Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ 24,866,000 $ 4,796,000 $ (16,357,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 55,064,000 40,651,000 23,785,000
Amortization of debt issuance costs 1,955,000 2,714,000 3,282,000
Amortization of debt discount and premium, net (2,051,000) (1,747,000) 495,000
Loss on debt extinguishment 136,000 414,000 344,000
Unrealized loss on fair value of derivatives 0 68,000 332,000
Gain on sale of self storage properties 0 0 (1,427,000)
Issuance of subordinated performance units for related party payable 0 0 2,994,000
LTIP units issued for acquisition expenses 56,000 1,020,000 1,460,000
Equity-based compensation expense 2,597,000 3,027,000 1,468,000
Equity in losses of unconsolidated real estate venture 1,484,000 0 0
Distributions from unconsolidated real estate venture 730,000 0 0
Change in assets and liabilities, net of effects of business combinations:      
Restricted cash 437,000 1,076,000 1,051,000
Other assets (1,994,000) (680,000) (271,000)
Accounts payable and accrued liabilities 8,386,000 269,000 (126,000)
Deferred revenue 3,417,000 (198,000) (607,000)
Net Cash Provided by Operating Activities 95,083,000 51,410,000 16,423,000
CASH FLOWS FROM INVESTING ACTIVITIES      
Acquisition of self storage properties (532,529,000) (171,822,000) (217,939,000)
Capital expenditures (11,418,000) (4,072,000) (3,843,000)
Investments in unconsolidated real estate venture (82,950,000) 0 0
Note receivable from PROs 0 0 (12,813,000)
Acquisition of property management platform (19,943,000) 0 0
Deposits and advances for self storage property and other acquisitions (345,000) (738,000) (913,000)
Expenditures for corporate furniture, equipment and other (527,000) (418,000) (146,000)
Change in restricted cash designated for capital expenditures 17,000 141,000 662,000
Net proceeds from sale of self storage properties 4,823,000 0 2,993,000
Net Cash Used In Investing Activities (642,872,000) (176,909,000) (231,999,000)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of common shares 378,281,000 278,070,000 0
Borrowings under debt financings 812,500,000 258,443,000 372,839,000
Proceeds from issuance of OP units and subordinated performance units 0 0 438,000
Receipts for OP unit subscriptions 1,344,000 1,015,000 0
Collection of receivables from issuance of OP equity 930,000 774,000 89,000
Principal payments under debt financings (558,597,000) (357,273,000) (143,970,000)
Payment of dividends to common shareholders (26,695,000) (12,429,000) 0
Distributions to noncontrolling interests (47,005,000) (37,992,000) (12,567,000)
NSA Predecessor distributions and other 0 0 34,000
Change in restricted cash for financing activity 0 (167,000) 0
Debt issuance costs (5,665,000) (1,848,000) (1,774,000)
Equity offering costs (1,399,000) (5,438,000) (1,700,000)
Net Cash Provided by Financing Activities 553,694,000 123,155,000 213,389,000
Increase (Decrease) in Cash and Cash Equivalents 5,905,000 (2,344,000) (2,187,000)
CASH AND CASH EQUIVALENTS      
Beginning of year 6,665,000 9,009,000 11,196,000
End of year 12,570,000 6,665,000 9,009,000
Supplemental Cash Flow Information      
Cash paid for interest 23,313,000 20,206,000 18,771,000
Consideration exchanged in business combinations:      
Issuance of OP units and subordinated performance units 120,952,000 42,113,000 137,017,000
Deposits on acquisitions applied to purchase price 631,000 745,000 0
LTIP units vesting upon acquisition of properties 814,000 1,402,000 3,652,000
Assumption of mortgages payable 61,628,000 73,498,000 65,816,000
Note payable to related party to settle assumed mortgages 0 5,342,000 0
Other net liabilities assumed 4,817,000 511,000 2,403,000
OP units in exchange for receivable from seller 0 0 5,206,000
Notes receivable settled upon acquisition of properties 0 1,778,000 11,035,000
Fair value of noncontrolling interests in acquired subsidiaries 0 21,137,000 41,297,000
Issuance of OP unit subscription liability through reduced distributions 1,441,000 1,416,000 5,863,000
Settlement of acquisition receivables through reduced distributions 445,000 1,473,000 105,000
Increase in lender participation liability and related discount 0 0 770,000
Increase in OP unit subscription liability through reduced distributions 310,000 498,000 0
Increase (decrease) in payables for deferred offering costs 593,000 (1,379,000) 1,418,000
Settlement of offering expenses from equity issuance proceeds $ 11,673,000 $ 20,930,000 $ 0