Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

August 4, 2022

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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, 2022
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, 2022, 91,761,601 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, 2022 and December 31, 2021 (Unaudited)
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited)
Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited)
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021 (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,
2022 2021
ASSETS
Real estate
Self storage properties $ 6,016,699  $ 5,798,188 
Less accumulated depreciation (672,208) (578,717)
Self storage properties, net
5,344,491  5,219,471 
Cash and cash equivalents 32,345  25,013 
Restricted cash 3,271  2,862 
Debt issuance costs, net 1,858  2,433 
Investment in unconsolidated real estate ventures 234,075  188,187 
Other assets, net 121,274  102,417 
Operating lease right-of-use assets 21,727 22,211
Total assets $ 5,759,041  $ 5,562,594 
LIABILITIES AND EQUITY
Liabilities
Debt financing $ 3,142,293  $ 2,940,931 
Accounts payable and accrued liabilities 68,166  59,262 
Interest rate swap liabilities   33,757
Operating lease liabilities 23,558 23,981
Deferred revenue 23,711  22,208 
Total liabilities 3,257,728 3,080,139
Commitments and contingencies (Note 11)
Equity
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 9,017,588 and 8,736,719 issued and outstanding at June 30, 2022 and December 31, 2021, respectively, at liquidation preference
225,439  218,418 
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 authorized, 91,755,672 and 91,198,929 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
918  912 
Additional paid-in capital 1,841,880  1,866,773 
Distributions in excess of earnings (343,834) (291,263)
Accumulated other comprehensive income (loss) 24,372  (19,611)
Total shareholders' equity 1,748,775  1,775,229 
Noncontrolling interests 752,538  707,226 
Total equity 2,501,313  2,482,455 
Total liabilities and equity $ 5,759,041  $ 5,562,594 

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,
2022 2021 2022 2021
REVENUE
Rental revenue $ 184,636  $ 127,310  $ 359,105  $ 240,437 
Other property-related revenue 6,341  4,829  12,507  8,966 
Management fees and other revenue 7,913  6,107  14,462  11,835 
Total revenue 198,890  138,246  386,074  261,238 
OPERATING EXPENSES
Property operating expenses 53,188  36,654  102,546  71,258 
General and administrative expenses 14,702  12,450  28,668  23,688 
Depreciation and amortization 57,891  36,051  115,963  68,475 
Other 525  310  995  707 
Total operating expenses 126,306  85,465  248,172  164,128 
OTHER (EXPENSE) INCOME
Interest expense (24,448) (17,339) (47,095) (34,131)
Equity in earnings of unconsolidated real estate ventures
1,962  1,174  3,456  1,933 
Acquisition costs (682) (118) (1,235) (410)
Non-operating expense (261) (148) (373) (321)
Gain on sale of self storage properties     2,134   
Other expense, net (23,429) (16,431) (43,113) (32,929)
Income before income taxes 49,155  36,350  94,789  64,181 
Income tax expense (730) (675) (1,578) (871)
Net income 48,425  35,675  93,211  63,310 
Net income attributable to noncontrolling interests
(23,387) (6,957) (42,945) (13,754)
Net income attributable to National Storage Affiliates Trust
25,038  28,718  50,266  49,556 
Distributions to preferred shareholders
(3,382) (3,276) (6,661) (6,551)
Net income attributable to common shareholders
$ 21,656  $ 25,442  $ 43,605  $ 43,005 
Earnings per share - basic $ 0.24  $ 0.33  $ 0.48  $ 0.58 
Earnings per share - diluted $ 0.24  $ 0.25  $ 0.48  $ 0.44 
Weighted average shares outstanding - basic 91,541  76,712  91,433  74,267 
Weighted average shares outstanding - diluted 91,541  129,578  91,433  126,396 
Dividends declared per common share $ 0.55  $ 0.38  $ 1.05  $ 0.73 

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,
2022 2021 2022 2021
Net income $ 48,425  $ 35,675  $ 93,211  $ 63,310 
Other comprehensive income
Unrealized gain (loss) on derivative contracts 14,556  (6,725) 53,164  14,175 
Reclassification of other comprehensive loss to interest expense
3,286 5,124 8,260 10,081
Other comprehensive income (loss)
17,842  (1,601) 61,424  24,256 
Comprehensive income 66,267  34,074  154,635  87,566 
Comprehensive income attributable to noncontrolling interests
(28,608) (6,481) (60,949) (21,295)
Comprehensive income attributable to National Storage Affiliates Trust
$ 37,659  $ 27,593  $ 93,686  $ 66,271 

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, 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 
Issuance of common shares, share based compensation plans
4,000  100  —  —  —  —  —  (100)  
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
Effect of changes in ownership for consolidated entities
—  —  —  —  (17,420) —  (227) 17,647   
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 
Balances, December 31, 2021 8,736,719  $ 218,418  91,198,929  $ 912  $ 1,866,773  $ (291,263) $ (19,611) $ 707,226  $ 2,482,455 
OP equity issued:
Internalization of PRO, net of offering costs —  —  —  —  —  —  —  3,217  3,217 
Acquisition of properties
—  —  —  —  —  —  —  16,576  16,576 
Redemptions of OP units
—  —  258,477  3  4,601  —  (44) (4,560)  
Redemption of Series A-1 preferred units
8,216  205  —  —  —  —  —  (205)  
Effect of changes in ownership for consolidated entities
—  —  —  —  (40,627) —  590  40,037   
Equity-based compensation expense
—  —  —  —  103  —  —  1,441  1,544 
Issuance of restricted common shares
—  —  7,913  —  —  —  —  —   
Vesting and forfeitures of restricted common shares, net
—  —  (3,599) —  (118) —  —  —  (118)
Preferred share dividends
—  —  —  —  —  (3,279) —  —  (3,279)
Common share dividends
—  —  —  —  —  (45,710) —  —  (45,710)
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
—  —  —  —  —  —  —  (33,009) (33,009)
Other comprehensive income
—  —  —  —  —  —  30,799  12,783  43,582 
Net income
—  —  —  —  —  25,228  —  19,558  44,786 
Balances, March 31, 2022 8,744,935  $ 218,623  91,461,720  $ 915  $ 1,830,732  $ (315,024) $ 11,734  $ 763,064  $ 2,510,044 
OP units and subordinated performance units, net of offering costs
—  —  —  —  —  —  —  13,938  13,938 
Redemptions of OP units
—  —  294,573  3  5,140  —  59  (5,202)  
Redemptions of Series A-1 preferred units 272,653  6,816  —  —  —  —  —  (6,816)  
Effect of changes in ownership for consolidated entities
—  —  —  —  5,924  —  (47) (5,877)  
Equity-based compensation expense
—  —  —  —  127  —  —  1,453  1,580 
Issuance of restricted common shares
—  —  630  —    —  —  —   
Vesting and forfeitures of restricted common shares, net
—  —  (1,251) —  (43) —  —  —  (43)
Reduction in receivables from partners of the operating partnership
—  —  —  —  —  —  —  —   
Preferred share dividends
—  —  —  —  —  (3,382) —    (3,382)
Common share dividends
—  —  —  —  —  (50,466) —  —  (50,466)
Distributions to noncontrolling interests
—  —  —  —  —  —  —  (36,625) (36,625)
Other comprehensive income
—  —  —  —  —  —  12,626  5,216  17,842 
Net income
—  —  —  —  —  25,038  —  23,387  48,425 
Balances, June 30, 2022 9,017,588  $ 225,439  91,755,672  $ 918  $ 1,841,880  $ (343,834) $ 24,372  $ 752,538  $ 2,501,313 
See notes to condensed consolidated financial statements.

8


NATIONAL STORAGE AFFILIATES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
(Unaudited)
Six Months Ended
June 30,
2022 2021
OPERATING ACTIVITIES
Net income $ 93,211  $ 63,310 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 115,963  68,475 
Amortization of debt issuance costs 2,116  1,626 
Amortization of debt discount and premium, net (346) (357)
Gain on sale of self storage properties (2,134)  
Equity-based compensation expense 3,124  2,634 
Equity in earnings of unconsolidated real estate ventures
(3,456) (1,933)
Distributions from unconsolidated real estate ventures
10,905  8,899 
Change in assets and liabilities, net of effects of self storage property acquisitions:
Other assets (282) (715)
Accounts payable and accrued liabilities 7,133  1,526 
Deferred revenue 809  794 
Net Cash Provided by Operating Activities 227,043  144,259 
INVESTING ACTIVITIES
Acquisition of self storage properties (174,951) (383,702)
Capital expenditures (20,333) (13,187)
Investments in and advances to unconsolidated real estate ventures (53,335)  
Deposits and advances for self storage property and other acquisitions (1,925) (1,100)
Expenditures for corporate furniture, equipment and other (548) (147)
Proceeds from sale of self storage properties 6,166   
Net Cash Used In Investing Activities (244,926) (398,136)
FINANCING ACTIVITIES
Proceeds from issuance of common shares   226,082 
Borrowings under debt financings 864,000  546,000 
Principal payments under debt financings (661,163) (405,073)
Contributions from noncontrolling interests   103 
Payment of dividends to common shareholders (96,176) (54,418)
Distributions to preferred shareholders (6,661) (6,551)
Distributions to noncontrolling interests (69,841) (45,336)