Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 4, 2021

Documents

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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, 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 November 2, 2021, 89,068,571 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, 2021 and December 31, 2020 (Unaudited)
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited)
Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited)
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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)
September 30, December 31,
2021 2020
ASSETS
Real estate
Self storage properties $ 4,670,821  $ 3,639,192 
Less accumulated depreciation (537,772) (443,623)
Self storage properties, net
 4,133,049  3,195,569 
Cash and cash equivalents 69,246  18,723 
Restricted cash 4,357  2,978 
Debt issuance costs, net 1,896  2,496 
Investment in unconsolidated real estate ventures 192,015  202,533 
Other assets, net 98,227  68,149 
Operating lease right-of-use assets 22,444  23,129 
Total assets $ 4,521,234  $ 3,513,577 
LIABILITIES AND EQUITY
Liabilities
Debt financing $ 2,128,485  $ 1,916,971 
Accounts payable and accrued liabilities 62,562  47,043 
Interest rate swap liabilities 48,153  77,918 
Operating lease liabilities 24,181  24,756 
Deferred revenue 20,189  16,414 
Total liabilities 2,283,570  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 September 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, 88,945,849 and 71,293,117 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
 889  713 
Additional paid-in capital 1,692,481  1,050,714 
Distributions in excess of earnings (272,636) (251,704)
Accumulated other comprehensive loss (30,303) (49,084)
Total shareholders' equity 1,608,849  968,957 
Noncontrolling interests 628,815  461,518 
Total equity 2,237,664  1,430,475 
Total liabilities and equity $ 4,521,234  $ 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
September 30,		 Nine Months Ended
September 30,
2021 2020 2021 2020
REVENUE
Rental revenue $ 139,420  $ 99,690  $ 379,857  $ 290,394 
Other property-related revenue 5,141  3,883  14,107  10,672 
Management fees and other revenue 6,282  5,901  18,117  17,047 
Total revenue 150,843  109,474  412,081  318,113 
OPERATING EXPENSES
Property operating expenses 39,465  31,546  110,723  92,395 
General and administrative expenses 13,012  10,818  36,700  32,241 
Depreciation and amortization 38,983  28,933  107,458  87,347 
Other 994  479  1,701  1,330 
Total operating expenses 92,454  71,776  256,582  213,313 
OTHER (EXPENSE) INCOME
Interest expense (18,144) (15,262) (52,275) (46,403)
Equity in earnings (losses) of unconsolidated real estate ventures
 1,682  37  3,615  (251)
Acquisition costs (512) (596) (922) (1,681)
Non-operating expense (241) (120) (562) (629)
Other expense (17,215) (15,941) (50,144) (48,964)
Income before income taxes 41,174  21,757  105,355  55,836 
Income tax expense (444) (346) (1,315) (875)
Net income 40,730  21,411  104,040  54,961 
Net income attributable to noncontrolling interests
 (10,506) (7,924) (24,260) (24,404)
Net income attributable to National Storage Affiliates Trust
 30,224  13,487  79,780  30,557 
Distributions to preferred shareholders
 (3,276) (3,275) (9,827) (9,822)
Net income attributable to common shareholders
 $ 26,948  $ 10,212  $ 69,953  $ 20,735 
Earnings (loss) per share - basic $ 0.31  $ 0.15  $ 0.89  $ 0.32 
Earnings (loss) per share - diluted $ 0.26  $ 0.15  $ 0.71  $ 0.32 
Weighted average shares outstanding - basic 86,257  68,887  78,307  65,643 
Weighted average shares outstanding - diluted 140,025  68,887  130,983  65,643 
Dividends declared per common share $ 0.41  $ 0.34  $ 1.14  $ 1.00 

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,
2021 2020 2021 2020
Net income $ 40,730  $ 21,411  $ 104,040  $ 54,961 
Other comprehensive income (loss)
Unrealized gain (loss) on derivative contracts 243  (562) 14,418  (77,354)
Reclassification of other comprehensive loss to interest expense
 5,242  4,973  15,323  9,519 
Other comprehensive income (loss)
 5,485  4,411  29,741  (67,835)
Comprehensive income (loss) 46,215  25,822  133,781  (12,874)
Comprehensive income attributable to noncontrolling interests
 (12,009) (9,323) (33,304) (146)
Comprehensive income (loss) attributable to National Storage Affiliates Trust
 $ 34,206  $ 16,499  $ 100,477  $ (13,020)

See notes to condensed consolidated financial statements.

5

NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(dollars in thousands, except number of shares)
(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 number of shares)
(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
 —  —  —  —  —  —  —  3,427  3,427 
Redemptions of OP units
 —  —  293,083  3  3,417  —  (249) (3,171) — 
Issuance of common shares, net of offering costs
 —  —  181,915  2  5,866  —  —  —  5,868 
Effect of changes in ownership for consolidated entities
 —  —  —  —  (1,170) —  (24) 1,194  — 
Equity-based compensation expense
 —  —  —  —  101  —  —  1,082  1,183 
Vesting and forfeitures of restricted common shares, net
 —  —  (859) —  —  —  —  —  — 
Reduction in receivables from partners of the operating partnership
 —  —  —  —  —  —  —  37  37 
Preferred share dividends
 —  —  —  —  —  (3,275) —  —  (3,275)
Common share dividends
 —  —  —  —  —  (23,510) —  —  (23,510)
See notes to condensed consolidated financial statements.

7

NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(dollars in thousands, except number of shares)
(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
Distributions to noncontrolling interests
 —  —  —  —  —  —  —  (17,897) (17,897)
Other comprehensive income
 —  —  —  —  —  —  3,012  1,399  4,411 
Net income
 —  —  —  —  —  13,487  —  7,924  21,411 
Balances, September 30, 2020 8,732,719  $ 218,318  69,177,872  $ 692  $ 993,164  $ (242,222) $ (54,723) $ 445,171  $ 1,360,400 
See notes to condensed consolidated financial statements.

8

NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(dollars in thousands, except number of shares)
(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.

9

NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(dollars in thousands, except number of shares)
(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