Partners' Capital

9 Months Ended

Sep. 30, 2020

14. PARTNERS’ CAPITAL

The following is a reconciliation of the changes in total partners’ capital for the nine months ended September 30, 2020:

(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, 2019	$	21,594		$	2,117,258		$	(5,958	)	$	2,132,894
Net proceeds from issuance of Operating Partnership Units		212			21,254			—			21,466
Earned portion of non-vested stock		11			1,113			—			1,124
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units		—			5,542			—			5,542
Net income attributable to common unitholders		366			36,067			—			36,433
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(502	)		(49,467	)		—			(49,969	)
Balance March 31, 2020		21,683			2,131,765			(5,729	)		2,147,719
Earned portion of non-vested stock		11			1,060			—			1,071
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units		—			(2,609	)		—			(2,609	)
Net income attributable to common unitholders		366			36,091			—			36,457
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(504	)		(49,682	)		—			(50,186	)
Balance June 30, 2020		21,558			2,116,623			(5,500	)		2,132,681
Net proceeds from issuance of Operating Partnership Units		1,342			132,884			—			134,226
Earned portion of non-vested stock		12			1,095			—			1,107
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units		—			(2,948	)		—			(2,948	)
Purchases of equity in consolidated subsidiary from noncontrolling interests		(23	)		(2,277	)		—			(2,300	)
Net income attributable to common unitholders		373			36,722			—			37,095
Amortization of terminated hedge included in AOCL		2			(2	)		230			230
Distributions		(505	)		(49,698	)		—			(50,203	)
Balance September 30, 2020	$	22,759		$	2,232,399		$	(5,270	)	$	2,249,888

The following is a reconciliation of the changes in total partners’ capital for the nine months ended September 30, 2019:

(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, 2018	$	20,816		$	2,043,796		$	(6,875	)	$	2,057,737
Earned portion of non-vested stock		14			1,382			—			1,396
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units		—			(294	)		—			(294	)
Net income attributable to common unitholders		347			34,107			—			34,454
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(469	)		(46,162	)		—			(46,631	)
Balance March 31, 2019		20,710			2,032,827			(6,646	)		2,046,891
Earned portion of non-vested stock		9			831			—			840
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units		—			(150	)		—			(150	)
Net income attributable to common unitholders		409			40,333			—			40,742
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(469	)		(46,163	)		—			(46,632	)
Balance June 30, 2019		20,661			2,027,676			(6,417	)		2,041,920
Exercise of stock options		4			465			—			469
Earned portion of non-vested stock		10			945			—			955
Carrying value less than redemption value on redeemed noncontrolling interest		(1	)		1			—			—
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units		—			(1,606	)		—			(1,606	)
Net income attributable to common unitholders		1,408			138,594			—			140,002
Amortization of terminated hedge included in AOCL		2			(2	)		229			229
Distributions		(469	)		(46,182	)		—			(46,651	)
Balance September 30, 2019	$	21,615		$	2,119,891		$	(6,188	)	$	2,135,318