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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities    
Net income $ 94,858 $ 97,942
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 51,747 51,369
Non-cash portion of interest expense related to finance leases (15) (18)
Equity in earnings of real estate ventures (845) (2,551)
Cash distributed from real estate ventures 1,222 1,200
Equity compensation expense 2,829 2,536
Accretion of fair market value adjustment of debt (172) (260)
Changes in other operating accounts:    
Other assets 56 (3,317)
Accounts payable and accrued expenses (235) (10,912)
Other liabilities 705 717
Net cash provided by operating activities 150,150 136,706
Investing Activities    
Acquisitions of storage properties (20,147)  
Additions and improvements to storage properties (9,656) (11,150)
Development costs (6,101) (18,067)
Investment in real estate ventures (305) (5)
Cash distributed from real estate ventures 1,989 3,662
Net cash used in investing activities (34,220) (25,560)
Proceeds from:    
Revolving credit facility 213,920 220,073
Principal payments on:    
Revolving credit facility (213,620) (219,573)
Mortgage loans and notes payable (456) (638)
Loan procurement costs   (39)
Issuance of common shares, net (9) (91)
Cash paid upon vesting of restricted shares (838) (635)
Exercise of stock options 201 915
Contributions from noncontrolling interests in subsidiaries 309  
Distributions paid to noncontrolling interests in subsidiaries (125) (107)
Distributions paid to common shareholders (115,253) (110,495)
Distributions paid to noncontrolling interests in Operating Partnership (663) (699)
Net cash used in financing activities (116,534) (111,289)
Change in cash, cash equivalents and restricted cash (604) (143)
Cash, cash equivalents and restricted cash at beginning of period 8,217 8,925
Cash, cash equivalents and restricted cash at end of period 7,613 8,782
Supplemental Cash Flow and Noncash Information    
Cash paid for interest, net of interest capitalized 31,551 32,202
Supplemental disclosure of noncash activities:    
Derivative valuation adjustment $ 20 $ 20