Annual report pursuant to Section 13 and 15(d)

Consolidated Statements Of Cash Flows

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Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Operating Activities      
Net income $ 31,529 $ 42,541 $ 21,654
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 36,578 33,156 33,818
Amortization of deferred financing fees 1,184 1,030 1,838
(Gain) loss on sale of storage facilities    (6,944) 1,636
Gain on sale of land (1,511)   (1,127)
Casualty loss 126   390
Impairment loss 1,047    
Equity in losses (income) of joint ventures 340 (240) (235)
Distributions from unconsolidated joint venture 944 494 686
Non-vested stock earned 1,492 1,307 1,379
Stock option expense 302 354 321
Changes in assets and liabilities (excluding the effects of acquisitions):      
Accounts receivable (523) (21) 509
Prepaid expenses 434 (72) 413
Accounts payable and other liabilities 7,988 2,257 (1,677)
Deferred revenue 380 (191) (462)
Net cash provided by operating activities 80,310 73,671 59,143
Investing Activities      
Acquisition of storage facilities (150,444) (34,717)  
Improvements, equipment additions, and construction in progress (28,064) (21,516) (22,261)
Net proceeds from the sale of storage facilities   23,708 16,309
Net proceeds from the sale of land 2,019   1,140
Casualty insurance proceeds received 588   518
Investment in unconsolidated joint venture (13,571)   (331)
(Advances) reimbursement of advances to joint ventures (413) (80) 163
Property deposits (407)    
Receipts from related parties     14
Net cash used in investing activities (190,292) (32,605) (4,448)
Financing Activities      
Net proceeds from sale of common stock 47,001 842 146,710
Proceeds from line of credit 198,000 32,000 30,000
Proceeds from term notes 325,000      
Repayment of line of credit (162,000) (22,000) (44,000)
Repayment of term notes (150,000)   (100,000)
Financing costs (4,146)      
Dividends paid - common stock (49,900) (49,663) (51,133)
Distributions to noncontrolling interest holders (1,177) (2,030) (2,006)
Redemption of operating partnership units   (2,894)  
Additional investment in Locke Sovran II, LLC (14,199)    
Mortgage principal payments (77,042) (2,265) (28,042)
Net cash provided by (used in) financing activities 111,537 (46,010) (48,471)
Net increase (decrease) in cash 1,555 (4,944) 6,224
Cash at beginning of period 5,766 10,710 4,486
Cash at end of period 7,321 5,766 10,710
Supplemental cash flow information      
Cash paid for interest, net of interest capitalized $ 35,134 $ 30,698 $ 49,154