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, 2018
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 56,326 $ 45,998 $ 24,866
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 89,147 75,115 55,064
Amortization of debt issuance costs 2,569 2,175 1,955
Amortization of debt discount and premium, net (1,469) (1,570) (2,051)
Loss on debt extinguishment 0 0 136
Gain on sale of self storage properties (391) (5,715) 0
LTIP units issued for acquisition expenses 0 0 56
Equity-based compensation expense 3,837 3,764 2,597
Equity in losses of unconsolidated real estate ventures 1,423 2,339 1,484
Distributions from unconsolidated real estate ventures 8,187 5,093 730
Change in assets and liabilities, net of effects of self storage property acquisitions:      
Other assets (5,713) (2,398) (1,994)
Accounts payable and accrued liabilities 6,597 1,200 8,386
Deferred revenue 1,283 (1,713) 3,417
Net Cash Provided by Operating Activities 161,796 124,288 94,646
CASH FLOWS FROM INVESTING ACTIVITIES      
Acquisition of self storage properties (313,712) (391,619) (532,030)
Capital expenditures (19,014) (14,656) (11,418)
Investments in and advances to unconsolidated real estate ventures (165,642) (15,289) (82,950)
Distributions from unconsolidated real estate ventures 0 250 0
Acquisition of property management platform 0 0 (19,933)
Deposits and advances for self storage property and other acquisitions (20,977) (4,923) (345)
Expenditures for corporate furniture, equipment and other (403) (588) (527)
Net proceeds from sale of self storage properties 5,259 17,534 4,823
Net Cash Used In Investing Activities (514,489) (409,291) (642,380)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of common shares 175,616 140,261 378,281
Proceeds from issuance of preferred shares 0 166,566 0
Proceeds from issuance of subordinated performance units 0 7,000 0
Borrowings under debt financings 822,500 760,900 812,500
Receipts for OP unit subscriptions 1,211 1,150 1,344
Collection of receivables from issuance of OP equity 0 0 930
Principal payments under debt financings (507,239) (679,104) (558,597)
Payment of dividends to common shareholders (62,152) (47,671) (26,695)
Payment of dividends to preferred shareholders (10,350) (2,300) 0
Distributions to noncontrolling interests (63,350) (57,314) (47,005)
Debt issuance costs (2,860) (2,381) (5,665)
Equity offering costs (727) (1,034) (1,399)
Net Cash Provided by Financing Activities 352,649 286,073 553,694
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (44) 1,070 5,960
CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Beginning of year 16,407 15,337 9,377
End of year 16,363 16,407 15,337
Supplemental Cash Flow Information      
Cash paid for interest 40,475 32,951 23,313
Consideration exchanged in property acquisitions:      
Issuance of OP units and subordinated performance units 28,063 30,327 120,952
Deposits on acquisitions applied to purchase price 5,050 350 631
LTIP units vesting upon acquisition of properties 0 854 814
Assumption of mortgages payable 7,581 0 61,628
Other net liabilities assumed 2,167 3,616 4,817
Issuance of OP unit subscription liability through reduced distributions 1,236 1,262 1,441
Settlement of acquisition receivables through reduced distributions 642 812 445
Increase in OP unit subscription liability through reduced distributions 19 108 310
Increase in payables for offering costs 626 600 593
Settlement of offering expenses from equity issuance proceeds $ 575 $ 12,299 $ 11,673