| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | |
|---|---|---|---|---|---|---|
OPERATING ACTIVITIES | ||||||
Net income | ||||||
66,013 | 56,326 | 45,998 | 24,866 | 4,796 | -16,357 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | ||||||
105,119 | 89,147 | 75,115 | 55,064 | 40,651 | 23,785 | |
Amortization of debt issuance costs | ||||||
2,913 | 2,569 | 2,175 | 1,955 | 2,714 | 3,282 | |
Amortization of debt discount and premium, net | ||||||
-1,427 | -1,469 | -1,570 | -2,051 | -1,747 | 495 | |
Loss on debt extinguishment | ||||||
- | - | - | 136 | 414 | 344 | |
Unrealized loss on fair value of derivatives | ||||||
- | - | - | - | -68 | -332 | |
Gain on sale of self storage properties | ||||||
2,814 | 391 | 5,715 | 0 | 0 | 1,427 | |
Mark-to-market changes in value on equity securities | ||||||
610 | 0 | 0 | - | - | - | |
Issuance of subordinated performance units for related party payable | ||||||
- | - | - | - | - | 2,994 | |
LTIP units issued for acquisition expenses | ||||||
- | - | - | 56 | 1,020 | 1,460 | |
Equity-based compensation expense | ||||||
4,527 | 3,837 | 3,764 | 2,597 | 3,027 | 1,468 | |
Equity in losses of unconsolidated real estate ventures | ||||||
-4,970 | -1,423 | -2,339 | -1,484 | 0 | 0 | |
Distributions from unconsolidated real estate ventures | ||||||
14,551 | 8,187 | 5,093 | 730 | 0 | 0 | |
Change in assets and liabilities, net of effects of self storage property acquisitions: | ||||||
Restricted cash | ||||||
- | - | - | - | - | -1,051 | |
Other assets | ||||||
-110 | 5,713 | 2,398 | 1,994 | 680 | 271 | |
Accounts payable and accrued liabilities | ||||||
5,617 | 6,597 | 1,200 | 8,386 | 269 | -126 | |
Deferred revenue | ||||||
-2,318 | 1,283 | -1,713 | 3,417 | -198 | -607 | |
Net Cash Provided by Operating Activities | ||||||
196,651 | 161,796 | 124,288 | 94,646 | 50,334 | 16,423 | |
INVESTING ACTIVITIES | ||||||
Acquisition of self storage properties | ||||||
371,096 | 313,712 | 391,619 | 532,030 | 170,180 | 217,939 | |
Capital expenditures | ||||||
20,594 | 19,014 | 14,656 | 11,418 | 4,072 | 3,843 | |
Investments in and advances to unconsolidated real estate ventures | ||||||
0 | 165,642 | 15,289 | 82,950 | 0 | 0 | |
Distributions from unconsolidated real estate ventures | ||||||
11,543 | 0 | 250 | 0 | 0 | - | |
Note receivable from PROs | ||||||
- | - | - | - | - | 12,813 | |
Payments to Acquire Businesses, Gross | ||||||
- | - | - | 19,933 | 0 | 0 | |
Deposits and advances for self storage property and other acquisitions | ||||||
4,438 | 20,977 | 4,923 | 345 | 738 | 913 | |
Expenditures for corporate furniture, equipment and other | ||||||
862 | 403 | 588 | 527 | 418 | 146 | |
Acquisition of equity securities | ||||||
12,674 | 0 | 0 | - | - | - | |
Proceeds from sale of equity securities | ||||||
5,356 | 0 | 0 | - | - | - | |
Acquisition of interest in reinsurance company and related cash flows | ||||||
6,600 | 0 | 0 | - | - | - | |
Net proceeds from sale of self storage properties | ||||||
6,335 | 5,259 | 17,534 | 4,823 | 0 | 2,993 | |
Change in restricted cash designated for capital expenditures | ||||||
- | - | - | - | - | -662 | |
Net Cash Used In Investing Activities | ||||||
-393,030 | -514,489 | -409,291 | -642,380 | -175,408 | -231,999 | |
FINANCING ACTIVITIES | ||||||
Proceeds from issuance of common shares | ||||||
70,637 | 175,616 | 140,261 | 378,281 | 278,070 | 0 | |
Proceeds from issuance of preferred shares | ||||||
43,624 | 0 | 166,566 | 0 | 0 | - | |
Proceeds from issuance of subordinated performance units | ||||||
0 | 0 | 7,000 | 0 | 0 | 438 | |
Borrowings under debt financings | ||||||
822,000 | 822,500 | 760,900 | 812,500 | 258,443 | 372,839 | |
Receipts for OP unit subscriptions | ||||||
1,271 | 1,211 | 1,150 | 1,344 | 1,015 | 0 | |
Collection of receivables from issuance of OP equity | ||||||
- | - | - | 930 | 774 | 89 | |
Principal payments under debt financings | ||||||
561,628 | 507,239 | 679,104 | 558,597 | 357,273 | 143,970 | |
Payment of dividends to common shareholders | ||||||
74,546 | 62,152 | 47,671 | 26,695 | 12,429 | 0 | |
Distributions to preferred shareholders | ||||||
12,390 | 10,350 | 2,300 | 0 | 0 | - | |
Distributions to noncontrolling interests | ||||||
76,010 | 63,350 | 57,314 | 47,005 | 37,992 | 12,567 | |
NSA Predecessor distributions and other | ||||||
- | - | - | - | - | 34 | |
Change in restricted cash for financing activity | ||||||
- | - | - | - | - | 0 | |
Debt issuance costs | ||||||
8,487 | 2,860 | 2,381 | 5,665 | 1,848 | 1,774 | |
Equity offering costs | ||||||
179 | 727 | 1,034 | 1,399 | 5,438 | 1,700 | |
Net Cash Provided By Financing Activities | ||||||
204,292 | 352,649 | 286,073 | 553,694 | 123,322 | 213,389 | |
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | ||||||
7,913 | -44 | 1,070 | 5,960 | -1,752 | -2,187 | |
Supplemental Cash Flow Information [Abstract] | ||||||
Cash paid for interest | ||||||
52,666 | 40,475 | 32,951 | 23,313 | 20,206 | 18,771 | |
Notes receivable settled upon acquisition of properties | ||||||
- | - | - | - | 1,778 | 11,035 | |
Fair value of noncontrolling interests in acquired subsidiaries | ||||||
- | - | - | - | 21,137 | 41,297 | |
Issuance of OP unit subscription liability through reduced distributions | ||||||
1,253 | 1,236 | 1,262 | 1,441 | 1,416 | 5,863 | |
Settlement of acquisition receivables through reduced distributions | ||||||
505 | 642 | 812 | 445 | 1,473 | 105 | |
Increase in lender participation liability and related discount | ||||||
- | - | - | - | - | 770 | |
Increase in OP unit subscription liability through reduced distributions | ||||||
0 | 19 | 108 | 310 | 498 | 0 | |
Change in payables for offering costs | ||||||
-321 | 626 | 600 | 593 | -1,379 | 1,418 | |
Settlement of offering expenses from equity issuance proceeds | ||||||
1,241 | 575 | 12,299 | 11,673 | 20,930 | 0 | |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||||||
Consideration exchanged in property acquisitions: | ||||||
Issuance of OP units and subordinated performance units | ||||||
51,826 | 28,063 | 30,327 | 120,952 | 42,113 | 137,017 | |
Deposits on acquisitions applied to purchase price | ||||||
20,977 | 5,050 | 350 | 631 | 745 | 0 | |
LTIP units vesting upon acquisition of properties | ||||||
0 | 0 | 854 | 814 | 1,402 | 3,652 | |
Assumption of mortgages payable | ||||||
0 | 7,581 | 0 | 61,628 | 73,498 | 65,816 | |
Note payable to related party to settle assumed mortgages | ||||||
- | - | - | - | 5,342 | 0 | |
Other net liabilities assumed | ||||||
2,403 | 2,167 | 3,616 | 4,817 | 511 | 2,403 | |
Issuance of common shares for management platform | ||||||
- | - | - | - | - | 5,206 | |