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CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income $ 412,435 $ 292,472 $ 230,813
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 205,379 314,507 240,217
Non-cash portion of interest expense related to finance leases (44) (43) 202
Loss on early extinguishment of debt     20,328
Equity in earnings of real estate ventures (6,085) (48,877) (25,275)
Cash distributed from real estate ventures 5,467    
Gain on involuntary conversion, net (4,827)    
Gains from sales of real estate, net     (32,698)
Equity compensation expense 10,089 9,081 8,088
Accretion of fair market value adjustment of debt (886) (1,099) (2,037)
Changes in other operating accounts:      
Other assets (10,138) 3,498 (9,247)
Accounts payable and accrued expenses 96 20,395 14,871
Other liabilities (350) 1,532 3,923
Net cash provided by operating activities 611,136 591,466 449,185
Investing Activities      
Acquisitions of storage properties (22,429) (89,004) (151,547)
Acquisition of LAACO, Ltd., net of cash acquired     (1,678,984)
Additions and improvements to storage properties (39,853) (41,233) (34,608)
Development costs (47,521) (24,358) (69,887)
Investment in real estate ventures (21) (21) (28,261)
Cash distributed from real estate ventures 8,344 62,656 66,593
Proceeds from sale of real estate, net 238 43,193 44,026
Proceeds from involuntary conversion, net 7,424    
Net cash used in investing activities (93,818) (48,767) (1,852,668)
Proceeds from:      
Unsecured senior notes     1,043,427
Revolving credit facility 794,447 633,950 906,571
Principal payments on:      
Unsecured senior notes     (300,000)
Revolving credit facility (837,247) (782,950) (814,471)
Mortgage loans and notes payable (32,591) (2,426) (87,263)
Loan procurement costs (69) (3,885) (12,548)
Debt prepayment costs     (20,023)
Acquisition of noncontrolling interest in subsidiary, net     (3,397)
Cash paid upon vesting of restricted OP units (817) (1,403) (876)
Contributions from noncontrolling interests in subsidiaries 1,100 350 8,031
Distributions paid to noncontrolling interests in subsidiaries (316) (7,387) (246)
Distributions paid to common OP unitholders (442,217) (387,106) (273,839)
Net cash (used in) provided by financing activities (518,026) (547,092) 1,410,572
Change in cash, cash equivalents and restricted cash (708) (4,393) 7,089
Cash, cash equivalents and restricted cash at beginning of period 8,925 13,318 6,229
Cash, cash equivalents and restricted cash at end of period 8,217 8,925 13,318
Supplemental Cash Flow and Noncash Information      
Cash paid for interest, net of interest capitalized 95,498 92,293 79,148
Supplemental disclosure of noncash activities:      
Acquisitions of storage properties   (700)  
Discount on issuance of unsecured senior notes     6,573
Mortgage loan assumptions     40,880
Accretion of put liability   2,444 9,777
Derivative valuation adjustment 81 81 81
Contributions from noncontrolling interests in subsidiaries 7,599 3,340 3,373
CubeSmart, L.P. and Subsidiaries      
Operating Activities      
Net income 412,435 292,472 230,813
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 205,379 314,507 240,217
Non-cash portion of interest expense related to finance leases (44) (43) 202
Loss on early extinguishment of debt     20,328
Equity in earnings of real estate ventures (6,085) (48,877) (25,275)
Cash distributed from real estate ventures 5,467    
Gain on involuntary conversion, net (4,827)    
Gains from sales of real estate, net     (32,698)
Equity compensation expense 10,089 9,081 8,088
Accretion of fair market value adjustment of debt (886) (1,099) (2,037)
Changes in other operating accounts:      
Other assets (10,138) 3,498 (9,247)
Accounts payable and accrued expenses 96 20,395 14,871
Other liabilities (350) 1,532 3,923
Net cash provided by operating activities 611,136 591,466 449,185
Investing Activities      
Acquisitions of storage properties (22,429) (89,004) (151,547)
Acquisition of LAACO, Ltd., net of cash acquired     (1,678,984)
Additions and improvements to storage properties (39,853) (41,233) (34,608)
Development costs (47,521) (24,358) (69,887)
Investment in real estate ventures (21) (21) (28,261)
Cash distributed from real estate ventures 8,344 62,656 66,593
Proceeds from sale of real estate, net 238 43,193 44,026
Proceeds from involuntary conversion, net 7,424    
Net cash used in investing activities (93,818) (48,767) (1,852,668)
Proceeds from:      
Unsecured senior notes     1,043,427
Revolving credit facility 794,447 633,950 906,571
Principal payments on:      
Unsecured senior notes     (300,000)
Revolving credit facility (837,247) (782,950) (814,471)
Mortgage loans and notes payable (32,591) (2,426) (87,263)
Loan procurement costs (69) (3,885) (12,548)
Debt prepayment costs     (20,023)
Acquisition of noncontrolling interest in subsidiary, net     (3,397)
Issuance of common OP units, net (276) 4,877 965,638
Cash paid upon vesting of restricted OP units (817) (1,403) (876)
Exercise of OP unit options 2,716 1,590 7,865
Contributions from noncontrolling interests in subsidiaries 1,100 350 8,031
Distributions paid to noncontrolling interests in subsidiaries (316) (7,387) (246)
Distributions paid to common OP unitholders (444,973) (389,808) (282,136)
Net cash (used in) provided by financing activities (518,026) (547,092) 1,410,572
Change in cash, cash equivalents and restricted cash (708) (4,393) 7,089
Cash, cash equivalents and restricted cash at beginning of period 8,925 13,318 6,229
Cash, cash equivalents and restricted cash at end of period 8,217 8,925 13,318
Supplemental Cash Flow and Noncash Information      
Cash paid for interest, net of interest capitalized 95,498 92,293 79,148
Supplemental disclosure of noncash activities:      
Acquisitions of storage properties   (700)  
Discount on issuance of unsecured senior notes     6,573
Mortgage loan assumptions     40,880
Accretion of put liability   2,444 9,777
Derivative valuation adjustment (81) (81) (81)
Contributions from noncontrolling interests in subsidiaries $ 7,599 $ 3,340 $ 3,373