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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)
 
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 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,
20212020
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 equivalents69,246 18,723 
Restricted cash4,357 2,978 
Debt issuance costs, net1,896 2,496 
Investment in unconsolidated real estate ventures192,015 202,533 
Other assets, net98,227 68,149 
Operating lease right-of-use assets22,444 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 liabilities62,562 47,043 
Interest rate swap liabilities48,153 77,918 
Operating lease liabilities24,181 24,756 
Deferred revenue20,189 16,414 
Total liabilities2,283,570 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 capital1,692,481 1,050,714 
Distributions in excess of earnings(272,636)(251,704)
Accumulated other comprehensive loss(30,303)(49,084)
Total shareholders' equity1,608,849 968,957 
Noncontrolling interests628,815 461,518 
Total equity2,237,664 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,
2021202020212020
REVENUE
Rental revenue$139,420 $99,690 $379,857 $290,394 
Other property-related revenue5,141 3,883 14,107 10,672 
Management fees and other revenue6,282 5,901 18,117 17,047 
Total revenue150,843 109,474 412,081 318,113 
OPERATING EXPENSES
Property operating expenses39,465 31,546 110,723 92,395 
General and administrative expenses13,012 10,818 36,700 32,241 
Depreciation and amortization38,983 28,933 107,458 87,347 
Other994 479 1,701 1,330 
Total operating expenses92,454 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 taxes41,174 21,757 105,355 55,836 
Income tax expense(444)(346)(1,315)(875)
Net income40,730 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 - basic86,257 68,887 78,307 65,643 
Weighted average shares outstanding - diluted140,025 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,
2021202020212020
Net income$40,730 $21,411 $104,040 $54,961 
Other comprehensive income (loss)
Unrealized gain (loss) on derivative contracts243 (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
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 number of shares)
(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 — (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
AdditionalDistributionsOther
Preferred SharesCommon SharesPaid-inIn Excess OfComprehensiveNoncontrollingTotal
NumberAmountNumberAmountCapitalEarnings(Loss) IncomeInterestsEquity
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, 20208,732,719 $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
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.

9


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