Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 45,998 $ 24,866 $ 4,796
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 75,115 55,064 40,651
Amortization of debt issuance costs 2,175 1,955 2,714
Amortization of debt discount and premium, net (1,570) (2,051) (1,747)
Loss on debt extinguishment 0 136 414
Unrealized loss on fair value of derivatives 0 0 68
Gain on sale of self storage properties (5,715) 0 0
LTIP units issued for acquisition expenses 0 56 1,020
Equity-based compensation expense 3,764 2,597 3,027
Equity in losses of unconsolidated real estate venture 2,339 1,484 0
Distributions from unconsolidated real estate venture 5,093 730 0
Change in assets and liabilities, net of effects of self storage property acquisitions:      
Other assets (2,398) (1,994) (680)
Accounts payable and accrued liabilities 1,200 8,386 269
Deferred revenue (1,713) 3,417 (198)
Net Cash Provided by Operating Activities 124,288 94,646 50,334
CASH FLOWS FROM INVESTING ACTIVITIES      
Acquisition of self storage properties (391,619) (532,030) (170,180)
Capital expenditures (14,656) (11,418) (4,072)
Investments in and advances to unconsolidated real estate venture (15,289) (82,950) 0
Distributions from unconsolidated real estate venture 250 0 0
Acquisition of property management platform 0 (19,933) 0
Deposits and advances for self storage property and other acquisitions (4,923) (345) (738)
Expenditures for corporate furniture, equipment and other (588) (527) (418)
Net proceeds from sale of self storage properties 17,534 4,823 0
Net Cash Used In Investing Activities (409,291) (642,380) (175,408)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of common shares 140,261 378,281 278,070
Proceeds from issuance of preferred shares 166,566 0 0
Proceeds from issuance of subordinated performance units 7,000 0 0
Borrowings under debt financings 760,900 812,500 258,443
Receipts for OP unit subscriptions 1,150 1,344 1,015
Collection of receivables from issuance of OP equity 0 930 774
Principal payments under debt financings (679,104) (558,597) (357,273)
Payment of dividends to common shareholders (47,671) (26,695) (12,429)
Payment of dividends to preferred shareholders (2,300) 0 0
Distributions to noncontrolling interests (57,314) (47,005) (37,992)
Debt issuance costs (2,381) (5,665) (1,848)
Equity offering costs (1,034) (1,399) (5,438)
Net Cash Provided by Financing Activities 286,073 553,694 123,322
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 1,070 5,960 (1,752)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Beginning of year 15,337 9,377 11,129
End of year 16,407 15,337 9,377
Supplemental Cash Flow Information      
Cash paid for interest 32,951 23,313 20,206
Consideration exchanged in property acquisitions:      
Issuance of OP units and subordinated performance units 30,327 120,952 42,113
Deposits on acquisitions applied to purchase price 350 631 745
LTIP units vesting upon acquisition of properties 854 814 1,402
Assumption of mortgages payable 0 61,628 73,498
Note payable to related party to settle assumed mortgages 0 0 5,342
Other net liabilities assumed 3,616 4,817 511
Notes receivable settled upon acquisition of properties 0 0 1,778
Fair value of noncontrolling interests in acquired subsidiaries 0 0 21,137
Issuance of OP unit subscription liability through reduced distributions 1,262 1,441 1,416
Settlement of acquisition receivables through reduced distributions 812 445 1,473
Increase in OP unit subscription liability through reduced distributions 108 310 498
Increase (decrease) in payables for offering costs 600 593 (1,379)
Settlement of offering expenses from equity issuance proceeds $ 12,299 $ 11,673 $ 20,930