Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 4,802 $ (2,771)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 10,892 9,877
Amortization of debt issuance costs 587 990
Amortization of debt discount and premium, net (467) (353)
Unrealized loss on fair value of derivatives 0 126
LTIP units issued for acquisition expenses 0 366
Equity-based compensation expense 598 638
Change in assets and liabilities, net of effects of business combinations:    
Restricted cash 17 (100)
Other assets (1,108) (559)
Accounts payable and accrued liabilities 2,189 1,147
Deferred revenue 199 287
Net Cash Provided by Operating Activities 17,709 9,648
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of self storage properties (62,669) (6,991)
Capital expenditures (696) (1,020)
Deposits and advances for self storage property acquisitions (97) (381)
Expenditures for corporate furniture, equipment and other (209) (33)
Change in restricted cash designated for capital expenditures (98) (24)
Net Cash Used In Investing Activities (63,769) (8,449)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings under debt financings 79,500 21,000
Receipts for OP unit subscriptions 265 500
Collection of receivables from issuance of OP equity 193 372
Principal payments under debt financings (18,572) (16,489)
Payment of dividends to common shareholders (4,605) 0
Distributions to noncontrolling interests (8,777) (6,288)
Debt issuance costs (113) (584)
Equity offering costs (7) (391)
Net Cash Provided by (Used In) Financing Activities 47,884 (1,880)
Increase (Decrease) in Cash and Cash Equivalents 1,824 (681)
CASH AND CASH EQUIVALENTS    
Beginning of period 6,665 9,009
End of period 8,489 8,328
Supplemental Cash Flow Information    
Cash paid for interest 4,717 6,241
Consideration exchanged in business combinations:    
Issuance of OP units and subordinated performance units 18,630 8,954
Deposits on acquisitions applied to purchase price 631 0
LTIP units vesting upon acquisition of properties 438 0
Assumption of mortgages payable 5,861 16,442
Note payable to related party to settle assumed mortgages 0 4,054
Other net liabilities assumed 584 70
Notes receivable settled upon acquisition of properties 0 1,778
Fair value of noncontrolling interests in acquired subsidiaries 0 6,770
Increase in OP unit subscription liability through reduced distributions 107 91
Settlement of acquisition receivables through reduced distributions 160 141
Accrued distributions to noncontrolling interests $ 623 $ 0