Financial Highlights

v3.19.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Real estate    
Self storage properties $ 2,832,745 $ 2,637,723
Less accumulated depreciation (267,796) (246,261)
Self storage properties, net 2,564,949 2,391,462
Cash and cash equivalents 15,878 13,181
Restricted cash 3,545 3,182
Debt issuance costs, net 1,017 1,260
Investment in unconsolidated real estate ventures 238,606 245,125
Other assets, net 48,926 75,053
Operating lease right-of-use assets 23,110 0
Total assets 2,896,031 2,729,263
Liabilities    
Debt financing 1,414,926 1,278,102
Accounts payable and accrued liabilities 37,682 33,130
Operating lease liabilities 24,166 0
Deferred revenue 16,069 15,732
Total liabilities 1,492,843 1,326,964
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 March 31, 2019 and December 31, 2018, at liquidation preference 172,500 172,500
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 56,698,686 and 56,654,009 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively 567 567
Additional paid-in capital 839,162 844,276
Distributions in excess of earnings (126,309) (114,122)
Accumulated other comprehensive income 7,526 13,618
Total shareholders' equity 893,446 916,839
Noncontrolling interests 509,742 485,460
Total equity 1,403,188 1,402,299
Total liabilities and equity $ 2,896,031 $ 2,729,263

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v3.19.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
REVENUE    
Rental revenue $ 82,855  
Rental revenue   $ 72,011
Total revenue 90,572 76,493
OPERATING EXPENSES    
Property operating expenses 26,457 25,226
General and administrative expenses 10,766 8,306
Depreciation and amortization 24,349 21,368
Total operating expenses 61,572 54,900
OTHER (EXPENSE) INCOME    
Interest expense (13,211) (9,635)
Equity in losses of unconsolidated real estate ventures (2,102) (52)
Acquisition costs (157) (180)
Non-operating expense (98) (84)
Gain on sale of self storage properties 0 474
Other expense (15,568) (9,477)
Income before income taxes 13,432 12,116
Income tax expense (492) (143)
Net income 12,940 11,973
Net income attributable to noncontrolling interests (5,529) (1,513)
Net income attributable to National Storage Affiliates Trust 7,411 10,460
Distributions to preferred shareholders (2,588) (2,588)
Net income attributable to common shareholders $ 4,823 $ 7,872
Earnings (loss) per common share - basic and diluted    
Earnings (loss) per share - basic $ 0.08 $ 0.16
Earnings (loss) per share - diluted $ 0.08 $ 0.09
Weighted average shares outstanding - basic 56,655 50,299
Weighted average shares outstanding - diluted 56,655 99,935
Dividends declared per common share $ 0.3 $ 0.28
Other property-related revenue    
REVENUE    
Revenue $ 2,824 $ 2,321
Management fees and other revenue    
REVENUE    
Revenue $ 4,893 $ 2,161

Source

v3.19.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 12,940 $ 11,973
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 24,349 21,368
Amortization of debt issuance costs 693 590
Amortization of debt discount and premium, net (352) (373)
Gain on sale of self storage properties 0 (474)
Equity-based compensation expense 1,112 867
Equity in losses of unconsolidated real estate ventures 2,102 52
Distributions from unconsolidated real estate ventures 3,400 1,339
Change in assets and liabilities, net of effects of self storage property acquisitions:    
Other assets 2,008 (854)
Accounts payable and accrued liabilities 607 (808)
Deferred revenue (461) 179
Net Cash Provided by Operating Activities 46,398 33,859
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of self storage properties (139,579) (100,450)
Capital expenditures (4,208) (3,901)
Investments in and advances to unconsolidated real estate ventures 0 (2,390)
Distributions from unconsolidated real estate ventures 1,017 0
Deposits and advances for self storage property and other acquisitions 811 342
Expenditures for corporate furniture, equipment and other (125) (51)
Proceeds from sale of self storage properties 0 2,029
Net Cash Used In Investing Activities (143,706) (105,105)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings under debt financings 188,500 250,000
Receipts for OP unit subscriptions 318 312
Principal payments under debt financings (51,778) (145,212)
Payment of dividends to common shareholders (17,010) (14,099)
Distributions to preferred shareholders (2,588) (2,588)
Distributions to noncontrolling interests (17,002) (14,369)
Debt issuance costs (22) (796)
Equity offering costs (50) (218)
Net Cash Provided By Financing Activities 100,368 73,030
Increase in Cash, Cash Equivalents and Restricted Cash 3,060 1,784
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 16,363 16,407
End of period 19,423 18,191
Supplemental Cash Flow Information    
Cash paid for interest 12,142 $ 8,939
Operating lease right-of-use assets added upon implementation of leases standard 23,110  
Operating lease liabilities added upon implementation of leases standard $ 24,166  

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