Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating Activities      
Net income $ 207,558 $ 96,809 $ 84,956
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 102,530 127,485 117,081
Amortization of debt issuance costs and bond discount 3,621 4,289 9,688
(Gain) loss on sale of storage facilities (56,398) 3,503 (15,270)
Gain on sale of real estate (718)   (623)
Write-off of acquired property deposits 0 0 1,783
Equity in income of joint ventures (4,122) (3,314) (3,665)
Distributions from unconsolidated joint ventures 8,561 7,055 5,207
Non-vested stock earned 6,035 7,148 7,308
Stock option expense 7 15 89
Deferred income taxes 1,386 (2,578)  
Changes in assets and liabilities (excluding the effects of acquisitions):      
Accounts receivable (529) (1,862) 4,814
Prepaid expenses (415) (108) 8
Receipts from (advances to) joint ventures 391 (174) (294)
Accounts payable and other liabilities (5,528) 10,692 18,494
Deferred revenue (81) (326) (3,788)
Net cash provided by operating activities 262,298 248,634 225,788
Investing Activities      
Acquisition of storage facilities, net of cash acquired (72,603) (21,880) (1,750,267)
Improvements, equipment additions, and construction in progress (67,397) (83,657) (72,852)
Net proceeds from the sale of storage facilities and real estate 92,280 18,872 34,697
Investment in unconsolidated joint ventures (7,718) (69,911) (6,438)
Property deposits (262) 66 (1,209)
Net cash used in investing activities (55,700) (156,510) (1,796,069)
Financing Activities      
Net proceeds from sale of common stock\partnership units 2,976 15,677 948,129
Purchase of outstanding shares\units   (8,234)  
Proceeds from line of credit 234,000 276,000 1,102,000
Repayment of line of credit (248,000) (424,000) (928,000)
Proceeds from term notes, net of discount   447,853 796,682
Repayment of term notes   (225,000) (150,000)
Debt issuance costs (2,126) (3,961) (15,273)
Settlement of forward starting interest rate swaps     (9,166)
Dividends paid - common stock (185,837) (183,711) (156,249)
Distributions to noncontrolling interest holders (865) (859) (742)
Redemption of operating partnership units (376)    
Mortgage principal payments (1,764) (353) (197)
Net cash (used in) provided by financing activities (201,992) (106,588) 1,587,184
Net increase (decrease) in cash and restricted cash 4,606 (14,464) 16,903
Cash and restricted cash at beginning of period 9,459 23,923 7,020
Cash and restricted cash at end of period 14,065 9,459 23,923
Supplemental cash flow information      
Cash paid for interest, net of interest capitalized 69,201 70,924 39,856
Cash paid for income taxes, net of refunds 1,317 1,180 981
Life Storage LP [Member]      
Operating Activities      
Net income 207,558 96,809 84,956
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 102,530 127,485 117,081
Amortization of debt issuance costs and bond discount 3,621 4,289 9,688
(Gain) loss on sale of storage facilities (56,398) 3,503 (15,270)
Gain on sale of real estate (718)   (623)
Write-off of acquired property deposits     1,783
Equity in income of joint ventures (4,122) (3,314) (3,665)
Distributions from unconsolidated joint ventures 8,561 7,055 5,207
Non-vested stock earned 6,035 7,148 7,308
Stock option expense 7 15 89
Deferred income taxes 1,386 (2,578)  
Changes in assets and liabilities (excluding the effects of acquisitions):      
Accounts receivable (529) (1,862) 4,814
Prepaid expenses (415) (108) 8
Receipts from (advances to) joint ventures 391 (174) (294)
Accounts payable and other liabilities (5,528) 10,692 18,494
Deferred revenue (81) (326) (3,788)
Net cash provided by operating activities 262,298 248,634 225,788
Investing Activities      
Acquisition of storage facilities, net of cash acquired (72,603) (21,880) (1,750,267)
Improvements, equipment additions, and construction in progress (67,397) (83,657) (72,852)
Net proceeds from the sale of storage facilities and real estate 92,280 18,872 34,697
Investment in unconsolidated joint ventures (7,718) (69,911) (6,438)
Property deposits (262) 66 (1,209)
Net cash used in investing activities (55,700) (156,510) (1,796,069)
Financing Activities      
Net proceeds from sale of common stock\partnership units 2,976 15,677 948,129
Purchase of outstanding shares\units   (8,234)  
Proceeds from line of credit 234,000 276,000 1,102,000
Repayment of line of credit (248,000) (424,000) (928,000)
Proceeds from term notes, net of discount   447,853 796,682
Repayment of term notes   (225,000) (150,000)
Debt issuance costs (2,126) (3,961) (15,273)
Settlement of forward starting interest rate swaps     (9,166)
Distributions to unitholders (185,837) (183,711) (156,249)
Distributions to noncontrolling interest holders (865) (859) (742)
Redemption of operating partnership units (376)    
Mortgage principal payments (1,764) (353) (197)
Net cash (used in) provided by financing activities (201,992) (106,588) 1,587,184
Net increase (decrease) in cash and restricted cash 4,606 (14,464) 16,903
Cash and restricted cash at beginning of period 9,459 23,923 7,020
Cash and restricted cash at end of period 14,065 9,459 23,923
Supplemental cash flow information      
Cash paid for interest, net of interest capitalized 69,201 70,924 39,856
Cash paid for income taxes, net of refunds $ 1,317 $ 1,180 $ 981