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, 2023
Dec. 31, 2022
Dec. 31, 2021
REVENUE      
Rental revenue $ 793,966 $ 748,814 $ 541,547
Total revenue 858,063 801,569 585,671
OPERATING EXPENSES      
Property operating expenses 228,986 211,025 155,265
General and administrative expenses 59,281 59,311 51,001
Depreciation and amortization 221,993 233,158 158,312
Other 11,108 8,537 2,853
Total operating expenses 521,368 512,031 367,431
OTHER (EXPENSE) INCOME      
Interest expense (166,147) (110,599) (72,062)
Loss on early extinguishment of debt (758) 0 0
Equity in earnings of unconsolidated real estate ventures 7,553 7,745 5,294
Acquisition costs (1,659) (2,745) (1,941)
Non-operating expense (1,016) (951) (906)
Gain on sale of self storage properties 63,910 5,466 0
Other expense (98,117) (101,084) (69,615)
Income before income taxes 238,578 188,454 148,625
Income tax expense (1,590) (4,689) (1,690)
Net income 236,988 183,765 146,935
Net income attributable to noncontrolling interests (80,319) (80,028) (41,682)
Net income attributable to National Storage Affiliates Trust 156,669 103,737 105,253
Distributions to preferred shareholders (19,019) (13,425) (13,104)
Net income attributable to common shareholders $ 137,650 $ 90,312 $ 92,149
EARNINGS PER SHARE      
Earnings per share - basic (in dollars per share) $ 1.58 $ 0.99 $ 1.13
Earnings per share - diluted (in dollars per share) $ 1.48 $ 0.99 $ 0.98
Weighted average shares outstanding - basic (in shares) 86,846 91,239 81,195
Weighted average shares outstanding - diluted (in shares) 146,023 91,239 134,538
Other property-related revenue      
REVENUE      
Revenue $ 29,686 $ 25,131 $ 19,750
Management fees and other revenue      
REVENUE      
Revenue $ 34,411 $ 27,624 $ 24,374