Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.22.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2021
Summary of Reconciliation of Noncontrolling Interests

The following is a reconciliation of the Parent Company’s common noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable capital interest for the years ending December 31:

 

(dollars in thousands)

 

2021

 

 

2020

 

Beginning balance

 

$

26,446

 

 

$

26,307

 

Redemption of units

 

 

(757

)

 

 

(2,487

)

Issuance of units

 

 

82,951

 

 

 

—

 

Net income attributable to noncontrolling interests in the
   Operating Partnership

 

 

1,364

 

 

 

789

 

Distributions

 

 

(1,275

)

 

 

(1,047

)

Adjustment to redemption value

 

 

34,163

 

 

 

2,884

 

Ending balance

 

$

142,892

 

 

$

26,446

 
Summary of Preferred NonControlling redeemable preferred capital operating partenership

The following is a reconciliation of the Parent Company's preferred noncontrolling redeemable Operating Partnership Units and the Operating Partnership's limited partners' preferred redeemable capital interest for the years ending December 31:

 

(dollars in thousands)

 

2021

 

 

2020

 

Beginning balance

 

$

—

 

 

$

—

 

Issuance of units

 

 

89,765

 

 

 

—

 

Net income attributable to noncontrolling interests in the
   Operating Partnership

 

 

1,494

 

 

 

—

 

Distributions

 

 

(476

)

 

 

—

 

Ending balance

 

$

90,783

 

 

$

—

 
Summary of Reconciliation of Cash and Restricted Cash

The following table provides a reconciliation of cash and restricted cash reported within the consolidated statements of cash flows for the years ending December 31:

 

(dollars in thousands)

 

2021

 

 

2020

 

 

2019

 

Cash

 

$

171,865

 

 

$

54,400

 

 

$

17,458

 

Restricted cash

 

 

4,569

 

 

 

4,371

 

 

 

4,098

 

Total cash and restricted cash

 

$

176,434

 

 

$

58,771

 

 

$

21,556

 
Summary of Disaggregated Revenues

The disaggregated revenues of the Company presented in accordance with ASC Topic 606 “Revenue from Contracts with Customers” are as follows:

 

(dollars in thousands)

 

2021

 

 

2020

 

 

2019

 

Rental income

 

$

690,758

 

 

$

539,554

 

 

$

510,774

 

Management and acquisition fee income

 

 

22,127

 

 

 

17,407

 

 

 

14,274

 

Tenant reinsurance

 

 

58,103

 

 

 

44,742

 

 

 

34,902

 

Other

 

 

17,577

 

 

 

15,068

 

 

 

14,789

 

Total operating revenues

 

$

788,565

 

 

$

616,771

 

 

$

574,739

 

Other revenue consists primarily of sales of storage-related merchandise (locks and packing supplies) and storage and inventory management services provided by Warehouse Anywhere.
Performance Based Nonvested [Member]  
Schedule of Weighted Average Fair Value of Options Granted The fair values of the performance-based awards in 2021, 2020 and 2019 were estimated at the time the awards were granted using a Monte Carlo pricing model applying the following weighted-average assumptions:

 

 

 

2021

 

 

2020

 

 

2019

 

Expected life (years)

 

 

3.0

 

 

 

3.0

 

 

 

3.0

 

Risk free interest rate

 

 

0.93

%

 

 

0.19

%

 

 

1.64

%

Expected volatility

 

 

27.75

%

 

 

28.15

%

 

 

18.22

%

Fair value

 

$

157.61

 

 

$

78.00

 

 

$

66.96