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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2021

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from            to            . 

Commission file number:

1-13820 (Life Storage, Inc.)

0-24071 (Life Storage LP)

 

LIFE STORAGE, INC.

LIFE STORAGE LP

(Exact name of Registrant as specified in its charter)

 

 

Maryland (Life Storage, Inc.)

16-1194043 (Life Storage, Inc.)

Delaware (Life Storage LP)

16-1481551 (Life Storage LP)

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

 

6467 Main Street

Williamsville, NY 14221

(Address of principal executive offices) (Zip code)

(716) 633-1850

(Registrant’s telephone number including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Life Storage, Inc.

Yes  

No  

 

 

 

Life Storage LP

Yes  

No  

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Life Storage, Inc.

Yes  

No  

Life Storage LP

Yes  

No  

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  

Life Storage, Inc.:

 

Large Accelerated Filer

Accelerated Filer

 

 

 

 

Non-accelerated Filer

Smaller Reporting Company

 

 

 

 

Emerging Growth Company

 

 

 

Life Storage LP:

 

Large Accelerated Filer

Accelerated Filer

 

 

 

 

Non-accelerated Filer

Smaller Reporting Company

 

 

 

 

Emerging Growth Company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Life Storage, Inc.

 

 

Life Storage LP

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Life Storage, Inc.

Yes  

No  

 

 

 

Life Storage LP

Yes  

No  

 

Securities registered pursuant to Section 12(b) of the Act:

Life Storage, Inc.:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $.01 par value

 

LSI

 

New York Stock Exchange

 

Life Storage LP:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

 

 

 

 

 

 

 

 

 

 

 

As of April 29, 2021, 76,855,417 shares of Common Stock, $.01 par value per share, were outstanding.

 

 

 


 

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended March 31, 2021 of Life Storage, Inc. (the “Parent Company”) and Life Storage LP (the “Operating Partnership”). The Parent Company is a real estate investment trust, or REIT, that owns its assets and conducts its operations through the Operating Partnership, a Delaware limited partnership, and subsidiaries of the Operating Partnership. The Parent Company, the Operating Partnership and their consolidated subsidiaries are collectively referred to in this report as the “Company.” In addition, terms such as “we,” “us,” or “our” used in this report may refer to the Company, the Parent Company and/or the Operating Partnership.

Life Storage Holdings, Inc., a wholly-owned subsidiary of the Parent Company (“Holdings”), is the sole general partner of the Operating Partnership; the Parent Company is a limited partner of the Operating Partnership, and through its ownership of Holdings and its limited partnership interest, controls the operations of the Operating Partnership, holding a 99.6% ownership interest therein as of March 31, 2021. The remaining ownership interests in the Operating Partnership are held by certain former owners of assets acquired by the Operating Partnership. As the owner of the sole general partner of the Operating Partnership, the Parent Company has full and complete authority over the Operating Partnership’s day-to-day operations and management.

Management operates the Parent Company and the Operating Partnership as one enterprise. The management teams of the Parent Company and the Operating Partnership are identical.

There are few differences between the Parent Company and the Operating Partnership, which are reflected in the note disclosures in this report. The Company believes it is important to understand the differences between the Parent Company and the Operating Partnership in the context of how these entities operate as a consolidated enterprise. The Parent Company is a REIT, whose only material asset is its ownership of the partnership interests of the Operating Partnership. As a result, the Parent Company does not conduct business itself, other than acting as the owner of the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing the debt obligations of the Operating Partnership. The Operating Partnership holds substantially all the assets of the Company and, directly or indirectly, holds the ownership interests in the Company’s real estate ventures. The Operating Partnership conducts the operations of the Company’s business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s direct or indirect incurrence of indebtedness or through the issuance of partnership units of the Operating Partnership.

The substantive difference between the Parent Company’s filings and the Operating Partnership’s filings is the fact that the Parent Company is a REIT with public equity, while the Operating Partnership is a partnership with no publicly traded equity. In the financial statements, this difference is primarily reflected in the equity (or capital for the Operating Partnership) section of the consolidated balance sheets and in the Shareholders’ Equity and Partners’ Capital notes to the financial statements. Apart from the different equity treatment, the consolidated financial statements of the Parent Company and the Operating Partnership are nearly identical.

The Company believes that combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into a single report will:

 

facilitate a better understanding by the investors of the Parent Company and the Operating Partnership by enabling them to view the business as a whole in the same manner as management views and operates the business;

 

remove duplicative disclosures and provide a more straightforward presentation in light of the fact that a substantial portion of the disclosure applies to both the Parent Company and the Operating Partnership; and

 

create time and cost efficiencies through the preparation of one combined report instead of two separate reports.

In order to highlight the differences between the Parent Company and the Operating Partnership, the separate sections in this report for the Parent Company and the Operating Partnership specifically refer to the Parent Company and the Operating Partnership. In the sections that combine disclosures of the Parent Company and the Operating Partnership, this report refers to such disclosures as those of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and real

2


estate ventures and holds assets and debt, reference to the Company is appropriate because the business is one enterprise and the Parent Company operates the business through the Operating Partnership.

As the owner of the general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of the Parent Company and the Operating Partnership are the same on their respective financial statements. The separate discussions of the Parent Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company’s operations on a consolidated basis and how management operates the Company.

This report also includes separate Item 4 - Controls and Procedures sections, signature pages and Exhibit 31 and 32 certifications for each of the Parent Company and the Operating Partnership in order to establish that the Chief Executive Officer and the Chief Financial Officer of the Parent Company and the Chief Executive Officer and the Chief Financial Officer of the Operating Partnership have made the requisite certifications and that the Parent Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended and 18 U.S.C. §1350.

3


Part I. Financial Information

Item 1. Financial Statements

LIFE STORAGE, INC.

CONSOLIDATED BALANCE SHEETS

 

(dollars in thousands, except share data)

 

March 31,

2021

(unaudited)

 

 

December 31,

2020

 

Assets

 

 

 

 

 

 

 

 

Investment in storage facilities:

 

 

 

 

 

 

 

 

Land

 

$

991,214

 

 

$

951,813

 

Building, equipment, and construction in progress

 

 

4,612,622

 

 

 

4,378,510

 

 

 

 

5,603,836

 

 

 

5,330,323

 

Less: accumulated depreciation

 

 

(904,420

)

 

 

(873,178

)

Investment in storage facilities, net

 

 

4,699,416

 

 

 

4,457,145

 

Cash and cash equivalents

 

 

13,914

 

 

 

54,400

 

Accounts receivable

 

 

14,796

 

 

 

15,464

 

Receivable from unconsolidated joint ventures

 

 

520

 

 

 

1,064

 

Investment in unconsolidated joint ventures

 

 

140,415

 

 

 

143,042

 

Prepaid expenses

 

 

12,335

 

 

 

8,326

 

Trade name

 

 

16,500

 

 

 

16,500

 

Other assets

 

 

32,865

 

 

 

31,907

 

Total Assets

 

$

4,930,761

 

 

$

4,727,848

 

Liabilities

 

 

 

 

 

 

 

 

Line of credit

 

$

43,000

 

 

$

 

Term notes, net

 

 

2,156,140

 

 

 

2,155,457

 

Accounts payable and accrued liabilities

 

 

95,708

 

 

 

112,654

 

Deferred revenue

 

 

20,120

 

 

 

17,416

 

Mortgages payable

 

 

37,596

 

 

 

37,777

 

Total Liabilities

 

 

2,352,564

 

 

 

2,323,304

 

Noncontrolling redeemable Operating Partnership Units at redemption value

 

 

28,707

 

 

 

26,446

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

Common stock $.01 par value, 100,000,000 shares authorized, 76,477,796

   shares outstanding at March 31, 2021 (74,211,920 at December 31, 2020)

 

 

765

 

 

 

495

 

Additional paid-in capital

 

 

2,853,019

 

 

 

2,671,311

 

Dividends in excess of net income

 

 

(299,482

)

 

 

(288,667

)

Accumulated other comprehensive loss

 

 

(4,812

)

 

 

(5,041

)

Total Shareholders’ Equity

 

 

2,549,490

 

 

 

2,378,098

 

Total Liabilities and Shareholders’ Equity

 

$

4,930,761

 

 

$

4,727,848

 

 

See notes to consolidated financial statements.

4


LIFE STORAGE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

 

 

Three Months Ended

March 31,

 

(dollars in thousands, except per share data)

 

2021

 

 

2020

 

Revenues

 

 

 

 

 

 

 

 

Rental income

 

$

150,283

 

 

$

128,907

 

Other operating income

 

 

21,604

 

 

 

18,036

 

Total operating revenues

 

 

171,887

 

 

 

146,943

 

Expenses

 

 

 

 

 

 

 

 

Property operations and maintenance

 

 

38,520

 

 

 

32,850

 

Real estate taxes

 

 

19,887

 

 

 

17,408

 

General and administrative

 

 

14,183

 

 

 

12,906

 

Depreciation and amortization

 

 

33,359

 

 

 

28,330

 

Total operating expenses

 

 

105,949

 

 

 

91,494

 

Gain on sale of real estate

 

 

 

 

 

302

 

Income from operations

 

 

65,938

 

 

 

55,751

 

Other income (expenses)

 

 

 

 

 

 

 

 

Interest expense

 

 

(20,346

)

 

 

(20,246

)

Interest and dividend income

 

 

779

 

 

 

4

 

Equity in income of joint ventures

 

 

1,221

 

 

 

1,116

 

Net income

 

 

47,592

 

 

 

36,625

 

Net income attributable to noncontrolling

   interest in the Operating Partnership

 

 

(209

)

 

 

(192

)

Net income attributable to common shareholders

 

$

47,383

 

 

$

36,433

 

Earnings per common share attributable

   to common shareholders – basic

 

$

0.63

 

 

$

0.52

 

Earnings per common share attributable

   to common shareholders – diluted

 

$

0.63

 

 

$

0.52

 

Common shares used in basic earnings per share

   calculation

 

 

75,387,332

 

 

 

70,015,856

 

Common shares used in diluted earnings per share

   calculation

 

 

75,510,201

 

 

 

70,126,344

 

Dividends declared per common share

 

$

0.74

 

 

$

0.71

 

 

See notes to consolidated financial statements.

5


LIFE STORAGE, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

 

 

 

Three Months Ended

March 31,

 

(dollars in thousands)

 

2021

 

 

2020

 

Net income

 

$

47,592

 

 

$

36,625

 

Other comprehensive income:

 

 

 

 

 

 

 

 

Effective portion of gain on derivatives net

   of reclassification to interest expense

 

 

229

 

 

 

229

 

Total comprehensive income

 

 

47,821

 

 

 

36,854

 

Comprehensive income attributable to noncontrolling

   interest in the Operating Partnership

 

 

(210

)

 

 

(193

)

Comprehensive income attributable to common shareholders

 

$

47,611

 

 

$

36,661

 

 

See notes to consolidated financial statements.

6


LIFE STORAGE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

(dollars in thousands)

 

Three Months

Ended

March 31, 2021

 

 

Three Months

Ended

March 31, 2020

 

Operating Activities

 

 

 

 

 

 

 

 

Net income

 

$

47,592

 

 

$

36,625

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

33,359

 

 

 

28,330

 

Amortization of debt issuance costs and bond discount

 

 

1,062

 

 

 

1,025

 

Gain on sale of real estate

 

 

 

 

 

(302

)

Equity in income of joint ventures

 

 

(1,221

)

 

 

(1,116

)

Distributions from unconsolidated joint ventures

 

 

2,547

 

 

 

3,611

 

Non-vested stock earned

 

 

1,453

 

 

 

1,124

 

Deferred income taxes

 

 

64

 

 

 

399

 

Other

 

 

(67

)

 

 

 

Changes in assets and liabilities (excluding the effects of acquisitions):

 

 

 

 

 

 

 

 

Accounts receivable

 

 

705

 

 

 

541

 

Prepaid expenses

 

 

(3,862

)

 

 

(3,904

)

Receipts from joint ventures

 

 

544

 

 

 

51

 

Accounts payable and other liabilities

 

 

(16,949

)

 

 

(22,492

)

Deferred revenue

 

 

1,865

 

 

 

1,140

 

Net cash provided by operating activities

 

 

67,092

 

 

 

45,032

 

Investing Activities

 

 

 

 

 

 

 

 

Acquisition of storage facilities, net of cash acquired

 

 

(265,197

)

 

 

(124,204

)

Improvements, equipment additions, and construction in progress

 

 

(10,228

)

 

 

(11,661

)

Return of investment in unconsolidated joint ventures

 

 

2,573

 

 

 

8,359

 

Investment in unconsolidated joint ventures

 

 

(1,330

)

 

 

(2,990

)

Property deposits

 

 

(519

)

 

 

171

 

Net cash used in investing activities

 

 

(274,701

)

 

 

(130,325

)

Financing Activities

 

 

 

 

 

 

 

 

Net proceeds from sale of common stock

 

 

180,529

 

 

 

21,466

 

Proceeds from line of credit

 

 

76,000

 

 

 

172,000

 

Repayments of line of credit

 

 

(33,000

)

 

 

(54,000

)

Dividends paid - common stock

 

 

(55,840

)

 

 

(49,969

)

Distributions to noncontrolling interest holders

 

 

(247

)

 

 

(264

)

Redemption of Operating Partnership Units

 

 

(63

)

 

 

(265

)

Mortgage principal payments

 

 

(117

)

 

 

(166

)

Net cash provided by financing activities

 

 

167,262

 

 

 

88,802

 

Net increase in cash and restricted cash

 

 

(40,347

)

 

 

3,509

 

Cash and restricted cash at beginning of period

 

 

58,771

 

 

 

21,556

 

Cash and restricted cash at end of period

 

$

18,424

 

 

$

25,065

 

Supplemental cash flow information

 

 

 

 

 

 

 

 

Cash paid for interest, net of interest capitalized

 

$

15,118

 

 

$

18,315

 

Cash (received) paid for income taxes, net of refunds

 

$

(312

)

 

$

265

 

 

See notes to consolidated financial statements.

7


LIFE STORAGE LP

CONSOLIDATED BALANCE SHEETS

 

(dollars in thousands)

 

March 31,

2021

(unaudited)

 

 

December 31,

2020

 

Assets

 

 

 

 

 

 

 

 

Investment in storage facilities:

 

 

 

 

 

 

 

 

Land

 

$

991,214

 

 

$

951,813

 

Building, equipment, and construction in progress

 

 

4,612,622

 

 

 

4,378,510

 

 

 

 

5,603,836

 

 

 

5,330,323

 

Less: accumulated depreciation

 

 

(904,420

)

 

 

(873,178

)

Investment in storage facilities, net

 

 

4,699,416

 

 

 

4,457,145

 

Cash and cash equivalents

 

 

13,914

 

 

 

54,400

 

Accounts receivable

 

 

14,796

 

 

 

15,464

 

Receivable from unconsolidated joint ventures

 

 

520

 

 

 

1,064

 

Investment in unconsolidated joint ventures

 

 

140,415

 

 

 

143,042

 

Prepaid expenses

 

 

12,335

 

 

 

8,326

 

Trade name

 

 

16,500

 

 

 

16,500

 

Other assets

 

 

32,865

 

 

 

31,907

 

Total Assets

 

$

4,930,761

 

 

$

4,727,848

 

Liabilities

 

 

 

 

 

 

 

 

Line of credit

 

$

43,000

 

 

$

 

Term notes, net

 

 

2,156,140

 

 

 

2,155,457

 

Accounts payable and accrued liabilities

 

 

95,708

 

 

 

112,654

 

Deferred revenue

 

 

20,120

 

 

 

17,416

 

Mortgages payable

 

 

37,596

 

 

 

37,777

 

Total Liabilities

 

 

2,352,564

 

 

 

2,323,304

 

Limited partners’ redeemable capital interest at redemption value (333,399 and 334,149

   units outstanding at March 31, 2021 and December 31, 2020, respectively)

 

 

28,707

 

 

 

26,446

 

Partners’ Capital

 

 

 

 

 

 

 

 

General partner (767,571 and 745,461 units outstanding at March 31, 2021 and

   December 31, 2020, respectively)

 

 

25,782

 

 

 

24,045

 

Limited partners (75,710,225 and 73,466,459 units outstanding at March 31, 2021

   and December 31, 2020, respectively)

 

 

2,528,520

 

 

 

2,359,094

 

Accumulated other comprehensive loss

 

 

(4,812

)

 

 

(5,041

)

Total Partners’ Capital

 

 

2,549,490

 

 

 

2,378,098

 

Total Liabilities and Partners’ Capital

 

$

4,930,761

 

 

$

4,727,848

 

 

See notes to consolidated financial statements.

8


LIFE STORAGE LP

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

 

 

Three Months Ended

March 31,

 

(dollars in thousands, except per unit data)

 

2021

 

 

2020

 

Revenues

 

 

 

 

 

 

 

 

Rental income

 

$

150,283

 

 

$

128,907

 

Other operating income

 

 

21,604

 

 

 

18,036

 

Total operating revenues

 

 

171,887

 

 

 

146,943

 

Expenses

 

 

 

 

 

 

 

 

Property operations and maintenance

 

 

38,520

 

 

 

32,850

 

Real estate taxes

 

 

19,887

 

 

 

17,408

 

General and administrative

 

 

14,183

 

 

 

12,906

 

Depreciation and amortization

 

 

33,359

 

 

 

28,330

 

Total operating expenses

 

 

105,949

 

 

 

91,494

 

Gain on sale of real estate

 

 

 

 

 

302

 

Income from operations

 

 

65,938

 

 

 

55,751

 

Other income (expenses)

 

 

 

 

 

 

 

 

Interest expense

 

 

(20,346

)

 

 

(20,246

)

Interest and dividend income

 

 

779

 

 

 

4

 

Equity in income of joint ventures

 

 

1,221

 

 

 

1,116

 

Net income

 

 

47,592

 

 

 

36,625

 

Net income attributable to noncontrolling interest

   in the Operating Partnership

 

 

(209

)

 

 

(192

)

Net income attributable to common unitholders

 

$

47,383

 

 

$

36,433

 

Earnings per common unit attributable to

   common unitholders – basic

 

$

0.63

 

 

$

0.52

 

Earnings per common unit attributable to

   common unitholders – diluted

 

$

0.63

 

 

$

0.52

 

Common units used in basic earnings per unit

   calculation

 

 

75,387,332

 

 

 

70,015,856

 

Common units used in diluted earnings per unit

   calculation

 

 

75,510,201

 

 

 

70,126,344

 

Distributions declared per common unit

 

$

0.74

 

 

$

0.71

 

Net income attributable to general partner

 

$

476

 

 

$

366

 

Net income attributable to limited partners

 

$

46,907

 

 

$

36,067

 

 

See notes to consolidated financial statements.

9


LIFE STORAGE LP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

 

 

 

Three Months Ended

March 31,

 

(dollars in thousands)

 

2021

 

 

2020

 

Net income

 

$

47,592

 

 

$

36,625

 

Other comprehensive income:

 

 

 

 

 

 

 

 

Effective portion of gain on derivatives net of

   reclassification to interest expense

 

 

229

 

 

 

229

 

Total comprehensive income

 

 

47,821

 

 

 

36,854

 

Comprehensive income attributable to noncontrolling

   interest in the Operating Partnership

 

 

(210

)

 

 

(193

)

Comprehensive income attributable to common unitholders

 

$

47,611

 

 

$

36,661

 

 

See notes to consolidated financial statements.

10


LIFE STORAGE LP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

(dollars in thousands)

 

Three Months

Ended

March 31, 2021

 

 

Three Months

Ended

March 31, 2020

 

Operating Activities

 

 

 

 

 

 

 

 

Net income

 

$

47,592

 

 

$

36,625

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

33,359

 

 

 

28,330

 

Amortization of debt issuance costs and bond discount

 

 

1,062

 

 

 

1,025

 

Gain on sale of real estate

 

 

 

 

 

(302

)

Equity in income of joint ventures

 

 

(1,221

)

 

 

(1,116

)

Distributions from unconsolidated joint ventures

 

 

2,547

 

 

 

3,611

 

Non-vested stock earned

 

 

1,453

 

 

 

1,124

 

Deferred income taxes

 

 

64

 

 

 

399

 

Other

 

 

(67

)

 

 

 

Changes in assets and liabilities (excluding the effects of acquisitions):

 

 

 

 

 

 

 

 

Accounts receivable

 

 

705

 

 

 

541

 

Prepaid expenses

 

 

(3,862

)

 

 

(3,904

)

Receipts from joint ventures

 

 

544

 

 

 

51

 

Accounts payable and other liabilities

 

 

(16,949

)

 

 

(22,492

)

Deferred revenue

 

 

1,865

 

 

 

1,140

 

Net cash provided by operating activities

 

 

67,092

 

 

 

45,032

 

Investing Activities

 

 

 

 

 

 

 

 

Acquisition of storage facilities, net of cash acquired

 

 

(265,197

)

 

 

(124,204

)

Improvements, equipment additions, and construction in progress

 

 

(10,228

)

 

 

(11,661

)

Return of investment in unconsolidated joint ventures

 

 

2,573

 

 

 

8,359

 

Investment in unconsolidated joint ventures

 

 

(1,330

)

 

 

(2,990

)

Property deposits

 

 

(519

)

 

 

171

 

Net cash used in investing activities

 

 

(274,701

)

 

 

(130,325

)

Financing Activities

 

 

 

 

 

 

 

 

Net proceeds from sale of partnership units

 

 

180,529

 

 

 

21,466

 

Proceeds from line of credit

 

 

76,000

 

 

 

172,000

 

Repayments of line of credit

 

 

(33,000

)

 

 

(54,000

)

Distributions to unitholders

 

 

(55,840

)

 

 

(49,969

)

Distributions to noncontrolling interest holders