Financial Highlights

v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Real estate    
Self storage properties $ 2,584,066 $ 2,275,233
Less accumulated depreciation (226,086) (170,358)
Self storage properties, net 2,357,980 2,104,875
Cash and cash equivalents 15,045 13,366
Restricted cash 4,704 3,041
Debt issuance costs, net 1,503 2,185
Investment in unconsolidated real estate ventures 250,769 89,093
Other assets, net 85,417 52,615
Assets held for sale 0 1,555
Total assets 2,715,418 2,266,730
Liabilities    
Debt financing 1,229,241 958,097
Accounts payable and accrued liabilities 36,036 24,459
Deferred revenue 15,787 12,687
Total liabilities 1,281,064 995,243
Commitments and contingencies (Note 11)
Equity    
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 6,900,000 issued and outstanding at September 30, 2018 and December 31, 2017, at liquidation preference 172,500 172,500
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 56,555,690 and 50,284,934 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively 565 503
Additional paid-in capital 842,679 711,467
Distributions in excess of earnings (87,903) (55,729)
Accumulated other comprehensive income 22,679 12,282
Total shareholders' equity 950,520 841,023
Noncontrolling interests 483,834 430,464
Total equity 1,434,354 1,271,487
Total liabilities and equity $ 2,715,418 $ 2,266,730

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
REVENUE        
Rental revenue $ 79,547 $ 64,715 $ 226,577 $ 182,713
Total revenue 85,382 68,858 241,598 194,762
OPERATING EXPENSES        
Property operating expenses 26,552 21,618 76,962 61,170
General and administrative expenses 8,848 7,480 25,614 22,066
Depreciation and amortization 22,469 18,463 66,226 54,946
Total operating expenses 57,869 47,561 168,802 138,182
Income from operations 27,513 21,297 72,796 56,580
OTHER (EXPENSE) INCOME        
Interest expense (10,656) (9,157) (30,763) (24,788)
Equity in earnings (losses) of unconsolidated real estate ventures 242 (710) 290 (2,260)
Acquisition costs (141) (139) (471) (450)
Non-operating income (expense) 153 (9) 69 (75)
Gain on sale of self storage properties 0 106 391 5,743
Other expense (10,402) (9,909) (30,484) (21,830)
Income before income taxes 17,111 11,388 42,312 34,750
Income tax expense (282) (162) (469) (767)
Net income 16,829 11,226 41,843 33,983
Net income attributable to noncontrolling interests (12,435) (9,955) (21,098) (29,790)
Net income attributable to National Storage Affiliates Trust 4,394 1,271 20,745 4,193
Distributions to preferred shareholders (2,588) 0 (7,763) 0
Net income attributable to common shareholders $ 1,806 $ 1,271 $ 12,982 $ 4,193
Earnings (loss) per common share - basic and diluted        
Earnings (loss) per share - basic and diluted (in dollars per share) $ 0.03 $ 0.03 $ 0.25 $ 0.09
Weighted average shares outstanding - basic and diluted (in shares) 55,722 44,269 52,189 43,967
Dividends declared per common share (in dollars per share) $ 0.29 $ 0.26 $ 0.86 $ 0.76
Other property-related revenue        
REVENUE        
Revenue $ 2,687 $ 2,145 $ 7,557 $ 6,071
Management fees and other revenue        
REVENUE        
Revenue $ 3,148 $ 1,998 $ 7,464 $ 5,978

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 41,843 $ 33,983
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 66,226 54,946
Amortization of debt issuance costs 1,883 1,613
Amortization of debt discount and premium, net (1,110) (1,181)
Gain on sale of self storage properties (391) (5,743)
Equity-based compensation expense 2,808 2,844
Equity in (earnings) losses of unconsolidated real estate ventures (290) 2,260
Distributions from unconsolidated real estate ventures 4,256 3,766
Change in assets and liabilities, net of effects of self storage property acquisitions:    
Other assets (3,456) (1,320)
Accounts payable and accrued liabilities 10,369 4,444
Deferred revenue 1,525 (740)
Net Cash Provided by Operating Activities 123,663 94,872
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of self storage properties (264,367) (209,680)
Capital expenditures (14,476) (10,011)
Investments in and advances to unconsolidated real estate ventures (165,642) (12,647)
Distributions from unconsolidated real estate ventures 0 250
Deposits and advances for self storage property and other acquisitions (21,174) (2,273)
Expenditures for corporate furniture, equipment and other (136) (294)
Proceeds from sale of self storage properties 5,259 17,529
Net Cash Used In Investing Activities (460,536) (217,126)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common shares 175,691 0
Proceeds from issuance of subordinated performance units 0 7,000
Borrowings under debt financings 652,500 540,400
Receipts for OP unit subscriptions 606 848
Principal payments under debt financings (386,995) (344,915)
Payment of dividends to common shareholders (45,156) (33,591)
Distributions to preferred shareholders (7,763) 0
Distributions to noncontrolling interests (46,487) (41,825)
Debt issuance costs (1,863) (2,037)
Equity offering costs (318) (607)
Net Cash Provided By Financing Activities 340,215 125,273
Increase in Cash, Cash Equivalents and Restricted Cash 3,342 3,019
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 16,407 15,337
End of period 19,749 18,356
Supplemental Cash Flow Information    
Cash paid for interest $ 29,402 $ 23,775

Source