Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 6, 2020

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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 September 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)
 
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 November 5, 2020, 69,197,623 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, 2020 and December 31, 2019 (Unaudited)
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)
Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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)

September 30, December 31,
2020 2019
ASSETS
Real estate
Self storage properties $ 3,381,418  $ 3,091,719 
Less accumulated depreciation (416,423) (337,822)
Self storage properties, net
2,964,995  2,753,897 
Cash and cash equivalents 16,779  20,558 
Restricted cash 4,486  3,718 
Debt issuance costs, net 2,698  3,264 
Investment in unconsolidated real estate ventures 206,284  214,061 
Other assets, net 62,320  65,441 
Operating lease right-of-use assets 23,354  23,306 
Total assets $ 3,280,916  $ 3,084,245 
LIABILITIES AND EQUITY
Liabilities
Debt financing $ 1,741,703  $ 1,534,047 
Accounts payable and accrued liabilities 51,280  37,966 
Interest rate swap liabilities 86,746  19,943 
Operating lease liabilities 24,929  24,665 
Deferred revenue 15,858  15,523 
Total liabilities 1,920,516  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 September 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, 69,177,872 and 59,659,108 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively
692  597 
Additional paid-in capital 993,164  905,763 
Distributions in excess of earnings (242,222) (197,075)
Accumulated other comprehensive loss (54,723) (7,833)
Total shareholders' equity 915,229  919,630 
Noncontrolling interests 445,171  532,471 
Total equity 1,360,400  1,452,101 
Total liabilities and equity $ 3,280,916  $ 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
September 30,
Nine Months Ended
September 30,
2020 2019 2020 2019
REVENUE
Rental revenue $ 99,690  $ 92,746  $ 290,394  $ 262,776 
Other property-related revenue 3,883  3,217  10,672  9,169 
Management fees and other revenue 5,901  5,374  17,047  15,383 
Total revenue 109,474  101,337  318,113  287,328 
OPERATING EXPENSES
Property operating expenses 31,546  28,988  92,395  82,635 
General and administrative expenses 10,818  11,271  32,241  32,464 
Depreciation and amortization 28,933  27,598  87,347  77,776 
Other 479  768  1,330  1,511 
Total operating expenses 71,776  68,625  213,313  194,386 
OTHER (EXPENSE) INCOME
Interest expense (15,262) (14,432) (46,403) (41,590)
Equity in earnings (losses) of unconsolidated real estate ventures
37  (1,214) (251) (4,962)
Acquisition costs (596) (321) (1,681) (783)
Non-operating expense (120) (8) (629) (275)
Gain on sale of self storage properties       2,814 
Other expense (15,941) (15,975) (48,964) (44,796)
Income before income taxes 21,757  16,737  55,836  48,146 
Income tax expense (346) (223) (875) (959)
Net income 21,411  16,514  54,961  47,187 
Net income attributable to noncontrolling interests
(7,924) (25,374) (24,404) (56,292)
Net income (loss) attributable to National Storage Affiliates Trust
13,487  (8,860) 30,557  (9,105)
Distributions to preferred shareholders
(3,275) (3,272) (9,822) (9,117)
Net income (loss) attributable to common shareholders
$ 10,212  $ (12,132) $ 20,735  $ (18,222)
Earnings (loss) per share - basic and diluted
$ 0.15  $ (0.20) $ 0.32  $ (0.32)
Weighted average shares outstanding - basic and diluted
68,887  59,278  65,643  57,835 
Dividends declared per common share $ 0.34  $ 0.32  $ 1.00  $ 0.94 

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
September 30,
Nine Months Ended
September 30,
2020 2019 2020 2019
Net income $ 21,411  $ 16,514  $ 54,961  $ 47,187 
Other comprehensive (loss) income
Unrealized loss on derivative contracts (562) (17,433) (77,354) (44,547)
Reclassification of other comprehensive loss (income) to interest expense
4,973  (939) 9,519  (3,492)
Other comprehensive income (loss)
4,411  (18,372) (67,835) (48,039)
Comprehensive income (loss) 25,822  (1,858) (12,874) (852)
Comprehensive (income) loss attributable to noncontrolling interests
(9,323) (18,821) (146) (38,981)
Comprehensive income (loss) attributable to National Storage Affiliates Trust
$ 16,499  $ (20,679) $ (13,020) $ (39,833)

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 
OP equity issued for property acquisitions:
Series A-1 preferred units, OP units and subordinated performance units, net of offering costs
—  —  —  —  —  —  —  950  950 
Redemption of Series A-1 preferred units
41,439  1,036  —  —  20  —  —  (1,056)
Redemptions of OP units
—  —  32,951    277  —  (7) (270)  
Effect of changes in ownership for consolidated entities
—  —  —  —  (341) —  (2) 343   
Equity-based compensation expense
—  —  —  —  75  —  —  1,078  1,153 
Issuance of LTIP units for acquisition expenses
—  —  —  —  —  —  —  118  118 
Vesting and forfeitures of restricted common shares, net
—  —  (1,532) —    —  —  —   
Reduction in receivables from partners of the operating partnership
—  —  —  —  —  —  —  137  137 
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
—  —  —  —  —  (3,272) —  —  (3,272)
Common share dividends
—  —  —  —  —  (18,981) —  —  (18,981)
Distributions to noncontrolling interests
—  —  —  —  —  —  —  (19,825) (19,825)
Other comprehensive loss
—  —  —  —  —  —  (11,819) (6,553) (18,372)
Net (loss) income
—  —  —  —  —  (8,860) —  25,374  16,514 
Balances, September 30, 2019 8,727,119  $ 218,178  59,328,388  $ 593  $ 901,530  $ (187,305) $ (17,294) $ 541,504  $ 1,457,206 
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, 2019 8,727,119  $ 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
—  —  —  —  —  (3,273) —  —  (3,273)
Common share dividends
—  —  —  —  —  (19,747) —  —  (19,747)
Distributions to noncontrolling interests
—  —  —  —  —  —  —  (19,813) (19,813)
Other comprehensive loss
—  —  —  —  —  —  (42,293) (23,464) (65,757)
Net income
—  —  —  —  —  6,648  —  9,115  15,763 
Balances, March 31, 2020 8,732,719  $ 218,318  68,027,212  $ 680  $ 970,786  $ (213,447) $ (52,855) $ 457,573  $ 1,381,055 
OP equity issued for property acquisitions:
OP units and subordinated performance units, net of offering costs
—  —  —  —  —  —  —  5,842  5,842 
Redemptions of OP units
—  —  292,291  3  3,438  —  (238) (3,203)  
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
—  —  387,000  4  11,912  —  —  —  11,916 
Effect of changes in ownership for consolidated entities
—  —  —  —  (1,286) —  (73) 1,359   
Equity-based compensation expense
—  —  —  —  100  —  —  1,051  1,151 
Vesting and forfeitures of restricted common shares, net
—  —  (2,770) —    —  —  —   
Reduction in receivables from partners of the operating partnership
—  —  —  —  —  —  —  225  225 
Preferred share dividends
—  —  —  —  —  (3,274) —  —  (3,274)
Common share dividends
—  —  —  —  —  (22,625) —  —  (22,625)
Distributions to noncontrolling interests
—  —  —  —  —  —  —  (16,843) (16,843)
Other comprehensive loss
—  —  —  —  —  (4,296) (2,193) (6,489)
Net income
—  —  —  —  —  10,422  —  7,365  17,787 
Balances, June 30, 2020 8,732,719  $ 218,318  68,703,733  $ 687  $ 984,950  $ (228,924) $ (57,462) $ 451,176  $ 1,368,745 
OP equity issued for property acquisitions:
OP units and subordinated performance units, net of offering costs
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