Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
REVENUE      
Rental revenue $ 541,547 $ 394,660 $ 354,859
Total revenue 585,671 432,222 387,896
OPERATING EXPENSES      
Property operating expenses 155,265 123,486 110,347
General and administrative expenses 51,001 43,640 44,030
Depreciation and amortization 158,312 117,174 105,119
Other 2,853 808 1,551
Total operating expenses 367,431 285,108 261,047
OTHER (EXPENSE) INCOME      
Interest expense (72,062) (62,595) (56,464)
Equity in earnings (losses) of unconsolidated real estate ventures 5,294 265 (4,970)
Acquisition costs (1,941) (2,424) (1,317)
Non-operating (expense) income (906) (1,211) 452
Gain on sale of self storage properties 0 0 2,814
Other expense (69,615) (65,965) (59,485)
Income before income taxes 148,625 81,149 67,364
Income tax expense (1,690) (1,671) (1,351)
Net income 146,935 79,478 66,013
Net income attributable to noncontrolling interests (41,682) (30,869) (62,030)
Net income attributable to National Storage Affiliates Trust 105,253 48,609 3,983
Distributions to preferred shareholders (13,104) (13,097) (12,390)
Net income (loss) attributable to common shareholders $ 92,149 $ 35,512 $ (8,407)
EARNINGS PER SHARE      
Earnings (loss) per share - basic (in dollars per share) $ 1.13 $ 0.53 $ (0.15)
Earnings (loss) per share - diluted (in dollars per share) $ 0.98 $ 0.53 $ (0.15)
Weighted average shares outstanding - basic (in shares) 81,195 66,547 58,208
Weighted average shares outstanding - diluted (in shares) 134,538 66,607 58,208
Other property-related revenue      
REVENUE      
Revenue $ 19,750 $ 14,524 $ 12,302
Management fees and other revenue      
REVENUE      
Revenue $ 24,374 $ 23,038 $ 20,735