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)

9 Months Ended

Sep. 30, 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 September 30, 2023
Interest Rate Swaps	17	$	1,335,000	$	60,380	$	—

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)

Swap ineffectiveness	7
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss)	7,427
Unrealized gains on interest rate swaps included in accumulated other comprehensive income (loss)	80,213
Fair value at September 30, 2022	$	53,890

Fair value at December 31, 2022	$	50,983



(Gains) and losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss)	(26,309)
Unrealized gains and realized (losses) on interest rate swaps and forward starting swaps included in accumulated other comprehensive income (loss)	35,706
Fair value at September 30, 2023	$	60,380

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
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Liabilities
Private Placement Notes	$	1,350,000	$	1,230,000	$	1,082,649	$	1,014,153
Mortgage Notes	229,785		299,570		212,239		282,758

(1) Carrying value represents the principal balance outstanding