v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities    
Net income $ 171,177 $ 189,044
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization, including amortization of loan procurement costs 128,086 103,797
Non-cash portion of interest expense related to finance leases (32) (29)
Equity in earnings of real estate ventures (926) (1,270)
Cash distributed from real estate ventures 2,010 2,325
Equity compensation expense 5,712 5,687
Accretion of fair market value adjustment of debt 22 (289)
Changes in other operating accounts:    
Other assets (11,658) (6,070)
Accounts payable and accrued expenses 6,839 25,804
Other liabilities 2,570 2,013
Net cash provided by operating activities 303,800 321,012
Investing Activities    
Acquisitions of storage properties   (20,147)
Additions and improvements to storage properties (24,146) (21,068)
Development costs (18,264) (16,528)
Cash paid for partner's interest in real estate venture, net of cash acquired (451,141)  
Investments in real estate ventures   (310)
Cash distributed from real estate ventures 2,156 3,490
Net cash used in investing activities (491,395) (54,563)
Proceeds from:    
Revolving credit facility 745,041 410,587
Principal payments on:    
Revolving credit facility (378,741) (418,087)
Mortgage loans and notes payable (590) (31,857)
Issuance of common shares, net (289) (48)
Payments upon net settlement of equity compensation (3,230) (999)
Exercise of stock options 1,669 4,719
Contributions from noncontrolling interests in subsidiaries   309
Distributions paid to noncontrolling interests in subsidiaries (277) (179)
Distributions paid to common shareholders (238,104) (230,521)
Distributions paid to noncontrolling interests in Operating Partnership (1,215) (1,320)
Net cash provided by (used in) financing activities 124,264 (267,396)
Change in cash, cash equivalents and restricted cash (63,331) (947)
Cash, cash equivalents and restricted cash at beginning of period 77,663 8,217
Cash, cash equivalents and restricted cash at end of period 14,332 7,270
Supplemental Cash Flow and Noncash Information    
Cash paid for interest, net of interest capitalized 53,713 46,904
Supplemental disclosure of noncash activities:    
Derivative valuation adjustment $ 40 $ 40