v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net income $ 172,210 $ 171,177
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization, including amortization of loan procurement costs 119,441 128,086
Non-cash portion of interest expense related to finance leases (92) (32)
Equity in earnings of real estate ventures (1,163) (926)
Cash distributed from real estate ventures 2,007 2,010
Gains from sales of real estate, net (2,503)  
Equity compensation expense 6,604 5,712
Accretion of fair market value adjustment of debt 415 22
Changes in other operating accounts:    
Other assets (14,041) (11,658)
Accounts payable and accrued expenses 8,002 6,839
Other liabilities 2,292 2,570
Net cash provided by operating activities 293,172 303,800
Investing Activities    
Additions and improvements to storage properties (22,506) (24,146)
Development costs (13,044) (18,264)
Cash paid for partner's interest in real estate venture, net of cash acquired   (451,141)
Investments in real estate ventures (2,057)  
Cash distributed from real estate ventures 1,791 2,156
Proceeds from notes receivable 5,000  
Proceeds from sales of real estate, net 2,982  
Net cash used in investing activities (27,834) (491,395)
Proceeds from:    
Revolving credit facility 583,808 745,041
Principal payments on:    
Revolving credit facility (511,765) (378,741)
Mortgage loans and notes payable (611) (590)
Loan procurement costs (5,587)  
Issuance of common shares, net (126) (289)
Repurchase of common shares (75,887)  
Payments upon net settlement of equity compensation (2,329) (3,230)
Exercise of stock options 3,689 1,669
Redemption of units for cash (681)  
Contributions from noncontrolling interests in subsidiaries 11  
Distributions paid to noncontrolling interests in subsidiaries (6,837) (277)
Distributions paid to common shareholders (241,620) (238,104)
Distributions paid to noncontrolling interests in Operating Partnership (1,053) (1,215)
Net cash used in financing activities (258,988) 124,264
Change in cash, cash equivalents and restricted cash 6,350 (63,331)
Cash, cash equivalents and restricted cash at beginning of period 10,233 77,663
Cash, cash equivalents and restricted cash at end of period 16,583 14,332
Supplemental Cash Flow and Noncash Information    
Cash paid for interest, net of interest capitalized 64,163 53,713
Supplemental disclosure of noncash activities:    
Accretion of put liability 2,444  
Derivative valuation adjustment $ 40 $ 40