Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Operating Activities          
Net income $ 36,648 $ 40,964 $ 73,273 $ 75,600  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization 28,987 26,158 57,317 52,387  
Amortization of debt issuance costs and bond discount     2,025 1,846  
Gain on sale of real estate     (302) (1,076)  
Equity in income of joint ventures (970) (1,110) (2,086) (1,921)  
Distributions from unconsolidated joint ventures     6,086 4,865  
Non-vested stock earned     2,273 2,235  
Deferred income taxes     1,126 204  
Other     (116)    
Changes in assets and liabilities (excluding the effects of acquisitions):          
Accounts receivable     683 (1,900)  
Prepaid expenses     (2,286) (1,941)  
Receipts from (advances to) unconsolidated joint ventures     172 (35)  
Accounts payable and other liabilities     (14,576) (11,270)  
Deferred revenue     2,329 (65)  
Net cash provided by operating activities     125,918 118,929  
Investing Activities          
Acquisition of storage facilities, net of cash acquired     (124,204) (95,819)  
Improvements, equipment additions, and construction in progress     (26,103) (37,683)  
Return of investment in unconsolidated joint ventures     8,359    
Investment in unconsolidated joint ventures     (4,953) (2,215)  
Property deposits     171 (6,658)  
Net cash used in investing activities     (146,730) (142,375)  
Financing Activities          
Net proceeds from sale of common stock\partnership units     21,388    
Proceeds from line of credit     225,000 183,000  
Repayments of line of credit     (132,000) (274,000)  
Proceeds from term notes, net of discount       348,166  
Repayment of term notes       (100,000)  
Debt issuance costs       (3,099)  
Dividends paid - common stock     (100,155) (93,263)  
Distributions to noncontrolling interest holders     (524) (497)  
Redemption of Operating Partnership Units     (265) (48)  
Mortgage principal payments     (203) (195)  
Net cash provided by financing activities     13,241 60,064  
Net (decrease) increase in cash and restricted cash     (7,571) 36,618  
Cash and restricted cash at beginning of period     21,556 14,065 $ 14,065
Cash and restricted cash at end of period 13,985 50,683 13,985 50,683 21,556
Supplemental cash flow information          
Cash paid for interest, net of interest capitalized     39,577 34,782  
Cash paid for income taxes, net of refunds     1,019 1,283  
Life Storage LP [Member]          
Operating Activities          
Net income 36,648 40,964 73,273 75,600  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization 28,987 26,158 57,317 52,387  
Amortization of debt issuance costs and bond discount     2,025 1,846  
Gain on sale of real estate     (302) (1,076)  
Equity in income of joint ventures (970) (1,110) (2,086) (1,921)  
Distributions from unconsolidated joint ventures     6,086 4,865  
Non-vested stock earned     2,273 2,235  
Deferred income taxes     1,126 204  
Other     (116)    
Changes in assets and liabilities (excluding the effects of acquisitions):          
Accounts receivable     683 (1,900)  
Prepaid expenses     (2,286) (1,941)  
Receipts from (advances to) unconsolidated joint ventures     172 (35)  
Accounts payable and other liabilities     (14,576) (11,270)  
Deferred revenue     2,329 (65)  
Net cash provided by operating activities     125,918 118,929  
Investing Activities          
Acquisition of storage facilities, net of cash acquired     (124,204) (95,819)  
Improvements, equipment additions, and construction in progress     (26,103) (37,683)  
Return of investment in unconsolidated joint ventures     8,359    
Investment in unconsolidated joint ventures     (4,953) (2,215)  
Property deposits     171 (6,658)  
Net cash used in investing activities     (146,730) (142,375)  
Financing Activities          
Net proceeds from sale of common stock\partnership units     21,388    
Proceeds from line of credit     225,000 183,000  
Repayments of line of credit     (132,000) (274,000)  
Proceeds from term notes, net of discount       348,166  
Repayment of term notes       (100,000)  
Debt issuance costs       (3,099)  
Distributions to unitholders     (100,155) (93,263)  
Distributions to noncontrolling interest holders     (524) (497)  
Redemption of Operating Partnership Units     (265) (48)  
Mortgage principal payments     (203) (195)  
Net cash provided by financing activities     13,241 60,064  
Net (decrease) increase in cash and restricted cash     (7,571) 36,618  
Cash and restricted cash at beginning of period     21,556 14,065 14,065
Cash and restricted cash at end of period $ 13,985 $ 50,683 13,985 50,683 $ 21,556
Supplemental cash flow information          
Cash paid for interest, net of interest capitalized     39,577 34,782  
Cash paid for income taxes, net of refunds     $ 1,019 $ 1,283