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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES    
Net income $ 95,088 $ 40,392
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 47,331 55,458
Amortization of debt issuance costs 1,709 1,600
Amortization of debt discount and premium, net (255) (150)
Gain on sale of self storage properties (61,173) 0
Other 0 969
Equity-based compensation expense 1,855 1,649
Equity in losses (earnings) of unconsolidated real estate ventures 1,630 (1,678)
Distributions from unconsolidated real estate ventures 5,479 5,981
Change in assets and liabilities, net of effects of self storage property acquisitions:    
Other assets 13,010 7,730
Accounts payable and accrued liabilities (5,681) (3,043)
Deferred revenue (4,992) 845
Net Cash Provided by Operating Activities 94,001 109,753
INVESTING ACTIVITIES    
Acquisition of self-storage properties 0 (9,920)
Capital expenditures (5,374) (8,450)
Deposits and advances for self storage properties and other acquisitions 0 (200)
Expenditures for corporate furniture, equipment and other (230) (678)
Capital expenditures (35,774) 0
Acquisition of management company assets and interest in reinsurance company from PRO retirement 0 (16,924)
Net proceeds from sale of self storage properties 608,777 0
Net Cash Provided by (Used In) Investing Activities 567,399 (36,172)
FINANCING ACTIVITIES    
Borrowings under debt financings 240,000 325,815
Redemption of OP units (381) 0
Repurchase of common shares (203,528) (69,311)
Principal payments under debt financings (613,401) (232,459)
Payment of dividends to common shareholders (43,751) (48,755)
Payment of dividends to preferred shareholders (5,110) (3,664)
Distributions to noncontrolling interests (33,809) (34,513)
Debt issuance costs 0 (1,057)
Equity offering costs (33) 0
Net Cash Used In Financing Activities (660,013) (63,944)
Increase in Cash, Cash Equivalents and Restricted Cash 1,387 9,637
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 87,693 42,199
End of period 89,080 51,836
Supplemental Cash Flow Information    
Cash paid for interest 33,605 29,521
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Issuance of OP Units and subordinated performance units 0 37,257
Issuance of Series B preferred shares 0 113,274
Other net liabilities assumed 0 85
Change in accrued capital spending $ (125) $ 463

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