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Share Name | Share Symbol | Market | Type |
---|---|---|---|
National Storage Affiliates Trust | NYSE:NSA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.23 | 0.51% | 44.95 | 45.00 | 44.5001 | 44.80 | 241,948 | 21:03:20 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||
Exhibit Number | Description | |||||||
101 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | |||||||
104 | The cover page from this Current Report on Form 8-K, formatted as Inline XBRL. |
NATIONAL STORAGE AFFILIATES TRUST | |||||||||||
By: | /s/ David G. Cramer | ||||||||||
David G. Cramer | |||||||||||
President and Chief Executive Officer |
Page | |||||
Earnings Release | |||||
Consolidated Statements of Operations | |||||
Consolidated Balance Sheets | |||||
Schedule 1 - Funds From Operations and Core Funds From Operations | |||||
Schedule 2 - Other Non-GAAP Financial Measurements | |||||
Schedule 3 - Portfolio Summary | |||||
Schedule 4 - Debt and Equity Capitalization | |||||
Schedule 5 - Summarized Information for Unconsolidated Real Estate Ventures | |||||
Schedule 6 - Same Store Performance Summary By MSA | |||||
Schedule 7 - Same Store Operating Data - Trailing Five Quarters | |||||
Schedule 8 - Reconciliation of Same Store Data and Net Operating Income to Net Income | |||||
Schedule 9 - Selected Financial Information | |||||
Glossary | |||||
($ in thousands, except per share and unit data) | Three Months Ended March 31, | ||||||||||||||||
2024 | 2023 | Growth | |||||||||||||||
Net income | $ | 95,088 | $ | 40,392 | 135.4 | % | |||||||||||
Funds From Operations ("FFO")(1) | $ | 71,896 | $ | 84,266 | (14.7) | % | |||||||||||
Add back acquisition costs | 507 | 844 | (39.9) | % | |||||||||||||
Add loss on early extinguishment of debt | — | 758 | — | % | |||||||||||||
Core FFO(1) | $ | 72,403 | $ | 85,868 | (15.7) | % | |||||||||||
Earnings per share - basic | $ | 0.67 | $ | 0.28 | 139.3 | % | |||||||||||
Earnings per share - diluted | $ | 0.65 | $ | 0.24 | 170.8 | % | |||||||||||
FFO per share and unit(1) | $ | 0.60 | $ | 0.64 | (6.3) | % | |||||||||||
Core FFO per share and unit(1) | $ | 0.60 | $ | 0.66 | (9.1) | % |
($ in thousands, except per square foot data) | Three Months Ended March 31, | ||||||||||||||||
2024 | 2023 | Growth | |||||||||||||||
Total revenues | $ | 173,871 | $ | 176,528 | (1.5) | % | |||||||||||
Property operating expenses | 49,655 | 47,530 | 4.5 | % | |||||||||||||
Net Operating Income (NOI) | $ | 124,216 | $ | 128,998 | (3.7) | % | |||||||||||
NOI Margin | 71.4 | % | 73.1 | % | (1.7) | % | |||||||||||
Average Occupancy | 85.6 | % | 89.4 | % | (3.8) | % | |||||||||||
Average Annualized Rental Revenue Per Occupied Square Foot | $ | 15.80 | $ | 15.43 | 2.4 | % | |||||||||||
Current Ranges for Full Year 2024 | Actual Results for Full Year 2023 | ||||||||||||||||
Low | High | ||||||||||||||||
Core FFO per share(1) | $2.40 | $2.56 | $2.69 | ||||||||||||||
Same store operations(2) | |||||||||||||||||
Total revenue growth | (4.0)% | 0.0% | 2.4% | ||||||||||||||
Property operating expenses growth | 3.0% | 5.0% | 4.7% | ||||||||||||||
NOI growth | (6.0)% | (2.0)% | 1.6% | ||||||||||||||
General and administrative expenses | |||||||||||||||||
General and administrative expenses (excluding equity-based compensation), in millions | $54.5 | $56.5 | $52.6 | ||||||||||||||
Equity-based compensation, in millions | $7.25 | $7.75 | $6.7 | ||||||||||||||
Management fees and other revenue, in millions | $32.0 | $34.0 | $34.4 | ||||||||||||||
Core FFO from unconsolidated real estate ventures, in millions | $23.5 | $25.5 | $24.6 | ||||||||||||||
Subordinated performance unit distributions, in millions | $40.0 | $44.0 | $49.0 | ||||||||||||||
Acquisitions of self storage properties, in millions | $100.0 | $300.0 | $229.5 | ||||||||||||||
Current Ranges for Full Year 2024 | |||||||||||
Low | High | ||||||||||
Earnings per share - diluted | $1.31 | $1.48 | |||||||||
Impact of the difference in weighted average number of shares and GAAP accounting for noncontrolling interests, two-class method and treasury stock method | 0.05 | (0.01) | |||||||||
Add real estate depreciation and amortization | 1.57 | 1.66 | |||||||||
Add (subtract) equity in losses (earnings) of unconsolidated real estate ventures | 0.11 | 0.09 | |||||||||
Add NSA's share of FFO of unconsolidated real estate ventures | 0.20 | 0.22 | |||||||||
FFO attributable to subordinated unitholders | (0.34) | (0.38) | |||||||||
Less gain on sale of self storage properties | (0.51) | (0.51) | |||||||||
Add acquisition costs and NSA's share of unconsolidated real estate venture acquisition costs | 0.01 | 0.01 | |||||||||
Core FFO per share and unit | $2.40 | $2.56 | |||||||||
(1) The table above provides a reconciliation of the range of estimated earnings per share - diluted to estimated Core FFO per share and unit. | |||||||||||
(2) 2024 guidance reflects NSA's 2024 same store pool comprising 776 stores. 2023 actual results reflect NSA's 2023 same store pool comprising 724 stores. |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
REVENUE | |||||||||||
Rental revenue | $ | 180,382 | $ | 194,129 | |||||||
Other property-related revenue | 6,692 | 6,807 | |||||||||
Management fees and other revenue | 9,074 | 7,057 | |||||||||
Total revenue | 196,148 | 207,993 | |||||||||
OPERATING EXPENSES | |||||||||||
Property operating expenses | 54,694 | 56,483 | |||||||||
General and administrative expenses | 15,674 | 14,821 | |||||||||
Depreciation and amortization | 47,331 | 55,458 | |||||||||
Other | 3,492 | 1,173 | |||||||||
Total operating expenses | 121,191 | 127,935 | |||||||||
OTHER INCOME (EXPENSE) | |||||||||||
Interest expense | (38,117) | (37,948) | |||||||||
Loss on early extinguishment of debt | — | (758) | |||||||||
Equity in (losses) earnings of unconsolidated real estate ventures | (1,630) | 1,678 | |||||||||
Acquisition costs | (507) | (844) | |||||||||
Non-operating income (expense) | 98 | (598) | |||||||||
Gain on sale of self storage properties | 61,173 | — | |||||||||
Other income (expense), net | 21,017 | (38,470) | |||||||||
Income before income taxes | 95,974 | 41,588 | |||||||||
Income tax expense | (886) | (1,196) | |||||||||
Net income | 95,088 | 40,392 | |||||||||
Net income attributable to noncontrolling interests | (36,061) | (11,433) | |||||||||
Net income attributable to National Storage Affiliates Trust | 59,027 | 28,959 | |||||||||
Distributions to preferred shareholders | (5,110) | (3,962) | |||||||||
Net income attributable to common shareholders | $ | 53,917 | $ | 24,997 | |||||||
Earnings per share - basic | $ | 0.67 | $ | 0.28 | |||||||
Earnings per share - diluted | $ | 0.65 | $ | 0.24 | |||||||
Weighted average shares outstanding - basic | 80,236 | 89,499 | |||||||||
Weighted average shares outstanding - diluted | 138,148 | 148,622 | |||||||||
March 31, | December 31, | ||||||||||
2024 | 2023 | ||||||||||
ASSETS | |||||||||||
Real estate | |||||||||||
Self storage properties | $ | 5,797,653 | $ | 5,792,174 | |||||||
Less accumulated depreciation | (919,723) | (874,359) | |||||||||
Self storage properties, net | 4,877,930 | 4,917,815 | |||||||||
Cash and cash equivalents | 64,233 | 64,980 | |||||||||
Restricted cash | 24,847 | 22,713 | |||||||||
Debt issuance costs, net | 7,731 | 8,442 | |||||||||
Investment in unconsolidated real estate ventures | 240,025 | 211,361 | |||||||||
Other assets, net | 130,015 | 134,002 | |||||||||
Assets held for sale, net | — | 550,199 | |||||||||
Operating lease right-of-use assets | 22,084 | 22,299 | |||||||||
Total assets | $ | 5,366,865 | $ | 5,931,811 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Liabilities | |||||||||||
Debt financing | $ | 3,285,547 | $ | 3,658,205 | |||||||
Accounts payable and accrued liabilities | 87,875 | 92,766 | |||||||||
Interest rate swap liabilities | — | 3,450 | |||||||||
Operating lease liabilities | 24,009 | 24,195 | |||||||||
Deferred revenue | 22,362 | 27,354 | |||||||||
Total liabilities | 3,419,793 | 3,805,970 | |||||||||
Equity | |||||||||||
Series A Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 9,017,588 and 9,017,588 issued and outstanding at March 31, 2024 and December 31, 2023, respectively, at liquidation preference | 225,439 | 225,439 | |||||||||
Series B Preferred shares of beneficial interest, par value $0.01 per share. 7,000,000 authorized, 5,668,128 and 5,668,128 issued and outstanding at March 31, 2024 and December 31, 2023, respectively, at liquidation preference | 115,212 | 115,212 | |||||||||
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 76,873,100 and 82,285,995 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 769 | 823 | |||||||||
Additional paid-in capital | 1,347,512 | 1,509,563 | |||||||||
Distributions in excess of earnings | (439,741) | (449,907) | |||||||||
Accumulated other comprehensive income | 27,836 | 21,058 | |||||||||
Total shareholders' equity | 1,277,027 | 1,422,188 | |||||||||
Noncontrolling interests | 670,045 | 703,653 | |||||||||
Total equity | 1,947,072 | 2,125,841 | |||||||||
Total liabilities and equity | $ | 5,366,865 | $ | 5,931,811 |
Supplemental Schedule 1 | |||||||||||
Funds From Operations and Core Funds From Operations | |||||||||||
(in thousands, except per share and unit amounts) (unaudited) | |||||||||||
Reconciliation of Net Income to FFO and Core FFO | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net income | $ | 95,088 | $ | 40,392 | |||||||
Add (subtract): | |||||||||||
Real estate depreciation and amortization | 46,964 | 55,152 | |||||||||
Equity in losses (earnings) of unconsolidated real estate ventures | 1,630 | (1,678) | |||||||||
Company's share of FFO in unconsolidated real estate ventures | 5,685 | 6,149 | |||||||||
Gain on sale of self storage properties | (61,173) | — | |||||||||
Distributions to preferred shareholders and unitholders | (5,568) | (3,962) | |||||||||
FFO attributable to subordinated performance unitholders(1) | (10,730) | (11,787) | |||||||||
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders | 71,896 | 84,266 | |||||||||
Add: | |||||||||||
Acquisition costs | 507 | 844 | |||||||||
Loss on early extinguishment of debt | — | 758 | |||||||||
Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders | $ | 72,403 | $ | 85,868 | |||||||
Weighted average shares and units outstanding - FFO and Core FFO:(2) | |||||||||||
Weighted average shares outstanding - basic | 80,236 | 89,499 | |||||||||
Weighted average restricted common shares outstanding | 22 | 25 | |||||||||
Weighted average OP units outstanding | 37,633 | 38,736 | |||||||||
Weighted average DownREIT OP unit equivalents outstanding | 2,120 | 2,120 | |||||||||
Weighted average LTIP units outstanding | 693 | 551 | |||||||||
Total weighted average shares and units outstanding - FFO and Core FFO | 120,704 | 130,931 | |||||||||
FFO per share and unit | $ | 0.60 | $ | 0.64 | |||||||
Core FFO per share and unit | $ | 0.60 | $ | 0.66 | |||||||
(1) | Amounts represent distributions declared for subordinated performance unitholders and DownREIT subordinated performance unitholders for the periods presented. | |||||||||||||
(2) | NSA combines OP units and DownREIT OP units with common shares because, after the applicable lock-out periods, OP units in the Company's operating partnership are redeemable for cash or, at NSA's option, exchangeable for common shares on a one-for-one basis and DownREIT OP units are also redeemable for cash or, at NSA's option, exchangeable for OP units in the Company's operating partnership on a one-for-one basis, subject to certain adjustments in each case. Subordinated performance units, DownREIT subordinated performance units and LTIP units may also, under certain circumstances, be convertible into or exchangeable for common shares (or other units that are convertible into or exchangeable for common shares). See footnote(3) for additional discussion of subordinated performance units, DownREIT subordinated performance units, and LTIP units in the calculation of FFO and Core FFO per share and unit. |
Supplemental Schedule 1 (continued) | |||||||||||
Funds From Operations and Core Funds From Operations | |||||||||||
(in thousands, except per share and unit amounts) (unaudited) | |||||||||||
Reconciliation of Earnings (Loss) Per Share - Diluted to FFO and Core FFO Per Share and Unit | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Earnings per share - diluted | $ | 0.65 | $ | 0.24 | |||||||
Impact of the difference in weighted average number of shares(3) | 0.10 | 0.04 | |||||||||
Add real estate depreciation and amortization | 0.39 | 0.42 | |||||||||
Add (subtract) equity in losses (earnings) of unconsolidated real estate ventures | 0.01 | (0.01) | |||||||||
Add Company's share of FFO in unconsolidated real estate ventures | 0.05 | 0.04 | |||||||||
Subtract gain on sale of self storage properties | (0.51) | — | |||||||||
FFO attributable to subordinated performance unitholders | (0.09) | (0.09) | |||||||||
FFO per share and unit | 0.60 | 0.64 | |||||||||
Add acquisition costs | — | 0.01 | |||||||||
Add loss on early extinguishment of debt | — | 0.01 | |||||||||
Core FFO per share and unit | $ | 0.60 | $ | 0.66 | |||||||
(3) | Adjustment accounts for the difference between the weighted average number of shares used to calculate diluted earnings per share and the weighted average number of shares used to calculate FFO and Core FFO per share and unit. Diluted earnings per share is calculated using the two-class method for the company's restricted common shares and the treasury stock method for certain unvested LTIP units, and assumes the conversion of vested LTIP units into OP units on a one-for-one basis and the hypothetical conversion of subordinated performance units, and DownREIT subordinated performance units into OP units, even though such units may only be convertible into OP units (i) after a lock-out period and (ii) upon certain events or conditions. For additional information about the conversion of subordinated performance units and DownREIT subordinated performance units into OP units, see Note 10 to the Company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission. The computation of weighted average shares and units for FFO and Core FFO per share and unit includes all restricted common shares and LTIP units that participate in distributions and excludes all subordinated performance units and DownREIT subordinated performance units because their effect has been accounted for through the allocation of FFO to the related unitholders based on distributions declared. | |||||||||||||
Supplemental Schedule 2 | |||||||||||
Other Non-GAAP Financial Measurements | |||||||||||
(dollars in thousands) (unaudited) | |||||||||||
Net Operating Income | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net income | $ | 95,088 | $ | 40,392 | |||||||
(Subtract) add: | |||||||||||
Management fees and other revenue | (9,074) | (7,057) | |||||||||
General and administrative expenses | 15,674 | 14,821 | |||||||||
Other | 3,492 | 1,173 | |||||||||
Depreciation and amortization | 47,331 | 55,458 | |||||||||
Interest expense | 38,117 | 37,948 | |||||||||
Equity in losses (earnings) of unconsolidated real estate ventures | 1,630 | (1,678) | |||||||||
Loss on early extinguishment of debt | — | 758 | |||||||||
Acquisition costs | 507 | 844 | |||||||||
Income tax expense | 886 | 1,196 | |||||||||
Gain on sale of self storage properties | (61,173) | — | |||||||||
Non-operating (income) expense | (98) | 598 | |||||||||
Net Operating Income | $ | 132,380 | $ | 144,453 |
EBITDA and Adjusted EBITDA | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net income | $ | 95,088 | $ | 40,392 | |||||||
Add (subtract): | |||||||||||
Depreciation and amortization | 47,331 | 55,458 | |||||||||
Company's share of unconsolidated real estate venture depreciation and amortization | 4,552 | 4,471 | |||||||||
Interest expense | 38,117 | 37,948 | |||||||||
Income tax expense | 886 | 1,196 | |||||||||
Loss on early extinguishment of debt | — | 758 | |||||||||
EBITDA | 185,974 | 140,223 | |||||||||
Add (subtract): | |||||||||||
Acquisition costs | 507 | 844 | |||||||||
Effect of hypothetical liquidation at book value (HLBV) accounting for unconsolidated 2024 Joint Venture(1) | 2,764 | — | |||||||||
Gain on sale of self storage properties | (61,173) | — | |||||||||
Equity-based compensation expense | 1,855 | 1,649 | |||||||||
Adjusted EBITDA | $ | 129,927 | $ | 142,716 | |||||||
(1) Reflects the non-cash impact of applying HLBV to the 2024 Joint Venture, which allocates GAAP income (loss) on a hypothetical liquidation of the underlying joint venture at book value as of the reporting date. |
Supplemental Schedule 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Summary | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wholly-Owned Store Data by State (Consolidated) | Total Operated Store Data by State (Consolidated & Unconsolidated) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
State/Territories | Stores | Units | Rentable Square Feet | Occupancy at Period End | State/Territories | Stores | Units | Rentable Square Feet | Occupancy at Period End | |||||||||||||||||||||||||||||||||||||||||||||||
Texas | 172 | 79,125 | 11,022,419 | 87.0 | % | Texas | 194 | 93,318 | 12,721,002 | 87.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
California | 87 | 52,491 | 6,649,002 | 84.5 | % | Florida | 103 | 58,899 | 6,690,569 | 85.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Florida | 76 | 43,865 | 4,974,715 | 85.4 | % | California | 99 | 59,139 | 7,428,174 | 84.5 | % | |||||||||||||||||||||||||||||||||||||||||||||
Oregon | 70 | 29,266 | 3,661,064 | 87.4 | % | Georgia | 72 | 33,791 | 4,609,559 | 82.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Georgia | 50 | 22,155 | 3,022,172 | 81.7 | % | Oregon | 70 | 29,266 | 3,661,064 | 87.4 | % | |||||||||||||||||||||||||||||||||||||||||||||
Arizona | 34 | 18,857 | 2,174,517 | 83.5 | % | Oklahoma | 39 | 17,619 | 2,443,201 | 86.6 | % | |||||||||||||||||||||||||||||||||||||||||||||
North Carolina | 34 | 16,760 | 2,097,037 | 87.1 | % | Arizona | 36 | 19,864 | 2,284,622 | 82.7 | % | |||||||||||||||||||||||||||||||||||||||||||||
Oklahoma | 33 | 15,300 | 2,137,081 | 86.5 | % | North Carolina | 34 | 16,760 | 2,097,037 | 87.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Louisiana | 25 | 11,451 | 1,389,281 | 83.0 | % | Ohio | 27 | 14,878 | 1,853,164 | 86.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Pennsylvania | 22 | 10,439 | 1,296,010 | 85.4 | % | Louisiana | 25 | 11,451 | 1,389,281 | 83.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Colorado | 22 | 9,488 | 1,197,278 | 86.4 | % | Alabama | 25 | 11,552 | 1,734,718 | 82.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
Washington | 19 | 6,633 | 871,169 | 85.0 | % | Michigan | 25 | 15,933 | 2,018,423 | 86.6 | % | |||||||||||||||||||||||||||||||||||||||||||||
Puerto Rico | 15 | 12,867 | 1,393,645 | 92.0 | % | Pennsylvania | 25 | 12,073 | 1,456,480 | 85.4 | % | |||||||||||||||||||||||||||||||||||||||||||||
Nevada | 15 | 7,559 | 962,542 | 87.0 | % | Colorado | 22 | 9,488 | 1,197,278 | 86.4 | % | |||||||||||||||||||||||||||||||||||||||||||||
New Hampshire | 15 | 7,127 | 889,586 | 87.8 | % | Kansas | 21 | 7,773 | 1,069,751 | 88.7 | % | |||||||||||||||||||||||||||||||||||||||||||||
Kansas | 14 | 4,924 | 670,702 | 87.7 | % | New Jersey | 20 | 13,491 | 1,602,151 | 84.7 | % | |||||||||||||||||||||||||||||||||||||||||||||
Indiana | 12 | 6,533 | 827,774 | 84.4 | % | Tennessee | 20 | 10,249 | 1,311,184 | 86.5 | % | |||||||||||||||||||||||||||||||||||||||||||||
Alabama | 11 | 6,035 | 909,580 | 79.0 | % | Washington | 19 | 6,633 | 871,169 | 85.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
New Mexico | 10 | 5,505 | 716,727 | 86.7 | % | Nevada | 19 | 9,177 | 1,215,055 | 86.4 | % | |||||||||||||||||||||||||||||||||||||||||||||
Other(1) | 73 | 40,305 | 5,085,542 | 82.8 | % | Indiana | 19 | 9,824 | 1,286,579 | 84.6 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total | 809 | 406,685 | 51,947,843 | 85.5 | % | Puerto Rico | 15 | 12,867 | 1,393,645 | 92.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Massachusetts | 15 | 11,057 | 1,209,486 | 84.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
New Hampshire | 15 | 7,127 | 889,586 | 87.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Minnesota | 12 | 5,727 | 732,395 | 80.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Illinois | 10 | 6,764 | 728,208 | 83.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
New Mexico | 10 | 5,505 | 716,727 | 86.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other(2) | 59 | 31,620 | 4,051,622 | 83.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 1,050 | 541,845 | 68,662,130 | 85.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Other states in NSA's owned portfolio as of March 31, 2024 include Arkansas, Connecticut, Idaho, Illinois, Iowa, Kentucky, Maryland, Massachusetts, Minnesota, Missouri, Montana, New Jersey, New York, Ohio, South Carolina, Tennessee, Utah, Virginia, Wisconsin and Wyoming. | |||||||||||||
(2) | Other states in NSA's operated portfolio as of March 31, 2024 include Arkansas, Connecticut, Delaware, Idaho, Iowa, Kentucky, Maryland, Mississippi, Missouri, Montana, New York, Rhode Island, South Carolina, Utah, Virginia, Wisconsin and Wyoming. |
Supplemental Schedule 3 (continued) | ||||||||||||||||||||||||||||||||||||||||||||
Portfolio Summary | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||
2024 Acquisition Activity | ||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated Real Estate Ventures (at 100%)(3) | Summary of Investment | |||||||||||||||||||||||||||||||||||||||||||
Stores | Units | Rentable Square Feet | Cash and Acquisition Costs | Value of Equity | Other Liabilities | Total | ||||||||||||||||||||||||||||||||||||||
March 31, 2024(4) | 56 | 24,015 | 3,227,325 | 346,194 | — | 2,237 | 348,431 | |||||||||||||||||||||||||||||||||||||
2024 Disposition & Divestiture Activity | ||||||||||||||||||||||||||
Dispositions Closed During the Quarter Ended: | Stores | Units | Rentable Square Feet | Net Proceeds | ||||||||||||||||||||||
Self Storage Properties sold to 3rd Party | 39 | 17,610 | 2,417,135 | $ | 265,063 | |||||||||||||||||||||
Self Storage Properties contributed to Joint Venture | 56 | 24,015 | 3,227,743 | 343,714 | ||||||||||||||||||||||
Total Disposed of Properties(5) | 95 | 41,625 | 5,644,878 | $ | 608,777 |
(3) | Values represent entire unconsolidated real estate ventures at 100%, not NSA's proportionate share. NSA's ownership in each of the unconsolidated real estate ventures is 25%. | |||||||||||||
(4) | NSA through its unconsolidated real estate ventures acquired self storage properties located in Georgia (11), Indiana (7), Kansas (7), Missouri (2), Ohio (12), Tennessee (6) and Texas (11). | |||||||||||||
(5) | NSA disposed of self storage properties are located in Georgia (11), Illinois (4), Indiana (9), Kansas (9), Louisiana (6), Missouri (9), Mississippi (3), Ohio (12), South Carolina (1), Tennessee (6) and Texas (25). |
Supplemental Schedule 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Equity Capitalization | BBB+ Rated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2024 | (with Negative Outlook) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | by Kroll Bond Rating Agency | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Summary (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Interest Rate(1) | Basis of Rate | Maturity Date | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Facility: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revolving line of credit(2) | 6.71% | Variable(3) | January 2027 | $ | — | $ | — | $ | — | $ | 138,000 | $ | — | $ | — | $ | — | $ | — | $ | 138,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Term loan - Tranche B(2) | 2.95% | Swapped To Fixed(4) | July 2024 | 145,000 | — | — | — | — | — | — | — | 145,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term loan - Tranche C | 2.93% | Swapped To Fixed(4) | January 2025 | — | 325,000 | — | — | — | — | — | — | 325,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term loan - Tranche D | 3.96% | Swapped To Fixed | July 2026 | — | — | 275,000 | — | — | — | — | — | 275,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term loan - Tranche E | 4.79% | Swapped To Fixed(4) | March 2027 | — | — | — | 130,000 | — | — | — | — | 130,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term loan facility - 2028 | 4.62% | Swapped To Fixed | December 2028 | — | — | — | — | 75,000 | — | — | — | 75,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term loan facility - April 2029 | 4.27% | Swapped To Fixed | April 2029 | — | — | — | — | — | 100,000 | — | — | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term loan facility - June 2029 | 5.37% | Swapped To Fixed | June 2029 | — | — | — | — | — | 285,000 | — | — | 285,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
May 2026 Senior Unsecured Notes | 2.16% | Fixed | May 2026 | — | — | 35,000 | — | — | — | — | — | 35,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 2026 Senior Unsecured Notes | 6.46% | Fixed | October 2026 | — | — | 65,000 | — | — | — | — | — | 65,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
July 2028 Senior Unsecured Notes | 5.75% | Fixed | July 2028 | — | — | — | — | 120,000 | — | — | — | 120,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 2028 Senior Unsecured Notes | 6.55% | Fixed | October 2028 | — | — | — | — | 100,000 | — | — | — | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2029 Senior Unsecured Notes | 3.98% | Fixed | August 2029 | — | — | — | — | — | 100,000 | — | — | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
August 2030 Senior Unsecured Notes | 2.99% | Fixed | August 2030 | — | — | — | — | — | — | 150,000 | — | 150,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 2030 Senior Unsecured Notes | 6.66% | Fixed | October 2030 | — | — | — | — | — | — | 35,000 | — | 35,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
November 2030 Senior Unsecured Notes | 2.72% | Fixed | November 2030 | — | — | — | — | — | — | 75,000 | — | 75,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
May 2031 Senior Unsecured Notes | 3.00% | Fixed | May 2031 | — | — | — | — | — | — | — | 90,000 | 90,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
August 2031 Senior Unsecured Notes | 4.08% | Fixed | August 2031 | — | — | — | — | — | — | — | 50,000 | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
November 2031 Senior Unsecured Notes | 2.81% | Fixed | November 2031 | — | — | — | — | — | — | — | 175,000 | 175,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
August 2032 Senior Unsecured Notes | 3.09% | Fixed | August 2032 | — | — | — | — | — | — | — | 100,000 | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
November 2032 Senior Unsecured Notes | 5.06% | Fixed | November 2032 | — | — | — | — | — | — | — | 200,000 | 200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
May 2033 Senior Unsecured Notes | 3.10% | Fixed | May 2033 | — | — | — | — | — | — | — | 55,000 | 55,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
October 2033 Senior Unsecured Notes | 6.73% | Fixed | October 2033 | — | — | — | — | — | — | — | 50,000 | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
November 2033 Senior Unsecured Notes | 2.96% | Fixed | November 2033 | — | — | — | — | — | — | — | 125,000 | 125,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2036 Senior Unsecured Notes | 3.06% | Fixed | November 2036 | — | — | — | — | — | — | — | 75,000 | 75,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate mortgages payable | 3.61% | Fixed | April 2024 - October 2031 | 19,881 | — | — | 84,900 | 88,000 | — | — | 29,447 | 222,228 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Principal/Weighted Average | 4.14% | 5.0 years | $ | 164,881 | $ | 325,000 | $ | 375,000 | $ | 352,900 | $ | 383,000 | $ | 485,000 | $ | 260,000 | $ | 949,447 | $ | 3,295,228 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average effective interest rate of maturing debt | 3.10% | 2.93% | 4.22% | 5.38% | 5.05% | 4.86% | 3.41% | 3.70% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance costs and debt premium, net | (9,681) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Debt | $ | 3,285,547 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Effective interest rate incorporates the stated rate plus the impact of interest rate cash flow hedges and discount and premium amortization, if applicable. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) NSA may, at its election, extend the maturity dates of the revolving line of credit and Tranche B term loan to January 2028 and January 2025, respectively, subject to meeting customary conditions and payment of an extension fee. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) For the $950 million revolving line of credit, the effective interest rate is calculated based on Daily Simple SOFR plus an applicable margin of 1.30% and a SOFR Index Adjustment of .10%, and excludes fees which range from 0.15% to 0.20% for unused borrowings. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) NSA has $250 million of interest rate swaps that mature in August 2024, and effectively fix Daily Simple SOFR at 1.59%. The impact of these interest rate swaps are reflected in the effective interest rates shown herein, with the notional amount allocated by tranche as follows: Tranche B ($145 million), Tranche C ($100 million), Tranche E ($5 million). |
Supplemental Schedule 4 (continued) | |||||||||||||||||
Debt and Equity Capitalization | |||||||||||||||||
As of March 31, 2024 | |||||||||||||||||
(unaudited) | |||||||||||||||||
Debt Ratios | |||||||||||||||||
Covenant | Amount | ||||||||||||||||
Net Debt to Annualized Current Quarter Adjusted EBITDA | n/a | 6.2x | |||||||||||||||
Trailing Twelve Month Fixed Charge Coverage Ratio | > 1.5x | 2.9x | |||||||||||||||
Total Leverage Ratio | < 60.0% | 41.1% | |||||||||||||||
Preferred Shares and Units | |||||||||||
Outstanding | |||||||||||
6.000% Series A cumulative redeemable preferred shares of beneficial interest | 9,017,588 | ||||||||||
6.000% Series B cumulative redeemable preferred shares of beneficial interest(5) | 4,608,445 | ||||||||||
6.000% Series A-1 cumulative redeemable preferred units | 1,212,340 | ||||||||||
Common Shares and Units | |||||||||||
Outstanding | If Converted | ||||||||||
Common shares of beneficial interest | 76,850,428 | 76,850,428 | |||||||||
Restricted common shares | 22,672 | 22,672 | |||||||||
Total shares outstanding | 76,873,100 | 76,873,100 | |||||||||
Operating partnership units | 37,658,350 | 37,658,350 | |||||||||
DownREIT operating partnership unit equivalents | 2,120,491 | 2,120,491 | |||||||||
Total operating partnership units | 39,778,841 | 39,778,841 | |||||||||
Long-term incentive plan units(6) | 658,506 | 658,506 | |||||||||
Total shares and Class A equivalents outstanding | 117,310,447 | 117,310,447 | |||||||||
Subordinated performance units(7) | 7,967,581 | 11,871,696 | |||||||||
DownREIT subordinated performance unit equivalents(7) | 4,133,474 | 6,158,876 | |||||||||
Total subordinated partnership units | 12,101,055 | 18,030,572 | |||||||||
Total common shares and units outstanding | 129,411,502 | 135,341,019 |
(5) | We have reflected 4,608,445 Series B Preferred Shares herein, which corresponds to the $115.2 million liquidation preference reflected on the balance sheet at March 31, 2024, although the Company’s balance sheet describes 5,668,128 Series B Preferred Shares issued and outstanding at March 31, 2024. As part of a March 16, 2023 property acquisition of 15 properties from an affiliate of Personal Mini, the Company recorded a $26.1 million promissory note receivable from the Personal Mini affiliate, and the affiliate of Personal Mini used the loan proceeds to acquire $26.1 million of subordinated performance units. The promissory note bears interest at a rate equivalent to the dividends paid on 1,059,683 Series B Preferred Shares. As a result of these agreements, in accordance with GAAP, the $26.1 million promissory note receivable, interest income on the promissory note receivable, $26.1 million of Series B Preferred Shares value, and dividends on such Series B Preferred Shares have been offset for presentation purposes in the accompanying consolidated balance sheets and consolidated statements of operations. | |||||||||||||
(6) | Balances exclude 208,400 long-term incentive plan ("LTIP") units which only vest and participate in dividend distributions upon the future contribution of properties from the PROs. | |||||||||||||
(7) | If converted balance assumes that each subordinated performance unit (including each DownREIT subordinated performance unit) is convertible into OP units, notwithstanding the two-year lock-out period on conversions for certain series of subordinated performance units, and that each subordinated performance unit would on average convert on a hypothetical basis into an estimated 1.49 OP units based on historical financial information for the trailing twelve months ended March 31, 2024. The hypothetical conversions are calculated by dividing the average cash available for distribution, or CAD, per subordinated performance unit by 110% of the CAD per OP unit over the same period. The Company anticipates that as CAD grows over time, the conversion ratio will also grow, including to levels that may exceed these amounts. |
Supplemental Schedule 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Information for Unconsolidated Real Estate Ventures | ||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Venture Balance Sheet Data as of March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Stores at March 31, | Occupancy at Period End | |||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Ventures | Carrying Value of NSA's Investment(1) | Gross Book Value of Real Estate Assets | Outstanding Debt | 2024 | 2023 | Total Rentable Square Feet | Q1 2024 | Q1 2023 | ||||||||||||||||||||||||||||||||||||||||||
2016 Joint Venture | $ | 103,494 | 922,657 | $ | 357,798 | 81 | 81 | 5,656,803 | 85.2 | % | 89.6 | % | ||||||||||||||||||||||||||||||||||||||
2018 Joint Venture | 103,965 | 1,278,783 | 645,656 | 104 | 104 | 7,830,159 | 85.5 | % | 88.9 | % | ||||||||||||||||||||||||||||||||||||||||
2024 Joint Venture | 32,566 | 341,810 | 209,053 | 56 | — | 3,227,325 | 85.7 | % | — | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 240,025 | $ | 2,543,250 | $ | 1,212,507 | 241 | 185 | 16,714,287 | 85.5 | % | 89.2 | % |
Combined Operating Information(2) | ||||||||||||||||||||||||||
Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||
2016 Joint Venture | 2018 Joint Venture | 2024 Joint Venture | Total | |||||||||||||||||||||||
Total revenue | $ | 22,727 | $ | 28,420 | $ | 4,949 | $ | 56,096 | ||||||||||||||||||
Property operating expenses | 7,073 | 8,603 | 1,927 | 17,603 | ||||||||||||||||||||||
Net operating income | 15,654 | 19,817 | 3,022 | 38,493 | ||||||||||||||||||||||
Supervisory, administrative and other expenses | (1,644) | (1,745) | (269) | (3,658) | ||||||||||||||||||||||
Depreciation and amortization | (5,798) | (10,049) | (2,359) | (18,206) | ||||||||||||||||||||||
Interest expense | (3,270) | (7,144) | (1,686) | (12,100) | ||||||||||||||||||||||
Acquisition and other income (expenses) | 2 | (20) | (41) | (59) | ||||||||||||||||||||||
Net income (loss) | $ | 4,944 | $ | 859 | $ | (1,333) | $ | 4,470 | ||||||||||||||||||
Add (subtract): | ||||||||||||||||||||||||||
Unconsolidated real estate venture real estate depreciation and amortization | 5,798 | 10,049 | 2,359 | 18,206 | ||||||||||||||||||||||
FFO and Core FFO for unconsolidated real estate ventures | $ | 10,742 | $ | 10,908 | $ | 1,026 | $ | 22,676 |
(1) | NSA's investment in its unconsolidated real estate ventures are recorded under the equity method of accounting. Under the equity method, NSA’s investments in unconsolidated real estate ventures are stated at cost and adjusted for NSA’s share of net earnings or losses and reduced by distributions. | |||||||||||||
(2) | Values represent entire unconsolidated real estate ventures at 100%, not NSA's proportionate share. NSA's ownership in each of the unconsolidated real estate ventures is 25%. The operating agreements of the unconsolidated real estate ventures provide for the distribution of net cash flow to the unconsolidated real estate ventures' investors no less than monthly, generally in proportion to the investors’ respective ownership interests, subject to a promoted distribution to NSA upon the achievement of certain performance benchmarks by the non-NSA investor. |
Supplemental Schedule 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same Store Performance Summary By MSA(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per square foot data) (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2024 compared to Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenue | Property Operating Expenses | Net Operating Income | Net Operating Income Margin | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSA(1) | Stores | 1Q 2024 | 1Q 2023 | Growth | 1Q 2024 | 1Q 2023 | Growth | 1Q 2024 | 1Q 2023 | Growth | 1Q 2024 | 1Q 2023 | Growth | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portland-Vancouver-Hillsboro, OR-WA | 52 | $ | 10,841 | $ | 11,074 | (2.1) | % | $ | 2,878 | $ | 2,698 | 6.7 | % | $ | 7,963 | $ | 8,376 | (4.9) | % | 73.5 | % | 75.6 | % | (2.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Riverside-San Bernardino-Ontario, CA | 48 | 13,401 | 13,760 | (2.6) | % | 3,078 | 2,930 | 5.1 | % | 10,323 | 10,830 | (4.7) | % | 77.0 | % | 78.7 | % | (1.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Houston-The Woodlands-Sugar Land, TX | 37 | 8,123 | 8,329 | (2.5) | % | 2,728 | 2,964 | (8.0) | % | 5,395 | 5,365 | 0.6 | % | 66.4 | % | 64.4 | % | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlanta-Sandy Springs-Alpharetta, GA | 30 | 6,098 | 6,220 | (2.0) | % | 1,648 | 1,520 | 8.4 | % | 4,450 | 4,700 | (5.3) | % | 73.0 | % | 75.6 | % | (2.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dallas-Fort Worth-Arlington, TX | 27 | 4,940 | 4,966 | (0.5) | % | 1,848 | 1,757 | 5.2 | % | 3,092 | 3,209 | (3.6) | % | 62.6 | % | 64.6 | % | (2.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phoenix-Mesa-Chandler, AZ | 25 | 5,784 | 6,281 | (7.9) | % | 1,478 | 1,463 | 1.0 | % | 4,306 | 4,818 | (10.6) | % | 74.4 | % | 76.7 | % | (2.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
McAllen-Edinburg-Mission, TX | 21 | 4,692 | 4,846 | (3.2) | % | 1,217 | 1,217 | — | % | 3,475 | 3,629 | (4.2) | % | 74.1 | % | 74.9 | % | (0.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oklahoma City, OK | 20 | 3,294 | 3,222 | 2.2 | % | 903 | 898 | 0.6 | % | 2,391 | 2,324 | 2.9 | % | 72.6 | % | 72.1 | % | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brownsville-Harlingen, TX | 16 | 2,891 | 2,935 | (1.5) | % | 741 | 724 | 2.3 | % | 2,150 | 2,211 | (2.8) | % | 74.4 | % | 75.3 | % | (0.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Antonio-New Braunfels, TX | 15 | 2,794 | 3,050 | (8.4) | % | 1,122 | 1,131 | (0.8) | % | 1,672 | 1,919 | (12.9) | % | 59.8 | % | 62.9 | % | (3.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North Port-Sarasota-Bradenton, FL | 15 | 4,635 | 4,919 | (5.8) | % | 1,404 | 1,261 | 11.3 | % | 3,231 | 3,658 | (11.7) | % | 69.7 | % | 74.4 | % | (4.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles-Long Beach-Anaheim, CA | 14 | 6,002 | 6,268 | (4.2) | % | 1,369 | 1,419 | (3.5) | % | 4,633 | 4,849 | (4.5) | % | 77.2 | % | 77.4 | % | (0.2) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Colorado Springs, CO | 14 | 2,104 | 2,140 | (1.7) | % | 678 | 610 | 11.1 | % | 1,426 | 1,530 | (6.8) | % | 67.8 | % | 71.5 | % | (3.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Juan-Bayamón-Caguas, PR | 14 | 9,153 | 8,665 | 5.6 | % | 1,717 | 1,566 | 9.6 | % | 7,436 | 7,099 | 4.7 | % | 81.2 | % | 81.9 | % | (0.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tulsa, OK | 13 | 2,079 | 2,026 | 2.6 | % | 627 | 532 | 17.9 | % | 1,452 | 1,494 | (2.8) | % | 69.8 | % | 73.7 | % | (3.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shreveport-Bossier City, LA | 12 | 1,583 | 1,558 | 1.6 | % | 514 | 491 | 4.7 | % | 1,069 | 1,067 | 0.2 | % | 67.5 | % | 68.5 | % | (1.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Austin-Round Rock-Georgetown, TX | 12 | 3,328 | 3,422 | (2.7) | % | 1,117 | 1,055 | 5.9 | % | 2,211 | 2,367 | (6.6) | % | 66.4 | % | 69.2 | % | (2.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Las Vegas-Henderson-Paradise, NV | 12 | 2,696 | 2,855 | (5.6) | % | 690 | 699 | (1.3) | % | 2,006 | 2,156 | (7.0) | % | 74.4 | % | 75.5 | % | (1.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Orleans-Metairie, LA | 12 | 2,156 | 2,249 | (4.1) | % | 604 | 590 | 2.4 | % | 1,552 | 1,659 | (6.4) | % | 72.0 | % | 73.8 | % | (1.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wichita, KS | 12 | 1,754 | 1,704 | 2.9 | % | 581 | 539 | 7.8 | % | 1,173 | 1,165 | 0.7 | % | 66.9 | % | 68.4 | % | (1.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other MSAs | 355 | 75,523 | 76,039 | (0.7) | % | 22,713 | 21,466 | 5.8 | % | 52,810 | 54,573 | (3.2) | % | 69.9 | % | 71.8 | % | (1.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total/Weighted Average | 776 | $ | 173,871 | $ | 176,528 | (1.5) | % | $ | 49,655 | $ | 47,530 | 4.5 | % | $ | 124,216 | $ | 128,998 | (3.7) | % | 71.4 | % | 73.1 | % | (1.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 Same Store Pool(2) | 723 | $ | 162,411 | $ | 165,472 | (1.8) | % | $ | 45,850 | $ | 43,870 | 4.5 | % | $ | 116,561 | $ | 121,602 | (4.1) | % | 71.8 | % | 73.5 | % | (1.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 Same Store Pool(3) | 565 | $ | 124,846 | $ | 128,289 | (2.7) | % | $ | 34,459 | $ | 32,925 | 4.7 | % | $ | 90,387 | $ | 95,364 | (5.2) | % | 72.4 | % | 74.3 | % | (1.9) | % |
(1) | MSA (Metropolitan Statistical Area) as defined by the United States Census Bureau. | |||||||||||||
(2) | Represents the subset of properties included in the 2024 same store pool that were in NSA's same store pool reported in 2023. | |||||||||||||
(3) | Represents the subset of properties included in the 2024 same store pool that were in NSA's same store pool reported in 2022. |
Supplemental Schedule 6 (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same Store Performance Summary By MSA(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per square foot data) (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2024 compared to Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rentable Square Feet | Occupancy at Period End | Average Occupancy | Average Annualized Rental Revenue per Occupied Square Foot | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MSA(1) | Units | 1Q 2024 | 1Q 2023 | Growth | 1Q 2024 | 1Q 2023 | Growth | 1Q 2024 | 1Q 2023 | Growth | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Portland-Vancouver-Hillsboro, OR-WA | 21,028 | 2,567,426 | 87.7 | % | 89.7 | % | (2.0) | % | 85.8 | % | 88.8 | % | (3.0) | % | $ | 19.12 | $ | 19.04 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||
Riverside-San Bernardino-Ontario, CA | 26,474 | 3,612,009 | 86.3 | % | 92.2 | % | (5.9) | % | 86.1 | % | 91.8 | % | (5.7) | % | 16.45 | 16.15 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Houston-The Woodlands-Sugar Land, TX | 18,044 | 2,764,316 | 87.3 | % | 92.2 | % | (4.9) | % | 87.7 | % | 92.1 | % | (4.4) | % | 12.89 | 12.42 | 3.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Atlanta-Sandy Springs-Alpharetta, GA | 14,332 | 1,991,584 | 81.3 | % | 88.0 | % | (6.7) | % | 81.2 | % | 88.2 | % | (7.0) | % | 14.58 | 13.93 | 4.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Dallas-Fort Worth-Arlington, TX | 12,311 | 1,595,500 | 84.2 | % | 87.9 | % | (3.7) | % | 84.4 | % | 88.0 | % | (3.6) | % | 14.20 | 13.84 | 2.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Phoenix-Mesa-Chandler, AZ | 14,735 | 1,650,307 | 83.6 | % | 86.9 | % | (3.3) | % | 83.9 | % | 87.2 | % | (3.3) | % | 16.16 | 16.90 | (4.4) | % | ||||||||||||||||||||||||||||||||||||||||||||
McAllen-Edinburg-Mission, TX | 9,682 | 1,454,450 | 90.3 | % | 92.9 | % | (2.6) | % | 89.9 | % | 93.4 | % | (3.5) | % | 13.72 | 13.84 | (0.9) | % | ||||||||||||||||||||||||||||||||||||||||||||
Oklahoma City, OK | 9,188 | 1,325,177 | 86.7 | % | 93.3 | % | (6.6) | % | 86.5 | % | 92.6 | % | (6.1) | % | 11.02 | 10.18 | 8.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Brownsville-Harlingen, TX | 6,406 | 916,571 | 90.5 | % | 93.2 | % | (2.7) | % | 90.7 | % | 92.5 | % | (1.8) | % | 13.31 | 13.38 | (0.5) | % | ||||||||||||||||||||||||||||||||||||||||||||
San Antonio-New Braunfels, TX | 6,488 | 839,980 | 83.8 | % | 89.2 | % | (5.4) | % | 82.6 | % | 89.4 | % | (6.8) | % | 15.61 | 15.39 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
North Port-Sarasota-Bradenton, FL | 9,424 | 960,153 | 84.5 | % | 87.4 | % | (2.9) | % | 84.4 | % | 88.7 | % | (4.3) | % | 22.04 | 22.37 | (1.5) | % | ||||||||||||||||||||||||||||||||||||||||||||
Los Angeles-Long Beach-Anaheim, CA | 9,834 | 1,085,959 | 86.9 | % | 91.8 | % | (4.9) | % | 86.7 | % | 92.0 | % | (5.3) | % | 24.85 | 24.66 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Colorado Springs, CO | 5,640 | 708,900 | 84.5 | % | 89.5 | % | (5.0) | % | 83.7 | % | 88.2 | % | (4.5) | % | 13.68 | 13.34 | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
San Juan-Bayamón-Caguas, PR | 12,428 | 1,347,586 | 91.8 | % | 93.4 | % | (1.6) | % | 92.1 | % | 93.9 | % | (1.8) | % | 28.68 | 26.66 | 7.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tulsa, OK | 6,112 | 811,904 | 86.2 | % | 91.3 | % | (5.1) | % | 85.5 | % | 91.1 | % | (5.6) | % | 11.41 | 10.54 | 8.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Shreveport-Bossier City, LA | 5,102 | 669,571 | 84.1 | % | 91.1 | % | (7.0) | % | 85.2 | % | 90.5 | % | (5.3) | % | 10.53 | 9.95 | 5.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Austin-Round Rock-Georgetown, TX | 6,836 | 916,119 | 84.4 | % | 87.6 | % | (3.2) | % | 84.8 | % | 88.3 | % | (3.5) | % | 16.85 | 16.83 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Las Vegas-Henderson-Paradise, NV | 6,614 | 818,425 | 87.3 | % | 86.8 | % | 0.5 | % | 86.9 | % | 86.9 | % | — | % | 14.51 | 15.43 | (6.0) | % | ||||||||||||||||||||||||||||||||||||||||||||
New Orleans-Metairie, LA | 6,045 | 679,760 | 82.4 | % | 86.1 | % | (3.7) | % | 82.0 | % | 87.5 | % | (5.5) | % | 15.16 | 14.68 | 3.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Wichita, KS | 4,199 | 587,952 | 87.7 | % | 92.9 | % | (5.2) | % | 87.7 | % | 92.0 | % | (4.3) | % | 12.87 | 11.98 | 7.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other MSAs | 175,498 | 22,292,515 | 85.6 | % | 88.3 | % | (2.7) | % | 85.2 | % | 88.3 | % | (3.1) | % | 15.37 | 14.96 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total/Weighted Average | 386,420 | 49,596,164 | 85.9 | % | 89.4 | % | (3.5) | % | 85.6 | % | 89.4 | % | (3.8) | % | $ | 15.80 | $ | 15.43 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||
2023 Same Store Pool(2) | 357,655 | 45,969,257 | 86.1 | % | 89.9 | % | (3.8) | % | 85.9 | % | 89.9 | % | (4.0) | % | $ | 15.88 | $ | 15.53 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||||
2022 Same Store Pool(3) | 274,293 | 34,970,086 | 86.2 | % | 90.5 | % | (4.2) | % | 85.9 | % | 90.4 | % | (4.5) | % | $ | 16.04 | $ | 15.77 | 1.7 | % |
(1) | MSA (Metropolitan Statistical Area) as defined by the United States Census Bureau. | |||||||||||||
(2) | Represents the subset of properties included in the 2024 same store pool that were in NSA's same store pool reported in 2023. | |||||||||||||
(3) | Represents the subset of properties included in the 2024 same store pool that were in NSA's same store pool reported in 2022. |
Supplemental Schedule 7 | |||||||||||||||||||||||||||||
Same Store Operating Data (776 Stores) - Trailing Five Quarters | |||||||||||||||||||||||||||||
(dollars in thousands, except per square foot data) (unaudited) | |||||||||||||||||||||||||||||
1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 | |||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||
Rental revenue | $ | 167,775 | $ | 171,996 | $ | 174,671 | $ | 172,826 | $ | 170,683 | |||||||||||||||||||
Other property-related revenue | 6,096 | 6,318 | 6,540 | 6,417 | 5,845 | ||||||||||||||||||||||||
Total revenue | 173,871 | 178,314 | 181,211 | 179,243 | 176,528 | ||||||||||||||||||||||||
Property operating expenses | |||||||||||||||||||||||||||||
Store payroll and related costs | 12,368 | 12,169 | 12,290 | 12,124 | 12,680 | ||||||||||||||||||||||||
Property tax expense | 14,304 | 13,405 | 13,328 | 14,208 | 13,870 | ||||||||||||||||||||||||
Utilities expense | 4,855 | 4,666 | 5,681 | 4,386 | 4,920 | ||||||||||||||||||||||||
Repairs & maintenance expense | 3,891 | 3,632 | 3,984 | 3,687 | 3,868 | ||||||||||||||||||||||||
Marketing expense | 4,419 | 4,054 | 4,470 | 3,925 | 3,341 | ||||||||||||||||||||||||
Insurance expense | 2,514 | 2,596 | 2,481 | 2,385 | 1,601 | ||||||||||||||||||||||||
Other property operating expenses | 7,304 | 7,092 | 7,332 | 6,861 | 7,250 | ||||||||||||||||||||||||
Total property operating expenses | 49,655 | 47,614 | 49,566 | 47,576 | 47,530 | ||||||||||||||||||||||||
Net operating income | $ | 124,216 | $ | 130,700 | $ | 131,645 | $ | 131,667 | $ | 128,998 | |||||||||||||||||||
Net operating income margin | 71.4 | % | 73.3 | % | 72.6 | % | 73.5 | % | 73.1 | % | |||||||||||||||||||
Occupancy at period end | 85.9 | % | 85.8 | % | 88.3 | % | 89.8 | % | 89.4 | % | |||||||||||||||||||
Average occupancy | 85.6 | % | 87.0 | % | 89.2 | % | 89.6 | % | 89.4 | % | |||||||||||||||||||
Average annualized rental revenue per occupied square foot | $ | 15.80 | $ | 15.96 | $ | 15.81 | $ | 15.57 | $ | 15.43 | |||||||||||||||||||
Supplemental Schedule 8 | |||||||||||||||||||||||||||||
Reconciliation of Same Store Data and Net Operating Income to Net Income | |||||||||||||||||||||||||||||
(dollars in thousands) (unaudited) | |||||||||||||||||||||||||||||
1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 | |||||||||||||||||||||||||
Rental revenue | |||||||||||||||||||||||||||||
Same store portfolio | $ | 167,775 | $ | 171,996 | $ | 174,671 | $ | 172,826 | $ | 170,683 | |||||||||||||||||||
Non-same store portfolio | 12,607 | 26,697 | 27,162 | 26,485 | 23,446 | ||||||||||||||||||||||||
Total rental revenue | 180,382 | 198,693 | 201,833 | 199,311 | 194,129 | ||||||||||||||||||||||||
Other property-related revenue | |||||||||||||||||||||||||||||
Same store portfolio | 6,096 | 6,318 | 6,540 | 6,417 | 5,845 | ||||||||||||||||||||||||
Non-same store portfolio | 596 | 1,184 | 1,224 | 1,196 | 962 | ||||||||||||||||||||||||
Total other property-related revenue | 6,692 | 7,502 | 7,764 | 7,613 | 6,807 | ||||||||||||||||||||||||
Property operating expenses | |||||||||||||||||||||||||||||
Same store portfolio | 49,655 | 47,614 | 49,566 | 47,576 | 47,530 | ||||||||||||||||||||||||
Non-same store portfolio | 5,039 | 9,214 | 9,015 | 9,518 | 8,953 | ||||||||||||||||||||||||
Total property operating expenses | 54,694 | 56,828 | 58,581 | 57,094 | 56,483 | ||||||||||||||||||||||||
Net operating income | 132,380 | 149,367 | 151,016 | 149,830 | 144,453 | ||||||||||||||||||||||||
Management fees and other revenue | 9,074 | 9,217 | 9,550 | 8,587 | 7,057 | ||||||||||||||||||||||||
General and administrative expenses | (15,674) | (14,956) | (15,100) | (14,404) | (14,821) | ||||||||||||||||||||||||
Depreciation and amortization | (47,331) | (53,988) | (55,842) | (56,705) | (55,458) | ||||||||||||||||||||||||
Other | (3,492) | (2,577) | (4,138) | (3,220) | (1,173) | ||||||||||||||||||||||||
Interest expense | (38,117) | (45,441) | (43,065) | (39,693) | (37,948) | ||||||||||||||||||||||||
Loss on early extinguishment of debt | — | — | — | — | (758) | ||||||||||||||||||||||||
Equity in (losses) earnings of unconsolidated real estate ventures | (1,630) | 2,084 | 1,930 | 1,861 | 1,678 | ||||||||||||||||||||||||
Acquisition costs | (507) | (235) | (341) | (239) | (844) | ||||||||||||||||||||||||
Non-operating income (expense) | 98 | (590) | (24) | 196 | (598) | ||||||||||||||||||||||||
Gain on sale of self storage properties | 61,173 | 63,910 | — | — | — | ||||||||||||||||||||||||
Income tax (expense) benefit | (886) | 1,265 | (922) | (737) | (1,196) | ||||||||||||||||||||||||
Net Income | $ | 95,088 | $ | 108,056 | $ | 43,064 | $ | 45,476 | $ | 40,392 |
Supplemental Schedule 9 | |||||||||||
Selected Financial Information | |||||||||||
(dollars in thousands, except per square foot data) (unaudited) | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Average Annualized Rental Revenue Per Occupied Square Foot | |||||||||||
Same store | $ | 15.80 | $ | 15.43 | |||||||
Total consolidated portfolio | 15.70 | 14.97 | |||||||||
Average Occupancy | |||||||||||
Same store | 85.6 | % | 89.4 | % | |||||||
Total consolidated portfolio | 85.2 | % | 88.6 | % | |||||||
Total Consolidated Portfolio Capital Expenditures | |||||||||||
Recurring capital expenditures | $ | 2,771 | $ | 3,017 | |||||||
Value enhancing capital expenditures | 1,825 | 1,293 | |||||||||
Acquisitions capital expenditures | 903 | 3,677 | |||||||||
Total consolidated portfolio capital expenditures | $ | 5,499 | $ | 7,987 | |||||||
Property Operating Expenses Detail | |||||||||||
Store payroll and related costs | $ | 13,523 | $ | 14,851 | |||||||
Property tax expense | 15,926 | 17,067 | |||||||||
Utilities expense | 5,422 | 5,862 | |||||||||
Repairs & maintenance expense | 4,297 | 4,484 | |||||||||
Marketing expense | 4,799 | 3,960 | |||||||||
Insurance expense | 2,751 | 1,867 | |||||||||
Other property operating expenses | 7,976 | 8,392 | |||||||||
Property operating expenses on the Company's statements of operations | $ | 54,694 | $ | 56,483 | |||||||
General and Administrative Expenses Detail | |||||||||||
Supervisory and administrative expenses | $ | 5,073 | $ | 5,201 | |||||||
Equity-based compensation expense | 1,855 | 1,649 | |||||||||
Other general and administrative expenses | 8,746 | 7,971 | |||||||||
General and administrative expenses on the Company's statements of operations | $ | 15,674 | $ | 14,821 | |||||||
Equity Research Coverage | ||||||||||||||
Barclays | Baird | BMO Capital Markets | ||||||||||||
Brendan Lynch | Wes Golladay | Juan Sanabria | ||||||||||||
212.526.9428 | 216.737.7510 | 312.845.4704 | ||||||||||||
BofA Securities | Citi Investment Research | Deutsche Bank | ||||||||||||
Jeff Spector | Eric Wolfe | Omotayo Okusanya | ||||||||||||
646.855.1363 | 212.816.2640 | 212.250.9284 | ||||||||||||
Evercore ISI | Green Street | Jefferies LLC | ||||||||||||
Samir Khanal / Steve Sakwa | Spenser Allaway | Jonathan Petersen | ||||||||||||
212.888.3796 / 212.446.9462 | 949.640.8780 | 212.284.1705 | ||||||||||||
KeyBanc Capital Markets | Morgan Stanley | Truist Securities | ||||||||||||
Todd Thomas | Ronald Kamdem | Ki Bin Kim | ||||||||||||
917.368.2286 | 212.296.8319 | 212.303.4124 | ||||||||||||
UBS | Wells Fargo | Wolfe Research | ||||||||||||
Michael Goldsmith | Eric Luebchow | Keegan Carl | ||||||||||||
212.713.2951 | 312.630.2386 | 212.713.2951 |
Document and Entity Information Document |
May 01, 2024 |
---|---|
Entity Information [Line Items] | |
Document Type | 8-K/A |
Document Period End Date | May 01, 2024 |
Entity Registrant Name | National Storage Affiliates Trust |
Entity Central Index Key | 0001618563 |
Amendment Flag | true |
Entity Incorporation, State or Country Code | MD |
Entity File Number | 001-37351 |
Entity Tax Identification Number | 46-5053858 |
Entity Address, Address Line One | 8400 East Prentice Avenue, 9th Floor |
Entity Address, City or Town | Greenwood Village |
Entity Address, State or Province | CO |
Entity Address, Postal Zip Code | 80111 |
City Area Code | 720 |
Local Phone Number | 630-2600 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Amendment Description | This Current Report on Form 8-K/A (the “8-K/A”) amends the Original 8-K solely for the purpose of correcting a clerical error where same store rental revenue and net operating income for the three months ended September 30, 2023 in supplemental schedules 7 and 8 were inadvertently understated by $3.6 million leading to other related information for the same period and in the same schedules being similarly misreported. |
Common Shares of Beneficial Interest, $0.01 par value per share [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Shares of Beneficial Interest, $0.01 par value per share |
Trading Symbol | NSA |
Security Exchange Name | NYSE |
Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share |
Trading Symbol | NSA Pr A |
Security Exchange Name | NYSE |
Series B Preferred Stock | |
Entity Information [Line Items] | |
Title of 12(b) Security | Series B Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share |
Trading Symbol | NSA Pr B |
Security Exchange Name | NYSE |
1 Year National Storage Affilia... Chart |
1 Month National Storage Affilia... Chart |
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