Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.22.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating Activities    
Net income $ 75,418 $ 47,592
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 46,401 33,359
Amortization of debt issuance costs and bond discount 1,328 1,062
Equity in income of joint ventures (2,118) (1,221)
Distributions from unconsolidated joint ventures 4,024 2,547
Non-vested stock earned 1,661 1,453
Deferred income taxes 10 64
Other (159) (67)
Changes in assets and liabilities (excluding the effects of acquisitions):    
Accounts receivable (406) 705
Prepaid expenses (2,396) (3,862)
(Advances to) receipts from joint ventures (471) 544
Accounts payable and other liabilities (19,233) (16,949)
Deferred revenue 1,284 1,865
Net cash provided by operating activities 105,343 67,092
Investing Activities    
Acquisition of storage facilities, net of cash acquired (350,662) (265,197)
Improvements, equipment additions, and construction in progress (15,985) (10,228)
Return of investment in unconsolidated joint ventures 0 2,573
Investment in unconsolidated joint ventures (3,450) (1,330)
Property deposits 1,260 (519)
Net cash used in investing activities (368,837) (274,701)
Financing Activities    
Net proceeds from sale of common stock/partnership units 92,943 180,529
Proceeds from line of credit 170,000 76,000
Repayments of line of credit (35,000) (33,000)
Dividends paid - common stock (83,637) (55,840)
Distributions to noncontrolling interest holders (1,978) (247)
Redemption of operating partnership units (75) (63)
Mortgage principal payments (129) (117)
Net cash provided by financing activities 142,124 167,262
Net decrease in cash and restricted cash (121,370) (40,347)
Cash and restricted cash at beginning of period 176,434 58,771
Cash and restricted cash at end of period 55,064 18,424
Supplemental cash flow information    
Cash paid for interest, net of interest capitalized 15,319 15,118
Cash (received) paid for income taxes, net of refunds (172) (312)
Life Storage LP [Member]    
Operating Activities    
Net income 75,418 47,592
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 46,401 33,359
Amortization of debt issuance costs and bond discount 1,328 1,062
Equity in income of joint ventures (2,118) (1,221)
Distributions from unconsolidated joint ventures 4,024 2,547
Non-vested stock earned 1,661 1,453
Deferred income taxes 10 64
Other (159) (67)
Changes in assets and liabilities (excluding the effects of acquisitions):    
Accounts receivable (406) 705
Prepaid expenses (2,396) (3,862)
(Advances to) receipts from joint ventures (471) 544
Accounts payable and other liabilities (19,233) (16,949)
Deferred revenue 1,284 1,865
Net cash provided by operating activities 105,343 67,092
Investing Activities    
Acquisition of storage facilities, net of cash acquired (350,662) (265,197)
Improvements, equipment additions, and construction in progress (15,985) (10,228)
Return of investment in unconsolidated joint ventures 0 2,573
Investment in unconsolidated joint ventures (3,450) (1,330)
Property deposits 1,260 (519)
Net cash used in investing activities (368,837) (274,701)
Financing Activities    
Net proceeds from sale of common stock/partnership units 92,943 180,529
Proceeds from line of credit 170,000 76,000
Repayments of line of credit (35,000) (33,000)
Distributions to unitholders (83,637) (55,840)
Distributions to noncontrolling interest holders (1,978) (247)
Redemption of operating partnership units (75) (63)
Mortgage principal payments (129) (117)
Net cash provided by financing activities 142,124 167,262
Net decrease in cash and restricted cash (121,370) (40,347)
Cash and restricted cash at beginning of period 176,434 58,771
Cash and restricted cash at end of period 55,064 18,424
Supplemental cash flow information    
Cash paid for interest, net of interest capitalized 15,319 15,118
Cash (received) paid for income taxes, net of refunds $ (172) $ (312)