falsedesktopNSA2020-09-30000161856320000131{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Large Accelerated Filer\t☒\tAccelerated Filer\t☐\nNon-accelerated Filer\t☐\tSmaller Reporting Company\t☐\n\t\tEmerging Growth Company\t☐\n", "q10k_tbl_1": "NATIONAL STORAGE AFFILIATES TRUST\t\t\nTABLE OF CONTENTS\t\t\nFORM 10-Q\t\t\n\t\tPage\nPART I. FINANCIAL INFORMATION\t\t\nITEM 1.\tFinancial Statements\t4\n\tCondensed Consolidated Balance Sheets as of September 30 2020 and December 31 2019 (Unaudited)\t4\n\tCondensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30 2020 and 2019 (Unaudited)\t5\n\tCondensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30 2020 and 2019 (Unaudited)\t6\n\tCondensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30 2020 and 2019 (Unaudited)\t7\n\tCondensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30 2020 and 2019 (Unaudited)\t13\n\tNotes to Condensed Consolidated Financial Statements (Unaudited)\t15\nITEM 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t33\nITEM 3.\tQuantitative and Qualitative Disclosures About Market Risk\t53\nITEM 4.\tControls and Procedures\t54\nPART II. OTHER INFORMATION\t\t\nITEM 1.\tLegal Proceedings\t54\nITEM 1A.\tRisk Factors\t54\nITEM 2.\tUnregistered Sales of Equity Securities and Use of Proceeds\t55\nITEM 3.\tDefaults Upon Senior Securities\t56\nITEM 4.\tMine Safety Disclosures\t56\nITEM 5.\tOther Information\t56\nITEM 6.\tExhibits\t57\nSignatures\t\t58\n", "q10k_tbl_2": "\tSeptember 30\tDecember 31\n\t2020\t2019\nASSETS\t\t\nReal estate\t\t\nSelf storage properties\t3381418\t3091719\nLess accumulated depreciation\t(416423)\t(337822)\nSelf storage properties net\t2964995\t2753897\nCash and cash equivalents\t16779\t20558\nRestricted cash\t4486\t3718\nDebt issuance costs net\t2698\t3264\nInvestment in unconsolidated real estate ventures\t206284\t214061\nOther assets net\t62320\t65441\nOperating lease right-of-use assets\t23354\t23306\nTotal assets\t3280916\t3084245\nLIABILITIES AND EQUITY\t\t\nLiabilities\t\t\nDebt financing\t1741703\t1534047\nAccounts payable and accrued liabilities\t51280\t37966\nInterest rate swap liabilities\t86746\t19943\nOperating lease liabilities\t24929\t24665\nDeferred revenue\t15858\t15523\nTotal liabilities\t1920516\t1632144\nCommitments and contingencies (Note 11)\t\t\nEquity\t\t\nPreferred shares of beneficial interest par value $0.01 per share. 50000000 authorized 8732719 and 8727119 issued and outstanding at September 30 2020 and December 31 2019 at liquidation preference\t218318\t218178\nCommon shares of beneficial interest par value $0.01 per share. 250000000 authorized 69177872 and 59659108 shares issued and outstanding at September 30 2020 and December 31 2019 respectively\t692\t597\nAdditional paid-in capital\t993164\t905763\nDistributions in excess of earnings\t(242222)\t(197075)\nAccumulated other comprehensive loss\t(54723)\t(7833)\nTotal shareholders' equity\t915229\t919630\nNoncontrolling interests\t445171\t532471\nTotal equity\t1360400\t1452101\nTotal liabilities and equity\t3280916\t3084245\n", "q10k_tbl_3": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nREVENUE\t\t\t\t\nRental revenue\t99690\t92746\t290394\t262776\nOther property-related revenue\t3883\t3217\t10672\t9169\nManagement fees and other revenue\t5901\t5374\t17047\t15383\nTotal revenue\t109474\t101337\t318113\t287328\nOPERATING EXPENSES\t\t\t\t\nProperty operating expenses\t31546\t28988\t92395\t82635\nGeneral and administrative expenses\t10818\t11271\t32241\t32464\nDepreciation and amortization\t28933\t27598\t87347\t77776\nOther\t479\t768\t1330\t1511\nTotal operating expenses\t71776\t68625\t213313\t194386\nOTHER (EXPENSE) INCOME\t\t\t\t\nInterest expense\t(15262)\t(14432)\t(46403)\t(41590)\nEquity in earnings (losses) of unconsolidated real estate ventures\t37\t(1214)\t(251)\t(4962)\nAcquisition costs\t(596)\t(321)\t(1681)\t(783)\nNon-operating expense\t(120)\t(8)\t(629)\t(275)\nGain on sale of self storage properties\t0\t0\t0\t2814\nOther expense\t(15941)\t(15975)\t(48964)\t(44796)\nIncome before income taxes\t21757\t16737\t55836\t48146\nIncome tax expense\t(346)\t(223)\t(875)\t(959)\nNet income\t21411\t16514\t54961\t47187\nNet income attributable to noncontrolling interests\t(7924)\t(25374)\t(24404)\t(56292)\nNet income (loss) attributable to National Storage Affiliates Trust\t13487\t(8860)\t30557\t(9105)\nDistributions to preferred shareholders\t(3275)\t(3272)\t(9822)\t(9117)\nNet income (loss) attributable to common shareholders\t10212\t(12132)\t20735\t(18222)\nEarnings (loss) per share - basic and diluted\t0.15\t(0.20)\t0.32\t(0.32)\nWeighted average shares outstanding - basic and diluted\t68887\t59278\t65643\t57835\nDividends declared per common share\t0.34\t0.32\t1.00\t0.94\n", "q10k_tbl_4": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNet income\t21411\t16514\t54961\t47187\nOther comprehensive (loss) income\t\t\t\t\nUnrealized loss on derivative contracts\t(562)\t(17433)\t(77354)\t(44547)\nReclassification of other comprehensive loss (income) to interest expense\t4973\t(939)\t9519\t(3492)\nOther comprehensive income (loss)\t4411\t(18372)\t(67835)\t(48039)\nComprehensive income (loss)\t25822\t(1858)\t(12874)\t(852)\nComprehensive (income) loss attributable to noncontrolling interests\t(9323)\t(18821)\t(146)\t(38981)\nComprehensive income (loss) attributable to National Storage Affiliates Trust\t16499\t(20679)\t(13020)\t(39833)\n", "q10k_tbl_5": "\t\t\t\t\t\t\tAccumulated\t\t\n\t\t\t\t\tAdditional\tDistributions\tOther\t\t\n\tPreferred Shares\t\tCommon Shares\t\tPaid-in\tIn Excess Of\tComprehensive\tNoncontrolling\tTotal\n\tNumber\tAmount\tNumber\tAmount\tCapital\tEarnings\t(Loss) Income\tInterests\tEquity\nBalances December 31 2018\t6900000\t172500\t56654009\t567\t844276\t(114122)\t13618\t485460\t1402299\nOP equity issued for property acquisitions:\t\t\t\t\t\t\t\t\t\nSeries A-1 preferred units OP units and subordinated performance units net of offering costs\t0\t0\t0\t0\t0\t0\t0\t32856\t32856\nRedemptions of OP units\t0\t0\t29910\t0\t250\t0\t7\t(257)\t0\nEffect of changes in ownership for consolidated entities\t0\t0\t0\t0\t(5385)\t0\t(182)\t5567\t0\nEquity-based compensation expense\t0\t0\t0\t0\t90\t0\t0\t1022\t1112\nIssuance of LTIP units for acquisition expenses\t0\t0\t0\t0\t0\t0\t0\t5\t5\nIssuance of restricted common shares\t0\t0\t18218\t0\t0\t0\t0\t0\t0\nVesting and forfeitures of restricted common shares net\t0\t0\t(3451)\t0\t(69)\t0\t0\t0\t(69)\nReduction in receivables from partners of the operating partnership\t0\t0\t0\t0\t0\t0\t0\t139\t139\nPreferred share dividends\t0\t0\t0\t0\t0\t(2588)\t0\t0\t(2588)\nCommon share dividends\t0\t0\t0\t0\t0\t(17010)\t0\t0\t(17010)\nDistributions to noncontrolling interests\t0\t0\t0\t0\t0\t0\t0\t(17181)\t(17181)\nOther comprehensive loss\t0\t0\t0\t0\t0\t0\t(5917)\t(3398)\t(9315)\nNet income\t0\t0\t0\t0\t0\t7411\t0\t5529\t12940\nBalances March 31 2019\t6900000\t172500\t56698686\t567\t839162\t(126309)\t7526\t509742\t1403188\nIssuance of preferred shares net of offering costs\t1785680\t44642\t0\t0\t(1018)\t0\t0\t0\t43624\nOP equity issued for property acquisitions:\t\t\t\t\t\t\t\t\t\nSeries A-1 preferred units OP units and subordinated performance units net of offering costs\t0\t0\t0\t0\t0\t0\t0\t15515\t15515\nRedemptions of OP units\t0\t0\t224618\t2\t1839\t0\t28\t(1869)\t0\n", "q10k_tbl_6": "\t\t\t\t\t\t\tAccumulated\t\t\n\t\t\t\t\tAdditional\tDistributions\tOther\t\t\n\tPreferred Shares\t\tCommon Shares\t\tPaid-in\tIn Excess Of\tComprehensive\tNoncontrolling\tTotal\n\tNumber\tAmount\tNumber\tAmount\tCapital\tEarnings\t(Loss) Income\tInterests\tEquity\nIssuance of common shares net of offering costs\t0\t0\t2375000\t24\t70613\t0\t0\t0\t70637\nEffect of changes in ownership for consolidated entities\t0\t0\t0\t0\t(9179)\t0\t(28)\t9207\t0\nIssuance of OP units\t0\t0\t0\t0\t0\t0\t0\t8540\t8540\nEquity-based compensation expense\t0\t0\t0\t0\t82\t0\t0\t1026\t1108\nIssuance of LTIP units for acquisition expenses\t0\t0\t0\t0\t0\t0\t0\t56\t56\nVesting and forfeitures of restricted common shares net\t0\t0\t(1335)\t0\t0\t0\t0\t0\t0\nPreferred share dividends\t0\t0\t0\t0\t0\t(3257)\t0\t0\t(3257)\nCommon share dividends\t0\t0\t0\t0\t0\t(18970)\t0\t0\t(18970)\nDistributions to noncontrolling interests\t0\t0\t0\t0\t0\t0\t0\t(19038)\t(19038)\nOther comprehensive loss\t0\t0\t0\t0\t0\t0\t(12992)\t(7360)\t(20352)\nNet (loss) income\t0\t0\t0\t0\t0\t(7656)\t0\t25389\t17733\nBalances June 30 2019\t8685680\t217142\t59296969\t593\t901499\t(156192)\t(5466)\t541208\t1498784\nOP equity issued for property acquisitions:\t\t\t\t\t\t\t\t\t\nSeries A-1 preferred units OP units and subordinated performance units net of offering costs\t0\t0\t0\t0\t0\t0\t0\t950\t950\nRedemption of Series A-1 preferred units\t41439\t1036\t0\t0\t20\t0\t0\t(1056)\t0\nRedemptions of OP units\t0\t0\t32951\t0\t277\t0\t(7)\t(270)\t0\nEffect of changes in ownership for consolidated entities\t0\t0\t0\t0\t(341)\t0\t(2)\t343\t0\nEquity-based compensation expense\t0\t0\t0\t0\t75\t0\t0\t1078\t1153\nIssuance of LTIP units for acquisition expenses\t0\t0\t0\t0\t0\t0\t0\t118\t118\nVesting and forfeitures of restricted common shares net\t0\t0\t(1532)\t0\t0\t0\t0\t0\t0\nReduction in receivables from partners of the operating partnership\t0\t0\t0\t0\t0\t0\t0\t137\t137\n", "q10k_tbl_7": "\t\t\t\t\t\t\tAccumulated\t\t\n\t\t\t\t\tAdditional\tDistributions\tOther\t\t\n\tPreferred Shares\t\tCommon Shares\t\tPaid-in\tIn Excess Of\tComprehensive\tNoncontrolling\tTotal\n\tNumber\tAmount\tNumber\tAmount\tCapital\tEarnings\t(Loss) Income\tInterests\tEquity\nPreferred share dividends\t0\t0\t0\t0\t0\t(3272)\t0\t0\t(3272)\nCommon share dividends\t0\t0\t0\t0\t0\t(18981)\t0\t0\t(18981)\nDistributions to noncontrolling interests\t0\t0\t0\t0\t0\t0\t0\t(19825)\t(19825)\nOther comprehensive loss\t0\t0\t0\t0\t0\t0\t(11819)\t(6553)\t(18372)\nNet (loss) income\t0\t0\t0\t0\t0\t(8860)\t0\t25374\t16514\nBalances September 30 2019\t8727119\t218178\t59328388\t593\t901530\t(187305)\t(17294)\t541504\t1457206\n", "q10k_tbl_8": "\t\t\t\t\t\t\tAccumulated\t\t\n\t\t\t\t\tAdditional\tDistributions\tOther\t\t\n\tPreferred Shares\t\tCommon Shares\t\tPaid-in\tIn Excess Of\tComprehensive\tNoncontrolling\tTotal\n\tNumber\tAmount\tNumber\tAmount\tCapital\tEarnings\t(Loss) Income\tInterests\tEquity\nBalances December 31 2019\t8727119\t218178\t59659108\t597\t905763\t(197075)\t(7833)\t532471\t1452101\nOP equity issued for property acquisitions:\t\t\t\t\t\t\t\t\t\nOP units and subordinated performance units net of offering costs\t0\t0\t0\t0\t0\t0\t0\t6206\t6206\nLTIP units\t0\t0\t0\t0\t0\t0\t0\t1011\t1011\nRedemptions of OP units\t0\t0\t118961\t1\t1437\t0\t(62)\t(1376)\t0\nIssuance of common shares net of offering costs\t0\t0\t125000\t1\t4248\t0\t0\t0\t4249\nMerger and internalization of PRO net of issuance costs\t0\t0\t8105192\t81\t43499\t0\t(402)\t(33583)\t9595\nRedemption of Series A-1 preferred units\t5600\t140\t0\t0\t0\t0\t0\t(140)\t0\nEffect of changes in ownership for consolidated entities\t0\t0\t0\t0\t15857\t0\t(2265)\t(13592)\t0\nEquity-based compensation expense\t0\t0\t0\t0\t76\t0\t0\t698\t774\nIssuance of LTIP units for acquisition expenses\t0\t0\t0\t0\t0\t0\t0\t40\t40\nIssuance of restricted common shares\t0\t0\t21861\t0\t0\t0\t0\t0\t0\nVesting and forfeitures of restricted common shares net\t0\t0\t(2910)\t0\t(94)\t0\t0\t0\t(94)\nPreferred share dividends\t0\t0\t0\t0\t0\t(3273)\t0\t0\t(3273)\nCommon share dividends\t0\t0\t0\t0\t0\t(19747)\t0\t0\t(19747)\nDistributions to noncontrolling interests\t0\t0\t0\t0\t0\t0\t0\t(19813)\t(19813)\nOther comprehensive loss\t0\t0\t0\t0\t0\t0\t(42293)\t(23464)\t(65757)\nNet income\t0\t0\t0\t0\t0\t6648\t0\t9115\t15763\nBalances March 31 2020\t8732719\t218318\t68027212\t680\t970786\t(213447)\t(52855)\t457573\t1381055\nOP equity issued for property acquisitions:\t\t\t\t\t\t\t\t\t\nOP units and subordinated performance units net of offering costs\t0\t0\t0\t0\t0\t0\t0\t5842\t5842\nRedemptions of OP units\t0\t0\t292291\t3\t3438\t0\t(238)\t(3203)\t0\n", "q10k_tbl_9": "\t\t\t\t\t\t\tAccumulated\t\t\n\t\t\t\t\tAdditional\tDistributions\tOther\t\t\n\tPreferred Shares\t\tCommon Shares\t\tPaid-in\tIn Excess Of\tComprehensive\tNoncontrolling\tTotal\n\tNumber\tAmount\tNumber\tAmount\tCapital\tEarnings\t(Loss) Income\tInterests\tEquity\nIssuance of common shares net of offering costs\t0\t0\t387000\t4\t11912\t0\t0\t0\t11916\nEffect of changes in ownership for consolidated entities\t0\t0\t0\t0\t(1286)\t0\t(73)\t1359\t0\nEquity-based compensation expense\t0\t0\t0\t0\t100\t0\t0\t1051\t1151\nVesting and forfeitures of restricted common shares net\t0\t0\t(2770)\t0\t0\t0\t0\t0\t0\nReduction in receivables from partners of the operating partnership\t0\t0\t0\t0\t0\t0\t0\t225\t225\nPreferred share dividends\t0\t0\t0\t0\t0\t(3274)\t0\t0\t(3274)\nCommon share dividends\t0\t0\t0\t0\t0\t(22625)\t0\t0\t(22625)\nDistributions to noncontrolling interests\t0\t0\t0\t0\t0\t0\t0\t(16843)\t(16843)\nOther comprehensive loss\t0\t0\t0\t0\t0\t\t(4296)\t(2193)\t(6489)\nNet income\t0\t0\t0\t0\t0\t10422\t0\t7365\t17787\nBalances June 30 2020\t8732719\t218318\t68703733\t687\t984950\t(228924)\t(57462)\t451176\t1368745\nOP equity issued for property acquisitions:\t\t\t\t\t\t\t\t\t\nOP units and subordinated performance units net of offering costs\t0\t0\t0\t0\t0\t0\t0\t3427\t3427\nRedemptions of OP units\t0\t0\t293083\t3\t3417\t0\t(249)\t(3171)\t0\nIssuance of common shares net of offering costs\t0\t0\t181915\t2\t5866\t0\t0\t0\t5868\nEffect of changes in ownership for consolidated entities\t0\t0\t0\t0\t(1170)\t0\t(24)\t1194\t0\nEquity-based compensation expense\t0\t0\t0\t0\t101\t0\t0\t1082\t1183\nVesting and forfeitures of restricted common shares net\t0\t0\t(859)\t0\t0\t0\t0\t0\t0\nReduction in receivables from partners of the operating partnership\t0\t0\t0\t0\t0\t0\t0\t37\t37\nPreferred share dividends\t0\t0\t0\t0\t0\t(3275)\t0\t0\t(3275)\nCommon share dividends\t0\t0\t0\t0\t0\t(23510)\t0\t0\t(23510)\n", "q10k_tbl_10": "\t\t\t\t\t\t\tAccumulated\t\t\n\t\t\t\t\tAdditional\tDistributions\tOther\t\t\n\tPreferred Shares\t\tCommon Shares\t\tPaid-in\tIn Excess Of\tComprehensive\tNoncontrolling\tTotal\n\tNumber\tAmount\tNumber\tAmount\tCapital\tEarnings\t(Loss) Income\tInterests\tEquity\nDistributions to noncontrolling interests\t0\t0\t0\t0\t0\t0\t0\t(17897)\t(17897)\nOther comprehensive income\t0\t0\t0\t0\t0\t0\t3012\t1399\t4411\nNet income\t0\t0\t0\t0\t0\t13487\t0\t7924\t21411\nBalances September 30 2020\t8732719\t218318\t69177872\t692\t993164\t(242222)\t(54723)\t445171\t1360400\n", "q10k_tbl_11": "\tNine Months Ended September 30\t\n\t2020\t2019\nOPERATING ACTIVITIES\t\t\nNet income\t54961\t47187\nAdjustments to reconcile net income to net cash provided by operating activities:\t\t\nDepreciation and amortization\t87347\t77776\nAmortization of debt issuance costs\t2291\t2150\nAmortization of debt discount and premium net\t(894)\t(1067)\nGain on sale of self storage properties\t0\t(2814)\nMark-to-market changes in value on equity securities\t142\t0\nEquity-based compensation expense\t3108\t3373\nEquity in losses of unconsolidated real estate ventures\t251\t4962\nDistributions from unconsolidated real estate ventures\t10628\t10700\nChange in assets and liabilities net of effects of self storage property acquisitions:\t\t\nOther assets\t(1555)\t(1273)\nAccounts payable and accrued liabilities\t12008\t10734\nDeferred revenue\t(642)\t(1647)\nNet Cash Provided by Operating Activities\t167645\t150081\nINVESTING ACTIVITIES\t\t\nAcquisition of self storage properties\t(259003)\t(342175)\nCapital expenditures\t(13018)\t(15926)\nInvestments in and advances to unconsolidated real estate ventures\t(3125)\t0\nDistributions from unconsolidated real estate ventures\t0\t1017\nDeposits and advances for self storage property and other acquisitions\t(550)\t0\nProceeds from sale of equity securities\t7560\t0\nExpenditures for corporate furniture equipment and other\t(362)\t(7022)\nAcquisition of interest in reinsurance company and related cash flows\t0\t(6600)\nProceeds from sale of self storage properties\t0\t6335\nNet Cash Used In Investing Activities\t(268498)\t(364371)\nFINANCING ACTIVITIES\t\t\nProceeds from issuance of common shares\t22033\t70637\nProceeds from issuance of preferred shares\t0\t43624\nBorrowings under debt financings\t415500\t822000\nReceipts for OP unit subscriptions\t661\t629\nPrincipal payments under debt financings\t(208607)\t(560316)\nPayment of dividends to common shareholders\t(65882)\t(54961)\nDistributions to preferred shareholders\t(9822)\t(9117)\nDistributions to noncontrolling interests\t(54291)\t(55768)\nDebt issuance costs\t(865)\t(8416)\nEquity offering costs\t(885)\t(179)\nNet Cash Provided By Financing Activities\t97842\t248133\n", "q10k_tbl_12": "(Decrease) Increase in Cash Cash Equivalents and Restricted Cash\t(3011)\t33843\nCASH CASH EQUIVALENTS AND RESTRICTED CASH\t\t\nBeginning of period\t24276\t16363\nEnd of period\t21265\t50206\n", "q10k_tbl_13": "Supplemental Cash Flow and Noncash Information\t\t\nCash paid for interest\t46705\t39848\nOperating lease right-of-use assets on balance sheet due to implementation of leases standard\t0\t23507\nOperating lease liabilities on balance sheet due to implementation of leases standard\t0\t24777\nMerger and internalization of PRO:\t\t\nRedemptions and conversions of partnership interests\t33583\t0\nIssuance of common shares for management platform\t10301\t0\n", "q10k_tbl_14": "\tSeptember 30 2020\tDecember 31 2019\nSeries A-1 preferred units\t637382\t642982\nOP units\t29443460\t30188305\nSubordinated performance units\t8770744\t11014195\nLTIP units\t765840\t743566\nDownREIT units\t\t\nDownREIT OP units\t1924918\t1848261\nDownREIT subordinated performance units\t4337111\t4371622\nTotal\t45879455\t48808931\n", "q10k_tbl_15": "\tSeptember 30 2020\tDecember 31 2019\nLand\t690581\t649938\nBuildings and improvements\t2683288\t2435171\nFurniture and equipment\t7549\t6610\nTotal self storage properties\t3381418\t3091719\nLess accumulated depreciation\t(416423)\t(337822)\nSelf storage properties net\t2964995\t2753897\n", "q10k_tbl_16": "\tSeptember 30 2020\tDecember 31 2019\nASSETS\t\t\nSelf storage properties net\t1803992\t1835235\nOther assets\t26094\t22413\nTotal assets\t1830086\t1857648\nLIABILITIES AND EQUITY\t\t\nDebt financing\t989819\t989182\nOther liabilities\t23462\t20487\nEquity\t816805\t847979\nTotal liabilities and equity\t1830086\t1857648\n", "q10k_tbl_17": "\tThree Months Ended September 30\t\n\t2020\t2019\nTotal revenue\t41878\t41600\nProperty operating expenses\t13005\t12727\nNet operating income\t28873\t28873\nSupervisory administrative and other expenses\t(2780)\t(2750)\nDepreciation and amortization\t(15320)\t(20788)\nInterest expense\t(10303)\t(9934)\nAcquisition and other expenses\t(381)\t(314)\nNet income (loss)\t89\t(4913)\n", "q10k_tbl_18": "\tNine Months Ended September 30\t\n\t2020\t2019\nTotal revenue\t121846\t122253\nProperty operating expenses\t37554\t37815\nNet operating income\t84292\t84438\nSupervisory administrative and other expenses\t(8089)\t(8109)\nDepreciation and amortization\t(45711)\t(64502)\nInterest expense\t(30867)\t(29895)\nLoss on sale of self storage properties\t0\t(806)\nAcquisition and other expenses\t(800)\t(1141)\nNet loss\t(1175)\t(20015)\n", "q10k_tbl_19": "Acquisitions Closed During the Three Months Ended:\tNumber of Properties\tSummary of Investment\t\t\t\n\tCash and Acquisition Costs\tValue of OP Equity(1)\t\tOther Liabilities\tTotal\nMarch 31 2020\t36\t214584\t7217\t\t972\t\t\t\t222773\t\t\nJune 30 2020\t4\t30198\t5842\t\t207\t\t\t\t36247\t\t\nSeptember 30 2020\t4\t20173\t3427\t\t204\t\t\t\t23804\t\t\nTotal\t44\t264955\t16486\t\t1383\t\t\t\t282824\t\t\n", "q10k_tbl_20": "\tSeptember 30 2020\tDecember 31 2019\nCustomer in-place leases net of accumulated amortization of $4156 and $7267 respectively\t2694\t3704\nReceivables:\t\t\nTrade net\t2479\t2809\nPROs and other affiliates\t2641\t2773\nReceivables from unconsolidated real estate ventures\t5154\t4765\nProperty acquisition and other deposits\t550\t4438\nInterest rate swaps\t0\t980\nEquity securities\t0\t7703\nPrepaid expenses and other\t6320\t4762\nCorporate furniture equipment and other net\t1825\t1925\nTrade names\t6380\t3200\nManagement contracts net of accumulated amortization of $2969 and $2274 respectively\t12251\t8349\nTenant reinsurance intangible net of accumulated amortization of $756 and $317 respectively\t13844\t14283\nGoodwill\t8182\t5750\nTotal\t62320\t65441\n", "q10k_tbl_21": "\tInterest Rate(1)\tSeptember 30 2020\tDecember 31 2019\nCredit Facility:\t\t\t\nRevolving line of credit\t1.45%\t246500\t0\nTerm loan A\t3.74%\t125000\t125000\nTerm loan B\t2.91%\t250000\t250000\nTerm loan C\t2.80%\t225000\t225000\nTerm loan D\t3.57%\t175000\t175000\n2023 Term loan facility\t2.83%\t175000\t175000\n2028 Term loan facility\t4.62%\t75000\t75000\n2029 Term loan facility\t4.27%\t100000\t100000\n2029 Senior Unsecured Notes\t3.98%\t100000\t100000\n2031 Senior Unsecured Notes\t4.08%\t50000\t50000\nFixed rate mortgages payable\t4.26%\t224653\t264260\nTotal principal\t\t1746153\t1539260\nUnamortized debt issuance costs and debt premium net\t\t(4450)\t(5213)\nTotal debt\t\t1741703\t1534047\n", "q10k_tbl_22": "Year Ending December 31\tScheduled Principal and Maturity Payments\tAmortization of Premium and Unamortized Debt Issuance Costs\tTotal\nRemainder of 2020\t1040\t(381)\t659\n2021\t7603\t(1522)\t6081\n2022\t4205\t(1512)\t2693\n2023\t377049\t(1159)\t375890\n2024\t518464\t(790)\t517674\n2025\t227185\t(218)\t226967\nThereafter\t610607\t1132\t611739\n\t1746153\t(4450)\t1741703\n", "q10k_tbl_23": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nEarnings (loss) per common share - basic and diluted\t\t\t\t\nNumerator\t\t\t\t\nNet income\t21411\t16514\t54961\t47187\nNet income attributable to noncontrolling interests\t(7924)\t(25374)\t(24404)\t(56292)\nNet income (loss) attributable to National Storage Affiliates Trust\t13487\t(8860)\t30557\t(9105)\nDistributions to preferred shareholders\t(3275)\t(3272)\t(9822)\t(9117)\nDistributed and undistributed earnings allocated to participating securities\t(11)\t(8)\t(34)\t(26)\nNet income (loss) attributable to common shareholders - basic and diluted\t10201\t(12140)\t20701\t(18248)\nDenominator\t\t\t\t\nWeighted average shares outstanding - basic and diluted\t68887\t59278\t65643\t57835\nEarnings (loss) per share - basic and diluted\t0.15\t(0.20)\t0.32\t(0.32)\n", "q10k_tbl_24": "Fair value at December 31 2018\t14195\nGains on interest rate swaps reclassified into interest expense from accumulated other comprehensive (loss) income\t(3492)\nUnrealized losses on interest rate swaps included in accumulated other comprehensive (loss) income\t(44547)\nFair value at September 30 2019\t(33844)\nFair value at December 31 2019\t(19083)\nLosses on interest rate swaps reclassified into interest expense from accumulated other comprehensive (loss) income\t9519\nUnrealized losses on interest rate swaps included in accumulated other comprehensive (loss) income\t(77354)\nFair value at September 30 2020\t(86918)\n", "q10k_tbl_25": "Year Ending December 31\tReal Estate Leasehold Interests\tOffice Leases\tTotal\nRemainder of 2020\t357\t106\t463\n2021\t1444\t471\t1915\n2022\t1459\t465\t1924\n2023\t1464\t430\t1894\n2024\t1470\t450\t1920\n2025 through 2092\t36728\t1080\t37808\nTotal lease payments\t42922\t3002\t45924\nLess imputed interest\t(20640)\t(355)\t(20995)\nTotal\t22282\t2647\t24929\n", "q10k_tbl_26": "Year Ending December 31\tReal Estate Leasehold Interests\tOffice Leases\tTotal\n2020\t1419\t286\t1705\n2021\t1444\t387\t1831\n2022\t1459\t381\t1840\n2023\t1464\t346\t1810\n2024\t1470\t353\t1823\n2025 through 2092\t36728\t691\t37419\nTotal lease payments\t43984\t2444\t46428\nLess imputed interest\t(21440)\t(323)\t(21763)\nTotal\t22544\t2121\t24665\n", "q10k_tbl_27": "\tThree Months Ended September 30\t\t\n\t2020\t2019\tChange\nRental revenue\t\t\t\nSame store portfolio\t83020\t83320\t(300)\nNon-same store portfolio\t16670\t9426\t7244\nTotal rental revenue\t99690\t92746\t6944\nOther property-related revenue\t\t\t\nSame store portfolio\t3210\t2910\t300\nNon-same store portfolio\t673\t307\t366\nTotal other property-related revenue\t3883\t3217\t666\nProperty operating expenses\t\t\t\nSame store portfolio\t25704\t25808\t(104)\nNon-same store portfolio\t5842\t3180\t2662\nTotal property operating expenses\t31546\t28988\t2558\nNet operating income\t\t\t\nSame store portfolio\t60526\t60422\t104\nNon-same store portfolio\t11501\t6553\t4948\nTotal net operating income\t72027\t66975\t5052\nManagement fees and other revenue\t5901\t5374\t527\nGeneral and administrative expenses\t(10818)\t(11271)\t453\nDepreciation and amortization\t(28933)\t(27598)\t(1335)\nOther\t(479)\t(768)\t289\nOther (expense) income\t\t\t\nInterest expense\t(15262)\t(14432)\t(830)\nEquity in earnings (losses) of unconsolidated real estate ventures\t37\t(1214)\t1251\nAcquisition costs\t(596)\t(321)\t(275)\nNon-operating expense\t(120)\t(8)\t(112)\nOther expense\t(15941)\t(15975)\t34\nIncome before income taxes\t21757\t16737\t5020\nIncome tax expense\t(346)\t(223)\t(123)\nNet income\t21411\t16514\t4897\nNet income attributable to noncontrolling interests\t(7924)\t(25374)\t17450\nNet income (loss) attributable to National Storage Affiliates Trust\t13487\t(8860)\t22347\nDistributions to preferred shareholders\t(3275)\t(3272)\t(3)\nNet income (loss) attributable to common shareholders\t10212\t(12132)\t22344\n", "q10k_tbl_28": "\tNine Months Ended September 30\t\t\n\t2020\t2019\tChange\nRental revenue\t\t\t\nSame store portfolio\t244770\t243696\t1074\nNon-same store portfolio\t45624\t19080\t26544\nTotal rental revenue\t290394\t262776\t27618\nOther property-related revenue\t\t\t\nSame store portfolio\t8977\t8511\t466\nNon-same store portfolio\t1695\t658\t1037\nTotal other property-related revenue\t10672\t9169\t1503\nProperty operating expenses\t\t\t\nSame store portfolio\t76222\t76079\t143\nNon-same store portfolio\t16173\t6556\t9617\nTotal property operating expenses\t92395\t82635\t9760\nNet operating income\t\t\t\nSame store portfolio\t177525\t176128\t1397\nNon-same store portfolio\t31146\t13182\t17964\n", "q10k_tbl_29": "\tNine Months Ended September 30\t\t\n\t2020\t2019\tChange\nTotal net operating income\t208671\t189310\t19361\nManagement fees and other revenue\t17047\t15383\t1664\nGeneral and administrative expenses\t(32241)\t(32464)\t223\nDepreciation and amortization\t(87347)\t(77776)\t(9571)\nOther\t(1330)\t(1511)\t181\nOther (expense) income\t\t\t\nInterest expense\t(46403)\t(41590)\t(4813)\nEquity in losses of unconsolidated real estate ventures\t(251)\t(4962)\t4711\nAcquisition costs\t(1681)\t(783)\t(898)\nNon-operating expense\t(629)\t(275)\t(354)\nGain (loss) on sale of self storage properties\t0\t2814\t(2814)\nOther expense\t(48964)\t(44796)\t(4168)\nIncome before income taxes\t55836\t48146\t7690\nIncome tax expense\t(875)\t(959)\t84\nNet income\t54961\t47187\t7774\nNet income attributable to noncontrolling interests\t(24404)\t(56292)\t31888\nNet income (loss) attributable to National Storage Affiliates Trust\t30557\t(9105)\t39662\nDistributions to preferred shareholders\t(9822)\t(9117)\t(705)\nNet income (loss) attributable to common shareholders\t20735\t(18222)\t38957\n", "q10k_tbl_30": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNet income\t21411\t16514\t54961\t47187\nAdd (subtract):\t\t\t\t\nReal estate depreciation and amortization\t28564\t27279\t86283\t76816\nCompany's share of unconsolidated real estate venture real estate depreciation and amortization\t3830\t5197\t11428\t16126\nGain on sale of self storage properties\t0\t0\t0\t(2814)\nMark-to-market changes in value on equity securities\t0\t0\t142\t0\nCompany's share of unconsolidated real estate venture loss on sale of properties\t0\t0\t0\t202\nDistributions to preferred shareholders and unitholders\t(3513)\t(3515)\t(10541)\t(9729)\nFFO attributable to subordinated performance unitholders(1)\t(6852)\t(9100)\t(21546)\t(24855)\nFFO attributable to common shareholders OP unitholders and LTIP unitholders\t43440\t36375\t120727\t102933\nAdd:\t\t\t\t\nAcquisition costs\t596\t321\t1681\t783\nCore FFO attributable to common shareholders OP unitholders and LTIP unitholders\t44036\t36696\t122408\t103716\nWeighted average shares and units outstanding - FFO and Core FFO:(2)\t\t\t\t\nWeighted average shares outstanding - basic\t68887\t59278\t65643\t57835\nWeighted average restricted common shares outstanding\t32\t27\t30\t29\nWeighted average OP units outstanding\t29559\t30483\t29994\t30217\nWeighted average DownREIT OP unit equivalents outstanding\t1925\t1848\t1900\t1848\nWeighted average LTIP units outstanding\t513\t535\t555\t605\nTotal weighted average shares and units outstanding - FFO and Core FFO\t100916\t92171\t98122\t90534\nFFO per share and unit\t0.43\t0.39\t1.23\t1.14\nCore FFO per share and unit\t0.44\t0.40\t1.25\t1.15\n", "q10k_tbl_31": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nEarnings (loss) per share - diluted\t0.15\t(0.20)\t0.32\t(0.32)\nImpact of the difference in weighted average number of shares(1)\t(0.05)\t0.07\t(0.10)\t0.11\nImpact of GAAP accounting for noncontrolling interests two-class method and treasury stock method(2)\t0.08\t0.26\t0.23\t0.62\nAdd real estate depreciation and amortization\t0.28\t0.30\t0.88\t0.85\nAdd Company's share of unconsolidated venture real estate depreciation and amortization\t0.04\t0.06\t0.12\t0.18\nSubtract gain on sale of self storage properties\t0\t0\t0\t(0.03)\nFFO attributable to subordinated performance unitholders\t(0.07)\t(0.10)\t(0.22)\t(0.27)\nFFO per share and unit\t0.43\t0.39\t1.23\t1.14\nAdd acquisition costs\t0.01\t0.01\t0.02\t0.01\nCore FFO per share and unit\t0.44\t0.40\t1.25\t1.15\n", "q10k_tbl_32": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNet income\t21411\t16514\t54961\t47187\n(Subtract) Add:\t\t\t\t\nManagement fees and other revenue\t(5901)\t(5374)\t(17047)\t(15383)\nGeneral and administrative expenses\t10818\t11271\t32241\t32464\nOther\t479\t768\t1330\t1511\nDepreciation and amortization\t28933\t27598\t87347\t77776\nInterest expense\t15262\t14432\t46403\t41590\nEquity in (earnings) losses of unconsolidated real estate ventures\t(37)\t1214\t251\t4962\nAcquisition costs\t596\t321\t1681\t783\nIncome tax expense\t346\t223\t875\t959\nGain on sale of self storage properties\t0\t0\t0\t(2814)\nNon-operating expense\t120\t8\t629\t275\nNet Operating Income\t72027\t66975\t208671\t189310\n", "q10k_tbl_33": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNet income\t21411\t16514\t54961\t47187\nAdd:\t\t\t\t\nDepreciation and amortization\t28933\t27598\t87347\t77776\nCompany's share of unconsolidated real estate venture depreciation and amortization\t3830\t5197\t11428\t16126\nInterest expense\t15262\t14432\t46403\t41590\nIncome tax expense\t346\t223\t875\t959\nEBITDA\t69782\t63964\t201014\t183638\nAdd:\t\t\t\t\nAcquisition costs\t596\t321\t1681\t783\nGain on sale of self storage properties\t0\t0\t0\t(2814)\nCompany's share of unconsolidated real estate venture loss on sale of properties\t0\t0\t0\t202\nEquity-based compensation expense\t1183\t1153\t3108\t3373\nAdjusted EBITDA\t71561\t65438\t205803\t185182\n", "q10k_tbl_34": "\tNine Months Ended September 30\t\n\t2020\t2019\nRecurring capital expenditures\t4926\t6773\nValue enhancing capital expenditures\t3083\t3386\nAcquisitions capital expenditures\t4951\t6547\nTotal capital expenditures\t12960\t16706\nChange in accrued capital spending\t58\t(780)\nCapital expenditures per statement of cash flows\t13018\t15926\n", "q10k_tbl_35": "ITEM 6. Exhibits\t\nThe following exhibits are filed with this report:\t\nExhibit Number\tExhibit Description\n3.1\tArticles of Amendment and Restatement of National Storage Affiliates Trust (Exhibit 3.1 to the Quarterly Report on Form 10-Q filed with the SEC on June 5 2015 is incorporated herein by this reference)\n3.2\tSecond Amended and Restated Bylaws of National Storage Affiliates Trust (Exhibit 3.1 to the Current Report on Form 8-K filed with the SEC on April 3 2018 is incorporated herein by this reference)\n3.3\tArticles Supplementary designating the Series A Preferred Shares of National Storage Affiliates Trust (Exhibit 3.3 to the Form 8-A filed with the SEC on October 10 2017 is incorporated herein by this reference)\n3.4\tArticles Supplementary designating the Series A Preferred Shares of National Storage Affiliates Trust (Exhibit 3.4 to the Form S-3ASR filed with the SEC on March 14 2018 is incorporated herein by this reference)\n3.5\tArticles Supplementary designating the Series A Preferred Shares of National Storage Affiliates Trust (Exhibit 3.5 to the Quarterly Report on Form 10-Q filed with the SEC on May 3 2019 is incorporated herein by this reference)\n4.1\tSpecimen Common Share Certificate of National Storage Affiliates Trust (Exhibit 4.1 to the Registration Statement on Form S-11/A filed with the SEC on April 20 2015 is incorporated herein by reference)\n4.2\tForm of Specimen Certificate of Series A Preferred Shares of National Storage Affiliates Trust (Exhibit 4.1 to the Registration Statement on Form 8-A filed with the SEC on October 10 2017 is incorporated herein by this reference)\n31.1*\tCertification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 as amended as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\n31.2*\tCertification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 as amended as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\n32.1**\tCertification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\n101.INS*\tXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.\n101.SCH*\tInline XBRL Taxonomy Extension Schema\n101.CAL*\tInline XBRL Taxonomy Extension Calculation Linkbase\n101.DEF*\tInline XBRL Taxonomy Extension Definition Linkbase\n101.LAB*\tInline XBRL Taxonomy Extension Label Linkbase\n101.PRE*\tInline XBRL Taxonomy Extension Presentation Linkbase\n104*\tCover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)\n*\tFiled herewith.\n**\tFurnished herewith.\n"}{"bs": "q10k_tbl_2", "is": "q10k_tbl_3", "cf": "q10k_tbl_11"}None
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 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: 001-37351
National Storage Affiliates Trust
(Exact name of Registrant as specified in its charter)
Maryland
46-5053858
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
8400 East Prentice Avenue, 9th Floor
Greenwood Village, Colorado80111
(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 class
Trading symbols
Name of each exchange on which registered
Common Shares of Beneficial Interest, $0.01 par value per share
NSA
New York Stock Exchange
Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share
NSA Pr A
New 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 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. ☐
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 5, 2020, 69,197,623 common shares of beneficial interest, $0.01 par value per share, were outstanding.
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 8,732,719 and 8,727,119 issued and outstanding at September 30, 2020 and December 31, 2019, at liquidation preference
218,318
218,178
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 authorized, 69,177,872 and 59,659,108 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively
692
597
Additional paid-in capital
993,164
905,763
Distributions in excess of earnings
(242,222)
(197,075)
Accumulated other comprehensive loss
(54,723)
(7,833)
Total shareholders' equity
915,229
919,630
Noncontrolling interests
445,171
532,471
Total equity
1,360,400
1,452,101
Total liabilities and equity
$
3,280,916
$
3,084,245
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,
2020
2019
2020
2019
REVENUE
Rental revenue
$
99,690
$
92,746
$
290,394
$
262,776
Other property-related revenue
3,883
3,217
10,672
9,169
Management fees and other revenue
5,901
5,374
17,047
15,383
Total revenue
109,474
101,337
318,113
287,328
OPERATING EXPENSES
Property operating expenses
31,546
28,988
92,395
82,635
General and administrative expenses
10,818
11,271
32,241
32,464
Depreciation and amortization
28,933
27,598
87,347
77,776
Other
479
768
1,330
1,511
Total operating expenses
71,776
68,625
213,313
194,386
OTHER (EXPENSE) INCOME
Interest expense
(15,262)
(14,432)
(46,403)
(41,590)
Equity in earnings (losses) of unconsolidated real estate ventures
37
(1,214)
(251)
(4,962)
Acquisition costs
(596)
(321)
(1,681)
(783)
Non-operating expense
(120)
(8)
(629)
(275)
Gain on sale of self storage properties
—
—
—
2,814
Other expense
(15,941)
(15,975)
(48,964)
(44,796)
Income before income taxes
21,757
16,737
55,836
48,146
Income tax expense
(346)
(223)
(875)
(959)
Net income
21,411
16,514
54,961
47,187
Net income attributable to noncontrolling interests
(7,924)
(25,374)
(24,404)
(56,292)
Net income (loss) attributable to National Storage Affiliates Trust
13,487
(8,860)
30,557
(9,105)
Distributions to preferred shareholders
(3,275)
(3,272)
(9,822)
(9,117)
Net income (loss) attributable to common shareholders
$
10,212
$
(12,132)
$
20,735
$
(18,222)
Earnings (loss) per share - basic and diluted
$
0.15
$
(0.20)
$
0.32
$
(0.32)
Weighted average shares outstanding - basic and diluted
68,887
59,278
65,643
57,835
Dividends declared per common share
$
0.34
$
0.32
$
1.00
$
0.94
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,
2020
2019
2020
2019
Net income
$
21,411
$
16,514
$
54,961
$
47,187
Other comprehensive (loss) income
Unrealized loss on derivative contracts
(562)
(17,433)
(77,354)
(44,547)
Reclassification of other comprehensive loss (income) to interest expense
4,973
(939)
9,519
(3,492)
Other comprehensive income (loss)
4,411
(18,372)
(67,835)
(48,039)
Comprehensive income (loss)
25,822
(1,858)
(12,874)
(852)
Comprehensive (income) loss attributable to noncontrolling interests
(9,323)
(18,821)
(146)
(38,981)
Comprehensive income (loss) attributable to National Storage Affiliates Trust
$
16,499
$
(20,679)
$
(13,020)
$
(39,833)
See notes to condensed consolidated financial statements.
5
NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(dollars in thousands, except share amounts)
(Unaudited)
Accumulated
Additional
Distributions
Other
Preferred Shares
Common Shares
Paid-in
In Excess Of
Comprehensive
Noncontrolling
Total
Number
Amount
Number
Amount
Capital
Earnings
(Loss) Income
Interests
Equity
Balances, December 31, 2018
6,900,000
$
172,500
56,654,009
$
567
$
844,276
$
(114,122)
$
13,618
$
485,460
$
1,402,299
OP equity issued for property acquisitions:
Series A-1 preferred units, OP units and subordinated performance units, net of offering costs
—
—
—
—
—
—
—
32,856
32,856
Redemptions of OP units
—
—
29,910
—
250
—
7
(257)
—
Effect of changes in ownership for consolidated entities
—
—
—
—
(5,385)
—
(182)
5,567
—
Equity-based compensation expense
—
—
—
—
90
—
—
1,022
1,112
Issuance of LTIP units for acquisition expenses
—
—
—
—
—
—
—
5
5
Issuance of restricted common shares
—
—
18,218
—
—
—
—
—
—
Vesting and forfeitures of restricted common shares, net
—
—
(3,451)
—
(69)
—
—
—
(69)
Reduction in receivables from partners of the operating partnership
—
—
—
—
—
—
—
139
139
Preferred share dividends
—
—
—
—
—
(2,588)
—
—
(2,588)
Common share dividends
—
—
—
—
—
(17,010)
—
—
(17,010)
Distributions to noncontrolling interests
—
—
—
—
—
—
—
(17,181)
(17,181)
Other comprehensive loss
—
—
—
—
—
—
(5,917)
(3,398)
(9,315)
Net income
—
—
—
—
—
7,411
—
5,529
12,940
Balances, March 31, 2019
6,900,000
$
172,500
56,698,686
$
567
$
839,162
$
(126,309)
$
7,526
$
509,742
$
1,403,188
Issuance of preferred shares, net of offering costs
1,785,680
44,642
—
—
(1,018)
—
—
—
43,624
OP equity issued for property acquisitions:
Series A-1 preferred units, OP units and subordinated performance units, net of offering costs
—
—
—
—
—
—
—
15,515
15,515
Redemptions of OP units
—
—
224,618
2
1,839
—
28
(1,869)
—
See notes to condensed consolidated financial statements.
6
NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(dollars in thousands, except share amounts)
(Unaudited)
Accumulated
Additional
Distributions
Other
Preferred Shares
Common Shares
Paid-in
In Excess Of
Comprehensive
Noncontrolling
Total
Number
Amount
Number
Amount
Capital
Earnings
(Loss) Income
Interests
Equity
Issuance of common shares, net of offering costs
—
—
2,375,000
24
70,613
—
—
—
70,637
Effect of changes in ownership for consolidated entities
—
—
—
—
(9,179)
—
(28)
9,207
—
Issuance of OP units
—
—
—
—
—
—
—
8,540
8,540
Equity-based compensation expense
—
—
—
—
82
—
—
1,026
1,108
Issuance of LTIP units for acquisition expenses
—
—
—
—
—
—
—
56
56
Vesting and forfeitures of restricted common shares, net
—
—
(1,335)
—
—
—
—
—
—
Preferred share dividends
—
—
—
—
—
(3,257)
—
—
(3,257)
Common share dividends
—
—
—
—
—
(18,970)
—
—
(18,970)
Distributions to noncontrolling interests
—
—
—
—
—
—
—
(19,038)
(19,038)
Other comprehensive loss
—
—
—
—
—
—
(12,992)
(7,360)
(20,352)
Net (loss) income
—
—
—
—
—
(7,656)
—
25,389
17,733
Balances, June 30, 2019
8,685,680
$
217,142
59,296,969
$
593
$
901,499
$
(156,192)
$
(5,466)
$
541,208
$
1,498,784
OP equity issued for property acquisitions:
Series A-1 preferred units, OP units and subordinated performance units, net of offering costs
—
—
—
—
—
—
—
950
950
Redemption of Series A-1 preferred units
41,439
1,036
—
—
20
—
—
(1,056)
—
Redemptions of OP units
—
—
32,951
—
277
—
(7)
(270)
—
Effect of changes in ownership for consolidated entities
—
—
—
—
(341)
—
(2)
343
—
Equity-based compensation expense
—
—
—
—
75
—
—
1,078
1,153
Issuance of LTIP units for acquisition expenses
—
—
—
—
—
—
—
118
118
Vesting and forfeitures of restricted common shares, net
—
—
(1,532)
—
—
—
—
—
—
Reduction in receivables from partners of the operating partnership
—
—
—
—
—
—
—
137
137
See notes to condensed consolidated financial statements.
7
NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(dollars in thousands, except share amounts)
(Unaudited)
Accumulated
Additional
Distributions
Other
Preferred Shares
Common Shares
Paid-in
In Excess Of
Comprehensive
Noncontrolling
Total
Number
Amount
Number
Amount
Capital
Earnings
(Loss) Income
Interests
Equity
Preferred share dividends
—
—
—
—
—
(3,272)
—
—
(3,272)
Common share dividends
—
—
—
—
—
(18,981)
—
—
(18,981)
Distributions to noncontrolling interests
—
—
—
—
—
—
—
(19,825)
(19,825)
Other comprehensive loss
—
—
—
—
—
—
(11,819)
(6,553)
(18,372)
Net (loss) income
—
—
—
—
—
(8,860)
—
25,374
16,514
Balances, September 30, 2019
8,727,119
$
218,178
59,328,388
$
593
$
901,530
$
(187,305)
$
(17,294)
$
541,504
$
1,457,206
See notes to condensed consolidated financial statements.
8
NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(dollars in thousands, except share amounts)
(Unaudited)
Accumulated
Additional
Distributions
Other
Preferred Shares
Common Shares
Paid-in
In Excess Of
Comprehensive
Noncontrolling
Total
Number
Amount
Number
Amount
Capital
Earnings
(Loss) Income
Interests
Equity
Balances, December 31, 2019
8,727,119
$
218,178
59,659,108
$
597
$
905,763
$
(197,075)
$
(7,833)
$
532,471
$
1,452,101
OP equity issued for property acquisitions:
OP units and subordinated performance units, net of offering costs
—
—
—
—
—
—
—
6,206
6,206
LTIP units
—
—
—
—
—
—
—
1,011
1,011
Redemptions of OP units
—
—
118,961
1
1,437
—
(62)
(1,376)
—
Issuance of common shares, net of offering costs
—
—
125,000
1
4,248
—
—
—
4,249
Merger and internalization of PRO, net of issuance costs
—
—
8,105,192
81
43,499
—
(402)
(33,583)
9,595
Redemption of Series A-1 preferred units
5,600
140
—
—
—
—
—
(140)
—
Effect of changes in ownership for consolidated entities
—
—
—
—
15,857
—
(2,265)
(13,592)
—
Equity-based compensation expense
—
—
—
—
76
—
—
698
774
Issuance of LTIP units for acquisition expenses
—
—
—
—
—
—
—
40
40
Issuance of restricted common shares
—
—
21,861
—
—
—
—
—
—
Vesting and forfeitures of restricted common shares, net