Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 10,847 $ (2,678)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 23,980 19,851
Amortization of debt issuance costs 1,040 1,610
Amortization of debt discount and premium, net (1,026) (780)
Loss on debt extinguishment 136 414
Unrealized gain on fair value of derivatives 0 (3)
LTIP units issued for acquisition expenses 56 366
Equity-based compensation expense 1,227 1,721
Change in assets and liabilities, net of effects of business combinations:    
Restricted cash (709) (221)
Other assets (779) (865)
Accounts payable and accrued liabilities 4,594 1,363
Deferred revenue 304 249
Net Cash Provided by Operating Activities 39,670 21,027
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of self storage properties (123,932) (47,523)
Capital expenditures (3,972) (2,000)
Deposits and advances for self storage property acquisitions (1,933) (145)
Expenditures for corporate furniture, equipment and other (336) (58)
Change in restricted cash designated for capital expenditures (137) 188
Net Cash Used In Investing Activities (130,310) (49,538)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common shares in IPO 0 278,070
Borrowings under debt financings 381,500 21,000
Receipts for OP unit subscriptions 789 746
Collection of receivables from issuance of OP equity 570 575
Principal payments under debt financings (252,586) (257,084)
Payment of dividends to common shareholders (9,711) 0
Distributions to noncontrolling interests (21,725) (14,681)
Change in restricted cash for financing activity 0 (167)
Debt issuance costs (4,612) (553)
Equity offering costs (311) (2,349)
Net Cash Provided by Financing Activities 93,914 25,557
Increase (Decrease) in Cash and Cash Equivalents 3,274 (2,954)
CASH AND CASH EQUIVALENTS    
Beginning of period 6,665 9,009
End of period 9,939 6,055
Supplemental Cash Flow Information    
Cash paid for interest 10,354 11,739
Consideration exchanged in business combinations:    
Issuance of OP units and subordinated performance units 99,616 31,925
Deposits on acquisitions applied to purchase price 631 745
LTIP units vesting upon acquisition of properties 438 0
Assumption of mortgages payable 61,628 46,989
Note payable to related party to settle assumed mortgages 0 5,342
Other net liabilities assumed 1,796 358
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 192 194
Settlement of acquisition receivables through reduced distributions 284 867
Increase in payables for deferred offering costs 790 1,625
Settlement of offering costs from IPO proceeds $ 0 $ 20,930