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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 September 30, 2022
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: 001-37351
National Storage Affiliates Trust
(Exact name of Registrant as specified in its charter)
 
Maryland46-5053858
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)

8400 East Prentice Avenue, 9th Floor
Greenwood Village, Colorado 80111
(Address of principal executive offices) (Zip code)

(720) 630-2600
(Registrant's telephone number including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolsName of each exchange on which registered
Common Shares of Beneficial Interest, $0.01 par value per shareNSANew York Stock Exchange
Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per shareNSA Pr ANew York Stock Exchange
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.     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).    Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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.
Large Accelerated FilerAccelerated Filer
Non-accelerated FilerSmaller 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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
Yes   No 
As of November 2, 2022, 90,865,339 common shares of beneficial interest, $0.01 par value per share, were outstanding.



NATIONAL STORAGE AFFILIATES TRUST
TABLE OF CONTENTS
FORM 10-Q
Page
PART I. FINANCIAL INFORMATION
ITEM 1.Financial Statements
Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 (Unaudited)
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2022 and 2021 (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2022 and 2021 (Unaudited)
Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2022 and 2021 (Unaudited)
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021 (Unaudited)
Notes to Condensed Consolidated Financial Statements (Unaudited)
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
Signatures


2


PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements

NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share amounts)
(Unaudited)
September 30,December 31,
20222021
ASSETS
Real estate
Self storage properties$6,345,448 $5,798,188 
Less accumulated depreciation(722,010)(578,717)
Self storage properties, net
5,623,438 5,219,471 
Cash and cash equivalents33,401 25,013 
Restricted cash4,013 2,862 
Debt issuance costs, net1,720 2,433 
Investment in unconsolidated real estate ventures231,696 188,187 
Other assets, net147,969 102,417 
Operating lease right-of-use assets21,50122,211
Total assets$6,063,738 $5,562,594 
LIABILITIES AND EQUITY
Liabilities
Debt financing$3,487,724 $2,940,931 
Accounts payable and accrued liabilities92,466 59,262 
Interest rate swap liabilities 33,757
Operating lease liabilities23,36223,981
Deferred revenue23,143 22,208 
Total liabilities3,626,6953,080,139
Commitments and contingencies (Note 11)
Equity
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 9,017,588 and 8,736,719 issued and outstanding at September 30, 2022 and December 31, 2021, respectively, at liquidation preference
225,439 218,418 
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 authorized, 90,861,825 and 91,198,929 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
909 912 
Additional paid-in capital1,804,444 1,866,773 
Distributions in excess of earnings(374,978)(291,263)
Accumulated other comprehensive income (loss)42,852 (19,611)
Total shareholders' equity1,698,666 1,775,229 
Noncontrolling interests738,377 707,226 
Total equity2,437,043 2,482,455 
Total liabilities and equity$6,063,738 $5,562,594 

See notes to condensed consolidated financial statements.

3

NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
REVENUE
Rental revenue$193,724 $139,420 $552,829 $379,857 
Other property-related revenue6,400 5,141 18,907 14,107 
Management fees and other revenue6,649 6,282 21,111 18,117 
Total revenue206,773 150,843 592,847 412,081 
OPERATING EXPENSES
Property operating expenses55,132 39,465 157,678 110,723 
General and administrative expenses15,298 13,012 43,966 36,700 
Depreciation and amortization59,631 38,983 175,594 107,458 
Other6,356 994 7,351 1,701 
Total operating expenses136,417 92,454 384,589 256,582 
OTHER (EXPENSE) INCOME
Interest expense(28,871)(18,144)(75,966)(52,275)
Equity in earnings of unconsolidated real estate ventures
2,134 1,682 5,590 3,615 
Acquisition costs(1,142)(512)(2,377)(922)
Non-operating expense(226)(241)(599)(562)
Gain on sale of self storage properties  2,134  
Other expense, net(28,105)(17,215)(71,218)(50,144)
Income before income taxes42,251 41,174 137,040 105,355 
Income tax expense(2,074)(444)(3,652)(1,315)
Net income40,177 40,730 133,388 104,040 
Net income attributable to noncontrolling interests
(17,966)(10,506)(60,911)(24,260)
Net income attributable to National Storage Affiliates Trust
22,211 30,224 72,477 79,780 
Distributions to preferred shareholders
(3,382)(3,276)(10,043)(9,827)
Net income attributable to common shareholders
$18,829 $26,948 $62,434 $69,953 
Earnings per share - basic$0.21 $0.31 $0.68 $0.89 
Earnings per share - diluted$0.21 $0.26 $0.68 $0.71 
Weighted average shares outstanding - basic91,471 86,257 91,446 78,307 
Weighted average shares outstanding - diluted91,471 140,025 91,446 130,983 
Dividends declared per common share$0.55 $0.41 $1.60 $1.14 

See notes to condensed consolidated financial statements.

4


NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(dollars in thousands)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Net income$40,177 $40,730 $133,388 $104,040 
Other comprehensive income
Unrealized gain on derivative contracts27,049 243 80,213 14,418 
Reclassification of other comprehensive (income) loss to interest expense
(833)5,2427,42715,323
Other comprehensive income
26,216 5,485 87,640 29,741 
Comprehensive income66,393 46,215 221,028 133,781 
Comprehensive income attributable to noncontrolling interests
(25,624)(12,009)(86,568)(33,304)
Comprehensive income attributable to National Storage Affiliates Trust
$40,769 $34,206 $134,460 $100,477 

See notes to condensed consolidated financial statements.

5


NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(dollars in thousands, except number of shares)
(Unaudited)
Accumulated
AdditionalDistributionsOther
Preferred SharesCommon SharesPaid-inIn Excess OfComprehensiveNoncontrollingTotal
NumberAmountNumberAmountCapitalEarnings(Loss) IncomeInterestsEquity
Balances, December 31, 20208,732,719 $218,318 71,293,117 $713 $1,050,714 $(251,704)$(49,084)$461,518 $1,430,475 
OP equity issued for property acquisitions:
OP units and subordinated performance units, net of offering costs
— — — — — — — 22,897 22,897 
Redemptions of OP units
— — 190,248 2 2,332 — (108)(2,226) 
Issuance of common shares, net of offering costs
— — 3,692,216 37 122,375 — — — 122,412 
Contributions from noncontrolling interests
— — — — — — — 103 103 
Effect of changes in ownership for consolidated entities
— — — — (18,983)— (290)19,273  
Equity-based compensation expense
— — — — 92 — — 1,194 1,286 
Issuance of restricted common shares
— — 15,369 — — — — —  
Vesting and forfeitures of restricted common shares, net
— — (4,823)— (152)— — — (152)
Preferred share dividends
— — — — — (3,275)— — (3,275)
Common share dividends
— — — — — (25,014)— — (25,014)
Distributions to noncontrolling interests
— — — — — — — (20,604)(20,604)
Other comprehensive income
— — — — — — 17,840 8,017 25,857 
Net income
— — — — — 20,838 — 6,797 27,635 
Balances, March 31, 20218,732,719 $218,318 75,186,127 $752 $1,156,378 $(259,155)$(31,642)$496,969 $1,581,620 
OP equity issued for property acquisitions:
OP units and subordinated performance units, net of offering costs
— — — — — — — 24,102 24,102 
Redemptions of OP units
— — 121,923 1 1,554 — (52)(1,503) 
Issuance of common shares, net of offering costs
— — 2,390,000 24 103,646 — — — 103,670 
Issuance of common shares, share based compensation plans
4,000 100 — — — — — (100) 
See notes to condensed consolidated financial statements.

6


NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(dollars in thousands, except number of shares)
(Unaudited)
Accumulated
AdditionalDistributionsOther
Preferred SharesCommon SharesPaid-inIn Excess OfComprehensiveNoncontrollingTotal
NumberAmountNumberAmountCapitalEarnings(Loss) IncomeInterestsEquity
Effect of changes in ownership for consolidated entities
— — — — (17,420)— (227)17,647  
Equity-based compensation expense
— — — — 113 — — 1,235 1,348 
Issuance of restricted common shares
— — 13,255 — — — — —  
Vesting and forfeitures of restricted common shares, net
— — (2,474)— (2)— — — (2)
Preferred share dividends
— — — — — (3,276)— — (3,276)
Common share dividends
— — — — — (29,404)— — (29,404)
Distributions to noncontrolling interests
— — — — — — — (24,606)(24,606)
Other comprehensive loss
— — — — — — (1,125)(476)(1,601)
Net income
— — — — — 28,718 — 6,957 35,675 
Balances, June 30, 2021 8,736,719 $218,418 77,708,831 $777 $1,244,269 $(263,117)$(33,046)$520,225 $1,687,526 
OP equity issued for property acquisitions:
OP units and subordinated performance units, net of offering costs
— — — — — — — 31,074 31,074 
Redemptions of OP units
— — 340,349 3 5,556 — (144)(5,415) 
Issuance of common shares, net of offering costs
— — 10,902,000 109 537,213 — — — 537,322 
Effect of changes in ownership for consolidated entities
— — — — (94,670)— (1,095)95,765  
Equity-based compensation expense
— — — — 113 — — 1,341 1,454 
Issuance of restricted common shares
— — 370 — — — — —  
Vesting and forfeitures of restricted common shares, net
— — (5,701)— — — —  
Preferred share dividends
— — — — — (3,276)— — (3,276)
Common share dividends
— — — — — (36,467)— — (36,467)
Distributions to noncontrolling interests
— — — — — — — (26,184)(26,184)
Other comprehensive income
— — — — — — 3,982 1,503 5,485 
Net income
— — — — — 30,224 — 10,506 40,730 
Balances, September 30, 20218,736,719 $218,418 88,945,849 $889 $1,692,481 $(272,636)$(30,303)$628,815 $2,237,664 
See notes to condensed consolidated financial statements.

7


NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(dollars in thousands, except number of shares)
(Unaudited)
Accumulated
AdditionalDistributionsOther
Preferred SharesCommon SharesPaid-inIn Excess OfComprehensiveNoncontrollingTotal
NumberAmountNumberAmountCapitalEarnings(Loss) IncomeInterestsEquity
Balances, December 31, 20218,736,719 $218,418 91,198,929 $912 $1,866,773 $(291,263)$(19,611)$707,226 $2,482,455 
OP equity issued:
Internalization of PRO, net of offering costs— — — — — — — 3,217 3,217 
Acquisition of properties
— — — — — — — 16,576 16,576 
Redemptions of OP units
— — 258,477 3 4,601 — (44)(4,560) 
Redemption of Series A-1 preferred units
8,216 205 — — — — — (205) 
Effect of changes in ownership for consolidated entities
— — — — (40,627)— 590 40,037  
Equity-based compensation expense
— — — — 103 — — 1,441 1,544 
Issuance of restricted common shares
— — 7,913 — — — — —  
Vesting and forfeitures of restricted common shares, net
— — (3,599)— (118)— — — (118)
Preferred share dividends
— — — — — (3,279)— — (3,279)
Common share dividends
— — — — — (45,710)— — (45,710)
Distributions to noncontrolling interests
— — — — — — — (33,009)(33,009)
Other comprehensive income
— — — — — — 30,799 12,783 43,582 
Net income
— — — — — 25,228 — 19,558 44,786 
Balances, March 31, 20228,744,935 $218,623 91,461,720 $915 $1,830,732 $(315,024)$11,734 $763,064 $2,510,044 
OP units and subordinated performance units, net of offering costs
— — — — — — — 13,938 13,938 
Redemptions of OP units
— — 294,573 3 5,140 — 59 (5,202) 
Redemptions of Series A-1 preferred units272,653 6,816 — — — — — (6,816) 
Effect of changes in ownership for consolidated entities
— — — — 5,924 — (47)(5,877) 
Equity-based compensation expense
— — — — 127 — — 1,453 1,580 
See notes to condensed consolidated financial statements.

8


NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(dollars in thousands, except number of shares)
(Unaudited)
Accumulated
AdditionalDistributionsOther
Preferred SharesCommon SharesPaid-inIn Excess OfComprehensiveNoncontrollingTotal
NumberAmountNumberAmountCapitalEarnings(Loss) IncomeInterestsEquity
Issuance of restricted common shares
— — 630 — — — — —  
Vesting and forfeitures of restricted common shares, net
— — (1,251)— (43)— — — (43)
Preferred share dividends
— — — — — (3,382)—  (3,382)
Common share dividends
— — — — — (50,466)— — (50,466)
Distributions to noncontrolling interests
— — — — — — — (36,625)(36,625)
Other comprehensive income
— — — — — — 12,626 5,216