National storage affiliates trust (NSA)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14
OPERATING ACTIVITIES
Net income

15,763

18,826

16,514

17,733

12,940

14,483

16,829

13,041

11,973

12,015

11,226

15,576

7,181

6,075

7,944

6,045

4,802

5,365

2,109

93

-2,771

-2,371

-5,025

-6,158

-2,803

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

29,105

27,343

27,598

25,829

24,349

22,921

22,469

22,389

21,368

20,169

18,463

17,800

18,683

16,765

14,319

13,088

10,892

10,459

10,341

9,974

9,877

8,474

6,777

4,697

3,837

Amortization of debt issuance costs

754

763

736

721

693

686

664

629

590

562

554

543

516

462

453

453

587

593

511

620

990

1,476

724

675

407

Amortization of debt discount and premium, net

-356

-360

-359

-356

-352

-359

-366

-371

-373

-389

-390

-392

-399

-494

-531

-559

-467

-487

-480

-427

-353

-372

-40

-5

912

Mark-to-market changes in value on equity securities

-142

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Unrealized loss on fair value of derivatives

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-71

129

-126

-190

51

-187

-6

Gain on sale of self storage properties

-

-

-

-

-

0

0

-83

474

-28

106

5,637

0

-

-

-

-

-

-

-

-

-

-

-

-

LTIP units issued for acquisition expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

654

0

366

1,460

0

0

0

Equity-based compensation expense

774

1,154

1,153

1,108

1,112

1,029

1,022

919

867

920

921

940

983

684

686

629

598

652

654

1,083

638

468

316

342

342

Equity in losses of unconsolidated real estate ventures

-340

-8

-1,214

-1,646

-2,102

-1,713

242

100

-52

-79

-710

-765

-785

-1,484

0

0

0

-

-

-

-

-

-

-

-

Distributions from unconsolidated real estate ventures

3,325

3,851

3,635

3,665

3,400

3,931

1,450

1,467

1,339

1,327

1,349

1,166

1,251

730

0

0

0

-

-

-

-

-

-

-

-

Change in assets and liabilities, net of effects of self storage property acquisitions:
Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

643

121

100

-345

235

-1,429

488

Other assets

118

-1,383

1,392

1,889

-2,008

2,257

2,540

62

854

1,078

-1,992

2,647

665

1,313

-98

-329

1,108

-34

-151

306

559

202

-52

-406

527

Accounts payable and accrued liabilities

1,086

-5,117

7,841

2,286

607

-3,772

8,506

2,671

-808

-3,244

5,093

-547

-102

-1,607

5,399

2,405

2,189

-4,592

3,498

216

1,147

-4,052

3,599

227

100

Deferred revenue

-130

-671

-334

-852

-461

-242

1,586

-240

179

-973

-484

-228

-28

3,550

-437

105

199

-110

-337

-38

287

-180

-625

38

160

Net Cash Provided by Operating Activities

50,685

46,570

56,606

47,077

46,398

38,133

49,378

40,426

33,859

29,416

39,328

27,339

28,205

26,336

27,931

22,687

17,692

12,778

16,529

11,379

9,648

5,235

5,244

3,998

1,946

INVESTING ACTIVITIES
Acquisition of self storage properties

209,981

28,921

34,384

168,212

139,579

49,345

102,045

61,872

100,450

181,939

122,735

60,582

26,363

208,208

199,890

61,263

62,669

37,984

84,673

40,532

6,991

52,035

76,048

88,006

1,850

Capital expenditures

4,909

4,668

5,483

6,235

4,208

4,538

4,350

6,225

3,901

4,645

2,926

3,931

3,154

3,438

4,366

3,014

600

1,087

985

980

1,020

1,155

876

1,348

464

Investments in and advances to unconsolidated real estate ventures

3,125

0

0

0

0

0

163,252

0

2,390

2,642

0

12,647

0

-

-

-

-

-

-

-

-

-

-

-

-

Distributions from unconsolidated real estate ventures

0

10,526

0

0

1,017

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Note receivable from PROs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

7,982

0

4,831

Deposits and advances for self storage property and other acquisitions

500

4,438

-175

-636

811

-197

2,888

17,944

342

2,650

1,708

427

138

-5,070

3,482

1,836

97

-2,520

3,113

-236

381

-183

-6,399

7,495

0

Proceeds from sale of equity securities

7,560

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Expenditures for corporate furniture, equipment and other

157

-6,160

6,606

291

125

267

55

30

51

294

137

117

40

55

136

127

209

127

233

25

33

25

28

69

24

Net proceeds from sale of self storage properties

-

-

-

-

-

0

0

3,230

2,029

5

2,187

10,251

5,091

4,823

0

0

0

-

-

-

-

-

-

-

-

Change in restricted cash designated for capital expenditures

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-31

-212

24

-425

96

-440

107

Net Cash Used In Investing Activities

-211,112

-28,659

-46,298

-174,367

-143,706

-53,953

-272,590

-82,841

-105,105

-192,165

-125,319

-67,203

-24,604

-299,818

-212,747

-66,240

-63,575

-36,897

-88,973

-41,089

-8,449

-52,607

-78,631

-93,485

-7,276

FINANCING ACTIVITIES
Proceeds from issuance of common shares

4,249

0

0

70,637

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of subordinated performance units

-

-

-

-

-

-

-

-

-

0

0

0

7,000

0

0

0

0

-

-

-

-

7

0

0

431

Borrowings under debt financings

244,000

0

323,000

310,500

188,500

170,000

214,000

188,500

250,000

220,500

229,900

88,500

222,000

314,000

117,000

302,000

79,500

84,500

152,943

0

21,000

54,415

72,975

240,449

5,000

Receipts for OP unit subscriptions

0

642

311

0

318

605

0

294

312

302

281

561

6

545

10

524

265

4

265

246

500

0

0

0

0

Collection of receivables from issuance of OP equity

-

-

-

-

-

-

-

-

-

-

-

-

-

360

0

377

193

0

199

203

372

89

0

0

0

Principal payments under debt financings

46,579

1,312

253,778

254,760

51,778

120,244

134,578

107,205

145,212

334,189

126,153

13,005

205,757

157,393

148,618

234,014

18,572

33,026

67,163

240,595

16,489

336

70

143,063

501

Payment of dividends to common shareholders

19,747

19,585

18,981

18,970

17,010

16,996

16,402

14,655

14,099

14,080

11,518

11,509

10,564

9,102

7,882

5,106

4,605

8,976

3,453

0

0

-

-

-

-

Distributions to preferred shareholders

3,273

3,273

3,272

3,257

2,588

2,587

2,588

2,587

2,588

2,300

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Distributions to noncontrolling interests

19,813

20,242

19,688

19,078

17,002

16,863

16,569

15,549

14,369

15,489

14,959

13,924

12,942

13,613

11,667

12,948

8,777

17,880

5,431

8,393

6,288

5,378

3,619

1,922

1,648

NSA Predecessor distributions and other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-395

0

0

429

Debt issuance costs

0

71

7,429

965

22

997

34

1,033

796

344

691

31

1,315

761

292

4,499

113

131

1,164

-31

584

870

721

52

131

Equity offering costs

0

0

18

111

50

409

87

13

218

427

58

433

116

887

201

304

7

68

3,021

1,958

391

1,176

351

109

64

Net Cash Provided By Financing Activities

158,837

-43,841

20,145

127,620

100,368

12,434

219,433

47,752

73,030

160,800

76,802

50,159

-1,688

272,718

187,062

46,030

47,884

24,590

73,175

27,437

-1,880

47,144

68,284

95,303

2,658

(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash

-1,590

-25,930

30,453

330

3,060

-3,386

-3,779

5,337

1,784

-1,949

-9,189

10,295

1,913

-764

2,246

2,477

2,001

471

731

-2,273

-681

-228

-5,103

5,816

-2,672

Supplemental Cash Flow Information [Abstract]
Cash paid for interest

16,502

12,818

13,849

13,857

12,142

11,073

10,421

10,042

8,939

9,176

8,714

7,930

7,131

6,812

6,147

5,637

4,717

4,487

3,980

5,498

6,241

-12,054

22,193

4,140

4,492

Notes receivable settled upon acquisition of properties

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

1,778

3,437

2,767

4,781

50

Fair value of noncontrolling interests in acquired subsidiaries

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,040

8,327

0

6,770

5,855

35,442

0

0

Issuance of OP unit subscription liability through reduced distributions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,123

99

103

91

0

0

0

5,863

Settlement of acquisition receivables through reduced distributions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

336

270

726

141

105

0

0

0

Increase in lender participation liability and related discount

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

770

Redemptions and conversions of partnership interests

33,583

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Supplemental Disclosure of Non-Cash Investing and Financing Activities
Consideration exchanged in property acquisitions:
Issuance of OP units and subordinated performance units

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

10,188

22,971

8,954

23,233

43,227

70,557

0

Deposits on acquisitions applied to purchase price

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

745

0

-

-

-

-

LTIP units vesting upon acquisition of properties

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,402

0

0

0

-

-

-

-

Assumption of mortgages payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

23,643

2,866

30,547

16,442

6,328

59,488

0

0

Note payable to related party to settle assumed mortgages

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

1,288

4,054

0

0

0

0

Other net liabilities assumed

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-359

512

288

70

101

1,145

1,152

5

Issuance of common shares for management platform

10,301

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued distributions to noncontrolling interests

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-