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v3.23.1

CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) - USD ($) $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2023 | Mar. 31, 2022
Operating Activities |  |
Net income | $ 97,942 | $ 38,266
Adjustments to reconcile net income to cash provided by operating activities: |  |
Depreciation and amortization | 51,369 | 83,514
Non-cash portion of interest expense related to finance leases | (18) | (18)
Equity in earnings of real estate ventures | (2,551) | (294)
Equity compensation expense | 2,536 | 2,193
Accretion of fair market value adjustment of debt | (260) | (269)
Changes in other operating accounts: |  |
Other assets | (3,317) | 4,085
Accounts payable and accrued expenses | (10,912) | 1,911
Other liabilities | 717 | 1,347
Net cash provided by operating activities | 135,506 | 130,735
Investing Activities |  |
Acquisitions of storage properties |  | (39,761)
Additions and improvements to storage properties | (11,150) | (7,755)
Development costs | (18,067) | (7,785)
Investment in real estate ventures | (5) | (5)
Cash distributed from real estate ventures | 4,862 | 3,025
Proceeds from sale of real estate, net |  | 43,193
Net cash used in investing activities | (24,360) | (9,088)
Proceeds from: |  |
Revolving credit facility | 220,073 | 151,532
Principal payments on: |  |
Revolving credit facility | (219,573) | (176,032)
Mortgage loans and notes payable | (638) | (611)
Loan procurement costs | (39) |
Cash paid upon vesting of restricted OP units | (635) | (1,038)
Distributions paid to noncontrolling interests in subsidiaries | (107) | (2,033)
Distributions paid to common OP unitholders | (110,495) | (96,605)
Net cash (used in) provided by financing activities | (111,289) | (124,502)
Change in cash, cash equivalents and restricted cash | (143) | (2,855)
Cash, cash equivalents and restricted cash at beginning of period | 8,925 | 13,318
Cash, cash equivalents and restricted cash at end of period | 8,782 | 10,463
Supplemental Cash Flow and Noncash Information |  |
Cash paid for interest, net of interest capitalized | 32,202 | 24,725
Supplemental disclosure of noncash activities: |  |
Acquisitions of storage properties |  | (700)
Accretion of put liability |  | 1,222
Derivative valuation adjustment | 20 | 20
CubeSmart, L.P. and Subsidiaries |  |
Operating Activities |  |
Net income | 97,942 | 38,266
Adjustments to reconcile net income to cash provided by operating activities: |  |
Depreciation and amortization | 51,369 | 83,514
Non-cash portion of interest expense related to finance leases | (18) | (18)
Equity in earnings of real estate ventures | (2,551) | (294)
Equity compensation expense | 2,536 | 2,193
Accretion of fair market value adjustment of debt | (260) | (269)
Changes in other operating accounts: |  |
Other assets | (3,317) | 4,085
Accounts payable and accrued expenses | (10,912) | 1,911
Other liabilities | 717 | 1,347
Net cash provided by operating activities | 135,506 | 130,735
Investing Activities |  |
Acquisitions of storage properties |  | (39,761)
Additions and improvements to storage properties | (11,150) | (7,755)
Development costs | (18,067) | (7,785)
Investment in real estate ventures | (5) | (5)
Cash distributed from real estate ventures | 4,862 | 3,025
Proceeds from sale of real estate, net |  | 43,193
Net cash used in investing activities | (24,360) | (9,088)
Proceeds from: |  |
Revolving credit facility | 220,073 | 151,532
Principal payments on: |  |
Revolving credit facility | (219,573) | (176,032)
Mortgage loans and notes payable | (638) | (611)
Loan procurement costs | (39) |
Proceeds from issuance of common OP units | (91) | (123)
Cash paid upon vesting of restricted OP units | (635) | (1,038)
Exercise of OP unit options | 915 | 1,226
Distributions paid to noncontrolling interests in subsidiaries | (107) | (2,033)
Distributions paid to common OP unitholders | (111,194) | (97,423)
Net cash (used in) provided by financing activities | (111,289) | (124,502)
Change in cash, cash equivalents and restricted cash | (143) | (2,855)
Cash, cash equivalents and restricted cash at beginning of period | 8,925 | 13,318
Cash, cash equivalents and restricted cash at end of period | 8,782 | 10,463
Supplemental Cash Flow and Noncash Information |  |
Cash paid for interest, net of interest capitalized | 32,202 | 24,725
Supplemental disclosure of noncash activities: |  |
Acquisitions of storage properties |  | (700)
Accretion of put liability |  | 1,222
Derivative valuation adjustment | $ 20 | $ 20

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