Financial Highlights

v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Real estate    
Self storage properties $ 2,075,845 $ 1,844,336
Less accumulated depreciation (153,783) (110,803)
Self storage properties, net 1,922,062 1,733,533
Cash and cash equivalents 13,673 12,570
Restricted cash 4,683 2,767
Debt issuance costs, net 2,427 3,069
Investment in unconsolidated real estate venture 88,224 81,486
Other assets, net 41,928 44,730
Assets held for sale 0 13,937
Total assets 2,072,997 1,892,092
Liabilities    
Debt financing 1,071,854 878,954
Accounts payable and accrued liabilities 27,894 21,616
Deferred revenue 12,711 12,454
Total liabilities 1,112,459 913,024
Commitments and contingencies (Note 11)
Equity    
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 44,316,107 and 43,110,362 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively 443 431
Additional paid-in capital 595,354 576,365
Distributions in excess of earnings (38,117) (8,719)
Accumulated other comprehensive income 8,724 9,025
Total shareholders' equity 566,404 577,102
Noncontrolling interests 394,134 401,966
Total equity 960,538 979,068
Total liabilities and equity $ 2,072,997 $ 1,892,092

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
REVENUE        
Rental revenue $ 64,715 $ 51,263 $ 182,713 $ 135,548
Other property-related revenue 2,145 1,686 6,071 4,334
Management fees and other revenue 1,998 0 5,978 0
Total revenue 68,858 52,949 194,762 139,882
OPERATING EXPENSES        
Property operating expenses 21,618 17,330 61,170 46,064
General and administrative expenses 7,480 5,259 22,066 14,431
Depreciation and amortization 18,463 14,319 54,946 38,299
Total operating expenses 47,561 36,908 138,182 98,794
Income from operations 21,297 16,041 56,580 41,088
OTHER (EXPENSE) INCOME        
Interest expense (9,157) (6,265) (24,788) (17,050)
Loss on early extinguishment of debt 0 0 0 (136)
Equity in losses of unconsolidated real estate venture (710) 0 (2,260) 0
Acquisition costs (139) (1,737) (450) (4,733)
Non-operating expense (9) (15) (75) (77)
Gain on sale of self storage properties 106 0 5,743 0
Other expense (9,909) (8,017) (21,830) (21,996)
Income before income taxes 11,388 8,024 34,750 19,092
Income tax expense (162) (80) (767) (301)
Net income 11,226 7,944 33,983 18,791
Net income attributable to noncontrolling interests (9,955) (7,955) (29,790) (9,222)
Net income (loss) attributable to National Storage Affiliates Trust $ 1,271 $ (11) $ 4,193 $ 9,569
Earnings (loss) per share - basic (in dollars per share) $ 0.03 $ 0.00 $ 0.09 $ 0.35
Earnings (loss) per share - diluted (in dollars per share) $ 0.03 $ 0.00 $ 0.09 $ 0.25
Weighted average shares outstanding - basic (in shares) 44,269 35,080 43,967 27,084
Weighted average shares outstanding - diluted (in shares) 44,269 35,080 43,967 75,492
Dividends declared per common share (in dollars per share) $ 0.26 $ 0.22 $ 0.76 $ 0.64

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 33,983 $ 18,791
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 54,946 38,299
Amortization of debt issuance costs 1,613 1,493
Amortization of debt discount and premium, net (1,181) (1,557)
Loss on debt extinguishment 0 136
Gain on sale of self storage properties (5,743) 0
LTIP units issued for acquisition expenses 0 56
Equity-based compensation expense 2,844 1,913
Equity in losses of unconsolidated real estate venture 2,260 0
Distributions from unconsolidated real estate venture 3,766 0
Change in assets and liabilities, net of effects of self storage property acquisitions:    
Other assets (1,320) (681)
Accounts payable and accrued liabilities 4,444 9,993
Deferred revenue (740) (133)
Net Cash Provided by Operating Activities 94,872 68,310
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of self storage properties (209,680) (323,822)
Capital expenditures (10,011) (7,980)
Investments in and advances to unconsolidated real estate venture (12,647) (4,873)
Distributions from unconsolidated real estate venture 250 0
Deposits and advances for self storage property and other acquisitions (2,273) (5,415)
Expenditures for corporate furniture, equipment and other (294) (472)
Proceeds from sale of self storage properties 17,529 0
Net Cash Used In Investing Activities (217,126) (342,562)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common shares 0 238,712
Proceeds from issuance of subordinated performance units 7,000 0
Borrowings under debt financings 540,400 498,500
Receipts for OP unit subscriptions 848 799
Collection of receivables from issuance of OP equity 0 570
Principal payments under debt financings (344,915) (401,204)
Payment of dividends to common shareholders (33,591) (17,593)
Distributions to noncontrolling interests (41,825) (33,392)
Debt issuance costs (2,037) (4,904)
Equity offering costs (607) (512)
Net Cash Provided By Financing Activities 125,273 280,976
Increase in Cash, Cash Equivalents and Restricted Cash 3,019 6,724
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 15,337 9,377
End of period 18,356 16,101
Supplemental Cash Flow Information    
Cash paid for interest $ 23,775 $ 16,501

Source