Financial Highlights

v3.8.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Real estate    
Self storage properties $ 2,275,233 $ 1,844,336
Less accumulated depreciation (170,358) (110,803)
Self storage properties, net 2,104,875 1,733,533
Cash and cash equivalents 13,366 12,570
Restricted cash 3,041 2,767
Debt issuance costs, net 2,185 3,069
Investment in unconsolidated real estate venture 89,093 81,486
Other assets, net 52,615 44,730
Assets held for sale 1,555 13,937
Total assets 2,266,730 1,892,092
Liabilities    
Debt financing 958,097 878,954
Accounts payable and accrued liabilities 24,459 21,616
Deferred revenue 12,687 12,454
Total liabilities 995,243 913,024
Commitments and contingencies
Equity    
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 6,900,000 issued and outstanding at December 31, 2017, at liquidation preference 172,500 0
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 authorized, 50,284,934 and 43,110,362 shares issued and outstanding at December 31, 2017 and 2016, respectively 503 431
Additional paid-in capital 711,467 576,365
Distributions in excess of earnings (55,729) (8,719)
Accumulated other comprehensive income 12,282 9,025
Total shareholders' equity 841,023 577,102
Noncontrolling interests 430,464 401,966
Total equity 1,271,487 979,068
Total liabilities and equity $ 2,266,730 $ 1,892,092

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v3.8.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
REVENUE      
Rental revenue $ 251,814 $ 191,178 $ 129,869
Other property-related revenue 8,255 6,059 4,050
Management fees and other revenue 8,061 1,809 0
Total revenue 268,130 199,046 133,919
OPERATING EXPENSES      
Property operating expenses 84,455 64,798 45,412
General and administrative expenses 30,060 21,528 16,265
Depreciation and amortization 75,115 55,064 40,651
Total operating expenses 189,630 141,390 102,328
Income from operations 78,500 57,656 31,591
OTHER (EXPENSE) INCOME      
Interest expense (34,068) (24,109) (20,779)
Loss on early extinguishment of debt 0 (136) (914)
Equity in losses of unconsolidated real estate venture (2,339) (1,484) 0
Acquisition costs (593) (6,546) (4,765)
Organizational and offering expenses 0 0 (58)
Non-operating expense (58) (147) (92)
Gain on sale of self storage properties 5,715 0 0
Other expense (31,343) (32,422) (26,608)
Income before income taxes 47,157 25,234 4,983
Income tax expense (1,159) (368) (187)
Net income 45,998 24,866 4,796
Net (income) loss attributable to noncontrolling interests (43,037) (6,901) 7,644
Net income attributable to National Storage Affiliates Trust 2,961 17,965 12,440
Distributions to preferred shareholders (2,300) 0 0
Net income attributable to common shareholders $ 661 $ 17,965 $ 12,440
EARNINGS PER SHARE      
Earnings (loss) per share - basic (in dollars per share) $ 0.01 $ 0.60 $ 0.80
Earnings (loss) per share - diluted (in dollars per share) $ 0.01 $ 0.31 $ 0.17
Weighted average shares outstanding - basic (in shares) 44,423 29,887 15,463
Weighted average shares outstanding - diluted (in shares) 44,423 78,747 45,409

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v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 45,998 $ 24,866 $ 4,796
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 75,115 55,064 40,651
Amortization of debt issuance costs 2,175 1,955 2,714
Amortization of debt discount and premium, net (1,570) (2,051) (1,747)
Loss on debt extinguishment 0 136 414
Unrealized loss on fair value of derivatives 0 0 68
Gain on sale of self storage properties (5,715) 0 0
LTIP units issued for acquisition expenses 0 56 1,020
Equity-based compensation expense 3,764 2,597 3,027
Equity in losses of unconsolidated real estate venture 2,339 1,484 0
Distributions from unconsolidated real estate venture 5,093 730 0
Change in assets and liabilities, net of effects of self storage property acquisitions:      
Other assets (2,398) (1,994) (680)
Accounts payable and accrued liabilities 1,200 8,386 269
Deferred revenue (1,713) 3,417 (198)
Net Cash Provided by Operating Activities 124,288 94,646 50,334
CASH FLOWS FROM INVESTING ACTIVITIES      
Acquisition of self storage properties (391,619) (532,030) (170,180)
Capital expenditures (14,656) (11,418) (4,072)
Investments in and advances to unconsolidated real estate venture (15,289) (82,950) 0
Distributions from unconsolidated real estate venture 250 0 0
Acquisition of property management platform 0 (19,933) 0
Deposits and advances for self storage property and other acquisitions (4,923) (345) (738)
Expenditures for corporate furniture, equipment and other (588) (527) (418)
Net proceeds from sale of self storage properties 17,534 4,823 0
Net Cash Used In Investing Activities (409,291) (642,380) (175,408)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of common shares 140,261 378,281 278,070
Proceeds from issuance of preferred shares 166,566 0 0
Proceeds from issuance of subordinated performance units 7,000 0 0
Borrowings under debt financings 760,900 812,500 258,443
Receipts for OP unit subscriptions 1,150 1,344 1,015
Collection of receivables from issuance of OP equity 0 930 774
Principal payments under debt financings (679,104) (558,597) (357,273)
Payment of dividends to common shareholders (47,671) (26,695) (12,429)
Payment of dividends to preferred shareholders (2,300) 0 0
Distributions to noncontrolling interests (57,314) (47,005) (37,992)
Debt issuance costs (2,381) (5,665) (1,848)
Equity offering costs (1,034) (1,399) (5,438)
Net Cash Provided by Financing Activities 286,073 553,694 123,322
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 1,070 5,960 (1,752)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Beginning of year 15,337 9,377 11,129
End of year 16,407 15,337 9,377
Supplemental Cash Flow Information      
Cash paid for interest 32,951 23,313 20,206
Consideration exchanged in property acquisitions:      
Issuance of OP units and subordinated performance units 30,327 120,952 42,113
Deposits on acquisitions applied to purchase price 350 631 745
LTIP units vesting upon acquisition of properties 854 814 1,402
Assumption of mortgages payable 0 61,628 73,498
Note payable to related party to settle assumed mortgages 0 0 5,342
Other net liabilities assumed 3,616 4,817 511
Notes receivable settled upon acquisition of properties 0 0 1,778
Fair value of noncontrolling interests in acquired subsidiaries 0 0 21,137
Issuance of OP unit subscription liability through reduced distributions 1,262 1,441 1,416
Settlement of acquisition receivables through reduced distributions 812 445 1,473
Increase in OP unit subscription liability through reduced distributions 108 310 498
Increase (decrease) in payables for offering costs 600 593 (1,379)
Settlement of offering expenses from equity issuance proceeds $ 12,299 $ 11,673 $ 20,930

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