National Storage Affiliates Trust Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Interest Rate Swap Derivatives Measured at Fair Value

Information regarding the Company's interest rate swaps measured at fair value, which are classified within Level 2 of the GAAP fair value hierarchy, is presented below (dollars in thousands):


				Fair Value
	Number of Contracts	Notional Amount		Other Assets, net		Interest Rate Swap Liabilities
As of March 31, 2023
Interest Rate Swaps	17	$	1,410,000	$	38,036	$	(7,288)
Forward Starting Swaps	3	75,000		216		(695)

As of December 31, 2022
Interest Rate Swaps	19	$	1,410,000	$	51,466	$	(483)

The following table presents the effect of our derivative instruments on our consolidated financial statements (dollars in thousands):


Fair value at December 31, 2021	$	(33,757)


Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss)	4,974
Unrealized gains on interest rate swaps included in accumulated other comprehensive income (loss)	38,608
Fair value at March 31, 2022	$	9,825

Fair value at December 31, 2022	$	50,983



Gains on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss)	(7,761)
Unrealized losses on interest rate swaps and forward starting swaps included in accumulated other comprehensive income (loss)	(12,953)
Fair value at March 31, 2023	$	30,269

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table presents the carrying value and estimated fair value of our fixed rate private placement notes and mortgages (dollars in thousands):


	Carrying Value(1)				Fair Value
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Liabilities
Private Placement Notes	$	1,230,000	$	1,230,000	$	1,025,108	$	1,014,153
Mortgage Notes	298,428		299,570		285,446		282,758

(1) Carrying value represents the principal balance outstanding

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details