National Storage Affiliates Trust NSA Cash Flow

National storage affiliates trust (NSA)

CashFlow / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14
OPERATING ACTIVITIES
Net income
68,836	66,013	61,670	61,985	57,293	56,326	53,858	48,255	50,790	45,998	40,058	36,776	27,245	24,866	24,156	18,321	12,369	4,796	-2,940	-10,074	-16,325	-16,357	0	0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
109,875	105,119	100,697	95,568	92,128	89,147	86,395	82,389	77,800	75,115	71,711	67,567	62,855	55,064	48,758	44,780	41,666	40,651	38,666	35,102	29,825	23,785	0	0	0
Amortization of debt issuance costs
2,974	2,913	2,836	2,764	2,672	2,569	2,445	2,335	2,249	2,175	2,075	1,974	1,884	1,955	2,086	2,144	2,311	2,714	3,597	3,810	3,865	3,282	0	0	0
Amortization of debt discount and premium, net
-1,431	-1,427	-1,426	-1,433	-1,448	-1,469	-1,499	-1,523	-1,544	-1,570	-1,675	-1,816	-1,983	-2,051	-2,044	-1,993	-1,861	-1,747	-1,632	-1,192	-770	495	0	0	0
Mark-to-market changes in value on equity securities
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Unrealized loss on fair value of derivatives
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-68	-258	-136	-452	-332	0	0	0
Gain on sale of self storage properties
-	-	-	-	-	391	363	469	6,189	5,715	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
LTIP units issued for acquisition expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,020	2,480	1,826	1,826	1,460	0	0	0
Equity-based compensation expense
4,189	4,527	4,402	4,271	4,082	3,837	3,728	3,627	3,648	3,764	3,528	3,293	2,982	2,597	2,565	2,533	2,987	3,027	2,843	2,505	1,764	1,468	0	0	0
Equity in losses of unconsolidated real estate ventures
-3,208	-4,970	-6,675	-5,219	-3,473	-1,423	211	-741	-1,606	-2,339	-3,744	-3,034	-2,269	-1,484	0	0	0	-	-	-	-	-	-	-	-
Distributions from unconsolidated real estate ventures
14,476	14,551	14,631	12,446	10,248	8,187	5,583	5,482	5,181	5,093	4,496	3,147	1,981	730	0	0	0	-	-	-	-	-	-	-	-
Change in assets and liabilities, net of effects of self storage property acquisitions:
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	519	111	-1,439	-1,051	0	0	0
Other assets
2,016	-110	3,530	4,678	2,851	5,713	4,534	2	2,587	2,398	2,633	4,527	1,551	1,994	647	594	1,229	680	916	1,015	303	271	0	0	0
Accounts payable and accrued liabilities
6,096	5,617	6,962	7,627	8,012	6,597	7,125	3,712	494	1,200	2,837	3,143	6,095	8,386	5,401	3,500	1,311	269	809	910	921	-126	0	0	0
Deferred revenue
-1,987	-2,318	-1,889	31	643	1,283	552	-1,518	-1,506	-1,713	2,810	2,857	3,190	3,417	-243	-143	-286	-198	-268	-556	-480	-607	0	0	0
Net Cash Provided by Operating Activities
200,938	196,651	188,214	180,986	174,335	161,796	153,079	143,029	129,942	124,288	121,208	109,811	105,159	94,646	81,088	69,686	58,378	50,334	42,791	31,506	24,125	16,423	0	0	0
INVESTING ACTIVITIES
Acquisition of self storage properties
441,498	371,096	391,520	459,181	352,841	313,712	446,306	466,996	465,706	391,619	417,888	495,043	495,724	532,030	361,806	246,589	225,858	170,180	184,231	175,606	223,080	217,939	0	0	0
Capital expenditures
21,295	20,594	20,464	19,331	19,321	19,014	19,121	17,697	15,403	14,656	13,449	14,889	13,972	11,418	9,067	5,686	3,652	4,072	4,140	4,031	4,399	3,843	0	0	0
Investments in and advances to unconsolidated real estate ventures
3,125	0	0	163,252	163,252	165,642	168,284	5,032	17,679	15,289	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Distributions from unconsolidated real estate ventures
10,526	11,543	1,017	1,017	1,017	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Note receivable from PROs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,813	0	0	0
Deposits and advances for self storage property and other acquisitions
4,127	4,438	-197	2,866	21,446	20,977	23,824	22,644	5,127	4,923	-2,797	-1,023	386	345	2,895	2,526	454	738	3,075	-6,437	1,294	913	0	0	0
Proceeds from sale of equity securities
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Expenditures for corporate furniture, equipment and other
894	862	7,289	738	477	403	430	512	599	588	349	348	358	527	599	696	594	418	316	111	155	146	0	0	0
Net proceeds from sale of self storage properties
-	-	-	-	-	5,259	5,264	7,451	14,472	17,534	22,352	20,165	9,914	4,823	0	0	0	-	-	-	-	-	-	-	-
Change in restricted cash designated for capital expenditures
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-644	-517	-745	-662	0	0	0
Net Cash Used In Investing Activities
-460,436	-393,030	-418,324	-644,616	-553,090	-514,489	-652,701	-505,430	-489,792	-409,291	-516,944	-604,372	-603,409	-642,380	-379,459	-255,685	-230,534	-175,408	-191,118	-180,776	-233,172	-231,999	0	0	0
FINANCING ACTIVITIES
Proceeds from issuance of common shares
74,886	70,637	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of subordinated performance units
-	-	-	-	-	-	-	-	-	7,000	7,000	7,000	7,000	0	0	0	0	-	-	-	-	438	0	0	0
Borrowings under debt financings
877,500	822,000	992,000	883,000	761,000	822,500	873,000	888,900	788,900	760,900	854,400	741,500	955,000	812,500	583,000	618,943	316,943	258,443	228,358	148,390	388,839	372,839	0	0	0
Receipts for OP unit subscriptions
953	1,271	1,234	923	1,217	1,211	908	1,189	1,456	1,150	1,393	1,122	1,085	1,344	803	1,058	780	1,015	1,011	746	500	0	0	0	0
Collection of receivables from issuance of OP equity
-	-	-	-	-	-	-	-	-	-	-	-	-	930	570	769	595	774	863	664	461	89	0	0	0
Principal payments under debt financings
556,429	561,628	680,560	561,360	413,805	507,239	721,184	712,759	618,559	679,104	502,308	524,773	745,782	558,597	434,230	352,775	359,356	357,273	324,583	257,490	159,958	143,970	0	0	0
Payment of dividends to common shareholders
77,283	74,546	71,957	69,378	65,063	62,152	59,236	54,352	51,206	47,671	42,693	39,057	32,654	26,695	26,569	22,140	17,034	12,429	0	0	0	-	-	-	-
Distributions to preferred shareholders
13,075	12,390	11,704	11,020	10,350	10,350	10,063	7,475	4,888	2,300	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Distributions to noncontrolling interests
78,821	76,010	72,631	69,512	65,983	63,350	61,976	60,366	58,741	57,314	55,438	52,146	51,170	47,005	51,272	45,036	40,481	37,992	25,490	23,678	17,207	12,567	0	0	0
NSA Predecessor distributions and other
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	34	0	0	0
Debt issuance costs
8,465	8,487	9,413	2,018	2,086	2,860	2,207	2,864	1,862	2,381	2,798	2,399	6,867	5,665	5,035	5,907	1,377	1,848	2,587	2,144	2,227	1,774	0	0	0
Equity offering costs
129	179	588	657	559	727	745	716	1,136	1,034	1,494	1,637	1,508	1,399	580	3,400	5,054	5,438	6,546	3,876	2,027	1,700	0	0	0
Net Cash Provided By Financing Activities
262,761	204,292	260,567	459,855	379,987	352,649	501,015	358,384	360,791	286,073	397,991	508,251	504,122	553,694	305,566	191,679	173,086	123,322	145,876	140,985	208,851	213,389	0	0	0
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash
3,263	7,913	30,457	-3,775	1,232	-44	1,393	-4,017	941	1,070	2,255	13,690	5,872	5,960	7,195	5,680	930	-1,752	-2,451	-8,285	-196	-2,187	0	0	0
Supplemental Cash Flow Information [Abstract]
Cash paid for interest
57,026	52,666	50,921	47,493	43,678	40,475	38,578	36,871	34,759	32,951	30,587	28,020	25,727	23,313	20,988	18,821	18,682	20,206	3,665	21,878	20,520	18,771	0	0	0
Notes receivable settled upon acquisition of properties
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,778	5,215	7,982	12,763	11,035	0	0	0
Fair value of noncontrolling interests in acquired subsidiaries
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	21,137	20,952	48,067	48,067	41,297	0	0	0
Issuance of OP unit subscription liability through reduced distributions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,416	293	194	91	5,863	0	0	0
Settlement of acquisition receivables through reduced distributions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,473	1,242	972	246	105	0	0	0
Increase in lender participation liability and related discount
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	770	0	0	0
Redemptions and conversions of partnership interests
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Consideration exchanged in property acquisitions:
Issuance of OP units and subordinated performance units
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	42,113	65,346	98,385	145,971	137,017	0	0	0
Deposits on acquisitions applied to purchase price
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	745	0	0	0	-	-	-	-
LTIP units vesting upon acquisition of properties
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,402	0	0	0	-	-	-	-
Assumption of mortgages payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	73,498	56,183	112,805	82,258	65,816	0	0	0
Note payable to related party to settle assumed mortgages
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,342	5,342	5,342	4,054	0	0	0	0
Other net liabilities assumed
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	511	971	1,604	2,468	2,403	0	0	0
Issuance of common shares for management platform
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued distributions to noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-