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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 001-37351
National Storage Affiliates Trust
(Exact name of Registrant as specified in its charter)
 
Maryland
 
46-5053858
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)

8400 East Prentice Avenue, 9th Floor
Greenwood Village, Colorado 80111
(Address of principal executive offices) (Zip code)

(720) 630-2600
(Registrant's telephone number including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbols
Name of each exchange on which registered
Common Shares of Beneficial Interest, $0.01 par value per share
NSA
New York Stock Exchange
Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share
NSA Pr A
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes   No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
 
Accelerated Filer
Non-accelerated Filer
 
Smaller Reporting Company
 
 
 
Emerging Growth Company



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
Yes   No 
As of August 1, 2019, 59,296,248 common shares of beneficial interest, $0.01 par value per share, were outstanding.



NATIONAL STORAGE AFFILIATES TRUST
 
 
 
TABLE OF CONTENTS
FORM 10-Q
 
 
Page
PART I. FINANCIAL INFORMATION
ITEM 1.
Financial Statements
 
Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 (Unaudited)
 
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2019 and 2018 (Unaudited)
 
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2019 and 2018 (Unaudited)
 
Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2019 and 2018 (Unaudited)
 
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and 2018 (Unaudited)
 
Notes to Condensed Consolidated Financial Statements (Unaudited)
ITEM 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
ITEM 3.
Quantitative and Qualitative Disclosures About Market Risk
ITEM 4.
Controls and Procedures
PART II. OTHER INFORMATION
ITEM 1.
Legal Proceedings
ITEM 1A.
Risk Factors
ITEM 2.
Unregistered Sales of Equity Securities and Use of Proceeds
ITEM 3.
Defaults Upon Senior Securities
ITEM 4.
Mine Safety Disclosures
ITEM 5.
Other Information
ITEM 6.
Exhibits
Signatures
 



3


PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements

NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share amounts)
(Unaudited)

 
June 30,
 
December 31,
 
2019
 
2018
ASSETS
 
 
 
Real estate
 
 
 
Self storage properties
$
3,015,549

 
$
2,637,723

Less accumulated depreciation
(289,886
)
 
(246,261
)
Self storage properties, net
2,725,663

 
2,391,462

Cash and cash equivalents
15,255

 
13,181

Restricted cash
4,498

 
3,182

Debt issuance costs, net
810

 
1,260

Investment in unconsolidated real estate ventures
233,295

 
245,125

Other assets, net
59,363

 
75,053

Operating lease right-of-use assets
22,971

 

Total assets
$
3,061,855

 
$
2,729,263

LIABILITIES AND EQUITY
 
 
 
Liabilities
 
 
 
Debt financing
$
1,469,647

 
$
1,278,102

Accounts payable and accrued liabilities
53,054

 
33,130

Operating lease liabilities
24,152

 

Deferred revenue
16,218

 
15,732

Total liabilities
1,563,071

 
1,326,964

Commitments and contingencies (Note 11)

 

Equity
 
 
 
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 8,685,680 and 6,900,000 issued and outstanding at June 30, 2019 and December 31, 2018, respectively, at liquidation preference
217,142

 
172,500

Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 59,296,969 and 56,654,009 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively
593

 
567

Additional paid-in capital
901,499

 
844,276

Distributions in excess of earnings
(156,192
)
 
(114,122
)
Accumulated other comprehensive (loss) income
(5,466
)
 
13,618

Total shareholders' equity
957,576

 
916,839

Noncontrolling interests
541,208

 
485,460

Total equity
1,498,784

 
1,402,299

Total liabilities and equity
$
3,061,855

 
$
2,729,263



See notes to condensed consolidated financial statements.

4


NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)

 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
REVENUE
 
 
 
 
 
 
 
Rental revenue
$
87,175

 
$
75,019

 
$
170,030

 
$
147,030

Other property-related revenue
3,128

 
2,549

 
5,952

 
4,870

Management fees and other revenue
5,116

 
2,155

 
10,009

 
4,316

Total revenue
95,419

 
79,723

 
185,991

 
156,216

OPERATING EXPENSES
 
 
 
 
 
 
 
Property operating expenses
27,190

 
25,184

 
53,647

 
50,410

General and administrative expenses
11,170

 
8,460

 
21,936

 
16,766

Depreciation and amortization
25,829

 
22,389

 
50,178

 
43,757

Total operating expenses
64,189

 
56,033

 
125,761

 
110,933

OTHER (EXPENSE) INCOME
 
 
 
 
 
 
 
Interest expense
(13,947
)
 
(10,472
)
 
(27,158
)
 
(20,107
)
Equity in (losses) earnings of unconsolidated real estate ventures
(1,646
)
 
100

 
(3,748
)
 
48

Acquisition costs
(305
)
 
(150
)
 
(462
)
 
(330
)
Non-operating expense
(169
)
 

 
(267
)
 
(84
)
Gain (loss) on sale of self storage properties
2,814

 
(83
)
 
2,814

 
391

Other expense
(13,253
)
 
(10,605
)
 
(28,821
)
 
(20,082
)
Income before income taxes
17,977

 
13,085

 
31,409

 
25,201

Income tax expense
(244
)
 
(44
)
 
(736
)
 
(187
)
Net income
17,733

 
13,041

 
30,673

 
25,014

Net income attributable to noncontrolling interests
(25,389
)
 
(7,150
)
 
(30,918
)
 
(8,663
)
Net (loss) income attributable to National Storage Affiliates Trust
(7,656
)
 
5,891

 
(245
)
 
16,351

Distributions to preferred shareholders
(3,257
)
 
(2,587
)
 
(5,845
)
 
(5,175
)
Net (loss) income attributable to common shareholders
$
(10,913
)
 
$
3,304

 
$
(6,090
)
 
$
11,176

 
 
 
 
 
 
 
 
Earnings (loss) per share - basic
$
(0.19
)
 
$
0.07

 
$
(0.11
)
 
$
0.22

Earnings (loss) per share - diluted
$
(0.19
)
 
$
0.07

 
$
(0.11
)
 
$
0.19

 
 
 
 
 
 
 
 
Weighted average shares outstanding - basic
57,543

 
50,486

 
57,101

 
50,393

Weighted average shares outstanding - diluted
57,543

 
50,486

 
57,101

 
100,492

Dividends declared per common share
$
0.32

 
$
0.29

 
$
0.62

 
$
0.57



See notes to condensed consolidated financial statements.

5


NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(dollars in thousands)
(Unaudited)

 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
17,733

 
$
13,041

 
$
30,673

 
$
25,014

Other comprehensive (loss) income
 
 
 
 
 
 
 
Unrealized (loss) gain on derivative contracts
(19,075
)
 
4,665

 
(27,114
)
 
13,655

Reclassification of other comprehensive income to interest expense
(1,277
)
 
(281
)
 
(2,553
)
 
(232
)
Other comprehensive (loss) income
(20,352
)
 
4,384

 
(29,667
)
 
13,423

Comprehensive (loss) income
(2,619
)
 
17,425

 
1,006

 
38,437

Comprehensive income attributable to noncontrolling interests
(18,029
)
 
(8,834
)
 
(20,160
)
 
(13,838
)
Comprehensive (loss) income attributable to National Storage Affiliates Trust
$
(20,648
)
 
$
8,591

 
$
(19,154
)
 
$
24,599


See notes to condensed consolidated financial statements.

6


NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(dollars in thousands, except share amounts)
(Unaudited)

 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional
 
Distributions
 
Other
 
 
 
 
 
Preferred Shares
 
Common Shares
 
Paid-in
 
In Excess Of
 
Comprehensive
 
Noncontrolling
 
Total
 
Number
 
Amount
 
Number
 
Amount
 
Capital
 
Earnings
 
(Loss) Income
 
Interests
 
Equity
Balances, December 31, 2017
6,900,000

 
$
172,500

 
50,284,934

 
$
503

 
$
711,467

 
$
(55,729
)
 
$
12,282

 
$
430,464

 
$
1,271,487

OP equity issued for property acquisitions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series A-1 preferred units, OP units and subordinated performance units, net of offering costs

 

 

 

 

 

 

 
22,403

 
22,403

Redemptions of OP units

 

 
145,334

 
1

 
1,921

 

 
51

 
(1,973
)
 

Effect of changes in ownership for consolidated entities

 

 

 

 
(12,621
)
 

 
(396
)
 
13,017

 

Issuance of OP units

 

 

 

 

 

 

 
5

 
5

Equity-based compensation expense

 

 

 

 
70

 

 

 
797

 
867

Issuance of restricted common shares

 

 
12,311

 

 

 

 

 

 

Vesting and forfeitures of restricted common shares, net

 

 
(3,848
)
 

 
(75
)
 

 

 

 
(75
)
Reduction in receivables from partners of the operating partnership

 

 

 

 

 

 

 
191

 
191

Preferred share dividends

 

 

 

 

 
(2,588
)
 

 

 
(2,588
)
Common share dividends

 

 

 

 

 
(14,099
)
 

 

 
(14,099
)
Distributions to noncontrolling interests

 

 

 

 

 

 

 
(14,515
)
 
(14,515
)
Other comprehensive income

 

 

 

 

 

 
5,548

 
3,491

 
9,039

Net income

 

 

 

 

 
10,460

 

 
1,513

 
11,973

Balances, March 31, 2018
6,900,000

 
$
172,500

 
50,438,731

 
$
504

 
$
700,762

 
$
(61,956
)
 
$
17,485

 
$
455,393

 
$
1,284,688

Redemptions of OP units

 

 
101,248

 
1

 
1,305

 

 
36

 
(1,342
)
 

Effect of changes in ownership for consolidated entities

 

 

 

 
(877
)
 

 
(10
)
 
887

 

Equity-based compensation expense

 

 

 

 
66

 

 

 
853

 
919

Vesting and forfeitures of restricted common shares, net

 

 
(404
)
 

 

 

 

 

 

Reduction in receivables from partners of the operating partnership

 

 

 

 

 

 

 
156

 
156


See notes to condensed consolidated financial statements.

7


NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(dollars in thousands, except share amounts)
(Unaudited)

 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional
 
Distributions
 
Other
 
 
 
 
 
Preferred Shares
 
Common Shares
 
Paid-in
 
In Excess Of
 
Comprehensive
 
Noncontrolling
 
Total
 
Number
 
Amount
 
Number
 
Amount
 
Capital
 
Earnings
 
(Loss) Income
 
Interests
 
Equity
Preferred share dividends

 

 

 

 

 
(2,587
)
 

 

 
(2,587
)
Common share dividends

 

 

 

 

 
(14,655
)
 

 

 
(14,655
)
Distributions to noncontrolling interests

 

 

 

 

 

 

 
(15,709
)
 
(15,709
)
Other comprehensive income

 

 

 

 

 

 
2,700

 
1,684

 
4,384

Net income

 

 

 

 

 
5,891

 

 
7,150

 
13,041

Balances, June 30, 2018
6,900,000

 
$
172,500

 
50,539,575

 
$
505

 
$
701,256

 
$
(73,307
)
 
$
20,211

 
$
449,072

 
$
1,270,237

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to condensed consolidated financial statements.

8


NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(dollars in thousands, except share amounts)
(Unaudited)

 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional
 
Distributions
 
Other
 
 
 
 
 
Preferred Shares
 
Common Shares
 
Paid-in
 
In Excess Of
 
Comprehensive
 
Noncontrolling
 
Total
 
Number
 
Amount
 
Number
 
Amount
 
Capital
 
Earnings
 
(Loss) Income
 
Interests
 
Equity
Balances, December 31, 2018
6,900,000

 
$
172,500

 
56,654,009

 
$
567

 
$
844,276

 
$
(114,122
)
 
$
13,618

 
$
485,460

 
$
1,402,299

OP equity issued for property acquisitions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series A-1 preferred units, OP units and subordinated performance units, net of offering costs

 

 

 

 

 

 

 
32,856

 
32,856

Redemptions of OP units

 

 
29,910

 

 
250

 

 
7

 
(257
)
 

Effect of changes in ownership for consolidated entities

 

 

 

 
(5,385
)
 

 
(182
)
 
5,567

 

Equity-based compensation expense

 

 

 

 
90

 

 

 
1,022

 
1,112

Issuance of LTIP units for acquisition expenses

 

 

 

 

 

 

 
5

 
5

Issuance of restricted common shares

 

 
18,218

 

 

 

 

 

 

Vesting and forfeitures of restricted common shares, net

 

 
(3,451
)
 

 
(69
)
 

 

 

 
(69
)
Reduction in receivables from partners of the operating partnership

 

 

 

 

 

 

 
139

 
139

Preferred share dividends

 

 

 

 

 
(2,588
)
 

 

 
(2,588
)
Common share dividends

 

 

 

 

 
(17,010
)
 

 

 
(17,010
)
Distributions to noncontrolling interests

 

 

 

 

 

 

 
(17,181
)
 
(17,181
)
Other comprehensive loss

 

 

 

 

 

 
(5,917
)
 
(3,398
)
 
(9,315
)
Net income

 

 

 

 

 
7,411

 

 
5,529

 
12,940

Balances, March 31, 2019
6,900,000

 
$
172,500

 
56,698,686

 
$
567

 
$
839,162

 
$
(126,309
)
 
$
7,526

 
$
509,742

 
$
1,403,188

Issuance of preferred shares, net of offering costs
1,785,680

 
44,642

 

 

 
(1,018
)
 

 

 

 
43,624

OP equity issued for property acquisitions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series A-1 preferred units, OP units and subordinated performance units, net of offering costs

 

 

 

 

 

 

 
15,515

 
15,515

Redemptions of OP units

 

 
224,618

 
2

 
1,839

 

 
28

 
(1,869
)
 


See notes to condensed consolidated financial statements.

9


NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(dollars in thousands, except share amounts)
(Unaudited)

 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional
 
Distributions
 
Other
 
 
 
 
 
Preferred Shares
 
Common Shares
 
Paid-in
 
In Excess Of
 
Comprehensive
 
Noncontrolling
 
Total
 
Number
 
Amount
 
Number
 
Amount
 
Capital
 
Earnings
 
(Loss) Income
 
Interests
 
Equity
Issuance of common shares, net of offering costs

 

 
2,375,000

 
24

 
70,613

 

 

 

 
70,637

Effect of changes in ownership for consolidated entities

 

 

 

 
(9,179
)
 

 
(28
)
 
9,207

 

Issuance of OP units

 

 

 

 

 

 

 
8,540

 
8,540

Equity-based compensation expense

 

 

 

 
82

 

 

 
1,026

 
1,108

Issuance of LTIP units for acquisition expenses

 

 

 

 

 

 

 
56

 
56

Vesting and forfeitures of restricted common shares, net

 

 
(1,335
)
 

 

 

 

 

 

Preferred share dividends

 

 

 

 

 
(3,257
)
 

 

 
(3,257
)
Common share dividends

 

 

 

 

 
(18,970
)
 

 

 
(18,970
)
Distributions to noncontrolling interests