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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Operating Activities          
Net income $ 37,288 $ 140,746 $ 110,560 $ 216,346  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization 33,018 26,854 90,335 79,239  
Amortization of debt issuance costs and bond discount     3,033 2,873  
Gain on sale of storage facilities   (100,222)   (100,222)  
Gain on sale of real estate     (302) (1,076)  
Equity in income of joint ventures (1,829) (1,175) (3,915) (3,095)  
Distributions from unconsolidated joint ventures     9,246 7,419  
Non-vested stock earned     3,380 3,284  
Deferred income taxes     1,266 429  
Other     (178)    
Changes in assets and liabilities (excluding the effects of acquisitions):          
Accounts receivable     (1,562) (3,132)  
Prepaid expenses     (2,710) (2,296)  
Advances to joint ventures     (2,254) (118)  
Accounts payable and other liabilities     1,396 (968)  
Deferred revenue     3,421 1,311  
Net cash provided by operating activities     211,716 199,994  
Investing Activities          
Acquisition of storage facilities, net of cash acquired     (417,930) (354,712)  
Improvements, equipment additions, and construction in progress     (37,622) (63,645)  
Net proceeds from the sale of real estate       207,568  
Return of investment in unconsolidated joint ventures     28,008    
Investment in unconsolidated joint ventures     (21,862) (19,347)  
Loans to unconsolidated subsidiaries     (35,850)    
Loan payments received from unconsolidated subsidiaries     35,850    
Property deposits     (129) (767)  
Net cash used in investing activities     (449,535) (230,903)  
Financing Activities          
Net proceeds from sale of common stock\partnership units     155,614 375  
Proceeds from line of credit     285,000 225,000  
Repayments of line of credit     (350,000) (291,000)  
Proceeds from term notes, net of discount     398,096 348,166  
Repayment of term notes       (100,000)  
Debt issuance costs     (3,480) (3,099)  
Dividends paid - common stock     (150,357) (139,914)  
Distributions to noncontrolling interest holders     (785) (745)  
Payments to acquire equity in consolidated subsidiary from noncontrolling interests     (2,000)    
Redemption of Operating Partnership Units     (265) (145)  
Mortgage principal payments     (306) (293)  
Net cash provided by financing activities     331,517 38,345  
Net increase in cash and restricted cash     93,698 7,436  
Cash and restricted cash at beginning of period     21,556 14,065 $ 14,065
Cash and restricted cash at end of period 115,254 21,501 115,254 21,501 21,556
Supplemental cash flow information          
Cash paid for interest, net of interest capitalized     57,816 52,267  
Cash paid for income taxes, net of refunds     859 1,485  
Life Storage LP [Member]          
Operating Activities          
Net income 37,288 140,746 110,560 216,346  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization 33,018 26,854 90,335 79,239  
Amortization of debt issuance costs and bond discount     3,033 2,873  
Gain on sale of storage facilities   (100,222)   (100,222)  
Gain on sale of real estate     (302) (1,076)  
Equity in income of joint ventures (1,829) (1,175) (3,915) (3,095)  
Distributions from unconsolidated joint ventures     9,246 7,419  
Non-vested stock earned     3,380 3,284  
Deferred income taxes     1,266 429  
Other     (178)    
Changes in assets and liabilities (excluding the effects of acquisitions):          
Accounts receivable     (1,562) (3,132)  
Prepaid expenses     (2,710) (2,296)  
Advances to joint ventures     (2,254) (118)  
Accounts payable and other liabilities     1,396 (968)  
Deferred revenue     3,421 1,311  
Net cash provided by operating activities     211,716 199,994  
Investing Activities          
Acquisition of storage facilities, net of cash acquired     (417,930) (354,712)  
Improvements, equipment additions, and construction in progress     (37,622) (63,645)  
Net proceeds from the sale of real estate       207,568  
Return of investment in unconsolidated joint ventures     28,008    
Investment in unconsolidated joint ventures     (21,862) (19,347)  
Loans to unconsolidated subsidiaries     (35,850)    
Loan payments received from unconsolidated subsidiaries     35,850    
Property deposits     (129) (767)  
Net cash used in investing activities     (449,535) (230,903)  
Financing Activities          
Net proceeds from sale of common stock\partnership units     155,614 375  
Proceeds from line of credit     285,000 225,000  
Repayments of line of credit     (350,000) (291,000)  
Proceeds from term notes, net of discount     398,096 348,166  
Repayment of term notes       (100,000)  
Debt issuance costs     (3,480) (3,099)  
Distributions to unitholders     (150,357) (139,914)  
Distributions to noncontrolling interest holders     (785) (745)  
Payments to acquire equity in consolidated subsidiary from noncontrolling interests     (2,000)    
Redemption of Operating Partnership Units     (265) (145)  
Mortgage principal payments     (306) (293)  
Net cash provided by financing activities     331,517 38,345  
Net increase in cash and restricted cash     93,698 7,436  
Cash and restricted cash at beginning of period     21,556 14,065 14,065
Cash and restricted cash at end of period $ 115,254 $ 21,501 115,254 21,501 $ 21,556
Supplemental cash flow information          
Cash paid for interest, net of interest capitalized     57,816 52,267  
Cash paid for income taxes, net of refunds     $ 859 $ 1,485