares 0 (275,195)
Principal payments under debt financings (359,476) (712,964)
Payment of dividends to common shareholders (87,212) (85,730)
Payment of dividends to preferred shareholders (10,228) (10,220)
Distributions to noncontrolling interests (67,377) (66,640)
Debt issuance costs (2,858) (700)
Equity offering costs (583) (572)
Net Cash Used In Financing Activities (213,859) (742,525)
Decrease in Cash, Cash Equivalents and Restricted Cash (22,808) (20,654)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 50,753 87,693
End of period 27,945 67,039
Supplemental Cash Flow Information    
Cash paid for interest 78,309 74,895
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Other net liabilities assumed 117 174
Change in accrued capital spending $ 178 $ (433)

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