National Storage Affiliates Trust Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS (Tables)

SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS (Tables)

12 Months Ended

Dec. 31, 2016

The following table summarizes, by calendar quarter, the consideration for the self storage properties acquired by the Company during the years ended December 31, 2016 and 2015 (dollars in thousands):



Acquisitions Closed During the Three Months Ended:
		Summary of Consideration
	Number of Properties			Value of OP Equity⁽¹⁾		Settlement of Note Receivable		Liabilities Assumed (Assets Acquired)					Noncontrolling Interests⁽³⁾		Total Fair Value
	Number of Properties	Cash		Value of OP Equity⁽¹⁾		Settlement of Note Receivable		Mortgages⁽²⁾		Other			Noncontrolling Interests⁽³⁾		Total Fair Value
3/31/2016	17	$	63,300	$	19,068	$	—	$	5,861	$	584		$	—	$	88,813
6/30/2016	25	61,263		80,986		—		55,767		1,212			—		199,228
9/30/2016	34	199,890		4,841		—		—		896			—		205,627
12/31/2016	31	208,707		16,871		—		—		2,125			—		227,703
Total	107	$	533,160	$	121,766	$	—	$	61,628	$	4,817		$	—	$	721,371

3/31/2015	6	$	6,991	$	8,954	$	1,778	$	16,442	$	70		$	6,770	$	41,005
6/30/2015	21	41,277		22,971		—		30,547		288			—		95,083
9/30/2015	15	84,673		10,188		—		2,866		512			8,327		106,566
12/31/2015	16	39,626		1,402		—		23,643		(359		)	6,040		70,352
Total	58	$	172,567	$	43,515	$	1,778	$	73,498	$	511		$	21,137	$	313,006


⁽¹⁾	^{Value of OP equity represents the fair value of OP units, subordinated performance units, and LTIP units.}


⁽²⁾	^{Includes fair value of debt adjustment for assumed mortgages of approximately}^{$7.2 million}^and^{$2.2 million}^{during the}^year^{s ended}^{December 31, 2016}^and²⁰¹⁵^{, respectively.}


⁽³⁾	^{Represents the fair value of noncontrolling interests associated with self storage properties acquired in DownREIT partnerships. The Company estimates the portion of the fair value of the net assets owned by noncontrolling interests based on the fair value of the real estate and debt assumed.}

Schedule of pro forma information

The following table summarizes on an unaudited pro forma basis the results of operations for the years ended December 31, 2016, 2015, and 2014 (dollars in thousands):



	Unaudited
	2016		2015			2014
Pro forma revenue:
Historical results	$	199,046	$	133,919		$	76,970
2016 Acquisitions⁽¹⁾	35,479		61,199			—
2015 Acquisitions⁽²⁾	—		9,462			22,596
2014 Acquisitions	—		—			28,377
Total	$	234,525	$	204,580		$	127,943
Pro forma net income (loss): ⁽³⁾
Historical results	$	24,866	$	4,796		$	(16,357	)
2016 Acquisitions⁽¹⁾	15,343		(23,105		)	—
2015 Acquisitions⁽²⁾	—		10,403			(7,258		)
2014 Acquisitions	—		—			21,395
Total	$	40,209	$	(7,906	)	$	(2,220	)


⁽¹⁾	^Reflects¹⁰⁰^{of the}¹⁰⁷^{self storage properties acquired during this period because the information required with respect to the}^seven^{remaining properties acquired during this period is not available to the Company.}


⁽²⁾	^Reflects⁴²^{of the}⁵⁸^{self storage properties acquired during this period because the information required with respect to the}¹⁶^{remaining properties acquired during this period is not available to the Company.}

⁽³⁾

^{Significant assumptions and adjustments in preparation of the pro forma information include the following: (i) for the cash portion of the purchase price for self storage properties acquired subsequent to}^{December 31, 2016}^{and during the year ended}^{December 31, 2016}^{, the Company assumed borrowings under the Company's revolving line of credit with interest computed based on the effective interest rate of}^2.17%^{as of}^{December 31, 2016}^{; (ii) for the cash portion of the purchase price for properties acquired during the year ended}^{December 31, 2015}^{, the Company assumed borrowings under the Company's revolving line of credit with interest computed based on the effective interest rate of}^2.03%^{as of}^{December 31, 2015}^{; (iii) for the cash portion of the purchase price for properties acquired during the year ended}^{December 31, 2014}^{, the Company assumed borrowings under the Company's revolving line of credit with interest computed based on the effective interest rate of}^2.66%^{as of}^{December 31, 2014}^{; (iv) for assumed debt financing directly associated with the acquisition of specific self storage properties, interest was computed for the entirety of the periods presented using the effective interest rates under such financings; (v) for acquisition costs of}^{$6.5 million}^{incurred during the}^year^ended^{December 31, 2016}^{, pro forma adjustments give effect to these costs as if they were incurred on January 1,}²⁰¹⁵^{; and (vi) for acquisition costs of}^{$4.8 million}^{incurred during the}^year^ended^{December 31, 2015}^{, pro forma adjustments give effect to these costs as if they were incurred on January 1,}²⁰¹⁴^{. For acquisition costs of}^{$9.6 million}^{incurred during the}^year^ended^{December 31, 2014}^{, pro forma adjustments give effect to these expenses as if they were incurred on January 1,}²⁰¹³^.