Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
REVENUE      
Rental revenue $ 251,814 $ 191,178 $ 129,869
Other property-related revenue 8,255 6,059 4,050
Management fees and other revenue 8,061 1,809 0
Total revenue 268,130 199,046 133,919
OPERATING EXPENSES      
Property operating expenses 84,455 64,798 45,412
General and administrative expenses 30,060 21,528 16,265
Depreciation and amortization 75,115 55,064 40,651
Total operating expenses 189,630 141,390 102,328
Income from operations 78,500 57,656 31,591
OTHER (EXPENSE) INCOME      
Interest expense (34,068) (24,109) (20,779)
Loss on early extinguishment of debt 0 (136) (914)
Equity in losses of unconsolidated real estate venture (2,339) (1,484) 0
Acquisition costs (593) (6,546) (4,765)
Organizational and offering expenses 0 0 (58)
Non-operating expense (58) (147) (92)
Gain on sale of self storage properties 5,715 0 0
Other expense (31,343) (32,422) (26,608)
Income before income taxes 47,157 25,234 4,983
Income tax expense (1,159) (368) (187)
Net income 45,998 24,866 4,796
Net (income) loss attributable to noncontrolling interests (43,037) (6,901) 7,644
Net income attributable to National Storage Affiliates Trust 2,961 17,965 12,440
Distributions to preferred shareholders (2,300) 0 0
Net income attributable to common shareholders $ 661 $ 17,965 $ 12,440
EARNINGS PER SHARE      
Earnings (loss) per share - basic (in dollars per share) $ 0.01 $ 0.60 $ 0.80
Earnings (loss) per share - diluted (in dollars per share) $ 0.01 $ 0.31 $ 0.17
Weighted average shares outstanding - basic (in shares) 44,423 29,887 15,463
Weighted average shares outstanding - diluted (in shares) 44,423 78,747 45,409