Quarterly report pursuant to Section 13 or 15(d)

Partners' Capital

v3.22.1
Partners' Capital
3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Partners' Capital

14. PARTNERS’ CAPITAL

The following is a reconciliation of the changes in total partners’ capital for the three months ended March 31, 2022:

 

(dollars in thousands)

 

Life Storage
Holdings, Inc.
General
Partner

 

 

Life Storage,
Inc. Limited
Partner

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Total
Controlling
Partners’
Capital

 

Balance December 31, 2021

 

$

36,131

 

 

$

3,346,992

 

 

$

(4,124

)

 

$

3,378,999

 

Net proceeds from issuance of Operating Partnership
   Units

 

 

927

 

 

 

91,844

 

 

 

 

 

 

92,771

 

Exercise of stock options

 

 

2

 

 

 

171

 

 

 

 

 

 

173

 

Earned portion of non-vested stock

 

 

17

 

 

 

1,644

 

 

 

 

 

 

1,661

 

Carrying value less than redemption value on redeemed
   noncontrolling interest

 

 

(1

)

 

 

1

 

 

 

 

 

 

 

Adjustment to redemption value on noncontrolling
   redeemable Operating Partnership Units

 

 

 

 

 

10,924

 

 

 

 

 

 

10,924

 

Net income attributable to common unitholders

 

 

754

 

 

 

72,821

 

 

 

 

 

 

73,575

 

Amortization of terminated hedge included in AOCL

 

 

2

 

 

 

(2

)

 

 

229

 

 

 

229

 

Distributions

 

 

(846

)

 

 

(82,791

)

 

 

 

 

 

(83,637

)

Balance March 31, 2022

 

$

36,986

 

 

$

3,441,604

 

 

$

(3,895

)

 

$

3,474,695

 

 

The following is a reconciliation of the changes in total partners’ capital for the three months ended March 31, 2021:

 

(dollars in thousands)

 

Life Storage
Holdings, Inc.
General
Partner

 

 

Life Storage,
Inc. Limited
Partner

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Total
Controlling
Partners’
Capital

 

Balance December 31, 2020

 

$

24,045

 

 

$

2,359,094

 

 

$

(5,041

)

 

$

2,378,098

 

Net proceeds from issuance of Operating Partnership
   Units

 

 

1,807

 

 

 

178,722

 

 

 

 

 

 

180,529

 

Earned portion of non-vested stock

 

 

14

 

 

 

1,439

 

 

 

 

 

 

1,453

 

Carrying value less than redemption value on redeemed
    noncontrolling interest

 

 

(1

)

 

 

(3

)

 

 

 

 

 

(4

)

Adjustment to redemption value on noncontrolling
   redeemable Operating Partnership Units

 

 

 

 

 

(2,358

)

 

 

 

 

 

(2,358

)

Net income attributable to common unitholders

 

 

476

 

 

 

46,907

 

 

 

 

 

 

47,383

 

Amortization of terminated hedge included in AOCL

 

 

2

 

 

 

(2

)

 

 

229

 

 

 

229

 

Distributions

 

 

(561

)

 

 

(55,279

)

 

 

 

 

 

(55,840

)

Balance March 31, 2021

 

$

25,782

 

 

$

2,528,520

 

 

$

(4,812

)

 

$

2,549,490