Company Quick10K Filing
Life Storage
Price96.86 EPS7
Shares47 P/E15
MCap4,519 P/FCF23
Net Debt1,914 EBIT367
TEV6,433 TEV/EBIT18
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-27
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-05-04
10-K 2014-12-31 Filed 2015-02-24
10-Q 2014-09-30 Filed 2014-11-04
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-06
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-09-09 Other Events
8-K 2020-09-09 Enter Agreement, Exhibits
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-06-02
8-K 2020-05-28
8-K 2020-05-07
8-K 2020-02-19
8-K 2019-12-19
8-K 2019-11-26
8-K 2019-10-30
8-K 2019-07-31
8-K 2019-06-03
8-K 2019-05-30
8-K 2019-05-22
8-K 2019-05-01
8-K 2019-03-14
8-K 2019-03-01
8-K 2019-02-25
8-K 2018-12-31
8-K 2018-12-18
8-K 2018-10-31
8-K 2018-09-12
8-K 2018-08-01
8-K 2018-06-14
8-K 2018-05-31
8-K 2018-05-07
8-K 2018-05-02
8-K 2018-03-17
8-K 2018-02-21
8-K 2017-12-29

LSI 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 lsi-ex311_10.htm
EX-31.2 lsi-ex312_8.htm
EX-31.3 lsi-ex313_6.htm
EX-31.4 lsi-ex314_9.htm
EX-32 lsi-ex32_11.htm
EX-32.1 lsi-ex321_7.htm

Life Storage Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
4.23.42.51.70.80.02012201420172020
Assets, Equity
0.20.10.10.0-0.0-0.12012201420172020
Rev, G Profit, Net Income
1.00.50.0-0.4-0.9-1.42012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2020

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from            to            . 

Commission file number:

1-13820 (Life Storage, Inc.)

0-24071 (Life Storage LP)

 

LIFE STORAGE, INC.

LIFE STORAGE LP

(Exact name of Registrant as specified in its charter)

 

 

Maryland (Life Storage, Inc.)

16-1194043 (Life Storage, Inc.)

Delaware (Life Storage LP)

16-1481551 (Life Storage LP)

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

 

6467 Main Street

Williamsville, NY 14221

(Address of principal executive offices) (Zip code)

(716) 633-1850

(Registrant’s telephone number including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Life Storage, Inc.

Yes  

No  

 

 

 

Life Storage LP

Yes  

No  

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Life Storage, Inc.

Yes  

No  

Life Storage LP

Yes  

No  

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  

Life Storage, Inc.:

 

Large Accelerated Filer

Accelerated Filer

 

 

 

 

Non-accelerated Filer

Smaller Reporting Company

 

 

 

 

Emerging Growth Company

 

 

 

Life Storage LP:

 

Large Accelerated Filer

Accelerated Filer

 

 

 

 

Non-accelerated Filer

Smaller Reporting Company

 

 

 

 

Emerging Growth Company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Life Storage, Inc.

 

 

Life Storage LP

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Life Storage, Inc.

Yes  

No  

 

 

 

Life Storage LP

Yes  

No  

 

Securities registered pursuant to Section 12(b) of the Act:

Life Storage, Inc.:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $.01 par value

 

LSI

 

New York Stock Exchange

 

Life Storage LP:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

 

 

 

 

 

 

 

 

 

 

 

As of August 3, 2020, 46,918,445 shares of Common Stock, $.01 par value per share, were outstanding.

 

 

 


EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2020 of Life Storage, Inc. (the “Parent Company”) and Life Storage LP (the “Operating Partnership”). The Parent Company is a real estate investment trust, or REIT, that owns its assets and conducts its operations through the Operating Partnership, a Delaware limited partnership, and subsidiaries of the Operating Partnership. The Parent Company, the Operating Partnership and their consolidated subsidiaries are collectively referred to in this report as the “Company.” In addition, terms such as “we,” “us,” or “our” used in this report may refer to the Company, the Parent Company and/or the Operating Partnership.

Life Storage Holdings, Inc., a wholly-owned subsidiary of the Parent Company (“Holdings”), is the sole general partner of the Operating Partnership; the Parent Company is a limited partner of the Operating Partnership, and through its ownership of Holdings and its limited partnership interest, controls the operations of the Operating Partnership, holding a 99.5% ownership interest therein as of June 30, 2020. The remaining ownership interests in the Operating Partnership are held by certain former owners of assets acquired by the Operating Partnership. As the owner of the sole general partner of the Operating Partnership, the Parent Company has full and complete authority over the Operating Partnership’s day-to-day operations and management.

Management operates the Parent Company and the Operating Partnership as one enterprise. The management teams of the Parent Company and the Operating Partnership are identical.

There are few differences between the Parent Company and the Operating Partnership, which are reflected in the note disclosures in this report. The Company believes it is important to understand the differences between the Parent Company and the Operating Partnership in the context of how these entities operate as a consolidated enterprise. The Parent Company is a REIT, whose only material asset is its ownership of the partnership interests of the Operating Partnership. As a result, the Parent Company does not conduct business itself, other than acting as the owner of the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing the debt obligations of the Operating Partnership. The Operating Partnership holds substantially all the assets of the Company and, directly or indirectly, holds the ownership interests in the Company’s real estate ventures. The Operating Partnership conducts the operations of the Company’s business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s direct or indirect incurrence of indebtedness or through the issuance of partnership units of the Operating Partnership.

The substantive difference between the Parent Company’s filings and the Operating Partnership’s filings is the fact that the Parent Company is a REIT with public equity, while the Operating Partnership is a partnership with no publicly traded equity. In the financial statements, this difference is primarily reflected in the equity (or capital for the Operating Partnership) section of the consolidated balance sheets and in the Shareholders’ Equity and Partners’ Capital notes to the financial statements. Apart from the different equity treatment, the consolidated financial statements of the Parent Company and the Operating Partnership are nearly identical.

The Company believes that combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into a single report will:

 

facilitate a better understanding by the investors of the Parent Company and the Operating Partnership by enabling them to view the business as a whole in the same manner as management views and operates the business;

 

remove duplicative disclosures and provide a more straightforward presentation in light of the fact that a substantial portion of the disclosure applies to both the Parent Company and the Operating Partnership; and

 

create time and cost efficiencies through the preparation of one combined report instead of two separate reports.

2


In order to highlight the differences between the Parent Company and the Operating Partnership, the separate sections in this report for the Parent Company and the Operating Partnership specifically refer to the Parent Company and the Operating Partnership. In the sections that combine disclosures of the Parent Company and the Operating Partnership, this report refers to such disclosures as those of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and real estate ventures and holds assets and debt, reference to the Company is appropriate because the business is one enterprise and the Parent Company operates the business through the Operating Partnership.

As the owner of the general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of the Parent Company and the Operating Partnership are the same on their respective financial statements. The separate discussions of the Parent Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company’s operations on a consolidated basis and how management operates the Company.

This report also includes separate Item 4 - Controls and Procedures sections, signature pages and Exhibit 31 and 32 certifications for each of the Parent Company and the Operating Partnership in order to establish that the Chief Executive Officer and the Chief Financial Officer of the Parent Company and the Chief Executive Officer and the Chief Financial Officer of the Operating Partnership have made the requisite certifications and that the Parent Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended and 18 U.S.C. §1350.

3


Part I. Financial Information

Item 1. Financial Statements

LIFE STORAGE, INC.

CONSOLIDATED BALANCE SHEETS

 

(dollars in thousands, except share data)

 

June 30,

2020

(unaudited)

 

 

December 31,

2019

 

Assets

 

 

 

 

 

 

 

 

Investment in storage facilities:

 

 

 

 

 

 

 

 

Land

 

$

904,475

 

 

$

884,235

 

Building, equipment, and construction in progress

 

 

3,993,901

 

 

 

3,865,238

 

 

 

 

4,898,376

 

 

 

4,749,473

 

Less: accumulated depreciation

 

 

(810,709

)

 

 

(756,333

)

Investment in storage facilities, net

 

 

4,087,667

 

 

 

3,993,140

 

Cash and cash equivalents

 

 

9,518

 

 

 

17,458

 

Accounts receivable

 

 

11,575

 

 

 

12,218

 

Receivable from unconsolidated joint ventures

 

 

797

 

 

 

1,302

 

Investment in unconsolidated joint ventures

 

 

147,749

 

 

 

154,984

 

Prepaid expenses

 

 

9,761

 

 

 

7,771

 

Trade name

 

 

16,500

 

 

 

16,500

 

Other assets

 

 

27,697

 

 

 

29,591

 

Total Assets

 

$

4,311,264

 

 

$

4,232,964

 

Liabilities

 

 

 

 

 

 

 

 

Line of credit

 

$

158,000

 

 

$

65,000

 

Term notes, net

 

 

1,859,539

 

 

 

1,858,271

 

Accounts payable and accrued liabilities

 

 

89,124

 

 

 

103,942

 

Deferred revenue

 

 

14,433

 

 

 

11,699

 

Mortgages payable

 

 

34,519

 

 

 

34,851

 

Total Liabilities

 

 

2,155,615

 

 

 

2,073,763

 

Noncontrolling redeemable Operating Partnership Units at redemption value

 

 

22,968

 

 

 

26,307

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

Common stock $.01 par value, 100,000,000 shares authorized, 46,918,445

   shares outstanding at June 30, 2020 (46,675,933 at December 31, 2019)

 

 

469

 

 

 

467

 

Additional paid-in capital

 

 

2,400,382

 

 

 

2,376,723

 

Dividends in excess of net income

 

 

(262,670

)

 

 

(238,338

)

Accumulated other comprehensive loss

 

 

(5,500

)

 

 

(5,958

)

Total Shareholders’ Equity

 

 

2,132,681

 

 

 

2,132,894

 

Noncontrolling interest in consolidated subsidiary

 

 

 

 

 

 

Total Equity

 

 

2,132,681

 

 

 

2,132,894

 

Total Liabilities and Shareholders’ Equity

 

$

4,311,264

 

 

$

4,232,964

 

 

See notes to consolidated financial statements.

4


LIFE STORAGE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

(dollars in thousands, except per share data)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

128,828

 

 

$

128,913

 

 

$

257,736

 

 

$

253,060

 

Other operating income

 

 

18,185

 

 

 

16,115

 

 

 

36,220

 

 

 

28,492

 

Total operating revenues

 

 

147,013

 

 

 

145,028

 

 

 

293,956

 

 

 

281,552

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operations and maintenance

 

 

32,247

 

 

 

33,433

 

 

 

65,097

 

 

 

64,594

 

Real estate taxes

 

 

17,614

 

 

 

16,219

 

 

 

35,022

 

 

 

32,311

 

General and administrative

 

 

12,223

 

 

 

10,510

 

 

 

25,129

 

 

 

22,847

 

Payments for rent

 

 

 

 

 

141

 

 

 

 

 

 

283

 

Depreciation and amortization

 

 

28,987

 

 

 

26,158

 

 

 

57,317

 

 

 

52,387

 

Total operating expenses

 

 

91,071

 

 

 

86,461

 

 

 

182,565

 

 

 

172,422

 

Gain on sale of real estate

 

 

 

 

 

 

 

 

302

 

 

 

1,076

 

Income from operations

 

 

55,942

 

 

 

58,567

 

 

 

111,693

 

 

 

110,206

 

Other income (expenses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(20,266

)

 

 

(18,759

)

 

 

(40,513

)

 

 

(36,578

)

Interest income

 

 

2

 

 

 

46

 

 

 

7

 

 

 

51

 

Equity in income of joint ventures

 

 

970

 

 

 

1,110

 

 

 

2,086

 

 

 

1,921

 

Net income

 

 

36,648

 

 

 

40,964

 

 

 

73,273

 

 

 

75,600

 

Net income attributable to noncontrolling

   interest in the Operating Partnership

 

 

(191

)

 

 

(222

)

 

 

(383

)

 

 

(404

)

Net loss attributable to noncontrolling

   interest in consolidated subsidiary

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$

36,457

 

 

$

40,742

 

 

$

72,890

 

 

$

75,196

 

Earnings per common share attributable

   to common shareholders – basic

 

$

0.78

 

 

$

0.87

 

 

$

1.56

 

 

$

1.61

 

Earnings per common share attributable

   to common shareholders – diluted

 

$

0.78

 

 

$

0.87

 

 

$

1.56

 

 

$

1.61

 

Common shares used in basic earnings per share

   calculation

 

 

46,844,888

 

 

 

46,582,235

 

 

 

46,761,063

 

 

 

46,573,541

 

Common shares used in diluted earnings per share

   calculation

 

 

46,906,138

 

 

 

46,631,214

 

 

 

46,828,517

 

 

 

46,633,957

 

Dividends declared per common share

 

$

1.07

 

 

$

1.00

 

 

$

2.14

 

 

$

2.00

 

 

See notes to consolidated financial statements.

5


LIFE STORAGE, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

(dollars in thousands)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

36,648

 

 

$

40,964

 

 

$

73,273

 

 

$

75,600

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective portion of gain on derivatives net

   of reclassification to interest expense

 

 

229

 

 

 

229

 

 

 

458

 

 

 

458

 

Total comprehensive income

 

 

36,877

 

 

 

41,193

 

 

 

73,731

 

 

 

76,058

 

Comprehensive income attributable to noncontrolling

   interest in the Operating Partnership

 

 

(192

)

 

 

(223

)

 

 

(385

)

 

 

(407

)

Comprehensive loss attributable to noncontrolling

   interest in consolidated subsidiary

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income attributable to common shareholders

 

$

36,685

 

 

$

40,970

 

 

$

73,346

 

 

$

75,651

 

 

See notes to consolidated financial statements.

6


LIFE STORAGE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

(dollars in thousands)

 

Six Months

Ended

June 30, 2020

 

 

Six Months

Ended

June 30, 2019

 

Operating Activities

 

 

 

 

 

 

 

 

Net income

 

$

73,273

 

 

$

75,600

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

57,317

 

 

 

52,387

 

Amortization of debt issuance costs and bond discount

 

 

2,025

 

 

 

1,846

 

Gain on sale of real estate

 

 

(302

)

 

 

(1,076

)

Equity in income of joint ventures

 

 

(2,086

)

 

 

(1,921

)

Distributions from unconsolidated joint ventures

 

 

6,086

 

 

 

4,865

 

Non-vested stock earned

 

 

2,273

 

 

 

2,235

 

Deferred income taxes

 

 

1,126

 

 

 

204

 

Other

 

 

(116

)

 

 

 

Changes in assets and liabilities (excluding the effects of acquisitions):

 

 

 

 

 

 

 

 

Accounts receivable

 

 

683

 

 

 

(1,900

)

Prepaid expenses

 

 

(2,286

)

 

 

(1,941

)

Receipts from (advances to) joint ventures

 

 

172

 

 

 

(35

)

Accounts payable and other liabilities

 

 

(14,576

)

 

 

(11,270

)

Deferred revenue

 

 

2,329

 

 

 

(65

)

Net cash provided by operating activities

 

 

125,918

 

 

 

118,929

 

Investing Activities

 

 

 

 

 

 

 

 

Acquisition of storage facilities, net of cash acquired

 

 

(124,204

)

 

 

(95,819

)

Improvements, equipment additions, and construction in progress

 

 

(26,103

)

 

 

(37,683

)

Return of investment in unconsolidated joint ventures

 

 

8,359

 

 

 

 

Investment in unconsolidated joint ventures

 

 

(4,953

)

 

 

(2,215

)

Property deposits

 

 

171

 

 

 

(6,658

)

Net cash used in investing activities

 

 

(146,730

)

 

 

(142,375

)

Financing Activities

 

 

 

 

 

 

 

 

Net proceeds from sale of common stock

 

 

21,388

 

 

 

 

Proceeds from line of credit

 

 

225,000

 

 

 

183,000

 

Repayments of line of credit

 

 

(132,000

)

 

 

(274,000

)

Proceeds from term notes, net of discount

 

 

 

 

 

348,166

 

Repayment of term notes

 

 

 

 

 

(100,000

)

Debt issuance costs

 

 

 

 

 

(3,099

)

Dividends paid - common stock

 

 

(100,155

)

 

 

(93,263

)

Distributions to noncontrolling interest holders

 

 

(524

)

 

 

(497

)

Redemption of Operating Partnership Units

 

 

(265

)

 

 

(48

)

Mortgage principal payments

 

 

(203

)

 

 

(195

)

Net cash provided by financing activities

 

 

13,241

 

 

 

60,064

 

Net (decrease) increase in cash and restricted cash

 

 

(7,571

)

 

 

36,618

 

Cash and restricted cash at beginning of period

 

 

21,556

 

 

 

14,065

 

Cash and restricted cash at end of period

 

$

13,985

 

 

$

50,683

 

Supplemental cash flow information

 

 

 

 

 

 

 

 

Cash paid for interest, net of interest capitalized

 

$

39,577

 

 

$

34,782

 

Cash paid for income taxes, net of refunds

 

$

1,019

 

 

$

1,283

 

 

See notes to consolidated financial statements.

7


LIFE STORAGE LP

CONSOLIDATED BALANCE SHEETS

 

(dollars in thousands)

 

June 30,

2020

(unaudited)

 

 

December 31,

2019

 

Assets

 

 

 

 

 

 

 

 

Investment in storage facilities:

 

 

 

 

 

 

 

 

Land

 

$

904,475

 

 

$

884,235

 

Building, equipment, and construction in progress

 

 

3,993,901

 

 

 

3,865,238

 

 

 

 

4,898,376

 

 

 

4,749,473

 

Less: accumulated depreciation

 

 

(810,709

)

 

 

(756,333

)

Investment in storage facilities, net

 

 

4,087,667

 

 

 

3,993,140

 

Cash and cash equivalents

 

 

9,518

 

 

 

17,458

 

Accounts receivable

 

 

11,575

 

 

 

12,218

 

Receivable from unconsolidated joint ventures

 

 

797

 

 

 

1,302

 

Investment in unconsolidated joint ventures

 

 

147,749

 

 

 

154,984

 

Prepaid expenses

 

 

9,761

 

 

 

7,771

 

Trade name

 

 

16,500

 

 

 

16,500

 

Other assets

 

 

27,697

 

 

 

29,591

 

Total Assets

 

$

4,311,264

 

 

$