Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.19.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating Activities    
Net income $ 34,637,000 $ 34,049,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 26,227,000 24,764,000
Amortization of debt issuance costs and bond discount 903,000 891,000
Gain on sale of real estate (1,076,000)  
Equity in income of joint ventures (811,000) (972,000)
Distributions from unconsolidated joint ventures 2,404,000 2,037,000
Non-vested stock earned 1,396,000 1,495,000
Stock option expense 0 4,000
Deferred income taxes (175,000) 148,000
Changes in assets and liabilities (excluding the effects of acquisitions):    
Accounts receivable (1,520,000) 45,000
Prepaid expenses (3,106,000) (10,578,000)
(Advances to) receipts from joint ventures (801,000) 497,000
Accounts payable and other liabilities (23,825,000) (23,749,000)
Deferred revenue 634,000 973,000
Net cash provided by operating activities 34,887,000 29,604,000
Investing Activities    
Acquisition of storage facilities, net of cash acquired (55,132,000)  
Improvements, equipment additions, and construction in progress (12,036,000) (8,755,000)
Investment in unconsolidated joint ventures (1,792,000) (706,000)
Property deposits (6,000,000) 29,000
Net cash used in investing activities (74,960,000) (9,432,000)
Financing Activities    
Proceeds from line of credit 107,000,000 68,000,000
Repayments of line of credit (21,000,000) (43,000,000)
Dividends paid - common stock (46,631,000) (46,121,000)
Distributions to noncontrolling interest holders (249,000) (217,000)
Mortgage principal payments (98,000) (93,000)
Net cash provided by (used in) financing activities 39,022,000 (21,431,000)
Net decrease in cash and restricted cash (1,051,000) (1,259,000)
Cash and restricted cash at beginning of period 14,065,000 9,459,000
Cash and restricted cash at end of period 13,014,000 8,200,000
Supplemental cash flow information    
Cash paid for interest, net of interest capitalized 19,642,000 19,140,000
Cash paid for income taxes, net of refunds 346,000 322,000
Life Storage LP [Member]    
Operating Activities    
Net income 34,637,000 34,049,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 26,227,000 24,764,000
Amortization of debt issuance costs and bond discount 903,000 891,000
Gain on sale of real estate (1,076,000)  
Equity in income of joint ventures (811,000) (972,000)
Distributions from unconsolidated joint ventures 2,404,000 2,037,000
Non-vested stock earned 1,396,000 1,495,000
Stock option expense   4,000
Deferred income taxes (175,000) 148,000
Changes in assets and liabilities (excluding the effects of acquisitions):    
Accounts receivable (1,520,000) 45,000
Prepaid expenses (3,106,000) (10,578,000)
(Advances to) receipts from joint ventures (801,000) 497,000
Accounts payable and other liabilities (23,825,000) (23,749,000)
Deferred revenue 634,000 973,000
Net cash provided by operating activities 34,887,000 29,604,000
Investing Activities    
Acquisition of storage facilities, net of cash acquired (55,132,000)  
Improvements, equipment additions, and construction in progress (12,036,000) (8,755,000)
Investment in unconsolidated joint ventures (1,792,000) (706,000)
Property deposits (6,000,000) 29,000
Net cash used in investing activities (74,960,000) (9,432,000)
Financing Activities    
Proceeds from line of credit 107,000,000 68,000,000
Repayments of line of credit (21,000,000) (43,000,000)
Distributions to unitholders (46,631,000) (46,121,000)
Distributions to noncontrolling interest holders (249,000) (217,000)
Mortgage principal payments (98,000) (93,000)
Net cash provided by (used in) financing activities 39,022,000 (21,431,000)
Net decrease in cash and restricted cash (1,051,000) (1,259,000)
Cash and restricted cash at beginning of period 14,065,000 9,459,000
Cash and restricted cash at end of period 13,014,000 8,200,000
Supplemental cash flow information    
Cash paid for interest, net of interest capitalized 19,642,000 19,140,000
Cash paid for income taxes, net of refunds $ 346,000 $ 322,000