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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Activities    
Net income $ 38,317 $ 35,786
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 41,592 39,066
Equity in losses (earnings) of real estate ventures 5 (261)
Equity compensation expense 1,871 1,619
Accretion of fair market value adjustment of debt (176) (179)
Changes in other operating accounts:    
Other assets 2,743 (3,212)
Accounts payable and accrued expenses (3,743) 1,806
Other liabilities 340 833
Net cash provided by operating activities 80,949 75,458
Investing Activities    
Acquisitions of storage properties (9,090) (25,097)
Additions and improvements to storage properties (11,923) (6,153)
Development costs (9,709) (49,748)
Investment in real estate ventures (5,877) (107)
Cash distributed from real estate ventures 1,815 2,072
Net cash used in investing activities (34,784) (79,033)
Proceeds from:    
Unsecured senior notes   347,746
Revolving credit facility 5,127 279,020
Principal payments on:    
Revolving credit facility (5,127) (378,400)
Unsecured term loans   (200,000)
Mortgage loans and notes payable (633) (701)
Loan procurement costs   (2,634)
Settlement of hedge transactions   (807)
Acquisition of noncontrolling interest in subsidiary, net   (5,172)
Proceeds from issuance of common shares, net (118) 24,580
Cash paid upon vesting of restricted shares (631) (353)
Exercise of stock options   1,049
Distributions paid to noncontrolling interests in subsidiaries (59) (66)
Distributions paid to common shareholders (64,036) (60,005)
Distributions paid to noncontrolling interests in Operating Partnership (650) (623)
Net cash (used in) provided by financing activities (66,127) 3,634
Change in cash, cash equivalents and restricted cash (19,962) 59
Cash, cash equivalents and restricted cash at beginning of period 58,441 6,482
Cash, cash equivalents and restricted cash at end of period 38,479 6,541
Supplemental Cash Flow and Noncash Information    
Cash paid for interest, net of interest capitalized 23,652 15,918
Supplemental disclosure of noncash activities:    
Discount on issuance of unsecured senior notes   2,254
Accretion of put liability 896 4,070
Derivative valuation adjustment $ 20 242
Acquisition of noncontrolling interest in subsidiary   (4,828)
Contributions from noncontrolling interests in subsidiaries   $ 4,828