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, 2018
Dec. 31, 2017
Dec. 31, 2016
REVENUE      
Rental revenue $ 308,403 $ 251,814 $ 191,178
Total revenue 330,896 268,130 199,046
OPERATING EXPENSES      
Property operating expenses 103,875 84,455 64,798
General and administrative expenses 36,220 30,060 21,528
Depreciation and amortization 89,147 75,115 55,064
Total operating expenses 229,242 189,630 141,390
Income from operations 101,654 78,500 57,656
OTHER (EXPENSE) INCOME      
Interest expense (42,724) (34,068) (24,109)
Loss on early extinguishment of debt 0 0 (136)
Equity in losses of unconsolidated real estate ventures (1,423) (2,339) (1,484)
Acquisition costs (663) (593) (6,546)
Non-operating expense (91) (58) (147)
Gain on sale of self storage properties 391 5,715 0
Other expense (44,510) (31,343) (32,422)
Income before income taxes 57,144 47,157 25,234
Income tax expense (818) (1,159) (368)
Net income 56,326 45,998 24,866
Net income attributable to noncontrolling interests (42,217) (43,037) (6,901)
Net income attributable to National Storage Affiliates Trust 14,109 2,961 17,965
Distributions to preferred shareholders (10,350) (2,300) 0
Net income attributable to common shareholders $ 3,759 $ 661 $ 17,965
EARNINGS PER SHARE      
Earnings (loss) per share - basic (in dollars per share) $ 0.07 $ 0.01 $ 0.60
Earnings (loss) per share - diluted (in dollars per share) $ 0.07 $ 0.01 $ 0.31
Weighted average shares outstanding - basic (in shares) 53,293 44,423 29,887
Weighted average shares outstanding - diluted (in shares) 53,293 44,423 78,747
Other property-related revenue      
REVENUE      
Revenue $ 10,183 $ 8,255 $ 6,059
Management fees and other revenue      
REVENUE      
Revenue $ 12,310 $ 8,061 $ 1,809