LIFE STORAGE, INC. LSI Cash Flow

Life storage, inc. (LSI)

CashFlow / TTM

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
262,065	260,077	309,086	209,651	208,146	207,558	136,004	130,359	110,333	96,809	93,813	53,178	77,251	84,956	96,949	133,579	118,750	113,077	108,732	102,813	94,839	89,057	85,591	79,648	76,998	74,595	65,777	64,936	58,744	55,641	52,469	35,877	34,098	31,529	30,123	37,131	43,353	42,541	0	0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
109,233	107,130	104,930	105,369	103,993	102,530	102,428	101,286	114,607	127,485	142,895	158,152	138,298	117,081	91,151	64,416	60,750	58,506	57,406	56,102	53,993	51,749	49,208	47,222	46,193	45,546	44,550	43,680	42,724	41,679	41,603	40,032	38,198	36,578	34,544	33,819	33,418	33,156	0	0	0
Amortization of debt issuance costs and bond discount
4,022	3,900	3,822	3,686	3,633	3,621	4,465	4,407	4,348	4,289	3,326	3,316	10,164	9,688	9,154	8,627	1,244	1,184	1,211	1,127	1,043	942	813	819	820	834	849	840	837	836	880	1,009	1,135	1,184	1,188	1,108	1,029	1,030	0	0	0
(Gain) loss on sale of storage facilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-494	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of real estate
1,007	1,781	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	421	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Gain on disposal of discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,944	0	0	0
Equity in income of joint ventures
4,871	4,566	4,151	4,023	3,961	4,122	4,121	3,828	3,565	3,314	3,129	3,258	3,471	3,665	3,764	3,819	3,674	3,405	2,969	2,693	2,274	2,086	2,084	1,998	2,020	1,948	1,745	1,505	1,254	936	676	-171	-312	-340	-322	205	210	240	0	0	0
Distributions from unconsolidated joint ventures
11,372	10,165	9,704	9,323	8,928	8,561	8,260	8,306	7,735	7,055	6,403	5,511	5,279	5,207	5,446	5,391	5,089	4,821	4,093	3,614	3,522	3,123	3,012	2,957	2,693	2,630	2,611	2,539	2,402	2,184	1,944	1,437	1,093	944	585	560	532	494	0	0	0
Non-vested stock earned
3,920	4,192	5,116	5,522	5,936	6,035	6,446	6,650	7,031	7,148	6,630	6,752	7,031	7,308	7,110	6,907	6,590	6,313	5,923	5,504	5,066	4,677	4,467	4,133	3,591	2,994	2,674	2,435	2,539	2,513	0	0	0	-	-	-	1,293	1,307	0	0	0
Stock option expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	326	343	351	354	0	0	0
Stock option expense
-	-	-	-	-	-	-	0	15	-	15	16	47	89	132	174	220	210	200	191	223	223	226	231	280	301	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
1,874	1,300	700	1,485	1,063	1,386	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable
2,473	4,534	3,004	1,825	2,094	529	883	1,746	1,536	1,862	1,130	-1,901	-1,888	-4,814	-3,985	-1,559	-1,594	1,038	807	821	949	606	0	0	0	-	-	-	-236	451	899	810	1,333	523	11	-130	113	21	0	0	0
Prepaid expenses
1,154	356	-1,076	-7,544	-7,057	415	1,442	7,963	6,913	108	1,365	1,196	1,976	-8	724	502	214	-1,132	-1,505	-2,541	-688	457	1,515	2,367	220	810	433	362	502	977	64	-146	272	-434	-517	116	386	72	0	0	0
Receipts from (advances to) unconsolidated joint ventures
-771	81	382	47	907	-391	-127	-28	-396	174	122	-23	637	294	-67	234	-69	346	-107	61	-373	-590	-151	-195	71	27	106	-84	-295	242	149	796	855	413	347	-230	96	80	0	0	0
Accounts payable and other liabilities
6,628	5,295	7,224	-7,080	-5,604	-5,528	-2,410	8,997	15,976	10,692	12,089	21,557	-459	18,494	5,811	-1,310	3,654	5,847	5,330	4,236	8,094	5,187	10,290	6,035	5,028	1,079	2,951	2,178	1,202	4,240	-149	4,884	1,857	7,988	5,795	1,698	-460	2,257	0	0	0
Deferred revenue
2,932	2,426	1,548	-852	-420	-81	-440	60	599	-326	-980	-2,553	-3,301	-3,788	-3,020	-1,598	-1,378	-597	-850	-858	-1,037	-1,155	-1,235	-837	-155	-37	-103	-769	-1,000	-820	-77	699	793	380	-91	-149	-287	-191	0	0	0
Net cash provided by operating activities
288,987	278,842	278,898	270,561	267,581	262,298	251,224	250,432	250,099	248,634	257,223	241,727	216,004	225,788	197,514	198,407	193,181	186,198	176,489	166,526	158,412	146,068	142,665	131,759	129,063	120,646	115,955	108,124	100,482	98,762	92,379	85,248	77,174	79,897	74,676	75,642	70,996	73,671	0	0	0
Investing Activities
Acquisition of storage facilities, net of cash acquired
462,370	393,298	0	0	0	-	-	-	-	21,880	21,305	1,344,094	1,436,295	1,750,267	1,745,079	487,306	469,518	280,010	325,491	306,349	326,670	281,731	274,275	256,245	161,686	94,759	0	0	0	-	-	-	-	150,444	0	0	0	-	-	0	0
Improvements, equipment additions, and construction in progress
90,620	90,995	86,022	77,033	70,678	67,397	62,699	66,042	71,673	83,657	94,389	90,888	79,794	72,852	61,848	57,069	50,201	41,739	39,172	35,676	35,801	35,097	35,167	35,601	35,603	33,889	35,011	34,109	35,401	36,845	31,696	30,417	28,884	28,064	24,048	22,551	22,607	21,516	0	0	0
Return of investment in unconsolidated joint ventures
0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net proceeds from the sale of storage facilities and other real estate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,646	0	0	0	-	-	-	-	4,866	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Investment in unconsolidated joint ventures
26,857	25,659	21,970	8,071	8,804	7,718	5,220	5,183	48,230	69,911	70,888	67,693	25,980	6,438	11,004	11,003	8,711	6,151	0	0	0	-	-	-	-	4,237	4,200	3,231	1,499	3,571	0	0	0	-	-	-	-	-	-	-	-
Property deposits
-6,033	138	488	6,949	6,291	262	0	0	0	-	-	-	-	1,209	4,979	4,771	6,712	5,435	1,145	1,804	640	706	0	0	0	-	-	-	-	-	-305	2,116	-768	407	0	0	0	-	-	0	0
Net cash used in investing activities
-357,887	-302,522	-227,114	-168,195	-121,228	-55,700	-72,653	-65,538	-113,240	-156,510	-184,415	-1,501,456	-1,506,209	-1,796,069	-1,784,901	-522,140	-531,207	-328,689	-378,719	-354,007	-380,144	-334,993	-300,590	-286,628	-188,316	-114,345	-163,112	-148,498	-189,659	-175,664	-95,371	-231,084	-192,236	-189,879	-217,264	-63,343	-34,663	-32,605	0	0	0
Financing Activities
Net proceeds from sale of common stock\partnership units
0	-	-	-	-	-	-	-	-	15,677	18,890	15,739	678,047	948,129	994,070	1,022,885	377,368	225,701	201,472	205,914	205,947	112,676	116,126	114,480	94,417	119,522	91,732	115,016	132,635	78,943	119,636	67,047	47,434	47,001	5,835	997	1,128	842	0	0	0
Proceeds from line of credit
370,000	305,000	287,000	302,000	273,000	234,000	215,000	212,000	271,000	276,000	276,000	704,000	865,000	1,102,000	1,092,000	688,000	496,000	330,000	374,000	317,000	254,000	202,000	157,000	158,000	228,000	152,000	204,000	214,000	153,000	154,000	-145,000	201,000	203,000	198,000	428,000	50,000	37,000	32,000	0	0	0
Repayments of line of credit
364,000	331,000	390,000	415,000	226,000	248,000	416,000	430,000	440,000	424,000	187,000	373,000	707,000	928,000	966,000	784,000	418,000	300,000	260,000	229,000	306,000	202,000	206,000	214,000	189,000	208,000	0	0	0	-	-	-	-	162,000	239,000	15,000	21,000	22,000	0	0	0
Financing costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	4,146	0	0	0	-	-	-	-
Dividends paid - common stock
189,909	186,571	186,516	186,465	186,347	185,837	185,772	185,736	185,719	183,711	180,735	178,222	169,158	156,249	142,985	129,395	118,634	113,039	105,664	97,806	93,533	90,035	84,066	78,114	70,776	63,279	60,023	56,617	54,601	53,014	51,851	51,072	50,483	49,900	49,808	49,759	49,711	49,663	0	0	0
Debt issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	15,273	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions to noncontrolling interest holders
1,008	993	960	927	897	865	868	870	869	859	826	796	805	742	709	674	582	555	538	521	523	541	511	482	441	402	388	435	493	549	610	610	836	1,177	1,519	1,860	1,994	2,030	0	0	0
Redemption of Operating Partnership Units
0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	322	0	0	0	-	-	-	-	-	-	-	-	2,894	0	0	0
Mortgage principal payments
526	458	1,780	1,774	1,769	1,764	367	363	357	353	315	298	252	197	180	142	136	134	131	130	128	127	1,083	1,970	1,983	1,997	1,053	178	175	172	69,887	75,925	76,474	77,042	7,868	2,345	2,304	2,265	0	0	0
Net cash provided by financing activities
80,951	31,171	-49,230	-59,486	-141,539	-201,992	-166,326	-185,581	-133,826	-106,588	-82,240	366,334	1,289,011	1,587,184	1,597,454	1,219,001	334,075	140,968	200,821	187,139	225,784	187,944	155,739	152,187	58,597	-4,032	51,400	42,554	82,688	76,836	1,838	145,606	123,608	111,537	117,234	-32,625	-38,839	-46,010	0	0	0
Net increase in cash and restricted cash
12,051	7,491	2,554	42,880	4,814	4,606	12,245	-687	3,033	-14,464	-9,432	-893,395	-1,194	16,903	10,067	895,268	-3,951	-1,523	-1,409	-342	4,052	-981	-2,186	-2,682	-656	2,269	4,243	2,180	-6,489	-66	-1,154	-230	8,546	1,555	-25,354	-20,326	-2,506	-4,944	0	0	0
Supplemental cash flow information
Cash paid for interest, net of interest capitalized
72,051	73,378	67,832	69,577	69,703	69,201	71,927	74,706	68,071	70,924	61,000	45,310	56,160	39,856	41,571	43,200	36,308	35,926	37,517	35,585	30,931	31,764	28,124	30,334	30,367	32,909	32,470	32,905	32,572	32,402	33,360	35,863	37,022	35,134	35,272	30,747	30,709	30,698	0	0	0
Cash paid for income taxes, net of refunds
1,544	1,625	1,627	1,351	1,341	1,317	1,059	1,268	1,282	1,180	1,366	1,172	1,248	981	915	1,111	949	1,084	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Life Storage LP [Member]
Net income
262,065	260,077	309,086	209,651	208,146	207,558	136,004	130,359	110,333	96,809	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation and amortization
109,233	107,130	104,930	105,369	103,993	102,530	102,428	101,286	114,607	127,485	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of debt issuance costs and bond discount
4,022	3,900	3,822	3,686	3,633	3,621	4,465	4,407	4,348	4,289	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of real estate
1,007	1,781	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity in income of joint ventures
4,871	4,566	4,151	4,023	3,961	4,122	4,121	3,828	3,565	3,314	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions from unconsolidated joint ventures
11,372	10,165	9,704	9,323	8,928	8,561	8,260	8,306	7,735	7,055	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-vested stock earned
3,920	4,192	5,116	5,522	5,936	6,035	6,446	6,650	7,031	7,148	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Stock option expense
-	-	-	-	-	7	11	14	15	15	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
1,902	1,328	700	1,485	1,063	1,386	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts receivable
2,473	4,534	3,004	1,825	2,094	529	883	1,746	1,536	1,862	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Prepaid expenses
1,154	356	-1,076	-7,544	-7,057	415	1,442	7,963	6,913	108	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Receipts from (advances to) unconsolidated joint ventures
-771	81	382	47	907	-391	-127	-28	-396	174	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable and other liabilities
6,628	5,295	7,224	-7,080	-5,604	-5,528	-2,410	8,997	15,976	10,692	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred revenue
2,932	2,426	1,548	-852	-420	-81	-440	60	599	-326	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by operating activities
288,987	278,842	278,898	270,561	267,581	262,298	251,224	250,432	250,099	248,634	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of storage facilities, net of cash acquired
462,370	393,298	0	0	0	-	-	-	-	21,880	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Improvements, equipment additions, and construction in progress
90,620	90,995	86,022	77,033	70,678	67,397	62,699	66,042	71,673	83,657	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Return of investment in unconsolidated joint ventures
0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment in unconsolidated joint ventures
26,857	25,659	21,970	8,071	8,804	7,718	5,220	5,183	48,230	69,911	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property deposits
-6,033	138	488	6,949	6,291	262	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities
-357,887	-302,522	-227,114	-168,195	-121,228	-55,700	-72,653	-65,538	-113,240	-156,510	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net proceeds from sale of common stock\partnership units
0	-	-	-	-	-	-	-	-	15,677	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from line of credit
370,000	305,000	287,000	302,000	273,000	234,000	215,000	212,000	271,000	276,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of line of credit
364,000	331,000	390,000	415,000	226,000	248,000	416,000	430,000	440,000	424,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions to unitholders
189,909	186,571	186,516	186,465	186,347	185,837	185,772	185,736	185,719	183,711	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions to noncontrolling interest holders
1,008	993	960	927	897	865	868	870	869	859	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Redemption of Operating Partnership Units
0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Mortgage principal payments
526	458	1,780	1,774	1,769	1,764	367	363	357	353	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by financing activities
80,951	31,171	-49,230	-59,486	-141,539	-201,992	-166,326	-185,581	-133,826	-106,588	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net increase in cash and restricted cash
12,051	7,491	2,554	42,880	4,814	4,606	12,245	-687	3,033	-14,464	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for interest, net of interest capitalized
72,051	73,378	67,832	69,577	69,703	69,201	71,927	74,706	68,071	70,924	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for income taxes, net of refunds
1,544	1,625	1,627	1,351	1,341	1,317	1,059	1,268	1,282	1,180	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-