Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

August 4, 2021

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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, 2021
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 August 3, 2021, 88,650,615 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, 2021 and December 31, 2020 (Unaudited)
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2021 and 2020 (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2021 and 2020 (Unaudited)
Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2021 and 2020 (Unaudited)
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020 (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,
2021 2020
ASSETS
Real estate
Self storage properties $ 4,077,016  $ 3,639,192 
Less accumulated depreciation (504,498) (443,623)
Self storage properties, net
3,572,518  3,195,569 
Cash and cash equivalents 22,410  18,723 
Restricted cash 3,565  2,978 
Debt issuance costs, net 2,113  2,496 
Investment in unconsolidated real estate ventures 195,567  202,533 
Other assets, net 72,399  68,149 
Operating lease right-of-use assets 22,674  23,129 
Total assets $ 3,891,246  $ 3,513,577 
LIABILITIES AND EQUITY
Liabilities
Debt financing $ 2,058,573  $ 1,916,971 
Accounts payable and accrued liabilities 48,058  47,043 
Interest rate swap liabilities 53,638  77,918 
Operating lease liabilities 24,379  24,756 
Deferred revenue 19,072  16,414 
Total liabilities 2,203,720  2,083,102 
Commitments and contingencies (Note 11)
Equity
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 8,736,719 and 8,732,719 issued and outstanding at June 30, 2021 and December 31, 2020, respectively, at liquidation preference
218,418  218,318 
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 authorized, 77,708,831 and 71,293,117 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively
777  713 
Additional paid-in capital 1,244,269  1,050,714 
Distributions in excess of earnings (263,117) (251,704)
Accumulated other comprehensive loss (33,046) (49,084)
Total shareholders' equity 1,167,301  968,957 
Noncontrolling interests 520,225  461,518 
Total equity 1,687,526  1,430,475 
Total liabilities and equity $ 3,891,246  $ 3,513,577 

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,
2021 2020 2021 2020
REVENUE
Rental revenue $ 127,310  $ 95,302  $ 240,437  $ 190,704 
Other property-related revenue 4,829  3,418  8,966  6,789 
Management fees and other revenue 6,107  5,697  11,835  11,146 
Total revenue 138,246  104,417  261,238  208,639 
OPERATING EXPENSES
Property operating expenses 36,654  30,257  71,258  60,849 
General and administrative expenses 12,450  10,329  23,688  21,423 
Depreciation and amortization 36,051  29,309  68,475  58,414 
Other 310  462  707  851 
Total operating expenses 85,465  70,357  164,128  141,537 
OTHER (EXPENSE) INCOME
Interest expense (17,339) (15,513) (34,131) (31,141)
Equity in earnings (losses) of unconsolidated real estate ventures
1,174  52  1,933  (288)
Acquisition costs (118) (252) (410) (1,085)
Non-operating expense (148) (317) (321) (509)
Other expense (16,431) (16,030) (32,929) (33,023)
Income before income taxes 36,350  18,030  64,181  34,079 
Income tax expense (675) (243) (871) (529)
Net income 35,675  17,787  63,310  33,550 
Net income attributable to noncontrolling interests
(6,957) (7,365) (13,754) (16,480)
Net income attributable to National Storage Affiliates Trust
28,718  10,422  49,556  17,070 
Distributions to preferred shareholders
(3,276) (3,274) (6,551) (6,547)
Net income attributable to common shareholders
$ 25,442  $ 7,148  $ 43,005  $ 10,523 
Earnings (loss) per share - basic $ 0.33  $ 0.10  $ 0.58  $ 0.16 
Earnings (loss) per share - diluted $ 0.25  $ 0.10  $ 0.44  $ 0.16 
Weighted average shares outstanding - basic 76,712  68,210  74,267  64,004 
Weighted average shares outstanding - diluted 129,578  68,210  126,396  64,004 
Dividends declared per common share $ 0.38  $ 0.33  $ 0.73  $ 0.66 

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,
2021 2020 2021 2020
Net income $ 35,675  $ 17,787  $ 63,310  $ 33,550 
Other comprehensive income (loss)
Unrealized gain (loss) on derivative contracts (6,725) (10,423) 14,175  (76,792)
Reclassification of other comprehensive loss to interest expense
5,124  3,934  10,081  4,546 
Other comprehensive income (loss)
(1,601) (6,489) 24,256  (72,246)
Comprehensive income (loss) 34,074  11,298  87,566  (38,696)
Comprehensive (income) loss attributable to noncontrolling interests
(6,481) (5,172) (21,295) 9,177 
Comprehensive income (loss) attributable to National Storage Affiliates Trust
$ 27,593  $ 6,126  $ 66,271  $ (29,519)

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, 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 
Redemptions 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.

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
—  —  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 
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
Balances, December 31, 2020 8,732,719  $ 218,318  71,293,117  $ 713  $ 1,050,714  $ (251,704) $ (49,084) $ 461,518  $ 1,430,475 
OP equity issued for property acquisitions:
OP units and subordinated performance units, net of offering costs
—  —  —  —  —  —  —  22,897  22,897 
Redemptions of OP units
—  —  190,248  2  2,332  —  (108) (2,226)  
Issuance of common shares, net of offering costs
—  —  3,692,216  37  122,375  —  —  —  122,412 
Contributions from noncontrolling interests
—  —  —  —  —  —  —  103  103 
Effect of changes in ownership for consolidated entities
—  —  —  —  (18,983) —  (290) 19,273   
Equity-based compensation expense
—  —  —  —  92  —  —  1,194  1,286 
Issuance of restricted common shares
—  —  15,369  —  —  —  —  —   
Vesting and forfeitures of restricted common shares, net
—  —  (4,823) —  (152) —  —  —  (152)
Preferred share dividends
—  —  —  —  —  (3,275) —  —  (3,275)
Common share dividends
—  —  —  —  —  (25,014) —  —  (25,014)
Distributions to noncontrolling interests
—  —  —  —  —  —  —  (20,604) (20,604)
Other comprehensive income
—  —  —  —  —  —  17,840  8,017  25,857 
Net income
—  —  —  —  —  20,838  —  6,797  27,635 
Balances, March 31, 2021 8,732,719  $ 218,318  75,186,127  $ 752  $ 1,156,378  $ (259,155) $ (31,642) $ 496,969  $ 1,581,620 
OP equity issued for property acquisitions:
OP units and subordinated performance units, net of offering costs
—  —  —  —  —  —  —  24,102  24,102 
Redemptions of OP units
—  —  121,923  1  1,554  —  (52) (1,503)  
Issuance of common shares, net of offering costs
—  —  2,390,000  24  103,646  —  —  —  103,670 
Redemptions of Series A-1 preferred units 4,000  100  —  —  —  —  —  (100)  
Effect of changes in ownership for consolidated entities
—  —  —  —  (17,420) —  (227) 17,647   
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
Equity-based compensation expense
—  —  —  —  113  —  —  1,235  1,348 
Issuance of restricted common shares
—  —  13,255  —  —  —  —  —   
Vesting and forfeitures of restricted common shares, net
—  —  (2,474) —  (2) —  —  —  (2)
Preferred share dividends
—  —  —  —  —  (3,276) —  —  (3,276)
Common share dividends
—  —  —  —  —  (29,404) —  —  (29,404)
Distributions to noncontrolling interests
—  —  —  —  —  —  —  (24,606) (24,606)
Other comprehensive loss
—  —  —  —  —  —  (1,125) (476) (1,601)
Net income
—  —  —  —  —  28,718  —  6,957  35,675 
Balances, June 30, 2021 8,736,719  $ 218,418  77,708,831  $ 777  $ 1,244,269  $ (263,117) $ (33,046) $ 520,225  $ 1,687,526 

See notes to condensed consolidated financial statements.

9


NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
(Unaudited)
Six Months Ended
June 30,
2021 2020
OPERATING ACTIVITIES
Net income $ 63,310  $ 33,550 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 68,475  58,414 
Amortization of debt issuance costs 1,626  1,521 
Amortization of debt discount and premium, net (357) (711)
Mark-to-market changes in value on equity securities   142 
Equity-based compensation expense 2,634  1,925 
Equity in (earnings) losses of unconsolidated real estate ventures
(1,933) 288 
Distributions from unconsolidated real estate ventures
8,899  6,761 
Change in assets and liabilities, net of effects of self storage property acquisitions:
Other assets (715) 1,212 
Accounts payable and accrued liabilities 1,526  3,093 
Deferred revenue 794  (512)
Net Cash Provided by Operating Activities 144,259  105,683 
INVESTING ACTIVITIES
Acquisition of self storage properties (383,702) (239,138)
Capital expenditures (13,187) (8,583)
Investments in and advances to unconsolidated real estate ventures   (3,125)
Deposits and advances for self storage property and other acquisitions (1,100) (294)
Proceeds from sale of equity securities   7,560 
Expenditures for corporate furniture, equipment and other (147) (318)
Net Cash Used In Investing Activities (398,136) (243,898)
FINANCING ACTIVITIES
Proceeds from issuance of common shares 226,082  16,165 
Borrowings under debt financings 546,000  311,000 
Contributions from noncontrolling interests 103  661 
Principal payments under debt financings (405,073) (103,911)
Payment of dividends to common shareholders (54,418) (42,372)
Distributions to preferred shareholders (6,551) (6,547)
Distributions to noncontrolling interests (45,336) (36,431)
Debt issuance costs (495) (835)
Equity offering costs (2,161) (885)
Net Cash Provided By Financing Activities 258,151  136,845 
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 4,274  (1,370)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period 21,701  24,276 
End of period $ 25,975  $ 22,906 
See notes to condensed consolidated financial statements.

10


NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
(Unaudited)
Supplemental Cash Flow and Noncash Information
Cash paid for interest
$ 31,612  $ 30,366