Financial Highlights

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
Real estate    
Self storage properties $ 1,954,056 $ 1,844,336
Less accumulated depreciation (138,726) (110,803)
Self storage properties, net 1,815,330 1,733,533
Cash and cash equivalents 13,591 12,570
Restricted cash 13,954 2,767
Debt issuance costs, net 2,668 3,069
Investment in unconsolidated real estate venture 89,916 81,486
Other assets, net 42,083 44,730
Assets held for sale 0 13,937
Total assets 1,977,542 1,892,092
Liabilities    
Debt financing 969,140 878,954
Accounts payable and accrued liabilities 21,050 21,616
Deferred revenue 12,685 12,454
Total liabilities 1,002,875 913,024
Commitments and contingencies (Note 11)
Equity    
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 44,279,824 and 43,110,362 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively 443 431
Additional paid-in capital 594,192 576,365
Distributions in excess of earnings (27,870) (8,719)
Accumulated other comprehensive income 8,748 9,025
Total shareholders' equity 575,513 577,102
Noncontrolling interests 399,154 401,966
Total equity 974,667 979,068
Total liabilities and equity $ 1,977,542 $ 1,892,092

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
REVENUE        
Rental revenue $ 60,154 $ 45,784 $ 117,998 $ 84,285
Other property-related revenue 2,045 1,500 3,926 2,648
Management fees and other revenue 2,142 0 3,980 0
Total revenue 64,341 47,284 125,904 86,933
OPERATING EXPENSES        
Property operating expenses 19,803 15,457 39,552 28,734
General and administrative expenses 7,405 4,837 14,586 9,172
Depreciation and amortization 17,800 13,088 36,483 23,980
Total operating expenses 45,008 33,382 90,621 61,886
Income from operations 19,333 13,902 35,283 25,047
OTHER (EXPENSE) INCOME        
Interest expense (8,160) (5,844) (15,631) (10,785)
Loss on early extinguishment of debt 0 (136) 0 (136)
Equity in losses of unconsolidated real estate venture (765) 0 (1,550) 0
Acquisition costs (167) (1,708) (311) (2,996)
Non-operating expense (14) (57) (66) (62)
Gain on sale of self storage properties 5,637 0 5,637 0
Other expense (3,469) (7,745) (11,921) (13,979)
Income before income taxes 15,864 6,157 23,362 11,068
Income tax expense (288) (112) (605) (221)
Net income 15,576 6,045 22,757 10,847
Net (income) loss attributable to noncontrolling interests (13,209) 1,325 (19,835) (1,267)
Net income attributable to National Storage Affiliates Trust $ 2,367 $ 7,370 $ 2,922 $ 9,580
Earnings (loss) per share - basic (in dollars per share) $ 0.05 $ 0.32 $ 0.07 $ 0.42
Earnings (loss) per share - diluted (in dollars per share) $ 0.05 $ 0.08 $ 0.07 $ 0.15
Weighted average shares outstanding - basic (in shares) 44,223 23,078 43,814 23,041
Weighted average shares outstanding - diluted (in shares) 44,223 73,531 43,814 70,763
Dividends declared per common share (in dollars per share) $ 0.26 $ 0.22 $ 0.50 $ 0.42

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 22,757 $ 10,847
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 36,483 23,980
Amortization of debt issuance costs 1,059 1,040
Amortization of debt discount and premium, net (791) (1,026)
Loss on debt extinguishment 0 136
Gain on sale of self storage properties (5,637) 0
LTIP units issued for acquisition expenses 0 56
Equity-based compensation expense 1,923 1,227
Equity in losses of unconsolidated real estate venture 1,550 0
Distributions from unconsolidated real estate venture 2,417 0
Change in assets and liabilities, net of effects of self storage property acquisitions:    
Other assets (3,312) (779)
Accounts payable and accrued liabilities (649) 4,594
Deferred revenue (256) 304
Net Cash Provided by Operating Activities 55,544 40,379
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of self storage properties (86,945) (123,932)
Capital expenditures (7,085) (3,614)
Investments in and advances to unconsolidated real estate venture (12,647) 0
Distributions from unconsolidated real estate venture 250 0
Deposits and advances for self storage property and other acquisitions (565) (1,933)
Expenditures for corporate furniture, equipment and other (157) (336)
Proceeds from sale of self storage properties 15,342 0
Net Cash Used In Investing Activities (91,807) (129,815)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of subordinated performance units 7,000 0
Borrowings under debt financings 310,500 381,500
Receipts for OP unit subscriptions 567 789
Collection of receivables from issuance of OP equity 0 570
Principal payments under debt financings (218,762) (252,586)
Payment of dividends to common shareholders (22,073) (9,711)
Distributions to noncontrolling interests (26,866) (21,725)
Debt issuance costs (1,346) (4,612)
Equity offering costs (549) (311)
Net Cash Provided By Financing Activities 48,471 93,914
Increase in Cash, Cash Equivalents and Restricted Cash 12,208 4,478
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 15,337 9,377
End of period 27,545 13,855
Supplemental Cash Flow Information    
Cash paid for interest $ 15,061 $ 10,354

Source