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v3.23.3

CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) - USD ($) $ in Thousands | 9 Months Ended
--- | ---
Sep. 30, 2023 | Sep. 30, 2022
Operating Activities |  |
Net income | $ 299,298 | $ 210,300
Adjustments to reconcile net income to cash provided by operating activities: |  |
Depreciation and amortization | 153,783 | 244,062
Non-cash portion of interest expense related to finance leases | (38) | (37)
Equity in earnings of real estate ventures | (4,482) | (47,532)
Equity compensation expense | 7,530 | 6,804
Accretion of fair market value adjustment of debt | (714) | (830)
Changes in other operating accounts: |  |
Other assets | (10,052) | 4,247
Accounts payable and accrued expenses | 18,408 | 25,982
Other liabilities | 1,402 | 3,500
Net cash provided by operating activities | 465,135 | 446,496
Investing Activities |  |
Acquisitions of storage properties |  | (89,004)
Additions and improvements to storage properties | (31,642) | (27,493)
Development costs | (34,228) | (17,445)
Investment in real estate ventures | (16) | (16)
Cash distributed from real estate ventures | 10,821 | 59,544
Proceeds from sale of real estate, net | 238 | 43,193
Net cash used in investing activities | (54,827) | (31,221)
Proceeds from: |  |
Revolving credit facility | 614,083 | 500,640
Principal payments on: |  |
Revolving credit facility | (659,783) | (624,540)
Mortgage loans and notes payable | (32,138) | (1,806)
Loan procurement costs | (39) | (136)
Cash paid upon vesting of restricted OP units | (804) | (1,384)
Contributions from noncontrolling interests in subsidiaries | 797 |
Distributions paid to noncontrolling interests in subsidiaries | (250) | (7,331)
Distributions paid to common OP unitholders | (331,601) | (290,238)
Net cash used in financing activities | (409,333) | (420,389)
Change in cash, cash equivalents and restricted cash | 975 | (5,114)
Cash, cash equivalents and restricted cash at beginning of period | 8,925 | 13,318
Cash, cash equivalents and restricted cash at end of period | 9,900 | 8,204
Supplemental Cash Flow and Noncash Information |  |
Cash paid for interest, net of interest capitalized | 80,299 | 75,172
Supplemental disclosure of noncash activities: |  |
Acquisitions of storage properties |  | (700)
Accretion of put liability |  | 2,444
Derivative valuation adjustment | 60 | 60
Contributions from noncontrolling interests in subsidiaries |  | 3,340
CubeSmart, L.P. and Subsidiaries |  |
Operating Activities |  |
Net income | 299,298 | 210,300
Adjustments to reconcile net income to cash provided by operating activities: |  |
Depreciation and amortization | 153,783 | 244,062
Non-cash portion of interest expense related to finance leases | (38) | (37)
Equity in earnings of real estate ventures | (4,482) | (47,532)
Equity compensation expense | 7,530 | 6,804
Accretion of fair market value adjustment of debt | (714) | (830)
Changes in other operating accounts: |  |
Other assets | (10,052) | 4,247
Accounts payable and accrued expenses | 18,408 | 25,982
Other liabilities | 1,402 | 3,500
Net cash provided by operating activities | 465,135 | 446,496
Investing Activities |  |
Acquisitions of storage properties |  | (89,004)
Additions and improvements to storage properties | (31,642) | (27,493)
Development costs | (34,228) | (17,445)
Investment in real estate ventures | (16) | (16)
Cash distributed from real estate ventures | 10,821 | 59,544
Proceeds from sale of real estate, net | 238 | 43,193
Net cash used in investing activities | (54,827) | (31,221)
Proceeds from: |  |
Revolving credit facility | 614,083 | 500,640
Principal payments on: |  |
Revolving credit facility | (659,783) | (624,540)
Mortgage loans and notes payable | (32,138) | (1,806)
Loan procurement costs | (39) | (136)
Issuance of common OP units, net | (225) | 4,890
Cash paid upon vesting of restricted OP units | (804) | (1,384)
Exercise of OP unit options | 2,716 | 1,590
Contributions from noncontrolling interests in subsidiaries | 797 |
Distributions paid to noncontrolling interests in subsidiaries | (250) | (7,331)
Distributions paid to common OP unitholders | (333,690) | (292,312)
Net cash used in financing activities | (409,333) | (420,389)
Change in cash, cash equivalents and restricted cash | 975 | (5,114)
Cash, cash equivalents and restricted cash at beginning of period | 8,925 | 13,318
Cash, cash equivalents and restricted cash at end of period | 9,900 | 8,204
Supplemental Cash Flow and Noncash Information |  |
Cash paid for interest, net of interest capitalized | 80,299 | 75,172
Supplemental disclosure of noncash activities: |  |
Acquisitions of storage properties |  | (700)
Accretion of put liability |  | 2,444
Derivative valuation adjustment | $ 60 | 60
Contributions from noncontrolling interests in subsidiaries |  | $ 3,340

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