v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
REVENUE        
Rental revenue $ 174,369 $ 199,311 $ 354,751 $ 393,440
Total revenue 190,448 215,511 386,596 423,504
OPERATING EXPENSES        
Property operating expenses 52,201 57,094 106,895 113,577
General and administrative expenses 16,189 14,404 31,863 29,225
Depreciation and amortization 46,710 56,705 94,041 112,163
Other 3,375 3,220 6,867 4,393
Total operating expenses 118,475 131,423 239,666 259,358
OTHER (EXPENSE) INCOME        
Interest expense (37,228) (39,693) (75,345) (77,641)
Loss on early extinguishment of debt 0 0 0 (758)
Equity in (losses) earnings of unconsolidated real estate ventures (4,449) 1,861 (6,079) 3,539
Acquisition costs (480) (239) (987) (1,083)
Non-operating income (expense) 337 196 435 (402)
Gain on sale of self storage properties 2,668 0 63,841 0
Other expense, net (39,152) (37,875) (18,135) (76,345)
Income before income taxes 32,821 46,213 128,795 87,801
Income tax expense (541) (737) (1,427) (1,933)
Net income 32,280 45,476 127,368 85,868
Net income attributable to noncontrolling interests (15,218) (16,028) (51,279) (27,461)
Net income 17,062 29,448 76,089 58,407
Distributions to preferred shareholders (5,110) (5,119) (10,220) (8,799)
Net income attributable to common shareholders $ 11,952 $ 24,329 $ 65,869 $ 49,608
EARNINGS PER SHARE        
Earnings per share - basic (in dollars per share) $ 0.16 $ 0.28 $ 0.85 $ 0.56
Earnings per share - diluted (in dollars per share) $ 0.16 $ 0.28 $ 0.85 $ 0.56
Weighted average shares outstanding - basic (in shares) 75,160 88,312 77,698 88,902
Weighted average shares outstanding - diluted (in shares) 75,160 88,312 77,698 88,902
Dividends declared per common share (in dollars per share) $ 0.56 $ 0.56 $ 1.12 $ 1.11
Other property-related revenue        
REVENUE        
Revenue $ 6,557 $ 7,613 $ 13,249 $ 14,420
Management fees and other revenue        
REVENUE        
Revenue $ 9,522 $ 8,587 $ 18,596 $ 15,644

Source