Financial Highlights

v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Real estate    
Self storage properties $ 2,475,217 $ 2,275,233
Less accumulated depreciation (206,827) (170,358)
Self storage properties, net 2,268,390 2,104,875
Cash and cash equivalents 16,419 13,366
Restricted cash 7,109 3,041
Debt issuance costs, net 1,746 2,185
Investment in unconsolidated real estate venture 88,725 89,093
Other assets, net 78,166 52,615
Assets held for sale 0 1,555
Total assets 2,460,555 2,266,730
Liabilities    
Debt financing 1,149,789 958,097
Accounts payable and accrued liabilities 26,983 24,459
Deferred revenue 13,546 12,687
Total liabilities 1,190,318 995,243
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 June 30, 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, 50,539,575 and 50,284,934 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively 505 503
Additional paid-in capital 701,256 711,467
Distributions in excess of earnings (73,307) (55,729)
Accumulated other comprehensive income 20,211 12,282
Total shareholders' equity 821,165 841,023
Noncontrolling interests 449,072 430,464
Total equity 1,270,237 1,271,487
Total liabilities and equity $ 2,460,555 $ 2,266,730

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
REVENUE        
Rental revenue $ 75,019 $ 60,154 $ 147,030 $ 117,998
Other property-related revenue 2,549 2,045 4,870 3,926
Management fees and other revenue 2,155 2,142 4,316 3,980
Total revenue 79,723 64,341 156,216 125,904
OPERATING EXPENSES        
Property operating expenses 25,184 19,803 50,410 39,552
General and administrative expenses 8,460 7,405 16,766 14,586
Depreciation and amortization 22,389 17,800 43,757 36,483
Total operating expenses 56,033 45,008 110,933 90,621
Income from operations 23,690 19,333 45,283 35,283
OTHER (EXPENSE) INCOME        
Interest expense (10,472) (8,160) (20,107) (15,631)
Equity in earnings (losses) of unconsolidated real estate venture 100 (765) 48 (1,550)
Acquisition costs (150) (167) (330) (311)
Non-operating expense 0 (14) (84) (66)
(Loss) gain on sale of self storage properties (83) 5,637 391 5,637
Other expense (10,605) (3,469) (20,082) (11,921)
Income before income taxes 13,085 15,864 25,201 23,362
Income tax expense (44) (288) (187) (605)
Net income 13,041 15,576 25,014 22,757
Net income attributable to noncontrolling interests (7,150) (13,209) (8,663) (19,835)
Net income attributable to National Storage Affiliates Trust 5,891 2,367 16,351 2,922
Distributions to preferred shareholders (2,587) 0 (5,175) 0
Net income attributable to common shareholders $ 3,304 $ 2,367 $ 11,176 $ 2,922
Earnings Per Share, Basic and Diluted [Abstract]        
Earnings (loss) per share - basic (in dollars per share) $ 0.07 $ 0.05 $ 0.22 $ 0.07
Earnings (loss) per share - diluted (in dollars per share) $ 0.07 $ 0.05 $ 0.19 $ 0.07
Weighted average shares outstanding - basic (in shares) 50,486 44,223 50,393 43,814
Weighted average shares outstanding - diluted (in shares) 50,486 44,223 100,492 43,814
Dividends declared per common share (in dollars per share) $ 0.29 $ 0.26 $ 0.57 $ 0.5

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 25,014 $ 22,757
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 43,757 36,483
Amortization of debt issuance costs 1,219 1,059
Amortization of debt discount and premium, net (744) (791)
Gain on sale of self storage properties (391) (5,637)
Equity-based compensation expense 1,786 1,923
Equity in (earnings) losses of unconsolidated real estate venture (48) 1,550
Distributions from unconsolidated real estate venture 2,806 2,417
Change in assets and liabilities, net of effects of self storage property acquisitions:    
Other assets (916) (3,312)
Accounts payable and accrued liabilities 1,863 (649)
Deferred revenue (61) (256)
Net Cash Provided by Operating Activities 74,285 55,544
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of self storage properties (162,322) (86,945)
Capital expenditures (10,126) (7,085)
Investments in and advances to unconsolidated real estate venture (2,390) (12,647)
Distributions from unconsolidated real estate venture 0 250
Deposits and advances for self storage property and other acquisitions (18,286) (565)
Expenditures for corporate furniture, equipment and other (81) (157)
Proceeds from sale of self storage properties 5,259 15,342
Net Cash Used In Investing Activities (187,946) (91,807)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of subordinated performance units 0 7,000
Borrowings under debt financings 438,500 310,500
Receipts for OP unit subscriptions 606 567
Principal payments under debt financings (252,417) (218,762)
Payment of dividends to common shareholders (28,754) (22,073)
Distributions to preferred shareholders (5,175) 0
Distributions to noncontrolling interests (29,918) (26,866)
Debt issuance costs (1,829) (1,346)
Equity offering costs (231) (549)
Net Cash Provided By Financing Activities 120,782 48,471
Increase in Cash, Cash Equivalents and Restricted Cash 7,121 12,208
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 16,407 15,337
End of period 23,528 27,545
Supplemental Cash Flow Information    
Cash paid for interest $ 18,981 $ 15,061

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