XML 20 R8.htm IDEA: XBRL DOCUMENT v3.22.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating Activities    
Net loss $ 96,860 $ 93,681
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 163,519 109,996
Non-cash portion of interest expense related to finance leases (30) 199
Equity in earnings of real estate ventures (974) (336)
Equity compensation expense 4,505 4,043
Accretion of fair market value adjustment of debt (551) (1,120)
Changes in other operating accounts:    
Other assets (493) (11,935)
Accounts payable and accrued expenses 18,602 19,439
Other liabilities 2,866 3,391
Net cash provided by operating activities 284,304 217,358
Investing Activities    
Acquisitions of storage properties (68,543) (31,516)
Additions and improvements to storage properties (17,612) (18,506)
Development costs (13,311) (33,054)
Investment in real estate ventures (10) (11,749)
Cash distributed from real estate ventures 6,208 6,855
Proceeds from sale of real estate, net 43,193  
Net cash used in investing activities (50,075) (87,970)
Proceeds from:    
Revolving credit facility 295,330 422,756
Principal payments on:    
Revolving credit facility (336,330) (515,956)
Mortgage loans and notes payable (1,204) (45,217)
Proceeds from issuance of common shares, net (164) 142,117
Cash paid upon vesting of restricted shares (1,342) (802)
Exercise of stock options 1,226 5,247
Contributions from noncontrolling interests in subsidiaries   1,731
Distributions paid to noncontrolling interests in subsidiaries (2,094) (107)
Distributions paid to common shareholders (193,419) (135,722)
Distributions paid to noncontrolling interests in Operating Partnership (1,446) (3,437)
Net cash provided by financing activities (239,443) (129,390)
Change in cash, cash equivalents and restricted cash (5,214) (2)
Cash, cash equivalents and restricted cash at beginning of period 13,318 6,229
Cash, cash equivalents and restricted cash at end of period 8,104 6,227
Supplemental Cash Flow and Noncash Information    
Cash paid for interest, net of interest capitalized 40,686 38,824
Supplemental disclosure of noncash activities:    
Acquisitions of storage properties (700)  
Accretion of put liability 1,833 4,889
Derivative valuation adjustment $ 40 40
Contributions from noncontrolling interests in subsidiaries   $ 3,373