Financial Highlights

v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Real estate    
Self storage properties $ 2,411,453 $ 2,275,233
Less accumulated depreciation (188,407) (170,358)
Self storage properties, net 2,223,046 2,104,875
Cash and cash equivalents 15,262 13,366
Restricted cash 2,929 3,041
Debt issuance costs, net 1,943 2,185
Investment in unconsolidated real estate venture 90,092 89,093
Other assets, net 58,637 52,615
Assets held for sale 0 1,555
Total assets 2,391,909 2,266,730
Liabilities    
Debt financing 1,069,600 958,097
Accounts payable and accrued liabilities 24,079 24,459
Deferred revenue 13,542 12,687
Total liabilities 1,107,221 995,243
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, 2018 and December 31, 2017, at liquidation preference 172,500 172,500
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 50,438,731 and 50,284,934 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 504 503
Additional paid-in capital 700,762 711,467
Distributions in excess of earnings (61,956) (55,729)
Accumulated other comprehensive income 17,485 12,282
Total shareholders' equity 829,295 841,023
Noncontrolling interests 455,393 430,464
Total equity 1,284,688 1,271,487
Total liabilities and equity $ 2,391,909 $ 2,266,730

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v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
REVENUE    
Rental revenue $ 72,011 $ 57,844
Other property-related revenue 2,321 1,881
Management fees and other revenue 2,161 1,838
Total revenue 76,493 61,563
OPERATING EXPENSES    
Property operating expenses 25,226 19,749
General and administrative expenses 8,306 7,181
Depreciation and amortization 21,368 18,683
Total operating expenses 54,900 45,613
Income from operations 21,593 15,950
OTHER (EXPENSE) INCOME    
Interest expense (9,635) (7,471)
Equity in losses of unconsolidated real estate venture (52) (785)
Acquisition costs (180) (144)
Non-operating expense (84) (52)
Gain on sale of self storage properties 474 0
Other expense (9,477) (8,452)
Income before income taxes 12,116 7,498
Income tax expense (143) (317)
Net income 11,973 7,181
Net income attributable to noncontrolling interests (1,513) (6,626)
Net income attributable to National Storage Affiliates Trust 10,460 555
Distributions to preferred shareholders (2,588) 0
Net income attributable to common shareholders $ 7,872 $ 555
Earnings Per Share, Basic and Diluted [Abstract]    
Earnings (loss) per share - basic (in dollars per share) $ 0.16 $ 0.01
Earnings (loss) per share - diluted (in dollars per share) $ 0.09 $ 0.01
Weighted average shares outstanding - basic (in shares) 50,299 43,401
Weighted average shares outstanding - diluted (in shares) 99,935 43,401
Dividends declared per common share (in dollars per share) $ 0.28 $ 0.24

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 11,973 $ 7,181
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 21,368 18,683
Amortization of debt issuance costs 590 516
Amortization of debt discount and premium, net (373) (399)
Gain on sale of self storage properties (474) 0
Equity-based compensation expense 867 983
Equity in losses of unconsolidated real estate venture 52 785
Distributions from unconsolidated real estate venture 1,339 1,251
Change in assets and liabilities, net of effects of self storage property acquisitions:    
Other assets (854) (665)
Accounts payable and accrued liabilities (808) (102)
Deferred revenue 179 (28)
Net Cash Provided by Operating Activities 33,859 28,205
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of self storage properties (100,450) (26,363)
Capital expenditures (3,901) (3,154)
Investments in and advances to unconsolidated real estate venture (2,390) 0
Deposits and advances for self storage property and other acquisitions (342) (138)
Expenditures for corporate furniture, equipment and other (51) (40)
Proceeds from sale of self storage properties 2,029 5,091
Net Cash Used In Investing Activities (105,105) (24,604)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of subordinated performance units 0 7,000
Borrowings under debt financings 250,000 222,000
Receipts for OP unit subscriptions 312 6
Principal payments under debt financings (145,212) (205,757)
Payment of dividends to common shareholders (14,099) (10,564)
Distributions to preferred shareholders (2,588) 0
Distributions to noncontrolling interests (14,369) (12,942)
Debt issuance costs (796) (1,315)
Equity offering costs (218) (116)
Net Cash Provided By (Used In) Financing Activities 73,030 (1,688)
Increase in Cash, Cash Equivalents and Restricted Cash 1,784 1,913
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 16,407 15,337
End of period 18,191 17,250
Supplemental Cash Flow Information    
Cash paid for interest $ 8,939 $ 7,131

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