Financial Highlights

v3.10.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2018
Dec. 31, 2017
Real estate    
Self storage properties $ 2,637,723 $ 2,275,233
Less accumulated depreciation (246,261) (170,358)
Self storage properties, net 2,391,462 2,104,875
Cash and cash equivalents 13,181 13,366
Restricted cash 3,182 3,041
Debt issuance costs, net 1,260 2,185
Investment in unconsolidated real estate ventures 245,125 89,093
Other assets, net 75,053 52,615
Assets held for sale 0 1,555
Total assets 2,729,263 2,266,730
Liabilities    
Debt financing 1,278,102 958,097
Accounts payable and accrued liabilities 33,130 24,459
Deferred revenue 15,732 12,687
Total liabilities 1,326,964 995,243
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, 2018 and 2017, at liquidation preference 172,500 172,500
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 authorized, 56,654,009 and 50,284,934 shares issued and outstanding at December 31, 2018 and 2017, respectively 567 503
Additional paid-in capital 844,276 711,467
Distributions in excess of earnings (114,122) (55,729)
Accumulated other comprehensive income 13,618 12,282
Total shareholders' equity 916,839 841,023
Noncontrolling interests 485,460 430,464
Total equity 1,402,299 1,271,487
Total liabilities and equity $ 2,729,263 $ 2,266,730

Source

v3.10.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
REVENUE      
Rental revenue $ 308,403 $ 251,814 $ 191,178
Total revenue 330,896 268,130 199,046
OPERATING EXPENSES      
Property operating expenses 103,875 84,455 64,798
General and administrative expenses 36,220 30,060 21,528
Depreciation and amortization 89,147 75,115 55,064
Total operating expenses 229,242 189,630 141,390
Income from operations 101,654 78,500 57,656
OTHER (EXPENSE) INCOME      
Interest expense (42,724) (34,068) (24,109)
Loss on early extinguishment of debt 0 0 (136)
Equity in losses of unconsolidated real estate ventures (1,423) (2,339) (1,484)
Acquisition costs (663) (593) (6,546)
Non-operating expense (91) (58) (147)
Gain on sale of self storage properties 391 5,715 0
Other expense (44,510) (31,343) (32,422)
Income before income taxes 57,144 47,157 25,234
Income tax expense (818) (1,159) (368)
Net income 56,326 45,998 24,866
Net income attributable to noncontrolling interests (42,217) (43,037) (6,901)
Net income attributable to National Storage Affiliates Trust 14,109 2,961 17,965
Distributions to preferred shareholders (10,350) (2,300) 0
Net income attributable to common shareholders $ 3,759 $ 661 $ 17,965
EARNINGS PER SHARE      
Earnings (loss) per share - basic (in dollars per share) $ 0.07 $ 0.01 $ 0.60
Earnings (loss) per share - diluted (in dollars per share) $ 0.07 $ 0.01 $ 0.31
Weighted average shares outstanding - basic (in shares) 53,293 44,423 29,887
Weighted average shares outstanding - diluted (in shares) 53,293 44,423 78,747
Other property-related revenue      
REVENUE      
Revenue $ 10,183 $ 8,255 $ 6,059
Management fees and other revenue      
REVENUE      
Revenue $ 12,310 $ 8,061 $ 1,809

Source

v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 56,326 $ 45,998 $ 24,866
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 89,147 75,115 55,064
Amortization of debt issuance costs 2,569 2,175 1,955
Amortization of debt discount and premium, net (1,469) (1,570) (2,051)
Loss on debt extinguishment 0 0 136
Gain on sale of self storage properties (391) (5,715) 0
LTIP units issued for acquisition expenses 0 0 56
Equity-based compensation expense 3,837 3,764 2,597
Equity in losses of unconsolidated real estate ventures 1,423 2,339 1,484
Distributions from unconsolidated real estate ventures 8,187 5,093 730
Change in assets and liabilities, net of effects of self storage property acquisitions:      
Other assets (5,713) (2,398) (1,994)
Accounts payable and accrued liabilities 6,597 1,200 8,386
Deferred revenue 1,283 (1,713) 3,417
Net Cash Provided by Operating Activities 161,796 124,288 94,646
CASH FLOWS FROM INVESTING ACTIVITIES      
Acquisition of self storage properties (313,712) (391,619) (532,030)
Capital expenditures (19,014) (14,656) (11,418)
Investments in and advances to unconsolidated real estate ventures (165,642) (15,289) (82,950)
Distributions from unconsolidated real estate ventures 0 250 0
Acquisition of property management platform 0 0 (19,933)
Deposits and advances for self storage property and other acquisitions (20,977) (4,923) (345)
Expenditures for corporate furniture, equipment and other (403) (588) (527)
Net proceeds from sale of self storage properties 5,259 17,534 4,823
Net Cash Used In Investing Activities (514,489) (409,291) (642,380)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of common shares 175,616 140,261 378,281
Proceeds from issuance of preferred shares 0 166,566 0
Proceeds from issuance of subordinated performance units 0 7,000 0
Borrowings under debt financings 822,500 760,900 812,500
Receipts for OP unit subscriptions 1,211 1,150 1,344
Collection of receivables from issuance of OP equity 0 0 930
Principal payments under debt financings (507,239) (679,104) (558,597)
Payment of dividends to common shareholders (62,152) (47,671) (26,695)
Payment of dividends to preferred shareholders (10,350) (2,300) 0
Distributions to noncontrolling interests (63,350) (57,314) (47,005)
Debt issuance costs (2,860) (2,381) (5,665)
Equity offering costs (727) (1,034) (1,399)
Net Cash Provided by Financing Activities 352,649 286,073 553,694
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (44) 1,070 5,960
CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Beginning of year 16,407 15,337 9,377
End of year 16,363 16,407 15,337
Supplemental Cash Flow Information      
Cash paid for interest 40,475 32,951 23,313
Consideration exchanged in property acquisitions:      
Issuance of OP units and subordinated performance units 28,063 30,327 120,952
Deposits on acquisitions applied to purchase price 5,050 350 631
LTIP units vesting upon acquisition of properties 0 854 814
Assumption of mortgages payable 7,581 0 61,628
Other net liabilities assumed 2,167 3,616 4,817
Issuance of OP unit subscription liability through reduced distributions 1,236 1,262 1,441
Settlement of acquisition receivables through reduced distributions 642 812 445
Increase in OP unit subscription liability through reduced distributions 19 108 310
Increase in payables for offering costs 626 600 593
Settlement of offering expenses from equity issuance proceeds $ 575 $ 12,299 $ 11,673

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