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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities    
Net income $ 83,266 $ 75,418
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 47,769 46,401
Amortization of debt issuance costs and bond discount 1,537 1,328
Equity in income of joint ventures (1,629) (2,118)
Distributions from unconsolidated joint ventures 4,751 4,024
Non-vested stock earned 1,764 1,661
Other (3,915) (149)
Changes in assets and liabilities (excluding the effects of acquisitions):    
Accounts receivable 872 (406)
Prepaid expenses (3,654) (2,396)
Receipts from (advances to) joint ventures 767 (471)
Accounts payable and other liabilities (11,912) (19,233)
Deferred revenue 1,338 1,284
Net cash provided by operating activities 120,954 105,343
Investing Activities    
Acquisition of storage facilities, net of cash acquired 0 (350,662)
Improvements, equipment additions, and construction in progress (25,500) (15,985)
Proceeds from sale of non-real estate assets 1,198 0
Investment in unconsolidated joint ventures (4,122) (3,450)
Property deposits 645 1,260
Net cash used in investing activities (27,779) (368,837)
Financing Activities    
Net proceeds from sale of common stock 0 92,943
Proceeds from line of credit 110,000 170,000
Repayments of line of credit (86,000) (35,000)
Dividends paid - common stock (102,028) (83,637)
Distributions to noncontrolling interest holders (2,249) (1,978)
Issuance of operating partnership units 58,576 0
Redemption of operating partnership units (58,318) (75)
Mortgage principal payments (3,727) (129)
Net cash (used in) provided by financing activities (83,746) 142,124
Net increase (decrease) in cash and restricted cash 9,429 (121,370)
Cash and restricted cash at beginning of period 29,461 176,434
Cash and restricted cash at end of period 38,890 55,064
Supplemental cash flow information    
Cash paid for interest, net of interest capitalized 24,192 15,319
Cash paid (received) for income taxes, net of refunds 59 (172)
Life Storage LP [Member]    
Operating Activities    
Net income 83,266 75,418
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 47,769 46,401
Amortization of debt issuance costs and bond discount 1,537 1,328
Equity in income of joint ventures (1,629) (2,118)
Distributions from unconsolidated joint ventures 4,751 4,024
Non-vested stock earned 1,764 1,661
Other (3,915) (149)
Changes in assets and liabilities (excluding the effects of acquisitions):    
Accounts receivable 872 (406)
Prepaid expenses (3,654) (2,396)
Receipts from (advances to) joint ventures 767 (471)
Accounts payable and other liabilities (11,912) (19,233)
Deferred revenue 1,338 1,284
Net cash provided by operating activities 120,954 105,343
Investing Activities    
Acquisition of storage facilities, net of cash acquired 0 (350,662)
Improvements, equipment additions, and construction in progress (25,500) (15,985)
Proceeds from sale of non-real estate assets 1,198 0
Investment in unconsolidated joint ventures (4,122) (3,450)
Property deposits 645 1,260
Net cash used in investing activities (27,779) (368,837)
Financing Activities    
Net proceeds from sale of partnership units 0 92,943
Proceeds from line of credit 110,000 170,000
Repayments of line of credit (86,000) (35,000)
Distributions to unitholders (102,028) (83,637)
Distributions to noncontrolling interest holders (2,249) (1,978)
Issuance of operating partnership units 58,576 0
Redemption of operating partnership units (58,318) (75)
Mortgage principal payments (3,727) (129)
Net cash (used in) provided by financing activities (83,746) 142,124
Net increase (decrease) in cash and restricted cash 9,429 (121,370)
Cash and restricted cash at beginning of period 29,461 176,434
Cash and restricted cash at end of period 38,890 55,064
Supplemental cash flow information    
Cash paid for interest, net of interest capitalized 24,192 15,319
Cash paid (received) for income taxes, net of refunds $ 59 $ (172)