CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands |
9 Months Ended |
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2016
USD ($)
|
| Operating Activities |
|
|
| Net income |
$ 95,753
|
$ 61,329
|
| Adjustments to reconcile net income to cash provided by operating activities: |
|
|
| Depreciation and amortization |
112,885
|
124,502
|
| Equity in losses of real estate ventures |
1,305
|
1,817
|
| Equity compensation expense |
4,179
|
3,614
|
| Accretion of fair market value adjustment of debt |
(373)
|
(913)
|
| Changes in other operating accounts: |
|
|
| Restricted cash |
(242)
|
404
|
| Other assets |
(9,218)
|
(6,833)
|
| Accounts payable and accrued expenses |
18,588
|
17,561
|
| Other liabilities |
1,403
|
1,571
|
| Net cash provided by operating activities |
224,280
|
203,052
|
| Investing Activities |
|
|
| Acquisitions of storage facilities |
(13,875)
|
(313,954)
|
| Additions and improvements to storage facilities |
(23,345)
|
(23,072)
|
| Development costs |
(49,731)
|
(134,136)
|
| Investment in real estate ventures, at equity |
(191)
|
(7,911)
|
| Cash distributed from real estate ventures |
6,113
|
5,970
|
| Change in restricted cash |
(36)
|
970
|
| Net cash used in investing activities |
(81,065)
|
(472,133)
|
| Proceeds from: |
|
|
| Unsecured senior notes |
103,192
|
298,512
|
| Revolving credit facility |
449,900
|
830,000
|
| Principal payments on: |
|
|
| Revolving credit facility |
(426,500)
|
(830,000)
|
| Mortgage loans and notes payable |
(8,022)
|
(36,648)
|
| Unsecured term loans |
(100,000)
|
|
| Loan procurement costs |
(953)
|
(2,467)
|
| Acquisition of noncontrolling interest in subsidiary |
(9,033)
|
|
| Proceeds from issuance of common shares, net |
(218)
|
136,151
|
| Cash paid upon vesting of restricted shares |
(2,034)
|
(1,631)
|
| Exercise of stock options |
865
|
12,573
|
| Contributions from noncontrolling interests in subsidiaries |
717
|
4,447
|
| Distributions paid to common shareholders |
(146,107)
|
(111,466)
|
| Distributions paid to preferred shareholders |
|
(4,506)
|
| Distributions paid to noncontrolling interests in Operating Partnership |
(1,765)
|
(1,374)
|
| Net cash (used in) provided by financing activities |
(139,958)
|
293,591
|
| Change in cash and cash equivalents |
3,257
|
24,510
|
| Cash and cash equivalents at beginning of period |
2,973
|
62,869
|
| Cash and cash equivalents at end of period |
6,230
|
87,379
|
| Supplemental Cash Flow and Noncash Information |
|
|
| Cash paid for interest, net of interest capitalized |
46,474
|
38,110
|
| Supplemental disclosure of noncash activities: |
|
|
| Restricted cash - acquisition of storage facilities |
|
(22,019)
|
| Accretion of liability |
25,595
|
23,393
|
| Derivative valuation adjustment |
1,505
|
1,752
|
| Discount on issuance of unsecured senior notes |
|
1,488
|
| Mortgage loan assumptions |
6,201
|
$ 41,513
|
| Issuance of OP units |
12,324
|
|
| Liability for acquisition of storage property |
$ 1,470
|
|