Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating Activities      
Net income $ 96,809 $ 84,956 $ 113,077
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 127,485 117,081 58,506
Amortization of debt issuance costs and bond discount 4,289 9,688 1,184
Loss (gain) on sale of storage facilities 3,503 (15,270) 494
Gain on sale of real estate   (623)  
Write-off of acquired property deposits 0 1,783 0
Equity in income of joint ventures (3,314) (3,665) (3,405)
Distributions from unconsolidated joint venture 7,055 5,207 4,821
Non-vested stock earned 7,148 7,308 6,313
Stock option expense 15 89 210
Deferred income taxes (2,578)    
Changes in assets and liabilities (excluding the effects of acquisitions):      
Accounts receivable (1,862) 4,814 (1,038)
Prepaid expenses (162) (230) 1,132
Advances to joint ventures (174) (294) (346)
Accounts payable and other liabilities 10,692 18,494 5,847
Deferred revenue (326) (3,788) (597)
Net cash provided by operating activities 248,580 225,550 186,198
Investing Activities      
Acquisition of storage facilities, net of cash acquired (21,880) (1,750,267) (280,010)
Improvements, equipment additions, and construction in progress (83,657) (72,852) (41,739)
Net proceeds from the sale of real estate 18,872 34,697 4,646
Investment in unconsolidated joint ventures (69,911) (6,438) (6,151)
Property deposits 66 (1,209) (5,435)
Net cash used in investing activities (156,510) (1,796,069) (328,689)
Financing Activities      
Net proceeds from sale of common stock 15,677 948,129 225,701
Purchase of outstanding shares (8,234)    
Proceeds from line of credit 276,000 1,102,000 330,000
Repayment of line of credit (424,000) (928,000) (300,000)
Proceeds from term notes, net of discount 447,853 796,682  
Repayment of term notes (225,000) (150,000)  
Debt issuance costs (3,961) (15,273)  
Settlement of forward starting interest rate swaps   (9,166)  
Dividends paid - common stock (183,711) (156,249) (113,039)
Distributions to noncontrolling interest holders (859) (742) (555)
Redemption of operating partnership units     (1,005)
Mortgage principal payments (353) (197) (134)
Net cash (used in) provided by financing activities (106,588) 1,587,184 140,968
Net (decrease) increase in cash (14,518) 16,665 (1,523)
Cash at beginning of period 23,685 7,020 8,543
Cash at end of period 9,167 23,685 7,020
Supplemental cash flow information      
Cash paid for interest, net of interest capitalized 70,924 39,856 35,926
Cash paid for income taxes, net of refunds 1,180 981 1,084
Life Storage LP [Member]      
Operating Activities      
Net income 96,809 84,956 113,077
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 127,485 117,081 58,506
Amortization of debt issuance costs and bond discount 4,289 9,688 1,184
Loss (gain) on sale of storage facilities 3,503 (15,270) 494
Gain on sale of real estate   (623)  
Write-off of acquired property deposits   1,783  
Equity in income of joint ventures (3,314) (3,665) (3,405)
Distributions from unconsolidated joint venture 7,055 5,207 4,821
Non-vested stock earned 7,148 7,308 6,313
Stock option expense 15 89 210
Deferred income taxes (2,578)    
Changes in assets and liabilities (excluding the effects of acquisitions):      
Accounts receivable (1,862) 4,814 (1,038)
Prepaid expenses (162) (230) 1,132
Advances to joint ventures (174) (294) (346)
Accounts payable and other liabilities 10,692 18,494 5,847
Deferred revenue (326) (3,788) (597)
Net cash provided by operating activities 248,580 225,550 186,198
Investing Activities      
Acquisition of storage facilities, net of cash acquired (21,880) (1,750,267) (280,010)
Improvements, equipment additions, and construction in progress (83,657) (72,852) (41,739)
Net proceeds from the sale of real estate 18,872 34,697 4,646
Investment in unconsolidated joint ventures (69,911) (6,438) (6,151)
Property deposits 66 (1,209) (5,435)
Net cash used in investing activities (156,510) (1,796,069) (328,689)
Financing Activities      
Net proceeds from sale of common stock 15,677 948,129 225,701
Purchase of outstanding shares (8,234)    
Proceeds from line of credit 276,000 1,102,000 330,000
Repayment of line of credit (424,000) (928,000) (300,000)
Proceeds from term notes, net of discount 447,853 796,682  
Repayment of term notes (225,000) (150,000)  
Debt issuance costs (3,961) (15,273)  
Settlement of forward starting interest rate swaps   (9,166)  
Distributions to noncontrolling interest holders (859) (742) (555)
Redemption of operating partnership units     (1,005)
Mortgage principal payments (353) (197) (134)
Net cash (used in) provided by financing activities (106,588) 1,587,184 140,968
Distributions to unitholders (183,711) (156,249) (113,039)
Net (decrease) increase in cash (14,518) 16,665 (1,523)
Cash at beginning of period 23,685 7,020 8,543
Cash at end of period 9,167 23,685 7,020
Supplemental cash flow information      
Cash paid for interest, net of interest capitalized 70,924 39,856 35,926
Cash paid for income taxes, net of refunds $ 1,180 $ 981 $ 1,084