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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)
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Maryland |
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46-5053858 |
(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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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:
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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.
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Large Accelerated Filer |
☒ |
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Accelerated Filer |
☐ |
Non-accelerated Filer |
☐ |
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Smaller Reporting Company |
☐ |
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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.
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NATIONAL STORAGE AFFILIATES TRUST |
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TABLE OF CONTENTS |
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FORM 10-Q |
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Page |
PART I. FINANCIAL INFORMATION |
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ITEM 1. |
Financial Statements |
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Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019 (Unaudited) |
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Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited) |
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Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited) |
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Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited) |
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Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019 (Unaudited) |
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Notes to Condensed Consolidated Financial Statements (Unaudited) |
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ITEM 2. |
Management's Discussion and Analysis of Financial Condition and Results of Operations |
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ITEM 3. |
Quantitative and Qualitative Disclosures About Market Risk |
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ITEM 4. |
Controls and Procedures |
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PART II. OTHER INFORMATION |
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ITEM 1. |
Legal Proceedings |
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ITEM 1A. |
Risk Factors |
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ITEM 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
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ITEM 3. |
Defaults Upon Senior Securities |
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ITEM 4. |
Mine Safety Disclosures |
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ITEM 5. |
Other Information |
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ITEM 6. |
Exhibits |
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Signatures |
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PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share amounts)
(Unaudited)
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June 30, |
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December 31, |
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2020 |
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2019 |
ASSETS |
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Real estate |
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Self storage properties |
$ |
3,354,454 |
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$ |
3,091,719 |
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Less accumulated depreciation |
(389,828) |
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(337,822) |
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Self storage properties, net |
2,964,626 |
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2,753,897 |
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Cash and cash equivalents |
17,271 |
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20,558 |
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Restricted cash |
5,635 |
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3,718 |
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Debt issuance costs, net |
2,900 |
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3,264 |
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Investment in unconsolidated real estate ventures |
210,114 |
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214,061 |
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Other assets, net |
60,927 |
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65,441 |
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Operating lease right-of-use assets |
23,577 |
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23,306 |
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Total assets |
$ |
3,285,050 |
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$ |
3,084,245 |
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LIABILITIES AND EQUITY |
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Liabilities |
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Debt financing |
$ |
1,741,544 |
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$ |
1,534,047 |
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Accounts payable and accrued liabilities |
42,641 |
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37,966 |
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Interest rate swap liabilities |
91,175 |
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19,943 |
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Operating lease liabilities |
25,095 |
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24,665 |
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Deferred revenue |
15,850 |
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15,523 |
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Total liabilities |
1,916,305 |
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1,632,144 |
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Commitments and contingencies (Note 11) |
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Equity |
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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 |
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218,178 |
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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 |
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597 |
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Additional paid-in capital |
984,950 |
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905,763 |
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Distributions in excess of earnings |
(228,924) |
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(197,075) |
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Accumulated other comprehensive loss |
(57,462) |
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(7,833) |
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Total shareholders' equity |
917,569 |
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919,630 |
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Noncontrolling interests |
451,176 |
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532,471 |
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Total equity |
1,368,745 |
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1,452,101 |
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Total liabilities and equity |
$ |
3,285,050 |
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$ |
3,084,245 |
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See notes to condensed consolidated financial statements.
3
NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2020 |
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2019 |
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2020 |
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2019 |
REVENUE |
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Rental revenue |
$ |
95,302 |
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$ |
87,175 |
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$ |
190,704 |
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$ |
170,030 |
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Other property-related revenue |
3,418 |
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3,128 |
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6,789 |
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5,952 |
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Management fees and other revenue |
5,697 |
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5,116 |
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11,146 |
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10,009 |
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Total revenue |
104,417 |
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95,419 |
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208,639 |
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185,991 |
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OPERATING EXPENSES |
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Property operating expenses |
30,257 |
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27,190 |
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60,849 |
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53,647 |
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General and administrative expenses |
10,329 |
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10,813 |
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21,423 |
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21,193 |
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Depreciation and amortization |
29,309 |
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25,829 |
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58,414 |
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50,178 |
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Other |
462 |
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357 |
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851 |
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743 |
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Total operating expenses |
70,357 |
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64,189 |
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141,537 |
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125,761 |
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OTHER (EXPENSE) INCOME |
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Interest expense |
(15,513) |
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(13,947) |
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(31,141) |
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(27,158) |
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Equity in earnings (losses) of unconsolidated real estate ventures |
52 |
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(1,646) |
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(288) |
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(3,748) |
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Acquisition costs |
(252) |
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(305) |
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(1,085) |
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(462) |
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Non-operating expense |
(317) |
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(169) |
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(509) |
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(267) |
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Gain on sale of self storage properties |
— |
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2,814 |
|
|
— |
|
|
2,814 |
|
Other expense |
(16,030) |
|
|
(13,253) |
|
|
(33,023) |
|
|
(28,821) |
|
Income before income taxes |
18,030 |
|
|
17,977 |
|
|
34,079 |
|
|
31,409 |
|
Income tax expense |
(243) |
|
|
(244) |
|
|
(529) |
|
|
(736) |
|
Net income |
17,787 |
|
|
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, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
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) income |
11,298 |
|
|
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
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 |
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, 2019 |
8,685,680 |
|
|
$ |
217,142 |
|
|
59,296,969 |
|
|
$ |
593 |
|
|
$ |
901,499 |
|
|
$ |
(156,192) |
|
|
$ |
(5,466) |
|
|
$ |
541,208 |
|
|
$ |
1,498,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
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|
|
|
|
|
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|
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|
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|
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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)
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Accumulated |
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Additional |
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Distributions |
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Other |
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Preferred Shares |
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|
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Common Shares |
|
|
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Paid-in |
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In Excess Of |
|
Comprehensive |
|
Noncontrolling |
|
Total |
|
Number |
|
Amount |
|
Number |
|
Amount |
|
Capital |
|
Earnings |
|
(Loss) Income |
|
Interests |
|
Equity |
Balances, December 31, 2019 |
8,727,119 |
|
|
$ |
218,178 |
|
|
59,659,108 |
|
|
$ |
597 |
|
|
$ |
905,763 |
|
|
$ |
(197,075) |
|
|
$ |
(7,833) |
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|
$ |
532,471 |
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$ |
1,452,101 |
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OP equity issued for property acquisitions: |
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OP units and subordinated performance units, net of offering costs |
— |
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|
— |
|
|
— |
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|
— |
|
|
— |
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|
— |
|
|
— |
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|
6,206 |
|
|
6,206 |
|
LTIP units |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
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|
— |
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|
— |
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|
1,011 |
|
|
1,011 |
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|
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Redemptions of OP units |
— |
|
|
— |
|
|
118,961 |
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|
1 |
|
|
1,437 |
|
|
— |
|
|
(62) |
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|
(1,376) |
|
|
— |
|
Issuance of common shares, net of offering costs |
— |
|
|
— |
|
|
125,000 |
|
|
1 |
|
|
4,248 |
|
|
— |
|
|
— |
|
|
— |
|
|
4,249 |
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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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 |
— |
|
|
— |
|
|
|