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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)
 
Maryland46-5053858
(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 classTrading symbolsName of each exchange on which registered
Common Shares of Beneficial Interest, $0.01 par value per shareNSANew York Stock Exchange
Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per shareNSA Pr ANew 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 FilerAccelerated Filer
Non-accelerated FilerSmaller 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,
20202019
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 equivalents16,779 20,558 
Restricted cash4,486 3,718 
Debt issuance costs, net2,698 3,264 
Investment in unconsolidated real estate ventures206,284 214,061 
Other assets, net62,320 65,441 
Operating lease right-of-use assets23,354 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 liabilities51,280 37,966 
Interest rate swap liabilities86,746 19,943 
Operating lease liabilities24,929 24,665 
Deferred revenue15,858 15,523 
Total liabilities1,920,516 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 capital993,164 905,763 
Distributions in excess of earnings(242,222)(197,075)
Accumulated other comprehensive loss(54,723)(7,833)
Total shareholders' equity915,229 919,630 
Noncontrolling interests445,171 532,471 
Total equity1,360,400 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,
2020201920202019
REVENUE
Rental revenue$99,690 $92,746 $290,394 $262,776 
Other property-related revenue3,883 3,217 10,672 9,169 
Management fees and other revenue5,901 5,374 17,047 15,383 
Total revenue109,474 101,337 318,113 287,328 
OPERATING EXPENSES
Property operating expenses31,546 28,988 92,395 82,635 
General and administrative expenses10,818 11,271 32,241 32,464 
Depreciation and amortization28,933 27,598 87,347 77,776 
Other479 768 1,330 1,511 
Total operating expenses71,776 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 taxes21,757 16,737 55,836 48,146 
Income tax expense(346)(223)(875)(959)
Net income21,411 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,
2020201920202019
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
AdditionalDistributionsOther
Preferred SharesCommon SharesPaid-inIn Excess OfComprehensiveNoncontrollingTotal
NumberAmountNumberAmountCapitalEarnings(Loss) IncomeInterestsEquity
Balances, December 31, 20186,900,000 $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, 20196,900,000 $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
AdditionalDistributionsOther
Preferred SharesCommon SharesPaid-inIn Excess OfComprehensiveNoncontrollingTotal
NumberAmountNumberAmountCapitalEarnings(Loss) IncomeInterestsEquity
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, 20198,685,680 $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
AdditionalDistributionsOther
Preferred SharesCommon SharesPaid-inIn Excess OfComprehensiveNoncontrollingTotal
NumberAmountNumberAmountCapitalEarnings(Loss) IncomeInterestsEquity
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, 20198,727,119 $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
AdditionalDistributionsOther
Preferred SharesCommon SharesPaid-inIn Excess OfComprehensiveNoncontrollingTotal
NumberAmountNumberAmountCapitalEarnings(Loss) IncomeInterestsEquity
Balances, December 31, 20198,727,119 $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, 20208,732,719 $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
AdditionalDistributionsOther
Preferred SharesCommon SharesPaid-inIn Excess OfComprehensiveNoncontrollingTotal
NumberAmountNumberAmountCapitalEarnings(Loss) IncomeInterestsEquity
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, 20208,732,719 $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