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 ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Operating Activities          
Net income $ 41,311,000 $ 35,667,000 $ 114,818,000 $ 75,623,000  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization 27,291,000 26,149,000 76,839,000 101,896,000  
Amortization of debt issuance costs and bond discount     2,672,000 2,496,000  
Gain on sale of storage facilities (925,000)   (925,000)    
Gain on sale of real estate (718,000)   (718,000)    
Equity in income of joint ventures (1,046,000) (752,000) (3,066,000) (2,259,000)  
Distributions from unconsolidated joint ventures     6,276,000 5,071,000  
Non-vested stock earned     4,203,000 4,905,000  
Stock option expense 0 4,000 7,000 11,000  
Deferred income taxes     1,115,000 (2,382,000)  
Changes in assets and liabilities (excluding the effects of acquisitions):          
Accounts receivable     (657,000) (1,636,000)  
Prepaid expenses     (3,787,000) (2,453,000)  
Receipts from joint ventures     655,000 354,000  
Accounts payable and other liabilities     (13,720,000) (618,000)  
Deferred revenue     (318,000) (204,000)  
Net cash provided by operating activities     183,394,000 180,804,000  
Investing Activities          
Acquisitions of storage facilities, net of cash acquired     (19,409,000) (9,576,000)  
Improvements, equipment additions, and construction in progress     (45,020,000) (65,978,000)  
Net proceeds from the sale of real estate     10,576,000 1,994,000  
Investment in unconsolidated joint ventures     (5,095,000) (69,786,000)  
Property deposit     (541,000)    
Net cash used in investing activities     (59,489,000) (143,346,000)  
Financing Activities          
Net proceeds from sale of common stock/partnership units     2,977,000 15,633,000  
Purchase of outstanding shares/units       (8,234,000)  
Proceeds from line of credit     172,000,000 233,000,000  
Repayments of line of credit     (149,000,000) (157,000,000)  
Dividends paid - common stock     (139,235,000) (137,174,000)  
Distributions to noncontrolling interest holders     (650,000) (641,000)  
Redemption of operating partnership units     (232,000)    
Mortgage principal payments     (277,000) (263,000)  
Net cash used in financing activities     (114,417,000) (54,679,000)  
Net decrease in cash and restricted cash     9,488,000 (17,221,000)  
Cash and restricted cash at beginning of period     9,459,000 23,923,000 $ 23,923,000
Cash and restricted cash at end of period 18,947,000 6,702,000 18,947,000 6,702,000 9,459,000
Supplemental cash flow information          
Cash paid for interest, net of interest capitalized     53,636,000 52,633,000  
Cash paid for income taxes, net of refunds     1,175,000 1,296,000  
Life Storage LP [Member]          
Operating Activities          
Net income 41,311,000 35,667,000 114,818,000 75,623,000  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization 27,291,000 26,149,000 76,839,000 101,896,000  
Amortization of debt issuance costs and bond discount     2,672,000 2,496,000  
Gain on sale of storage facilities (925,000)   (925,000)    
Gain on sale of real estate (718,000)   (718,000)    
Equity in income of joint ventures (1,046,000) (752,000) (3,066,000) (2,259,000)  
Distributions from unconsolidated joint ventures     6,276,000 5,071,000  
Non-vested stock earned     4,203,000 4,905,000  
Stock option expense     7,000 11,000  
Deferred income taxes     1,115,000 (2,382,000)  
Changes in assets and liabilities (excluding the effects of acquisitions):          
Accounts receivable     (657,000) (1,636,000)  
Prepaid expenses     (3,787,000) (2,453,000)  
Receipts from joint ventures     655,000 354,000  
Accounts payable and other liabilities     (13,720,000) (618,000)  
Deferred revenue     (318,000) (204,000)  
Net cash provided by operating activities     183,394,000 180,804,000  
Investing Activities          
Acquisitions of storage facilities, net of cash acquired     (19,409,000) (9,576,000)  
Improvements, equipment additions, and construction in progress     (45,020,000) (65,978,000)  
Net proceeds from the sale of real estate     10,576,000 1,994,000  
Investment in unconsolidated joint ventures     (5,095,000) (69,786,000)  
Property deposit     (541,000)    
Net cash used in investing activities     (59,489,000) (143,346,000)  
Financing Activities          
Net proceeds from sale of common stock/partnership units     2,977,000 15,633,000  
Purchase of outstanding shares/units       (8,234,000)  
Proceeds from line of credit     172,000,000 233,000,000  
Repayments of line of credit     (149,000,000) (157,000,000)  
Distributions to unitholders     (139,235,000) (137,174,000)  
Distributions to noncontrolling interest holders     (650,000) (641,000)  
Redemption of operating partnership units     (232,000)    
Mortgage principal payments     (277,000) (263,000)  
Net cash used in financing activities     (114,417,000) (54,679,000)  
Net decrease in cash and restricted cash     9,488,000 (17,221,000)  
Cash and restricted cash at beginning of period     9,459,000 23,923,000 23,923,000
Cash and restricted cash at end of period $ 18,947,000 $ 6,702,000 18,947,000 6,702,000 $ 9,459,000
Supplemental cash flow information          
Cash paid for interest, net of interest capitalized     53,636,000 52,633,000  
Cash paid for income taxes, net of refunds     $ 1,175,000 $ 1,296,000