Financial Highlights

v3.20.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Real estate    
Self storage properties $ 3,314,849 $ 3,091,719
Less accumulated depreciation (363,527) (337,822)
Self storage properties, net 2,951,322 2,753,897
Cash and cash equivalents 18,689 20,558
Restricted cash 3,997 3,718
Debt issuance costs, net 3,067 3,264
Investment in unconsolidated real estate ventures 213,497 214,061
Other assets, net 64,503 65,441
Operating lease right-of-use assets 23,798 23,306
Total assets 3,278,873 3,084,245
Liabilities    
Debt financing 1,731,669 1,534,047
Accounts payable and accrued liabilities 40,127 37,966
Interest rate swap liabilities 84,703 19,943
Operating lease liabilities 25,243 24,665
Deferred revenue 16,076 15,523
Total liabilities 1,897,818 1,632,144
Commitments and contingencies (Note 11)
Equity    
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 March 31, 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, 68,027,212 and 59,659,108 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively 680 597
Additional paid-in capital 970,786 905,763
Distributions in excess of earnings (213,447) (197,075)
Accumulated other comprehensive loss (52,855) (7,833)
Total shareholders' equity 923,482 919,630
Noncontrolling interests 457,573 532,471
Total equity 1,381,055 1,452,101
Total liabilities and equity $ 3,278,873 $ 3,084,245

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v3.20.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
REVENUE    
Rental revenue $ 95,402 $ 82,855
Total revenue 104,222 90,572
OPERATING EXPENSES    
Property operating expenses 30,592 26,457
General and administrative expenses 11,094 10,380
Depreciation and amortization 29,105 24,349
Other 389 386
Total operating expenses 71,180 61,572
OTHER (EXPENSE) INCOME    
Interest expense (15,628) (13,211)
Equity in losses of unconsolidated real estate ventures (340) (2,102)
Acquisition costs (833) (157)
Non-operating expense (192) (98)
Other expense (16,993) (15,568)
Income before income taxes 16,049 13,432
Income tax expense (286) (492)
Net income 15,763 12,940
Net income attributable to noncontrolling interests (9,115) (5,529)
Net income attributable to National Storage Affiliates Trust 6,648 7,411
Distributions to preferred shareholders (3,273) (2,588)
Net income attributable to common shareholders $ 3,375 $ 4,823
Earnings (loss) per common share - basic and diluted    
Earnings (loss) per share - basic and diluted (in dollars per share) $ 0.06 $ 0.08
Weighted average shares outstanding - basic and diluted (in shares) 59,798 56,655
Dividends declared per common share (in dollars per share) $ 0.33 $ 0.30
Other property-related revenue    
REVENUE    
Revenue $ 3,371 $ 2,824
Management fees and other revenue    
REVENUE    
Revenue $ 5,449 $ 4,893

Source

v3.20.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
OPERATING ACTIVITIES    
Net income $ 15,763 $ 12,940
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 29,105 24,349
Amortization of debt issuance costs 754 693
Amortization of debt discount and premium, net (356) (352)
Mark-to-market changes in value on equity securities 142 0
Equity-based compensation expense 774 1,112
Equity in losses of unconsolidated real estate ventures 340 2,102
Distributions from unconsolidated real estate ventures 3,325 3,400
Change in assets and liabilities, net of effects of self storage property acquisitions:    
Other assets (118) 2,008
Accounts payable and accrued liabilities 1,086 607
Deferred revenue (130) (461)
Net Cash Provided by Operating Activities 50,685 46,398
INVESTING ACTIVITIES    
Acquisition of self storage properties (209,981) (139,579)
Capital expenditures (4,909) (4,208)
Investments in and advances to unconsolidated real estate ventures (3,125) 0
Distributions from unconsolidated real estate ventures 0 1,017
Deposits and advances for self storage property and other acquisitions (500) (811)
Proceeds from sale of equity securities 7,560 0
Expenditures for corporate furniture, equipment and other (157) (125)
Net Cash Used In Investing Activities (211,112) (143,706)
FINANCING ACTIVITIES    
Proceeds from issuance of common shares 4,249 0
Borrowings under debt financings 244,000 188,500
Receipts for OP unit subscriptions 0 318
Principal payments under debt financings (46,579) (51,778)
Payment of dividends to common shareholders (19,747) (17,010)
Distributions to preferred shareholders (3,273) (2,588)
Distributions to noncontrolling interests (19,813) (17,002)
Debt issuance costs 0 (22)
Equity offering costs 0 (50)
Net Cash Provided By Financing Activities 158,837 100,368
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (1,590) 3,060
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 24,276 16,363
End of period 22,686 19,423
Supplemental Cash Flow Information [Abstract]    
Cash paid for interest 16,502 12,142
Operating lease right-of-use assets on balance sheet due to implementation of leases standard 23,798 23,110
Operating lease liabilities on balance sheet due to implementation of leases standard 25,243 24,166
Redemptions and conversions of partnership interests 33,583 0
Issuance of common shares for management platform $ 10,301 $ 0

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