Life storage, inc. (LSI)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08
Operating Activities
Net income

260,077

207,558

96,809

84,956

113,077

89,057

74,595

55,641

31,529

42,541

21,654

39,683

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

107,130

102,530

127,485

117,081

58,506

51,749

45,546

41,679

36,578

33,156

33,818

35,659

Amortization of debt issuance costs and bond discount

3,900

3,621

4,289

9,688

1,184

942

834

836

1,184

1,030

1,838

-

(Gain) loss on sale of storage facilities

104,353

56,398

-3,503

15,270

-494

5,176

-

-

-

-

-

-

Gain on sale of real estate

1,781

718

-

623

-

-

421

687

1,511

-

1,127

-

Gain on disposal of discontinued operations

-

-

-

-

-

-

2,431

4,498

-

6,944

-1,636

716

Write-off of acquired property deposits

-

-

-

1,783

0

0

-

-

-

-

-

-

Casualty loss

-

-

-

-

-

-

-

-

126

-

390

-

Impairment loss

-

-

-

-

-

-

-

-

1,047

0

-

-

Equity in income of joint ventures

4,566

4,122

3,314

3,665

3,405

2,086

1,948

936

-340

240

235

104

Distributions from unconsolidated joint ventures

10,165

8,561

7,055

5,207

4,821

3,123

2,630

2,184

944

494

686

345

Non-vested stock earned

4,192

6,035

7,148

7,308

6,313

4,677

2,994

2,513

1,492

1,307

1,379

1,444

Stock option expense

-

7

15

-

-

-

-

-

-

354

321

279

Stock option expense

-

-

-

89

210

223

301

280

302

-

-

-

Deferred income taxes

1,300

1,386

-2,578

-

-

-

-

-

-

-

-

-

Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable

4,534

529

1,862

-4,814

1,038

606

1,659

451

523

21

-509

171

Prepaid expenses

356

415

108

-8

-1,132

457

810

977

-434

72

-413

-118

Receipts from (advances to) unconsolidated joint ventures

81

-391

174

294

346

-590

27

242

413

80

-163

-336

Investment in unconsolidated joint venture

-

-

-

-

-

-

-

-

-

-

-

20,287

Additional investment in consolidated joint venture net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

6,106

Accounts payable and other liabilities

5,295

-5,528

10,692

18,494

5,847

5,187

1,079

4,240

7,988

2,257

-1,677

619

Deferred revenue

2,426

-81

-326

-3,788

-597

-1,155

-37

-820

380

-191

-462

-24

Net cash provided by operating activities

278,842

262,298

248,634

225,788

186,198

146,068

120,646

98,762

79,897

73,671

59,143

77,132

Investing Activities
Acquisition of storage facilities, net of cash acquired

393,298

72,603

21,880

1,750,267

280,010

281,731

94,759

186,870

150,444

34,717

-

18,547

Improvements, equipment additions, and construction in progress

90,995

67,397

83,657

72,852

41,739

35,097

33,889

36,845

28,064

21,516

22,261

45,709

Net proceeds from the sale of storage facilities and other real estate

207,568

92,280

18,872

34,697

4,646

11,191

4,866

3,298

2,019

-

1,140

-

Net proceeds from the disposal of discontinued operations

-

-

-

-

-

-

11,741

47,698

-

-

-

-

Casualty insurance proceeds received

-

-

-

-

-

-

-

626

588

-

518

-

Net proceeds from the sale of real estate

-

-

-

-

-

-

-

-

-

23,708

16,309

7,002

Investment in unconsolidated joint ventures

25,659

7,718

69,911

6,438

6,151

28,650

4,237

3,571

13,571

-

331

-

Return of capital from unconsolidated joint ventures

-

-

-

-

-

-

7,360

-

-

-

-

-

Property deposits

138

262

-66

1,209

5,435

706

5,427

-

407

-

-

-

Reimbursement of property deposits

-

-

-

-

-

-

-

-

-

-

-

1,259

Receipts from related parties

-

-

-

-

-

-

-

-

-

-

14

13

Net cash used in investing activities

-302,522

-55,700

-156,510

-1,796,069

-328,689

-334,993

-114,345

-175,664

-189,879

-32,605

-4,448

-82,711

Financing Activities
Net proceeds from sale of common stock\partnership units

376

2,976

15,677

948,129

225,701

112,676

119,522

78,943

47,001

842

146,710

10,842

Purchase of outstanding shares\units

-

-

8,234

-

-

-

-

-

-

-

-

-

Proceeds from line of credit

305,000

234,000

276,000

1,102,000

330,000

202,000

152,000

154,000

198,000

32,000

30,000

14,000

Repayments of line of credit

331,000

248,000

424,000

928,000

300,000

202,000

208,000

95,000

162,000

22,000

44,000

206,000

Financing costs

-

-

-

-

-

-

1,554

-

4,146

-

0

3,085

Dividends paid - common stock

186,571

185,837

183,711

156,249

113,039

90,035

63,279

53,014

49,900

49,663

51,133

55,256

Proceeds from term notes, net of discount

348,166

-

447,853

796,682

-

175,000

325,000

-

325,000

-

0

250,000

Repayment of term notes

100,000

-

225,000

150,000

-

-

325,000

-

150,000

-

100,000

-

Debt issuance costs

3,099

2,126

3,961

15,273

-

3,001

-

-

-

-

-

-

Settlement of forward starting interest rate swaps

-

-

-

9,166

-

-

-

-

-

-

-

-

Distributions to noncontrolling interest holders

993

865

859

742

555

541

402

549

1,177

2,030

2,006

2,633

Redemption of Operating Partnership Units

250

376

-

-

1,005

6,028

322

7,372

-

2,894

-

114

Additional investment in Locke Sovran II LLC

-

-

-

-

-

-

-

-

14,199

-

-

-

Mortgage principal payments

458

1,764

353

197

134

127

1,997

172

77,042

2,265

28,042

1,699

Net cash provided by financing activities

31,171

-201,992

-106,588

1,587,184

140,968

187,944

-4,032

76,836

111,537

-46,010

-48,471

6,055

Net increase in cash and restricted cash

7,491

4,606

-14,464

16,903

-1,523

-981

2,269

-66

1,555

-4,944

6,224

476

Supplemental cash flow information
Cash paid for interest, net of interest capitalized

73,378

69,201

70,924

39,856

35,926

31,764

32,909

32,402

35,134

30,698

49,154

37,970

Cash paid for income taxes, net of refunds

1,625

1,317

1,180

981

1,084

665

778

-

-

-

-

-

Fair Value of net liabilities assumed on the acquisition of storage facilities

-

-

-

-

-

-

-

-

-

-

-

107

Life Storage LP [Member]
Net income

260,077

207,558

96,809

84,956

-

-

-

-

-

-

-

-

Depreciation and amortization

107,130

102,530

127,485

117,081

-

-

-

-

-

-

-

-

Amortization of debt issuance costs and bond discount

3,900

3,621

4,289

9,688

-

-

-

-

-

-

-

-

(Gain) loss on sale of storage facilities

104,353

56,398

-3,503

15,270

-

-

-

-

-

-

-

-

Gain on sale of real estate

1,781

718

-

623

-

-

-

-

-

-

-

-

Write-off of acquired property deposits

-

-

-

1,783

-

-

-

-

-

-

-

-

Equity in income of joint ventures

4,566

4,122

3,314

3,665

-

-

-

-

-

-

-

-

Distributions from unconsolidated joint ventures

10,165

8,561

7,055

5,207

-

-

-

-

-

-

-

-

Non-vested stock earned

4,192

6,035

7,148

7,308

-

-

-

-

-

-

-

-

Stock option expense

-

7

15

89

-

-

-

-

-

-

-

-

Deferred income taxes

1,328

1,386

-2,578

-

-

-

-

-

-

-

-

-

Accounts receivable

4,534

529

1,862

-4,814

-

-

-

-

-

-

-

-

Prepaid expenses

356

415

108

-8

-

-

-

-

-

-

-

-

Receipts from (advances to) unconsolidated joint ventures

81

-391

174

294

-

-

-

-

-

-

-

-

Accounts payable and other liabilities

5,295

-5,528

10,692

18,494

-

-

-

-

-

-

-

-

Deferred revenue

2,426

-81

-326

-3,788

-

-

-

-

-

-

-

-

Net cash provided by operating activities

278,842

262,298

248,634

225,788

-

-

-

-

-

-

-

-

Acquisition of storage facilities, net of cash acquired

393,298

72,603

21,880

1,750,267

-

-

-

-

-

-

-

-

Improvements, equipment additions, and construction in progress

90,995

67,397

83,657

72,852

-

-

-

-

-

-

-

-

Net proceeds from the sale of storage facilities and other real estate

207,568

92,280

18,872

34,697

-

-

-

-

-

-

-

-

Investment in unconsolidated joint ventures

25,659

7,718

69,911

6,438

-

-

-

-

-

-

-

-

Property deposits

138

262

-66

1,209

-

-

-

-

-

-

-

-

Net cash used in investing activities

-302,522

-55,700

-156,510

-1,796,069

-

-

-

-

-

-

-

-

Net proceeds from sale of common stock\partnership units

376

2,976

15,677

948,129

-

-

-

-

-

-

-

-

Purchase of outstanding shares\units

-

-

8,234

-

-

-

-

-

-

-

-

-

Proceeds from line of credit

305,000

234,000

276,000

1,102,000

-

-

-

-

-

-

-

-

Repayments of line of credit

331,000

248,000

424,000

928,000

-

-

-

-

-

-

-

-

Proceeds from term notes, net of discount

348,166

-

447,853

796,682

-

-

-

-

-

-

-

-

Repayment of term notes

100,000

-

225,000

150,000

-

-

-

-

-

-

-

-

Debt issuance costs

3,099

2,126

3,961

15,273

-

-

-

-

-

-

-

-

Settlement of forward starting interest rate swaps

-

-

-

9,166

-

-

-

-

-

-

-

-

Distributions to unitholders

186,571

185,837

183,711

156,249

-

-

-

-

-

-

-

-

Distributions to noncontrolling interest holders

993

865

859

742

-

-

-

-

-

-

-

-

Redemption of Operating Partnership Units

250

376

-

-

-

-

-

-

-

-

-

-

Mortgage principal payments

458

1,764

353

197

-

-

-

-

-

-

-

-

Net cash provided by financing activities

31,171

-201,992

-106,588

1,587,184

-

-

-

-

-

-

-

-

Net increase in cash and restricted cash

7,491

4,606

-14,464

16,903

-

-

-

-

-

-

-

-

Cash paid for interest, net of interest capitalized

73,378

69,201

70,924

39,856

-

-

-

-

-

-

-

-

Cash paid for income taxes, net of refunds

1,625

1,317

1,180

981

-

-

-

-

-

-

-

-