false--12-31Q320190001618563P4Y21P4YP2YP2Y2000002240004480890.010.012500000002500000005665400959328388566540095932838805090000156400017100056270002095000P7YP3Y340.010.0150000000500000006900000872711969000008727119 0001618563 2019-01-01 2019-09-30 0001618563 us-gaap:CommonClassAMember 2019-01-01 2019-09-30 0001618563 us-gaap:RedeemablePreferredStockMember 2019-01-01 2019-09-30 0001618563 2019-10-31 0001618563 2019-09-30 0001618563 2018-12-31 0001618563 2019-07-01 2019-09-30 0001618563 2018-01-01 2018-09-30 0001618563 nsa:PropertyRelatedOtherMember 2018-01-01 2018-09-30 0001618563 nsa:PropertyRelatedOtherMember 2019-01-01 2019-09-30 0001618563 2018-07-01 2018-09-30 0001618563 nsa:ManagementFeesAndOtherMember 2019-07-01 2019-09-30 0001618563 nsa:ManagementFeesAndOtherMember 2019-01-01 2019-09-30 0001618563 nsa:ManagementFeesAndOtherMember 2018-07-01 2018-09-30 0001618563 nsa:PropertyRelatedOtherMember 2018-07-01 2018-09-30 0001618563 nsa:ManagementFeesAndOtherMember 2018-01-01 2018-09-30 0001618563 nsa:PropertyRelatedOtherMember 2019-07-01 2019-09-30 0001618563 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0001618563 2018-03-31 0001618563 us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-06-30 0001618563 us-gaap:PreferredStockMember 2019-09-30 0001618563 us-gaap:CommonStockMember 2019-01-01 2019-03-31 0001618563 us-gaap:NoncontrollingInterestMember 2018-07-01 2018-09-30 0001618563 nsa:SeriesAPreferredUnitsOPUnitsAndSubordinatedPerformanceUnitsMember us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0001618563 2018-01-01 2018-03-31 0001618563 us-gaap:PreferredStockMember 2019-06-30 0001618563 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001618563 us-gaap:NoncontrollingInterestMember 2018-06-30 0001618563 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-01 2018-09-30 0001618563 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0001618563 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0001618563 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0001618563 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0001618563 us-gaap:CommonStockMember 2018-07-01 2018-09-30 0001618563 us-gaap:PreferredStockMember 2018-03-31 0001618563 2018-06-30 0001618563 us-gaap:CommonStockMember 2018-03-31 0001618563 us-gaap:PreferredStockMember 2017-12-31 0001618563 us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0001618563 us-gaap:CommonStockMember 2018-04-01 2018-06-30 0001618563 2019-04-01 2019-06-30 0001618563 us-gaap:CommonClassAMember us-gaap:AdditionalPaidInCapitalMember 2018-07-01 2018-09-30 0001618563 us-gaap:RedeemablePreferredStockMember us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0001618563 nsa:SeriesAPreferredUnitsOPUnitsAndSubordinatedPerformanceUnitsMember 2019-04-01 2019-06-30 0001618563 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-03-31 0001618563 us-gaap:AdditionalPaidInCapitalMember 2018-07-01 2018-09-30 0001618563 us-gaap:NoncontrollingInterestMember 2019-06-30 0001618563 2018-04-01 2018-06-30 0001618563 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001618563 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0001618563 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001618563 us-gaap:NoncontrollingInterestMember 2019-07-01 2019-09-30 0001618563 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001618563 us-gaap:PreferredStockMember 2018-06-30 0001618563 nsa:ClassAUnitsMember us-gaap:NoncontrollingInterestMember 2018-01-01 2018-03-31 0001618563 nsa:SeriesAPreferredUnitsOPUnitsAndSubordinatedPerformanceUnitsMember 2018-07-01 2018-09-30 0001618563 nsa:SeriesAPreferredUnitsOPUnitsAndSubordinatedPerformanceUnitsMember 2019-01-01 2019-03-31 0001618563 us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0001618563 nsa:SeriesAPreferredUnitsOPUnitsAndSubordinatedPerformanceUnitsMember us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0001618563 us-gaap:CommonStockMember 2019-06-30 0001618563 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001618563 us-gaap:CommonStockMember 2018-09-30 0001618563 us-gaap:CommonStockMember 2019-07-01 2019-09-30 0001618563 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-07-01 2018-09-30 0001618563 us-gaap:NoncontrollingInterestMember 2018-03-31 0001618563 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-03-31 0001618563 us-gaap:CommonStockMember 2019-03-31 0001618563 us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0001618563 nsa:SeriesAPreferredUnitsOPUnitsAndSubordinatedPerformanceUnitsMember 2019-07-01 2019-09-30 0001618563 us-gaap:CommonStockMember 2017-12-31 0001618563 us-gaap:RedeemablePreferredStockMember us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001618563 us-gaap:RedeemablePreferredStockMember 2019-07-01 2019-09-30 0001618563 us-gaap:RetainedEarningsMember 2018-12-31 0001618563 nsa:ClassAUnitsMember 2019-04-01 2019-06-30 0001618563 2018-09-30 0001618563 us-gaap:NoncontrollingInterestMember 2018-09-30 0001618563 us-gaap:NoncontrollingInterestMember 2018-12-31 0001618563 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0001618563 us-gaap:NoncontrollingInterestMember 2018-04-01 2018-06-30 0001618563 us-gaap:PreferredStockMember 2018-09-30 0001618563 us-gaap:CommonClassAMember 2018-07-01 2018-09-30 0001618563 us-gaap:PreferredStockMember 2019-03-31 0001618563 us-gaap:RedeemablePreferredStockMember us-gaap:PreferredStockMember 2019-04-01 2019-06-30 0001618563 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 0001618563 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0001618563 nsa:ClassAUnitsMember 2018-01-01 2018-03-31 0001618563 2019-01-01 2019-03-31 0001618563 us-gaap:RedeemablePreferredStockMember us-gaap:PreferredStockMember 2019-07-01 2019-09-30 0001618563 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001618563 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-04-01 2019-06-30 0001618563 nsa:SeriesAPreferredUnitsOPUnitsAndSubordinatedPerformanceUnitsMember us-gaap:NoncontrollingInterestMember 2019-07-01 2019-09-30 0001618563 us-gaap:NoncontrollingInterestMember 2019-03-31 0001618563 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0001618563 us-gaap:CommonClassAMember us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001618563 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-03-31 0001618563 us-gaap:CommonStockMember 2018-12-31 0001618563 nsa:SeriesAPreferredUnitsOPUnitsAndSubordinatedPerformanceUnitsMember us-gaap:NoncontrollingInterestMember 2018-07-01 2018-09-30 0001618563 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0001618563 us-gaap:RetainedEarningsMember 2018-07-01 2018-09-30 0001618563 us-gaap:CommonStockMember 2018-01-01 2018-03-31 0001618563 us-gaap:CommonClassAMember us-gaap:NoncontrollingInterestMember 2019-07-01 2019-09-30 0001618563 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0001618563 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0001618563 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001618563 us-gaap:RetainedEarningsMember 2018-06-30 0001618563 nsa:SeriesAPreferredUnitsOPUnitsAndSubordinatedPerformanceUnitsMember 2018-01-01 2018-03-31 0001618563 us-gaap:CommonClassAMember 2019-07-01 2019-09-30 0001618563 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0001618563 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0001618563 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001618563 us-gaap:NoncontrollingInterestMember 2019-09-30 0001618563 us-gaap:RedeemablePreferredStockMember us-gaap:NoncontrollingInterestMember 2019-07-01 2019-09-30 0001618563 2017-12-31 0001618563 nsa:SeriesAPreferredUnitsOPUnitsAndSubordinatedPerformanceUnitsMember us-gaap:NoncontrollingInterestMember 2018-01-01 2018-03-31 0001618563 us-gaap:CommonClassAMember 2019-04-01 2019-06-30 0001618563 us-gaap:PreferredStockMember 2018-12-31 0001618563 us-gaap:CommonStockMember 2018-06-30 0001618563 us-gaap:RetainedEarningsMember 2019-09-30 0001618563 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001618563 us-gaap:NoncontrollingInterestMember 2017-12-31 0001618563 us-gaap:RetainedEarningsMember 2019-06-30 0001618563 us-gaap:CommonClassAMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0001618563 us-gaap:RetainedEarningsMember 2018-03-31 0001618563 us-gaap:RedeemablePreferredStockMember 2019-04-01 2019-06-30 0001618563 us-gaap:CommonClassAMember us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0001618563 us-gaap:RetainedEarningsMember 2019-03-31 0001618563 us-gaap:RetainedEarningsMember 2018-09-30 0001618563 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-07-01 2019-09-30 0001618563 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001618563 2019-03-31 0001618563 2019-06-30 0001618563 us-gaap:CommonStockMember 2019-09-30 0001618563 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001618563 us-gaap:RetainedEarningsMember 2017-12-31 0001618563 nsa:ClassAUnitsMember us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0001618563 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0001618563 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0001618563 us-gaap:UnconsolidatedPropertiesMember us-gaap:CorporateJointVentureMember 2019-09-30 0001618563 us-gaap:ConsolidatedPropertiesMember 2019-09-30 0001618563 nsa:TenantInsuranceAndProtectionPlanFeesAndCommissionsMember 2019-07-01 2019-09-30 0001618563 nsa:FixedRateMortgagesMember us-gaap:MortgagesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0001618563 nsa:TenantWarrantyProtectionMember 2018-01-01 2018-09-30 0001618563 nsa:AcquisitionFeesMember 2019-09-30 0001618563 nsa:TenantInsuranceAndProtectionPlanFeesAndCommissionsMember 2019-01-01 2019-09-30 0001618563 nsa:TenantInsuranceAndProtectionPlanFeesAndCommissionsMember 2018-01-01 2018-09-30 0001618563 nsa:TenantWarrantyProtectionMember 2019-01-01 2019-09-30 0001618563 nsa:FixedRateMortgagesMember us-gaap:MortgagesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-09-30 0001618563 nsa:PropertyManagementCallCenterAndPlatformFeesMember 2019-07-01 2019-09-30 0001618563 nsa:PropertyManagementCallCenterAndPlatformFeesMember 2019-01-01 2019-09-30 0001618563 nsa:AcquisitionFeesMember 2019-01-01 2019-09-30 0001618563 nsa:AcquisitionFeesMember 2018-12-31 0001618563 nsa:RetailProductsAndSuppliesMember 2019-01-01 2019-09-30 0001618563 nsa:TenantWarrantyProtectionMember 2018-07-01 2018-09-30 0001618563 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0001618563 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-09-30 0001618563 nsa:AcquisitionFeesMember 2016-10-01 2016-12-31 0001618563 nsa:A2016JointVentureMember us-gaap:CorporateJointVentureMember 2016-12-31 0001618563 nsa:PropertyManagementCallCenterAndPlatformFeesMember 2018-01-01 2018-09-30 0001618563 nsa:RetailProductsAndSuppliesMember 2019-07-01 2019-09-30 0001618563 nsa:TenantWarrantyProtectionMember 2019-07-01 2019-09-30 0001618563 nsa:AcquisitionFeesMember 2018-10-01 2018-12-31 0001618563 nsa:AcquisitionFeesMember 2018-01-01 2018-09-30 0001618563 nsa:AcquisitionFeesMember 2019-07-01 2019-09-30 0001618563 nsa:AcquisitionFeesMember 2018-07-01 2018-09-30 0001618563 nsa:RetailProductsAndSuppliesMember 2018-01-01 2018-09-30 0001618563 nsa:TenantInsuranceAndProtectionPlanFeesAndCommissionsMember 2018-07-01 2018-09-30 0001618563 nsa:PropertyManagementCallCenterAndPlatformFeesMember 2018-07-01 2018-09-30 0001618563 nsa:RetailProductsAndSuppliesMember 2018-07-01 2018-09-30 0001618563 nsa:NSAOPLPMember nsa:LongTermIncentivePlanUnitMember 2018-12-31 0001618563 nsa:DownREITPartnershipMember nsa:ClassAUnitsMember 2019-09-30 0001618563 nsa:DownREITPartnershipMember nsa:ClassBUnitMember 2018-12-31 0001618563 nsa:PartnershipSubsidiariesMember 2019-09-30 0001618563 nsa:NSAOPLPMember nsa:ClassBUnitMember 2019-09-30 0001618563 nsa:NSAOPLPMember nsa:SeriesA1PreferredUnitsMember 2018-12-31 0001618563 nsa:NSAOPLPMember nsa:ClassAUnitsMember 2019-09-30 0001618563 nsa:DownREITPartnershipMember nsa:ClassAUnitsMember 2018-12-31 0001618563 nsa:NSAOPLPMember nsa:ClassBUnitMember 2018-12-31 0001618563 nsa:PartnershipSubsidiariesMember 2018-12-31 0001618563 nsa:NSAOPLPMember nsa:SeriesA1PreferredUnitsMember 2019-09-30 0001618563 nsa:NSAOPLPMember nsa:LongTermIncentivePlanUnitMember 2019-09-30 0001618563 nsa:NSAOPLPMember nsa:ClassAUnitsMember 2018-12-31 0001618563 nsa:DownREITPartnershipMember nsa:ClassBUnitMember 2019-09-30 0001618563 us-gaap:CommonClassAMember nsa:AttheMarketProgramMember 2019-01-01 2019-09-30 0001618563 nsa:NSAOPLPMember nsa:AcquisitionOfTenantReinsuranceCompanyMember nsa:ClassAUnitsMember 2019-01-01 2019-09-30 0001618563 nsa:ClassBUnitMember 2019-01-01 2019-09-30 0001618563 nsa:NSAOPLPMember nsa:ClassAUnitsMember 2019-01-01 2019-09-30 0001618563 nsa:DownREITPartnershipMember nsa:ClassAUnitsMember 2019-01-01 2019-09-30 0001618563 nsa:NSAOPLPMember nsa:LongTermIncentivePlanUnitMember 2019-01-01 2019-09-30 0001618563 nsa:DownREITPartnershipMember nsa:ClassBUnitMember 2019-01-01 2019-09-30 0001618563 nsa:NSAOPLPMember nsa:SeriesA1PreferredUnitsMember 2019-01-01 2019-09-30 0001618563 nsa:NSAOPLPMember us-gaap:RedeemablePreferredStockMember 2017-10-11 0001618563 nsa:NSAOPLPMember us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember nsa:ClassBUnitMember 2019-01-01 2019-09-30 0001618563 2019-02-27 2019-02-27 0001618563 us-gaap:RedeemablePreferredStockMember nsa:AttheMarketProgramMember 2019-09-30 0001618563 nsa:NSAOPLPMember nsa:ClassBUnitMember 2019-01-01 2019-09-30 0001618563 nsa:NSAOPLPMember nsa:SeriesA1PreferredUnitsMember 2019-07-01 2019-09-30 0001618563 2019-02-27 0001618563 nsa:NSAOPLPMember us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember nsa:ClassAUnitsMember 2019-01-01 2019-09-30 0001618563 us-gaap:RedeemablePreferredStockMember nsa:AttheMarketProgramMember 2019-01-01 2019-09-30 0001618563 us-gaap:CommonClassAMember nsa:AttheMarketProgramMember 2019-09-30 0001618563 nsa:A2016JointVentureMember us-gaap:UnconsolidatedPropertiesMember us-gaap:CorporateJointVentureMember 2019-09-30 0001618563 nsa:A2018JointVentureMember us-gaap:UnconsolidatedPropertiesMember us-gaap:CorporateJointVentureMember 2019-09-30 0001618563 nsa:A2016JointVentureMember us-gaap:UnconsolidatedPropertiesMember us-gaap:CorporateJointVentureMember 2019-01-01 2019-09-30 0001618563 us-gaap:LeasesAcquiredInPlaceMember 2019-01-01 2019-09-30 0001618563 us-gaap:LandAndBuildingMember 2019-01-01 2019-09-30 0001618563 nsa:AssetAcquisitionFrom2016JointVentureMember us-gaap:CorporateJointVentureMember 2019-01-01 2019-09-30 0001618563 nsa:AssetAcquisitionFromPROsMember srt:AffiliatedEntityMember 2019-01-01 2019-09-30 0001618563 nsa:TenantReinsuranceIntangibleMember 2018-12-31 0001618563 us-gaap:LeasesAcquiredInPlaceMember 2019-09-30 0001618563 us-gaap:ServiceAgreementsMember 2019-09-30 0001618563 us-gaap:TradeNamesMember 2019-09-30 0001618563 us-gaap:TradeNamesMember 2018-12-31 0001618563 us-gaap:ServiceAgreementsMember 2018-12-31 0001618563 us-gaap:LeasesAcquiredInPlaceMember 2018-12-31 0001618563 nsa:TenantReinsuranceIntangibleMember 2019-09-30 0001618563 us-gaap:LeasesAcquiredInPlaceMember 2018-01-01 2018-09-30 0001618563 us-gaap:LeasesAcquiredInPlaceMember 2018-07-01 2018-09-30 0001618563 us-gaap:ServiceAgreementsMember 2018-07-01 2018-09-30 0001618563 us-gaap:ServiceAgreementsMember 2019-01-01 2019-09-30 0001618563 nsa:TenantReinsuranceIntangibleMember 2019-01-01 2019-09-30 0001618563 us-gaap:ServiceAgreementsMember 2018-01-01 2018-09-30 0001618563 us-gaap:LeasesAcquiredInPlaceMember 2019-07-01 2019-09-30 0001618563 us-gaap:ServiceAgreementsMember 2019-07-01 2019-09-30 0001618563 nsa:TenantReinsuranceIntangibleMember 2019-07-01 2019-09-30 0001618563 nsa:A2029TermLoanFacilityMember us-gaap:UnsecuredDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-09-30 0001618563 nsa:A2029TermLoanFacilityMember us-gaap:UnsecuredDebtMember 2019-04-24 0001618563 srt:MaximumMember nsa:A2029TermLoanFacilityMember us-gaap:UnsecuredDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-09-30 0001618563 nsa:CreditFacilityMember us-gaap:UnsecuredDebtMember 2019-07-01 2019-09-30 0001618563 us-gaap:LetterOfCreditMember nsa:CreditFacilityMember us-gaap:LineOfCreditMember 2019-09-30 0001618563 nsa:TrancheDTermLoanMember nsa:CreditFacilityMember us-gaap:UnsecuredDebtMember 2019-09-30 0001618563 nsa:A2031SeniorNotesMember us-gaap:UnsecuredDebtMember 2019-08-30 0001618563 srt:MinimumMember nsa:A2029TermLoanFacilityMember us-gaap:UnsecuredDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-09-30 0001618563 nsa:CreditFacilityMember us-gaap:UnsecuredDebtMember 2019-07-29 0001618563 nsa:TrancheATermLoanMember nsa:CreditFacilityMember us-gaap:UnsecuredDebtMember 2019-09-30 0001618563 nsa:TrancheBTermLoanMember nsa:CreditFacilityMember us-gaap:UnsecuredDebtMember 2019-09-30 0001618563 2019-04-24 0001618563 srt:MaximumMember us-gaap:RevolvingCreditFacilityMember nsa:CreditFacilityMember 2019-07-29 2019-07-29 0001618563 nsa:A2029SeniorNotesMember us-gaap:UnsecuredDebtMember 2019-08-30 0001618563 nsa:CreditFacilityMember us-gaap:UnsecuredDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-07-29 2019-07-29 0001618563 srt:MaximumMember nsa:CreditFacilityMember us-gaap:UnsecuredDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-07-29 2019-07-29 0001618563 nsa:TrancheCTermLoanMember nsa:CreditFacilityMember us-gaap:UnsecuredDebtMember 2019-09-30 0001618563 srt:MaximumMember nsa:CreditFacilityMember us-gaap:UnsecuredDebtMember us-gaap:BaseRateMember 2019-07-29 2019-07-29 0001618563 srt:MinimumMember us-gaap:RevolvingCreditFacilityMember nsa:CreditFacilityMember 2019-07-29 2019-07-29 0001618563 us-gaap:RevolvingCreditFacilityMember nsa:CreditFacilityMember us-gaap:LineOfCreditMember 2019-07-29 0001618563 nsa:TrancheCTermLoanMember nsa:CreditFacilityMember us-gaap:UnsecuredDebtMember 2019-07-29 0001618563 us-gaap:RevolvingCreditFacilityMember nsa:CreditFacilityMember us-gaap:LineOfCreditMember 2019-09-30 0001618563 srt:MinimumMember nsa:A2029TermLoanFacilityMember us-gaap:UnsecuredDebtMember us-gaap:BaseRateMember 2019-01-01 2019-09-30 0001618563 nsa:CreditFacilityMember us-gaap:UnsecuredDebtMember us-gaap:FederalFundsEffectiveSwapRateMember 2019-07-29 2019-07-29 0001618563 srt:MinimumMember nsa:CreditFacilityMember us-gaap:UnsecuredDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-07-29 2019-07-29 0001618563 nsa:TrancheDTermLoanMember nsa:CreditFacilityMember us-gaap:UnsecuredDebtMember 2019-07-29 0001618563 nsa:CreditFacilityMember 2019-07-29 2019-07-29 0001618563 srt:MinimumMember nsa:CreditFacilityMember us-gaap:UnsecuredDebtMember us-gaap:BaseRateMember 2019-07-29 2019-07-29 0001618563 nsa:TrancheBTermLoanMember nsa:CreditFacilityMember us-gaap:UnsecuredDebtMember 2019-07-29 0001618563 srt:MaximumMember nsa:A2029TermLoanFacilityMember us-gaap:UnsecuredDebtMember us-gaap:BaseRateMember 2019-01-01 2019-09-30 0001618563 nsa:TrancheATermLoanMember nsa:CreditFacilityMember us-gaap:UnsecuredDebtMember 2019-07-29 0001618563 nsa:CreditFacilityMember us-gaap:UnsecuredDebtMember 2019-07-29 2019-07-29 0001618563 nsa:A2029TermLoanFacilityMember us-gaap:UnsecuredDebtMember us-gaap:FederalFundsEffectiveSwapRateMember 2019-01-01 2019-09-30 0001618563 nsa:TermLoanFacilityMember us-gaap:UnsecuredDebtMember 2019-09-30 0001618563 nsa:A2029TermLoanFacilityMember us-gaap:UnsecuredDebtMember 2019-09-30 0001618563 nsa:TrancheCTermLoanMember nsa:CreditFacilityMember us-gaap:UnsecuredDebtMember 2018-12-31 0001618563 nsa:A2031SeniorNotesMember us-gaap:UnsecuredDebtMember 2019-09-30 0001618563 nsa:TrancheDTermLoanMember nsa:CreditFacilityMember us-gaap:UnsecuredDebtMember 2018-12-31 0001618563 nsa:A2028TermLoanFacilityMember us-gaap:UnsecuredDebtMember 2018-12-31 0001618563 nsa:TrancheATermLoanMember nsa:CreditFacilityMember us-gaap:UnsecuredDebtMember 2018-12-31 0001618563 nsa:FixedRateMortgagesMember us-gaap:MortgagesMember 2018-12-31 0001618563 nsa:TermLoanFacilityMember us-gaap:UnsecuredDebtMember 2018-12-31 0001618563 nsa:A2028TermLoanFacilityMember us-gaap:UnsecuredDebtMember 2019-09-30 0001618563 nsa:A2029SeniorNotesMember us-gaap:UnsecuredDebtMember 2019-09-30 0001618563 nsa:A2029TermLoanFacilityMember us-gaap:UnsecuredDebtMember 2018-12-31 0001618563 nsa:A2029SeniorNotesMember us-gaap:UnsecuredDebtMember 2018-12-31 0001618563 nsa:TrancheBTermLoanMember nsa:CreditFacilityMember us-gaap:UnsecuredDebtMember 2018-12-31 0001618563 nsa:FixedRateMortgagesMember us-gaap:MortgagesMember 2019-09-30 0001618563 nsa:A2031SeniorNotesMember us-gaap:UnsecuredDebtMember 2018-12-31 0001618563 us-gaap:RevolvingCreditFacilityMember nsa:CreditFacilityMember us-gaap:LineOfCreditMember 2018-12-31 0001618563 nsa:LongTermIncentivePlanUnitBasedOnFutureAcquisitionsMember 2019-01-01 2019-09-30 0001618563 nsa:OPUnitsDownREITOPUnitsSubordinatedPerformanceUnitsDownREITSubordinatedPerformanceUnitsVestedLTIPUnitsMember 2019-01-01 2019-09-30 0001618563 nsa:OPUnitsDownREITOPUnitsSubordinatedPerformanceUnitsDownREITSubordinatedPerformanceUnitsVestedLTIPUnitsMember 2019-07-01 2019-09-30 0001618563 nsa:OPUnitsDownREITOPUnitsSubordinatedPerformanceUnitsDownREITSubordinatedPerformanceUnitsVestedLTIPUnitsMember 2018-07-01 2018-09-30 0001618563 nsa:LongTermIncentivePlanUnitBasedOnServiceMember 2019-01-01 2019-09-30 0001618563 nsa:NSAOPLPAndDownREITPartnershipMember nsa:ClassBUnitMember 2019-01-01 2019-09-30 0001618563 nsa:OPUnitsDownREITOPUnitsSubordinatedPerformanceUnitsDownREITSubordinatedPerformanceUnitsVestedLTIPUnitsMember 2018-01-01 2018-09-30 0001618563 nsa:LongTermIncentivePlanUnitBasedOnServiceMember 2019-07-01 2019-09-30 0001618563 nsa:LongTermIncentivePlanUnitBasedOnFutureAcquisitionsMember 2019-07-01 2019-09-30 0001618563 nsa:ParticipatingRegionalOperatorMember nsa:DueDiligenceCostsMember srt:ManagementMember 2019-01-01 2019-09-30 0001618563 nsa:GroundUpDevelopmentLLCMember nsa:AcquisitionOfTenantReinsuranceCompanyMember 2019-06-01 2019-06-01 0001618563 nsa:RealEstatePurchasesMember us-gaap:CorporateJointVentureMember 2019-01-01 2019-09-30 0001618563 nsa:NSAOPLPMember nsa:ClassAUnitsMember nsa:AcquisitionOfTenantReinsuranceCompanyMember srt:ManagementMember 2019-06-01 2019-06-01 0001618563 nsa:ParticipatingRegionalOperatorMember nsa:DueDiligenceCostsMember srt:ManagementMember 2019-07-01 2019-09-30 0001618563 nsa:ParticipatingRegionalOperatorMember nsa:SupervisoryAndAdministrativeFeeAgreementMember srt:ManagementMember 2018-01-01 2018-09-30 0001618563 2019-06-01 0001618563 nsa:ParticipatingRegionalOperatorMember nsa:SupervisoryAndAdministrativeFeeAgreementMember srt:ManagementMember 2018-07-01 2018-09-30 0001618563 nsa:ParticipatingRegionalOperatorMember nsa:SupervisoryAndAdministrativeFeeAgreementMember srt:ManagementMember 2019-07-01 2019-09-30 0001618563 nsa:ParticipatingRegionalOperatorMember nsa:DueDiligenceCostsMember srt:ManagementMember 2018-07-01 2018-09-30 0001618563 nsa:ParticipatingRegionalOperatorMember nsa:PayrollServicesMember srt:ManagementMember 2018-01-01 2018-09-30 0001618563 nsa:NSAOPLPMember nsa:GroundUpDevelopmentLLCMember nsa:ClassAUnitsMember nsa:AcquisitionOfTenantReinsuranceCompanyMember 2019-06-01 2019-06-01 0001618563 nsa:ParticipatingRegionalOperatorMember srt:MinimumMember nsa:SupervisoryAndAdministrativeFeeAgreementMember srt:ManagementMember 2019-01-01 2019-09-30 0001618563 nsa:ParticipatingRegionalOperatorMember srt:MaximumMember nsa:SupervisoryAndAdministrativeFeeAgreementMember srt:ManagementMember 2019-01-01 2019-09-30 0001618563 nsa:TenantReinsuranceIntangibleMember 2019-06-01 2019-06-01 0001618563 nsa:ParticipatingRegionalOperatorMember nsa:DueDiligenceCostsMember srt:ManagementMember 2018-01-01 2018-09-30 0001618563 nsa:ParticipatingRegionalOperatorMember nsa:PayrollServicesMember srt:ManagementMember 2018-07-01 2018-09-30 0001618563 nsa:ParticipatingRegionalOperatorMember nsa:SupervisoryAndAdministrativeFeeAgreementMember srt:ManagementMember 2019-01-01 2019-09-30 0001618563 nsa:TenantReinsuranceIntangibleMember 2019-06-01 0001618563 nsa:ParticipatingRegionalOperatorMember nsa:PayrollServicesMember srt:ManagementMember 2019-01-01 2019-09-30 0001618563 nsa:ParticipatingRegionalOperatorMember nsa:PayrollServicesMember srt:ManagementMember 2019-07-01 2019-09-30 0001618563 nsa:AcquisitionOfTenantReinsuranceCompanyMember srt:ManagementMember 2019-06-01 2019-06-01 0001618563 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel2Member us-gaap:DesignatedAsHedgingInstrumentMember 2018-01-01 2018-09-30 0001618563 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel2Member us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001618563 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel2Member us-gaap:DesignatedAsHedgingInstrumentMember 2019-01-01 2019-09-30 0001618563 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel2Member us-gaap:DesignatedAsHedgingInstrumentMember 2017-12-31 0001618563 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel2Member us-gaap:DesignatedAsHedgingInstrumentMember 2018-09-30 0001618563 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel2Member us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0001618563 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001618563 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-01-01 2019-09-30 0001618563 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-01-01 2019-09-30 0001618563 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001618563 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-01-01 2018-12-31 0001618563 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0001618563 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001618563 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0001618563 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-09-30 0001618563 nsa:LeaseholdInterestPropertiesMember 2019-09-30 0001618563 nsa:CorporateOfficeMember 2019-09-30 0001618563 nsa:LeaseholdInterestPropertiesMember 2018-12-31 0001618563 nsa:CorporateOfficeMember 2018-12-31 0001618563 nsa:LeaseholdInterestPropertiesMember 2019-01-01 2019-09-30 0001618563 nsa:LeaseholdInterestPropertiesMember 2018-07-01 2018-09-30 0001618563 nsa:LeaseholdInterestPropertiesMember 2019-07-01 2019-09-30 0001618563 srt:MaximumMember nsa:LeaseholdInterestPropertiesMember 2019-09-30 0001618563 nsa:LeaseholdInterestPropertiesMember 2018-01-01 2018-09-30 0001618563 nsa:CorporateOfficeMember 2019-07-01 2019-09-30 0001618563 srt:MinimumMember nsa:LeaseholdInterestPropertiesMember 2019-09-30 0001618563 nsa:CorporateOfficeMember 2018-07-01 2018-09-30 0001618563 nsa:CorporateOfficeMember 2019-01-01 2019-09-30 0001618563 nsa:CorporateOfficeMember 2018-01-01 2018-09-30 0001618563 srt:MinimumMember nsa:CorporateOfficeMember 2019-09-30 0001618563 srt:MaximumMember nsa:CorporateOfficeMember 2019-09-30 nsa:metropolitan_statistical_area nsa:storage_unit iso4217:USD xbrli:shares nsa:partnership xbrli:pure iso4217:USD nsa:state nsa:property utreg:sqft xbrli:shares
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 September 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 October 31, 2019, 59,329,388 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 September 30, 2019 and December 31, 2018 (Unaudited)
 
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2019 and 2018 (Unaudited)
 
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2019 and 2018 (Unaudited)
 
Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2019 and 2018 (Unaudited)
 
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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)

 
September 30,
 
December 31,
 
2019
 
2018
ASSETS
 
 
 
Real estate
 
 
 
Self storage properties
$
3,055,597

 
$
2,637,723

Less accumulated depreciation
(313,694
)
 
(246,261
)
Self storage properties, net
2,741,903

 
2,391,462

Cash and cash equivalents
44,749

 
13,181

Restricted cash
5,457

 
3,182

Debt issuance costs, net
3,464

 
1,260

Investment in unconsolidated real estate ventures
228,446

 
245,125

Other assets, net
63,271

 
75,053

Operating lease right-of-use assets
23,507

 

Total assets
$
3,110,797

 
$
2,729,263

LIABILITIES AND EQUITY
 
 
 
Liabilities
 
 
 
Debt financing
$
1,533,936

 
$
1,278,102

Accounts payable and accrued liabilities
78,849

 
33,130

Operating lease liabilities
24,777

 

Deferred revenue
16,029

 
15,732

Total liabilities
1,653,591

 
1,326,964

Commitments and contingencies (Note 11)

 

Equity
 
 
 
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 8,727,119 and 6,900,000 issued and outstanding at September 30, 2019 and December 31, 2018, respectively, at liquidation preference
218,178

 
172,500

Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 59,328,388 and 56,654,009 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively
593

 
567

Additional paid-in capital
901,530

 
844,276

Distributions in excess of earnings
(187,305
)
 
(114,122
)
Accumulated other comprehensive (loss) income
(17,294
)
 
13,618

Total shareholders' equity
915,702

 
916,839

Noncontrolling interests
541,504

 
485,460

Total equity
1,457,206

 
1,402,299

Total liabilities and equity
$
3,110,797

 
$
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
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
REVENUE
 
 
 
 
 
 
 
Rental revenue
$
92,746

 
$
79,547

 
$
262,776

 
$
226,577

Other property-related revenue
3,217

 
2,687

 
9,169

 
7,557

Management fees and other revenue
5,374

 
3,148

 
15,383

 
7,464

Total revenue
101,337

 
85,382

 
287,328

 
241,598

OPERATING EXPENSES
 
 
 
 
 
 
 
Property operating expenses
28,988

 
26,552

 
82,635

 
76,962

General and administrative expenses
12,039

 
8,848

 
33,975

 
25,614

Depreciation and amortization
27,598

 
22,469

 
77,776

 
66,226

Total operating expenses
68,625

 
57,869

 
194,386

 
168,802

OTHER (EXPENSE) INCOME
 
 
 
 
 
 
 
Interest expense
(14,432
)
 
(10,656
)
 
(41,590
)
 
(30,763
)
Equity in (losses) earnings of unconsolidated real estate ventures
(1,214
)
 
242

 
(4,962
)
 
290

Acquisition costs
(321
)
 
(141
)
 
(783
)
 
(471
)
Non-operating (expense) income
(8
)
 
153

 
(275
)
 
69

Gain on sale of self storage properties

 

 
2,814

 
391

Other expense
(15,975
)
 
(10,402
)
 
(44,796
)
 
(30,484
)
Income before income taxes
16,737

 
17,111

 
48,146

 
42,312

Income tax expense
(223
)
 
(282
)
 
(959
)
 
(469
)
Net income
16,514

 
16,829

 
47,187

 
41,843

Net income attributable to noncontrolling interests
(25,374
)
 
(12,435
)
 
(56,292
)
 
(21,098
)
Net (loss) income attributable to National Storage Affiliates Trust
(8,860
)
 
4,394

 
(9,105
)
 
20,745

Distributions to preferred shareholders
(3,272
)
 
(2,588
)
 
(9,117
)
 
(7,763
)
Net (loss) income attributable to common shareholders
$
(12,132
)
 
$
1,806

 
$
(18,222
)
 
$
12,982

 
 
 
 
 
 
 
 
Earnings (loss) per share - basic and diluted
$
(0.20
)
 
$
0.03

 
$
(0.32
)
 
$
0.25

 
 
 
 
 
 
 
 
Weighted average shares outstanding - basic and diluted
59,278

 
55,722

 
57,835

 
52,189

 
 
 
 
 
 
 
 
Dividends declared per common share
$
0.32

 
$
0.29

 
$
0.94

 
$
0.86



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
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
16,514

 
$
16,829

 
$
47,187

 
$
41,843

Other comprehensive (loss) income
 
 
 
 
 
 
 
Unrealized (loss) gain on derivative contracts
(17,433
)
 
3,078

 
(44,547
)
 
16,733

Reclassification of other comprehensive income to interest expense
(939
)
 
(599
)
 
(3,492
)
 
(831
)
Other comprehensive (loss) income
(18,372
)
 
2,479

 
(48,039
)
 
15,902

Comprehensive (loss) income
(1,858
)
 
19,308

 
(852
)
 
57,745

Comprehensive income attributable to noncontrolling interests
(18,821
)
 
(13,330
)
 
(38,981
)
 
(27,168
)
Comprehensive (loss) income attributable to National Storage Affiliates Trust
$
(20,679
)
 
$
5,978

 
$
(39,833
)
 
$
30,577


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

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

 

 

 

 

 

 

 
3,660

 
3,660

Redemptions of OP units

 

 
117,766

 
1

 
1,534

 

 
47

 
(1,582
)
 

Issuance of common shares, net of offering costs

 

 
5,900,000

 
59

 
175,632

 

 

 

 
175,691

Effect of changes in ownership for consolidated entities

 

 

 

 
(35,797
)
 

 
837

 
34,960

 

Equity-based compensation expense

 

 

 

 
54

 

 

 
968

 
1,022

Vesting and forfeitures of restricted common shares, net

 

 
(1,651
)
 

 

 

 

 

 

Preferred share dividends

 

 

 

 

 
(2,588
)
 

 

 
(2,588
)
Common share dividends

 

 

 

 

 
(16,402
)
 

 

 
(16,402
)
Distributions to noncontrolling interests

 

 

 

 

 

 

 
(16,574
)
 
(16,574
)
Other comprehensive income

 

 

 

 

 

 
1,584

 
895

 
2,479

Net income

 

 

 

 

 
4,394

 

 
12,435

 
16,829

Balances, September 30, 2018
6,900,000

 
$
172,500

 
56,555,690

 
$
565

 
$
842,679

 
$
(87,903
)
 
$
22,679

 
$
483,834

 
$
1,434,354

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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
)