Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (2,678) $ (8,961)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 19,851 8,534
Amortization of debt issuance costs 1,610 1,082
Amortization of debt discount and premium, net (780) 907
Loss on debt extinguishment 414 344
Unrealized (gain) loss on fair value of derivatives (3) 193
Gain on sale of self storage properties 0 (1,426)
Issuance of subordinated performance units for related party payable 0 3,242
LTIP units issued for acquisition expenses 366 0
Equity-based compensation expense 1,721 684
Change in assets and liabilities, net of effects of business combinations:    
Restricted cash (221) 941
Other assets (865) (121)
Accounts payable and accrued liabilities 1,363 327
Deferred revenue 249 198
Net Cash Provided by Operating Activities 21,027 5,944
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of self storage properties (47,523) (89,856)
Capital expenditures (2,000) (1,812)
Note receivable from PROs 0 (4,831)
Deposits and advances for self storage property acquisitions (145) (7,495)
Expenditures for corporate furniture, equipment and other (58) (93)
Change in restricted cash designated for capital expenditures 188 333
Proceeds from sale of self storage properties 0 2,993
Net Cash Used in Investing Activities (49,538) (100,761)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common shares in IPO 278,070 0
Borrowings under debt financings 21,000 245,449
Proceeds from issuance of OP units 0 431
Receipts for OP unit subscriptions 746 0
Collection of receivables from issuance of OP equity 575 0
Principal payments under debt financings (257,084) (143,564)
Distributions to partners of OP (14,681) (3,570)
NSA Predecessor distributions and other 0 (429)
Change in restricted cash for financing activity (167) 0
Debt issuance costs (553) (183)
Equity offering costs (2,349) (173)
Net Cash Provided by Financing Activities 25,557 97,961
(Decrease) Increase in Cash and Cash Equivalents (2,954) 3,144
CASH AND CASH EQUIVALENTS    
Beginning of period 9,009 11,196
End of period 6,055 14,340
Supplemental Cash Flow Information    
Cash paid for interest 11,739 8,632
Consideration exchanged in business combinations:    
Issuance of OP units and subordinated performance units 31,925 70,557
Deposits on acquisitions applied to purchase price 745 50
LTIP units vesting upon acquisition of properties 0 2,299
Assumption of mortgages payable 46,989 0
Note payable to related party to settle assumed mortgages 5,342 0
Other net liabilities assumed 358 1,157
Notes receivable settled upon acquisition of properties 1,778 4,831
Fair value of noncontrolling interests in acquired subsidiaries 6,770 0
Issuance of OP units for settlement of subscription liability 194 5,863
Settlement of acquisition receivables from distributions 867 0
Increase in lender participation liability and related discount 0 770
Increase in payables for deferred offering costs 1,625 442
Settlement of debt issuance costs from borrowings 0 3,851
Settlement of offering costs from IPO proceeds $ 20,930 $ 0