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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating Activities    
Net income $ 169,795 $ 105,357
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 94,476 69,130
Amortization of debt issuance costs and bond discount 2,654 2,123
Equity in income of joint ventures (4,032) (2,649)
Distributions from unconsolidated joint ventures 8,125 6,772
Non-vested stock earned 3,404 2,920
Deferred income taxes 117 (74)
Other (2,094) (179)
Changes in assets and liabilities (excluding the effects of acquisitions):    
Accounts receivable (3,344) 1,451
Prepaid expenses (2,099) (2,181)
(Advances to) receipts from joint ventures (292) 429
Accounts payable and other liabilities (11,229) (7,987)
Deferred revenue 3,581 3,296
Net cash provided by operating activities 259,062 178,408
Investing Activities    
Acquisition of storage facilities, net of cash acquired (571,618) (531,162)
Improvements, equipment additions, and construction in progress (39,529) (30,145)
Proceeds from sale of non-real estate assets 2,603 0
Return of investment in unconsolidated joint ventures 0 34,145
Investment in unconsolidated joint ventures (23,106) (30,146)
Property deposits 2,587 (335)
Net cash used in investing activities (629,063) (557,643)
Financing Activities    
Net proceeds from sale of common stock/partnership units 100,807 328,854
Proceeds from line of credit 443,000 263,000
Repayments of line of credit (140,000) (123,000)
Dividends paid - common stock (168,000) (112,713)
Distributions to noncontrolling interest holders (3,935) (494)
Redemption of operating partnership units (245) (162)
Mortgage principal payments (255) (242)
Net cash provided by financing activities 231,372 355,243
Net decrease in cash and restricted cash (138,629) (23,992)
Cash and restricted cash at beginning of period 176,434 58,771
Cash and restricted cash at end of period 37,805 34,779
Supplemental cash flow information    
Cash paid for interest, net of interest capitalized 48,734 40,778
Cash paid for income taxes, net of refunds 2,014 818
Life Storage LP [Member]    
Operating Activities    
Net income 169,795 105,357
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 94,476 69,130
Amortization of debt issuance costs and bond discount 2,654 2,123
Equity in income of joint ventures (4,032) (2,649)
Distributions from unconsolidated joint ventures 8,125 6,772
Non-vested stock earned 3,404 2,920
Deferred income taxes 117 (74)
Other (2,094) (179)
Changes in assets and liabilities (excluding the effects of acquisitions):    
Accounts receivable (3,344) 1,451
Prepaid expenses (2,099) (2,181)
(Advances to) receipts from joint ventures (292) 429
Accounts payable and other liabilities (11,229) (7,987)
Deferred revenue 3,581 3,296
Net cash provided by operating activities 259,062 178,408
Investing Activities    
Acquisition of storage facilities, net of cash acquired (571,618) (531,162)
Improvements, equipment additions, and construction in progress (39,529) (30,145)
Proceeds from sale of non-real estate assets 2,603 0
Return of investment in unconsolidated joint ventures 0 34,145
Investment in unconsolidated joint ventures (23,106) (30,146)
Property deposits 2,587 (335)
Net cash used in investing activities (629,063) (557,643)
Financing Activities    
Net proceeds from sale of common stock/partnership units 100,807 328,854
Proceeds from line of credit 443,000 263,000
Repayments of line of credit (140,000) (123,000)
Distributions to unitholders (168,000) (112,713)
Distributions to noncontrolling interest holders (3,935) (494)
Redemption of operating partnership units (245) (162)
Mortgage principal payments (255) (242)
Net cash provided by financing activities 231,372 355,243
Net decrease in cash and restricted cash (138,629) (23,992)
Cash and restricted cash at beginning of period 176,434 58,771
Cash and restricted cash at end of period 37,805 34,779
Supplemental cash flow information    
Cash paid for interest, net of interest capitalized 48,734 40,778
Cash paid for income taxes, net of refunds $ 2,014 $ 818