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v3.22.2.2

CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) - USD ($) $ in Thousands | 9 Months Ended
--- | ---
Sep. 30, 2022 | Sep. 30, 2021
Operating Activities |  |
Net loss | $ 210,300 | $ 184,250
Adjustments to reconcile net income to cash provided by operating activities: |  |
Depreciation and amortization | 244,062 | 166,879
Non-cash portion of interest expense related to finance leases | (37) | 208
Equity in earnings of real estate ventures | (47,532) | (1,152)
Gains from sales of real estate, net |  | (28,815)
Equity compensation expense | 6,804 | 6,067
Accretion of fair market value adjustment of debt | (830) | (1,630)
Changes in other operating accounts: |  |
Other assets | 4,247 | (7,034)
Accounts payable and accrued expenses | 25,982 | 19,397
Other liabilities | 3,500 | 4,770
Net cash provided by operating activities | 446,496 | 342,940
Investing Activities |  |
Acquisitions of storage properties | (89,004) | (65,455)
Additions and improvements to storage properties | (27,493) | (27,928)
Development costs | (17,445) | (60,783)
Investment in real estate ventures | (16) | (28,256)
Cash distributed from real estate ventures | 59,544 | 15,125
Proceeds from sale of real estate, net | 43,193 | 37,348
Net cash used in investing activities | (31,221) | (129,949)
Proceeds from: |  |
Revolving credit facility | 500,640 | 667,658
Principal payments on: |  |
Revolving credit facility | (624,540) | (785,458)
Mortgage loans and notes payable | (1,806) | (45,791)
Loan procurement costs | (136) |
Cash paid upon vesting of restricted OP units | (1,384) | (843)
Contributions from noncontrolling interests in subsidiaries |  | 8,031
Distributions paid to noncontrolling interests in subsidiaries | (7,331) | (138)
Distributions paid to common OP unitholders | (290,238) | (204,522)
Net cash provided by financing activities | (420,389) | (159,150)
Change in cash, cash equivalents and restricted cash | (5,114) | 53,841
Cash, cash equivalents and restricted cash at beginning of period | 13,318 | 6,229
Cash, cash equivalents and restricted cash at end of period | 8,204 | 60,070
Supplemental Cash Flow and Noncash Information |  |
Cash paid for interest, net of interest capitalized | 75,172 | 63,610
Supplemental disclosure of noncash activities: |  |
Acquisitions of storage properties | (700) |
Accretion of put liability | 2,444 | 7,333
Derivative valuation adjustment | 60 | 60
Contributions from noncontrolling interests in subsidiaries | 3,340 | 3,373
CubeSmart, L.P. and Subsidiaries |  |
Operating Activities |  |
Net loss | 210,300 | 184,250
Adjustments to reconcile net income to cash provided by operating activities: |  |
Depreciation and amortization | 244,062 | 166,879
Non-cash portion of interest expense related to finance leases | (37) | 208
Equity in earnings of real estate ventures | (47,532) | (1,152)
Gains from sales of real estate, net |  | (28,815)
Equity compensation expense | 6,804 | 6,067
Accretion of fair market value adjustment of debt | (830) | (1,630)
Changes in other operating accounts: |  |
Other assets | 4,247 | (7,034)
Accounts payable and accrued expenses | 25,982 | 19,397
Other liabilities | 3,500 | 4,770
Net cash provided by operating activities | 446,496 | 342,940
Investing Activities |  |
Acquisitions of storage properties | (89,004) | (65,455)
Additions and improvements to storage properties | (27,493) | (27,928)
Development costs | (17,445) | (60,783)
Investment in real estate ventures | (16) | (28,256)
Cash distributed from real estate ventures | 59,544 | 15,125
Proceeds from sale of real estate, net | 43,193 | 37,348
Net cash used in investing activities | (31,221) | (129,949)
Proceeds from: |  |
Revolving credit facility | 500,640 | 667,658
Principal payments on: |  |
Revolving credit facility | (624,540) | (785,458)
Mortgage loans and notes payable | (1,806) | (45,791)
Loan procurement costs | (136) |
Proceeds from issuance of common OP units | 4,890 | 199,962
Cash paid upon vesting of restricted OP units | (1,384) | (843)
Exercise of OP unit options | 1,590 | 7,865
Contributions from noncontrolling interests in subsidiaries |  | 8,031
Distributions paid to noncontrolling interests in subsidiaries | (7,331) | (138)
Distributions paid to common OP unitholders | (292,312) | (210,436)
Net cash provided by financing activities | (420,389) | (159,150)
Change in cash, cash equivalents and restricted cash | (5,114) | 53,841
Cash, cash equivalents and restricted cash at beginning of period | 13,318 | 6,229
Cash, cash equivalents and restricted cash at end of period | 8,204 | 60,070
Supplemental Cash Flow and Noncash Information |  |
Cash paid for interest, net of interest capitalized | 75,172 | 63,610
Supplemental disclosure of noncash activities: |  |
Acquisitions of storage properties | (700) |
Accretion of put liability | 2,444 | 7,333
Derivative valuation adjustment | 60 | 60
Contributions from noncontrolling interests in subsidiaries | $ 3,340 | $ 3,373

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