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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, 2020
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)
 
Maryland46-5053858
(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 classTrading symbolsName of each exchange on which registered
Common Shares of Beneficial Interest, $0.01 par value per shareNSANew York Stock Exchange
Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per shareNSA Pr ANew 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 FilerAccelerated Filer
Non-accelerated FilerSmaller 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 6, 2020, 68,789,688 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, 2020 and December 31, 2019 (Unaudited)
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited)
Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited)
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019 (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


2


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,
20202019
ASSETS
Real estate
Self storage properties$3,354,454  $3,091,719  
Less accumulated depreciation(389,828) (337,822) 
Self storage properties, net
2,964,626  2,753,897  
Cash and cash equivalents17,271  20,558  
Restricted cash5,635  3,718  
Debt issuance costs, net2,900  3,264  
Investment in unconsolidated real estate ventures210,114  214,061  
Other assets, net60,927  65,441  
Operating lease right-of-use assets23,577  23,306  
Total assets$3,285,050  $3,084,245  
LIABILITIES AND EQUITY
Liabilities
Debt financing$1,741,544  $1,534,047  
Accounts payable and accrued liabilities42,641  37,966  
Interest rate swap liabilities91,175  19,943  
Operating lease liabilities25,095  24,665  
Deferred revenue15,850  15,523  
Total liabilities1,916,305  1,632,144  
Commitments and contingencies (Note 11)
Equity
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 8,732,719 and 8,727,119 issued and outstanding at June 30, 2020 and December 31, 2019, at liquidation preference
218,318  218,178  
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 authorized, 68,703,733 and 59,659,108 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
687  597  
Additional paid-in capital984,950  905,763  
Distributions in excess of earnings(228,924) (197,075) 
Accumulated other comprehensive loss(57,462) (7,833) 
Total shareholders' equity917,569  919,630  
Noncontrolling interests451,176  532,471  
Total equity1,368,745  1,452,101  
Total liabilities and equity$3,285,050  $3,084,245  

See notes to condensed consolidated financial statements.

3


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,
2020201920202019
REVENUE
Rental revenue$95,302  $87,175  $190,704  $170,030  
Other property-related revenue3,418  3,128  6,789  5,952  
Management fees and other revenue5,697  5,116  11,146  10,009  
Total revenue104,417  95,419  208,639  185,991  
OPERATING EXPENSES
Property operating expenses30,257  27,190  60,849  53,647  
General and administrative expenses10,329  10,813  21,423  21,193  
Depreciation and amortization29,309  25,829  58,414  50,178  
Other462  357  851  743  
Total operating expenses70,357  64,189  141,537  125,761  
OTHER (EXPENSE) INCOME
Interest expense(15,513) (13,947) (31,141) (27,158) 
Equity in earnings (losses) of unconsolidated real estate ventures
52  (1,646) (288) (3,748) 
Acquisition costs(252) (305) (1,085) (462) 
Non-operating expense(317) (169) (509) (267) 
Gain on sale of self storage properties  2,814    2,814  
Other expense(16,030) (13,253) (33,023) (28,821) 
Income before income taxes18,030  17,977  34,079  31,409  
Income tax expense(243) (244) (529) (736) 
Net income17,787  17,733  33,550  30,673  
Net income attributable to noncontrolling interests
(7,365) (25,389) (16,480) (30,918) 
Net income (loss) attributable to National Storage Affiliates Trust
10,422  (7,656) 17,070  (245) 
Distributions to preferred shareholders
(3,274) (3,257) (6,547) (5,845) 
Net income (loss) attributable to common shareholders
$7,148  $(10,913) $10,523  $(6,090) 
Earnings (loss) per share - basic and diluted
$0.10  $(0.19) $0.16  $(0.11) 
Weighted average shares outstanding - basic and diluted
68,210  57,543  64,004  57,101  
Dividends declared per common share$0.33  $0.32  $0.66  $0.62  

See notes to condensed consolidated financial statements.

4


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,
2020201920202019
Net income$17,787  $17,733  $33,550  $30,673  
Other comprehensive (loss) income
Unrealized loss on derivative contracts(10,423) (19,075) (76,792) (27,114) 
Reclassification of other comprehensive loss (income) to interest expense
3,934  (1,277) 4,546  (2,553) 
Other comprehensive (loss) income
(6,489) (20,352) (72,246) (29,667) 
Comprehensive (loss) income11,298  (2,619) (38,696) 1,006  
Comprehensive (income) loss attributable to noncontrolling interests
(5,172) (18,029) 9,177  (20,160) 
Comprehensive income (loss) attributable to National Storage Affiliates Trust
$6,126  $(20,648) $(29,519) $(19,154) 

See notes to condensed consolidated financial statements.

5


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

Accumulated
AdditionalDistributionsOther
Preferred SharesCommon SharesPaid-inIn Excess OfComprehensiveNoncontrollingTotal
NumberAmountNumberAmountCapitalEarnings(Loss) IncomeInterestsEquity
Balances, December 31, 20186,900,000  $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, 20196,900,000  $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.

6


NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(dollars in thousands, except share amounts)
(Unaudited)
Accumulated
AdditionalDistributionsOther
Preferred SharesCommon SharesPaid-inIn Excess OfComprehensiveNoncontrollingTotal
NumberAmountNumberAmountCapitalEarnings(Loss) IncomeInterestsEquity
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
—  —  —  —  —  —  —  (19,038) (19,038) 
Other comprehensive loss
—  —  —  —  —  —  (12,992) (7,360) (20,352) 
Net (loss) income
—  —  —  —  —  (7,656) —  25,389  17,733  
Balances, June 30, 20198,685,680  $217,142  59,296,969  $593  $901,499  $(156,192) $(5,466) $541,208  $1,498,784  
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
AdditionalDistributionsOther
Preferred SharesCommon SharesPaid-inIn Excess OfComprehensiveNoncontrollingTotal
NumberAmountNumberAmountCapitalEarnings(Loss) IncomeInterestsEquity
Balances, December 31, 20198,727,119  $218,178  59,659,108  $597  $905,763  $(197,075) $(7,833) $532,471  $1,452,101  
OP equity issued for property acquisitions:
OP units and subordinated performance units, net of offering costs
—  —  —  —  —  —  —  6,206  6,206  
LTIP units
—  —  —  —  —  —  —  1,011  1,011  
Redemptions of OP units
—  —  118,961  1  1,437  —  (62) (1,376)   
Issuance of common shares, net of offering costs
—  —  125,000  1  4,248  —  —  —  4,249  
Merger and internalization of PRO, net of issuance costs
—  —  8,105,192  81  43,499  —  (402) (33,583) 9,595  
Redemption of Series A-1 preferred units
5,600  140  —  —  —  —  —  (140)   
Effect of changes in ownership for consolidated entities
—  —  —  —  15,857  —  (2,265) (13,592)   
Equity-based compensation expense
—  —  —  —  76  —  —  698  774  
Issuance of LTIP units for acquisition expenses
—  —  —  —  —  —  —  40  40  
Issuance of restricted common shares
—  —  21,861  —  —  —  —  —    
Vesting and forfeitures of restricted common shares, net
—  —  (2,910) —  (94) —  —  —  (94) 
Preferred share dividends
—  —