LIFE STORAGE, INC. LSI Cash Flow

Life storage, inc. (LSI)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Operating Activities
Net income
36,625	43,731	140,746	40,963	34,637	92,740	41,311	39,458	34,049	21,186	35,666	19,432	20,525	18,190	-4,969	43,505	28,230	30,183	31,661	28,676	22,557	25,838	25,742	20,702	16,775	22,372	19,799	18,052	14,372	13,554	18,958	11,860	11,269	10,382	2,366	10,081	8,700	8,976	9,374	16,303	7,888
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
28,330	27,891	26,852	26,160	26,227	25,691	27,291	24,784	24,764	25,589	26,149	38,105	37,642	40,999	41,406	18,251	16,425	15,069	14,671	14,585	14,181	13,969	13,367	12,476	11,937	11,428	11,381	11,447	11,290	10,432	10,511	10,491	10,245	10,356	8,940	8,657	8,625	8,322	8,215	8,256	8,363
Amortization of debt issuance costs and bond discount
1,025	1,027	1,027	943	903	949	891	890	891	1,793	833	831	832	830	823	7,679	356	296	296	296	296	323	212	212	195	194	218	213	209	209	209	210	208	253	338	336	257	257	258	257	258
(Gain) loss on sale of storage facilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-487	0	0	-7	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of real estate
302	705	0	0	1,076	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	421	-	-	-	-	-	-	-	-	-	-	-	-
Gain on disposal of discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	7,524	-580
Equity in income of joint ventures
1,116	1,471	1,174	1,110	811	1,056	1,046	1,048	972	1,055	753	785	721	870	882	998	915	969	937	853	646	533	661	434	458	531	575	456	386	328	335	205	68	68	-512	64	40	86	15	69	70
Distributions from unconsolidated joint ventures
3,611	2,746	2,554	2,461	2,404	2,285	2,173	2,066	2,037	1,984	2,219	1,495	1,357	1,332	1,327	1,263	1,285	1,571	1,272	961	1,017	843	793	869	618	732	738	605	555	713	666	468	337	473	159	124	188	114	134	96	150
Non-vested stock earned
1,124	908	1,049	839	1,396	1,832	1,455	1,253	1,495	2,243	1,659	1,634	1,612	1,725	1,781	1,913	1,889	1,527	1,578	1,596	1,612	1,137	1,159	1,158	1,223	927	825	616	626	607	586	720	600	-	-	-	332	352	301	308	346
Stock option expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	59	128	51	-	59	125	69	73	76	133	72
Stock option expense
-	-	-	-	-	-	-	3	4	-	3	4	4	4	4	35	46	47	46	81	36	37	37	113	36	40	42	162	57	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
399	871	225	379	-175	271	1,010	-43	148	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable
-541	1,402	1,232	380	1,520	-128	53	649	-45	226	916	439	281	-506	-2,115	452	-2,645	323	311	417	-13	92	325	545	-356	-	-	-	-340	143	253	-292	347	591	164	231	-463	79	23	474	-555
Prepaid expenses
3,904	-1,940	355	-1,165	3,106	-3,372	-6,113	-678	10,578	-2,345	408	-1,728	3,773	-1,088	239	-948	1,789	-356	17	-1,236	443	-729	-1,019	617	1,588	329	-167	-1,530	2,178	-48	-238	-1,390	2,653	-961	-448	-972	1,947	-1,044	185	-702	1,633
Receipts from (advances to) unconsolidated joint ventures
-51	-37	83	-766	801	264	-252	94	-497	528	-153	-274	73	476	-298	386	-270	115	3	83	145	-338	171	-351	-72	101	127	-85	-116	180	-63	-296	421	87	584	-237	-21	21	7	89	-37
Accounts payable and other liabilities
-22,492	6,263	10,302	12,555	-23,825	8,192	-4,002	14,031	-23,749	11,310	7,405	21,010	-29,033	12,707	16,873	-1,006	-10,080	24	9,752	3,958	-7,887	-493	8,658	7,816	-10,794	4,610	4,403	6,809	-14,743	6,482	3,630	5,833	-11,705	2,093	8,663	2,806	-5,574	-100	4,566	648	-2,857
Deferred revenue
1,140	1,115	1,376	-699	634	237	-1,024	-267	973	-122	-524	272	48	-776	-2,097	-476	-439	-8	-675	-256	342	-261	-683	-435	224	-341	-285	247	342	-407	-951	16	522	336	-175	110	109	-135	-233	-28	205
Net cash provided by operating activities
45,032	78,848	81,065	84,042	34,887	78,904	72,728	81,062	29,604	67,830	71,936	80,729	28,139	76,419	56,440	55,006	37,923	48,145	57,333	49,780	30,940	38,436	47,370	41,666	18,596	35,033	36,464	38,970	10,179	30,342	28,633	31,328	8,459	23,959	21,502	23,254	11,182	18,738	22,468	18,608	13,857
Investing Activities
Acquisition of storage facilities, net of cash acquired
124,204	38,586	258,893	40,687	55,132	-	-	-	-	12,304	0	0	9,576	11,729	1,322,789	92,201	323,548	6,541	65,016	74,413	134,040	52,022	45,874	94,734	89,101	44,566	27,844	175	22,174	-	-	-	-	4,571	141,754	4,119	0	-	-	0	0
Improvements, equipment additions, and construction in progress
11,661	27,350	25,962	25,647	12,036	22,377	16,973	19,292	8,755	17,679	20,316	24,923	20,739	28,411	16,815	13,829	13,797	17,407	12,036	6,961	5,335	14,840	8,540	7,086	4,631	14,910	8,974	7,088	2,917	16,032	8,072	8,380	4,361	10,883	6,793	6,847	3,541	6,867	5,296	6,903	2,450
Return of investment in unconsolidated joint ventures
8,359	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net proceeds from the sale of storage facilities and other real estate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,935	0	0	711	-	-	-	-	499	0	0	4,367	-	-	-	-	-	-	-	-	-	-	-	-
Investment in unconsolidated joint ventures
2,990	6,312	17,132	423	1,792	2,623	3,233	1,156	706	125	3,196	44,203	22,387	1,102	1	2,490	2,845	5,668	0	198	285	-	-	-	-	126	1,456	2,457	198	89	487	725	2,270	-	-	-	-	-	-	-	-
Property deposits
-171	-629	-5,891	658	6,000	-279	570	0	-29	-	-	-	-	450	-70	-1,543	2,372	4,220	-278	398	1,095	-70	381	-766	1,161	-	-	-	-	-	-161	-79	-125	60	2,260	-2,963	1,050	-	-	0	25
Net cash used in investing activities
-130,325	-71,619	-88,528	-67,415	-74,960	3,789	-29,609	-20,448	-9,432	-13,164	-22,494	-68,150	-52,702	-41,069	-1,339,535	-72,903	-342,562	-29,901	-76,774	-81,970	-140,044	-79,931	-52,062	-108,107	-94,893	-45,528	-38,100	-9,795	-20,922	-94,295	-23,486	-50,956	-6,927	-14,002	-159,199	-12,108	-4,570	-41,387	-5,278	16,572	-2,512
Financing Activities
Net proceeds from sale of common stock\partnership units
21,466	-	-	-	-	-	-	-	-	44	5,873	5,544	4,216	3,257	2,722	667,852	274,298	49,198	31,537	22,335	122,631	24,969	35,979	22,368	29,360	28,419	34,333	2,305	54,465	629	57,617	19,924	773	41,322	5,028	311	340	156	190	442	54
Proceeds from line of credit
172,000	80,000	42,000	76,000	107,000	62,000	57,000	47,000	68,000	43,000	54,000	106,000	73,000	43,000	482,000	267,000	310,000	33,000	78,000	75,000	144,000	77,000	21,000	12,000	92,000	32,000	22,000	82,000	16,000	84,000	32,000	21,000	17,000	-215,000	378,000	23,000	12,000	15,000	0	10,000	7,000
Repayments of line of credit
54,000	40,000	17,000	253,000	21,000	99,000	42,000	64,000	43,000	267,000	56,000	74,000	27,000	30,000	242,000	408,000	248,000	68,000	60,000	42,000	130,000	28,000	29,000	119,000	26,000	32,000	37,000	94,000	45,000	-	-	-	-	-72,000	224,000	4,000	6,000	5,000	0	10,000	7,000
Financing costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	661	50	-	-	-	-	-	-	-	-	86	3,748	0	312	-	-	-	-
Dividends paid - common stock
49,969	46,657	46,651	46,632	46,631	46,602	46,600	46,514	46,121	46,537	46,564	46,497	44,113	43,561	44,051	37,433	31,204	30,297	30,461	26,672	25,609	22,922	22,603	22,399	22,111	16,953	16,651	15,061	14,614	13,697	13,245	13,045	13,027	12,534	12,466	12,456	12,444	12,442	12,417	12,408	12,396
Debt issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	20	1,070	13,247	936	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions to noncontrolling interest holders
264	248	248	248	249	215	215	218	217	218	217	217	207	185	187	226	144	152	152	134	117	135	135	136	135	105	106	95	96	91	153	153	152	152	153	379	493	494	494	513	529
Redemption of Operating Partnership Units
265	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	16	0	0	306	-	-	-	-	-	-	-	-	147	0	1,499	1,248
Mortgage principal payments
166	165	98	97	98	1,487	92	92	93	90	88	86	89	52	71	40	34	35	33	34	32	32	32	32	31	988	919	45	45	44	44	42	42	69,759	6,082	591	610	585	559	550	571
Net cash provided by financing activities
88,802	-7,174	-21,719	21,042	39,022	-87,575	-31,975	-61,011	-21,431	-51,909	-51,230	-9,256	5,807	-27,561	397,344	913,421	303,980	-17,291	18,891	28,495	110,873	42,562	5,209	67,140	73,033	10,357	1,657	-26,450	10,404	65,789	-7,189	13,684	4,552	-9,209	136,579	-8,314	-7,519	-3,512	-13,280	-14,528	-14,690
Net increase in cash and restricted cash
3,509	55	-29,182	37,669	-1,051	-4,882	11,144	-397	-1,259	2,757	-1,788	3,323	-18,756	7,789	-885,751	895,524	-659	953	-550	-3,695	1,769	1,067	517	699	-3,264	-138	21	2,725	-339	1,836	-2,042	-5,944	6,084	748	-1,118	2,832	-907	-26,161	3,910	20,652	-3,345
Supplemental cash flow information
Cash paid for interest, net of interest capitalized
18,315	21,111	17,485	15,140	19,642	15,565	19,230	15,266	19,140	18,291	22,009	8,631	21,993	8,367	6,319	19,481	5,689	10,082	7,948	12,589	5,307	11,673	6,016	7,935	6,140	8,033	8,226	7,968	8,682	7,594	8,661	7,635	8,512	8,552	11,164	8,794	6,624	8,690	6,639	8,756	6,613
Cash paid for income taxes, net of refunds
265	140	202	937	346	142	-74	927	322	-116	135	941	220	70	-59	1,017	-47	4	137	855	88	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Life Storage LP [Member]
Net income
36,625	43,731	140,746	40,963	34,637	92,740	41,311	39,458	34,049	21,186	35,666	19,432	20,525	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation and amortization
28,330	27,891	26,852	26,160	26,227	25,691	27,291	24,784	24,764	25,589	26,149	38,105	37,642	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of debt issuance costs and bond discount
1,025	1,027	1,027	943	903	949	891	890	891	1,793	833	831	832	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of real estate
302	705	0	0	1,076	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity in income of joint ventures
1,116	1,471	1,174	1,110	811	1,056	1,046	1,048	972	1,055	753	785	721	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions from unconsolidated joint ventures
3,611	2,746	2,554	2,461	2,404	2,285	2,173	2,066	2,037	1,984	2,219	1,495	1,357	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-vested stock earned
1,124	908	1,049	839	1,396	1,832	1,455	1,253	1,495	2,243	1,659	1,634	1,612	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Stock option expense
-	-	-	-	-	0	0	3	4	4	3	4	4	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
399	899	225	379	-175	271	1,010	-43	148	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts receivable
-541	1,402	1,232	380	1,520	-128	53	649	-45	226	916	439	281	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Prepaid expenses
3,904	-1,940	355	-1,165	3,106	-3,372	-6,113	-678	10,578	-2,345	408	-1,728	3,773	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Receipts from (advances to) unconsolidated joint ventures
-51	-37	83	-766	801	264	-252	94	-497	528	-153	-274	73	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable and other liabilities
-22,492	6,263	10,302	12,555	-23,825	8,192	-4,002	14,031	-23,749	11,310	7,405	21,010	-29,033	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred revenue
1,140	1,115	1,376	-699	634	237	-1,024	-267	973	-122	-524	272	48	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by operating activities
45,032	78,848	81,065	84,042	34,887	78,904	72,728	81,062	29,604	67,830	71,936	80,729	28,139	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of storage facilities, net of cash acquired
124,204	38,586	258,893	40,687	55,132	-	-	-	-	12,304	0	0	9,576	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Improvements, equipment additions, and construction in progress
11,661	27,350	25,962	25,647	12,036	22,377	16,973	19,292	8,755	17,679	20,316	24,923	20,739	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Return of investment in unconsolidated joint ventures
8,359	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment in unconsolidated joint ventures
2,990	6,312	17,132	423	1,792	2,623	3,233	1,156	706	125	3,196	44,203	22,387	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property deposits
-171	-629	-5,891	658	6,000	-279	570	0	-29	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities
-130,325	-71,619	-88,528	-67,415	-74,960	3,789	-29,609	-20,448	-9,432	-13,164	-22,494	-68,150	-52,702	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net proceeds from sale of common stock\partnership units
21,466	-	-	-	-	-	-	-	-	44	5,873	5,544	4,216	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from line of credit
172,000	80,000	42,000	76,000	107,000	62,000	57,000	47,000	68,000	43,000	54,000	106,000	73,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of line of credit
54,000	40,000	17,000	253,000	21,000	99,000	42,000	64,000	43,000	267,000	56,000	74,000	27,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions to unitholders
49,969	46,657	46,651	46,632	46,631	46,602	46,600	46,514	46,121	46,537	46,564	46,497	44,113	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions to noncontrolling interest holders
264	248	248	248	249	215	215	218	217	218	217	217	207	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Redemption of Operating Partnership Units
265	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Mortgage principal payments
166	165	98	97	98	1,487	92	92	93	90	88	86	89	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by financing activities
88,802	-7,174	-21,719	21,042	39,022	-87,575	-31,975	-61,011	-21,431	-51,909	-51,230	-9,256	5,807	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net increase in cash and restricted cash
3,509	55	-29,182	37,669	-1,051	-4,882	11,144	-397	-1,259	2,757	-1,788	3,323	-18,756	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for interest, net of interest capitalized
18,315	21,111	17,485	15,140	19,642	15,565	19,230	15,266	19,140	18,291	22,009	8,631	21,993	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for income taxes, net of refunds
265	140	202	937	346	142	-74	927	322	-116	135	941	220	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-