Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Activities      
Net income $ 252,175 $ 152,360 $ 260,077
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 147,119 122,925 107,130
Amortization of debt issuance costs and bond discount 4,513 4,096 3,900
Gain on sale of storage facilities 0 0 (104,353)
Gain on sale of real estate 0 (302) (1,781)
Equity in income of joint ventures (5,696) (4,838) (4,566)
Distributions from unconsolidated joint ventures 13,866 14,098 10,165
Non-vested stock earned and deferred compensation 6,604 4,559 4,192
Deferred income taxes 34 496 1,328
Other (107) (210) 0
Changes in assets and liabilities (excluding the effects of acquisitions):      
Accounts receivable (2,140) (2,915) (4,534)
Prepaid expenses (1,569) (247) (356)
Receipts from (advances to) joint ventures 731 (95) (81)
Accounts payable and other liabilities 13,888 4,787 5,295
Deferred revenue 4,483 4,252 2,426
Net cash provided by operating activities 433,901 298,966 278,842
Investing Activities      
Acquisition of storage facilities, net of cash and restricted cash acquired (1,514,684) (520,943) (393,298)
Improvements, equipment additions, and construction in progress (85,080) (56,397) (90,995)
Net proceeds from the sale of storage facilities and other real estate 0 0 207,568
Return of investment in unconsolidated joint ventures 37,584 28,008 0
Investment in unconsolidated joint ventures (113,465) (26,383) (25,659)
Loans to unconsolidated joint ventures 0 (35,850) 0
Loan payments received from unconsolidated joint ventures 0 35,850 0
Property deposits (5,089) (280) (138)
Net cash used in investing activities (1,680,734) (575,995) (302,522)
Financing Activities      
Net proceeds from sale of common stock/partnership units 1,019,357 295,962 376
Proceeds from line of credit 459,000 285,000 305,000
Repayment of line of credit (459,000) (350,000) (331,000)
Proceeds from term notes, net of discount 594,498 398,096 348,166
Repayment of term notes 0 (100,000) (100,000)
Debt issuance costs (5,114) (3,490) (3,099)
Dividends paid - common stock (241,200) (202,357) (186,571)
Distributions to noncontrolling interest holders (1,751) (1,047) (993)
Payments to acquire equity in consolidated subsidiary from noncontrolling interests 0 (2,000) 0
Redemption of operating partnership units (805) (2,751) (250)
Mortgage principal payments (489) (3,169) (458)
Net cash provided by financing activities 1,364,496 314,244 31,171
Net increase in cash and restricted cash 117,663 37,215 7,491
Cash and restricted cash at beginning of period 58,771 21,556 14,065
Cash and restricted cash at end of period 176,434 58,771 21,556
Supplemental cash flow information      
Cash paid for interest, net of interest capitalized 81,421 79,423 73,378
Cash paid for income taxes, net of refunds 1,727 1,294 1,625
Life Storage LP [Member]      
Operating Activities      
Net income 252,175 152,360 260,077
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 147,119 122,925 107,130
Amortization of debt issuance costs and bond discount 4,513 4,096 3,900
Gain on sale of storage facilities 0 0 (104,353)
Gain on sale of real estate 0 (302) (1,781)
Equity in income of joint ventures (5,696) (4,838) (4,566)
Distributions from unconsolidated joint ventures 13,866 14,098 10,165
Non-vested stock earned and deferred compensation 6,604 4,559 4,192
Deferred income taxes 34 496 1,328
Other (107) (210) 0
Changes in assets and liabilities (excluding the effects of acquisitions):      
Accounts receivable (2,140) (2,915) (4,534)
Prepaid expenses (1,569) (247) (356)
Receipts from (advances to) joint ventures 731 (95) (81)
Accounts payable and other liabilities 13,888 4,787 5,295
Deferred revenue 4,483 4,252 2,426
Net cash provided by operating activities 433,901 298,966 278,842
Investing Activities      
Acquisition of storage facilities, net of cash and restricted cash acquired (1,514,684) (520,943) (393,298)
Improvements, equipment additions, and construction in progress (85,080) (56,397) (90,995)
Net proceeds from the sale of storage facilities and other real estate 0 0 207,568
Return of investment in unconsolidated joint ventures 37,584 28,008 0
Investment in unconsolidated joint ventures (113,465) (26,383) (25,659)
Loans to unconsolidated joint ventures 0 (35,850) 0
Loan payments received from unconsolidated joint ventures 0 35,850 0
Property deposits (5,089) (280) (138)
Net cash used in investing activities (1,680,734) (575,995) (302,522)
Financing Activities      
Net proceeds from sale of common stock/partnership units 1,019,357 295,962 376
Proceeds from line of credit 459,000 285,000 305,000
Repayment of line of credit (459,000) (350,000) (331,000)
Proceeds from term notes, net of discount 594,498 398,096 348,166
Repayment of term notes 0 (100,000) (100,000)
Debt issuance costs (5,114) (3,490) (3,099)
Distributions to unitholders (241,200) (202,357) (186,571)
Distributions to noncontrolling interest holders (1,751) (1,047) (993)
Payments to acquire equity in consolidated subsidiary from noncontrolling interests 0 (2,000) 0
Redemption of operating partnership units (805) (2,751) (250)
Mortgage principal payments (489) (3,169) (458)
Net cash provided by financing activities 1,364,496 314,244 31,171
Net increase in cash and restricted cash 117,663 37,215 7,491
Cash and restricted cash at beginning of period 58,771 21,556 14,065
Cash and restricted cash at end of period 176,434 58,771 21,556
Supplemental cash flow information      
Cash paid for interest, net of interest capitalized 81,421 79,423 73,378
Cash paid for income taxes, net of refunds $ 1,727 $ 1,294 $ 1,625