Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Operating Activities    
Net income $ 28,230 $ 22,557
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 16,425 14,181
Amortization of deferred financing fees 356 296
Loss on sale of storage facility   7
Equity in income of joint ventures (915) (646)
Distributions from unconsolidated joint ventures 1,285 1,017
Non-vested stock earned 1,889 1,612
Stock option expense 46 36
Changes in assets and liabilities (excluding the effects of acquisitions):    
Accounts receivable 2,645 13
Prepaid expenses (1,789) (443)
Receipts from (advances to) joint ventures 270 (145)
Accounts payable and other liabilities (10,080) (7,887)
Deferred revenue (439) 342
Net cash provided by operating activities 37,923 30,940
Investing Activities    
Acquisitions of storage facilities (323,548) (134,040)
Improvements, equipment additions, and construction in progress (13,797) (5,335)
Net proceeds from the sale of storage facility   711
Investment in unconsolidated joint ventures (2,845) (285)
Property deposit (2,372) (1,095)
Net cash used in investing activities (342,562) (140,044)
Financing Activities    
Net proceeds from sale of common stock 274,298 122,631
Proceeds from line of credit 310,000 144,000
Repayments of line of credit (248,000) (130,000)
Financing costs (936)  
Dividends paid - common stock (31,204) (25,609)
Distributions to noncontrolling interest holders (144) (117)
Mortgage principal payments (34) (32)
Net cash provided by financing activities 303,980 110,873
Net decrease in cash (659) 1,769
Cash at beginning of period 7,032 8,543
Cash at end of period 6,373 10,312
Supplemental cash flow information    
Cash paid for interest, net of interest capitalized 5,689 5,307
Cash (received) paid for income taxes, net of refunds $ (47) $ 88