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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)
 
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 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,
20212020
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 equivalents22,410 18,723 
Restricted cash3,565 2,978 
Debt issuance costs, net2,113 2,496 
Investment in unconsolidated real estate ventures195,567 202,533 
Other assets, net72,399 68,149 
Operating lease right-of-use assets22,674 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 liabilities48,058 47,043 
Interest rate swap liabilities53,638 77,918 
Operating lease liabilities24,379 24,756 
Deferred revenue19,072 16,414 
Total liabilities2,203,720 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 capital1,244,269 1,050,714 
Distributions in excess of earnings(263,117)(251,704)
Accumulated other comprehensive loss(33,046)(49,084)
Total shareholders' equity1,167,301 968,957 
Noncontrolling interests520,225 461,518 
Total equity1,687,526 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,
2021202020212020
REVENUE
Rental revenue$127,310 $95,302 $240,437 $190,704 
Other property-related revenue4,829 3,418 8,966 6,789 
Management fees and other revenue6,107 5,697 11,835 11,146 
Total revenue138,246 104,417 261,238 208,639 
OPERATING EXPENSES
Property operating expenses36,654 30,257 71,258 60,849 
General and administrative expenses12,450 10,329 23,688 21,423 
Depreciation and amortization36,051 29,309 68,475 58,414 
Other310 462 707 851 
Total operating expenses85,465 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 taxes36,350 18,030 64,181 34,079 
Income tax expense(675)(243)(871)(529)
Net income35,675 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 - basic76,712 68,210 74,267 64,004 
Weighted average shares outstanding - diluted129,578 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,
2021202020212020
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
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 
Redemptions of Series A-1 preferred units5,600 140 — — — — — (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.

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
— — 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 
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
Balances, December 31, 20208,732,719 $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, 20218,732,719 $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 units4,000 100 — — — — — (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
AdditionalDistributionsOther
Preferred SharesCommon SharesPaid-inIn Excess OfComprehensiveNoncontrollingTotal
NumberAmountNumberAmountCapitalEarnings(Loss) IncomeInterestsEquity
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, 20218,736,719 $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,
20212020
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 shares226,082 16,165 
Borrowings under debt financings546,000 311,000 
Contributions from noncontrolling interests103 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 Activities258,151 136,845 
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash4,274 (1,370)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period21,701 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 
Merger and internalization of PRO:
Redemptions and conversions of partnership interests
 33,583 
Issuance of common shares for management platform
 10,301 

See notes to condensed consolidated financial statements.

11


NATIONAL STORAGE AFFILIATES TRUST
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2021
(Unaudited)





1. ORGANIZATION AND NATURE OF OPERATIONS
National Storage Affiliates Trust was organized in the state of Maryland on May 16, 2013 and is a fully integrated, self-administered and self-managed real estate investment trust focused on the self storage sector. As used herein, "NSA," the "Company," "we," "our," and "us" refers to National Storage Affiliates Trust and its consolidated subsidiaries, except where the context indicates otherwise. The Company has elected and believes that it has qualified to be taxed as a real estate investment trust for U.S. federal income tax purposes ("REIT") commencing with its taxable year ended December 31, 2015.
Through its controlling interest as the sole general partner of NSA OP, LP (its "operating partnership"), a Delaware limited partnership formed on February 13, 2013, the Company is focused on the ownership, operation, and acquisition of self storage properties located within the top 100 metropolitan statistical areas throughout the United States. Pursuant to the Agreement of Limited Partnership (as amended, the "LP Agreement") of its operating partnership, the Company's operating partnership is authorized to issue preferred units, Class A Units ("OP units"), different series of Class B Units ("subordinated performance units"), and Long-Term Incentive Plan Units ("LTIP units"). The Company also owns certain of its self storage properties through other consolidated limited partnership subsidiaries of its operating partnership, which the Company refers to as "DownREIT partnerships." The DownREIT partnerships issue equity ownership interests that are intended to be economically equivalent to the Company's OP units ("DownREIT OP units") and subordinated performance units ("DownREIT subordinated performance units").
The Company owned 687 consolidated self storage properties in 33 states and Puerto Rico with approximately 42.5 million rentable square feet in approximately