Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements Of Cash Flows

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Consolidated Statements Of Cash Flows (USD $)
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Operating Activities    
Net income $ 21,147,000 $ 33,565,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 26,222,000 24,834,000
Amortization of deferred financing fees 931,000 773,000
Gain on sale of storage facilities   (6,944,000)
Equity in losses (income) of joint ventures 408,000 (154,000)
Distributions from unconsolidated joint venture 471,000 380,000
Non-vested stock earned 1,026,000 955,000
Stock option expense 253,000 281,000
Changes in assets and liabilities:    
Accounts receivable 68,000 58,000
Prepaid expenses (527,000) (1,116,000)
Accounts payable and other liabilities 5,895,000 2,357,000
Deferred revenue 44,000 (56,000)
Net cash provided by operating activities 55,938,000 54,933,000
Investing Activities    
Acquisitions of storage facilities (145,873,000)  
Improvements, equipment additions, and construction in progress (17,181,000) (14,649,000)
Net proceeds from the sale of storage facilities   23,490,000
Investment in unconsolidated joint ventures (12,150,000)  
Advances to joint ventures (326,000) (59,000)
Property deposits (347,000)  
Net cash (used in) provided by investing activities (175,877,000) 8,782,000
Financing Activities    
Net proceeds from sale of common stock 5,679,000 686,000
Proceeds from line of credit and term notes 413,000,000 17,000,000
Repayments of line of credit and term notes (234,000,000) (17,000,000)
Financing costs (4,060,000)  
Dividends paid-common stock (37,366,000) (37,221,000)
Distributions to noncontrolling interest holders (1,025,000) (1,536,000)
Redemption of operating partnership units   (2,747,000)
Additional investment in Locke Sovran II (14,199,000)  
Mortgage principal payments (7,283,000) (1,680,000)
Net cash provided by (used in) financing activities 120,746,000 (42,498,000)
Net increase in cash 807,000 21,217,000
Cash at beginning of period 5,766,000 10,710,000
Cash at end of period 6,573,000 31,927,000
Supplemental cash flow information    
Cash paid for interest $ 26,582,000 $ 22,008,000