x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 46-5053858 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each Class | Name of Each Exchange on Which Registered | |
Common Shares of Beneficial Interest, $0.01 par value per share | New York Stock Exchange | |
Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share | New York Stock Exchange |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | |
Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ | |
Emerging Growth Company | ☐ |
Documents Incorporated by Reference |
NATIONAL STORAGE AFFILIATES TRUST | ||
TABLE OF CONTENTS | ||
ANNUAL REPORT ON FORM 10-K | ||
For the Fiscal Year Ended December 31, 2018 | ||
Item | Page | |
PART I | ||
1. | Business | |
1A. | Risk Factors | |
1B. | Unresolved Staff Comments | |
2. | Properties | |
3. | Legal Proceedings | |
4. | Mine Safety Disclosures | |
PART II | ||
5. | Market for the Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities | |
6. | Selected Financial Data | |
7. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |
7A. | Quantitative and Qualitative Disclosures About Market Risk | |
8. | Financial Statements and Supplementary Data | |
9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure | |
9A. | Controls and Procedures | |
9B. | Other Information | |
PART III | ||
10. | Directors, Executive Officers and Corporate Governance | |
11. | Executive Compensation | |
12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | |
13. | Certain Relationships and Related Transactions, and Director Independence | |
14. | Principal Accounting Fees and Services | |
PART IV | ||
15. | Exhibits and Financial Statement Schedules | |
16. | Form 10-K Summary |
• | market trends in our industry, interest rates, the debt and lending markets or the general economy; |
• | our business and investment strategy; |
• | the acquisition of properties, including those under contract, and the ability of our acquisitions to achieve underwritten capitalization rates and our ability to execute on our acquisition pipeline; |
• | the timing of acquisitions; |
• | our relationships with, and our ability and timing to attract additional, participating regional operators ("PROs"); |
• | our ability to effectively align the interests of our PROs with us and our shareholders; |
• | the integration of our PROs and their managed portfolios into the Company, including into our financial and operational reporting infrastructure and internal control framework; |
• | our operating performance and projected operating results, including our ability to achieve market rents and occupancy levels, reduce operating expenditures and increase the sale of ancillary products and services; |
• | our ability to access additional off-market acquisitions; |
• | actions and initiatives of the U.S. federal, state and local government and changes to U.S. federal, state and local government policies and the execution and impact of these actions, initiatives and policies; |
• | the state of the U.S. economy generally or in specific geographic regions, states, territories or municipalities; |
• | economic trends and economic recoveries; |
• | our ability to obtain and maintain financing arrangements on favorable terms; |
• | general volatility of the securities markets in which we participate; |
• | changes in the value of our assets; |
• | projected capital expenditures; |
• | the impact of technology on our products, operations, and business; |
• | the implementation of our technology and best practices programs (including our ability to effectively implement our integrated Internet marketing strategy); |
• | changes in interest rates and the degree to which our hedging strategies may or may not protect us from interest rate volatility; |
• | impact of and changes in governmental regulations, tax law and rates, accounting guidance and similar matters; |
• | our ability to continue to qualify and maintain our qualification as a real estate investment trust for U.S. federal income tax purposes ("REIT"); |
• | availability of qualified personnel; |
• | the timing of conversions of each series of Class B common units of limited partner interest ("subordinated performance units") in NSA OP, LP (our "operating partnership") and subsidiaries of our operating |
• | the risks of investing through joint ventures, including whether the anticipated benefits from a joint venture are realized or may take longer to realize than expected; |
• | estimates relating to our ability to make distributions to our shareholders in the future; and |
• | our understanding of our competition. |
• | SecurCare, which is headquartered in Lone Tree, Colorado, has been operating since 1988 and is one of our PROs responsible for covering the west, mountain, midwest and southeast regions. SecurCare provided property management services to 207 of our properties located in California, Colorado, Florida, Georgia, Indiana, Kentucky, Louisiana, Mississippi, North Carolina, Ohio, Oklahoma, South Carolina and Texas as of December 31, 2018. SecurCare is currently managed by David Cramer, who has worked in the self storage industry for more than 20 years. |
• | Northwest, which is headquartered in Portland, Oregon, is our PRO responsible for covering the northwest region. Northwest provided property management services to 75 of our properties located in Oregon and Washington as of December 31, 2018. Northwest is run by Kevin Howard, one of our trustees, who founded the company over 30 years ago and is recognized in the industry for his successful track record as a self storage specialist in the areas of design and development, operations and property management, consultation, and brokerage. |
• | Optivest, which is based in Dana Point, California, is one of our PROs responsible for covering portions of the northeast and southwest regions. Optivest managed 57 of our properties located in Arizona, California, |
• | Guardian, which is based in Irvine, California, is one of our PROs responsible for covering portions of the southern California and southwest regions. Guardian managed 54 of our properties located in California, Arizona and Nevada as of December 31, 2018. Guardian is led by John Minar, who has nearly 40 years of self storage acquisition, rehabilitation, ownership, operations and development experience. |
• | Move It, which is based in Dallas, Texas, is one of our PROs responsible for covering portions of the Texas and southeast markets. Move It managed 29 of our properties located in Alabama, Florida, Louisiana, Mississippi and Texas as of December 31, 2018. Move It is led by its founder, Tracy Taylor, who has more than 40 years of experience in self storage development, acquisition and management, and is currently on the board of directors for the Large Owners Council of the Self Storage Association and is a former Chairman of the national Self Storage Association. |
• | Storage Solutions, which is based in Chandler, Arizona, is our PRO responsible for covering portions of the Arizona and Nevada markets. Storage Solutions managed 10 of our properties in Arizona and Nevada as of December 31, 2018. Storage Solutions is led by its founder, Bill Bohannan, who is one of the largest operators in Phoenix and has more than 35 years of self storage acquisition, development and management experience. Mr. Bohannan is recognized in the industry as a self storage acquisition, development and management specialist. |
• | Hide-Away, which is based in Sarasota, Florida, is our PRO responsible for covering the western Florida market. Hide-Away managed 21 of our properties in western Florida as of December 31, 2018. Hide-Away is led by its founder, Steve Wilson, one of the early developers of the self storage business, who served for more than 35 years as the President of Hide-Away and its related entities, and is a former Chairman of the national Self-Storage Association. |
• | Personal Mini, which is based in Orlando, Florida, is our PRO responsible for covering portions of the central Florida market. Personal Mini managed seven of our properties in central Florida as of December 31, 2018. Personal Mini is led by Marc Smith, an active self storage investor who has been involved in all facets of the self storage business. Mr. Smith is a past Chairman of the Self Storage Association, and also previously served as president of the Southeast Region of the Self Storage Association. |
• | Southern, which is based in Palm Beach Gardens, Florida, is our PRO responsible for covering portions of the southeast region, including New Orleans, the Florida Panhandle, and southern Georgia, and Puerto Rico. Southern is led by Bob McIntosh and Peter Cowie, who are active real estate operators with more than 30 years of self storage experience. At the beginning of 2019, Southern contributed six of its nine self storage properties to us as part of the initial contribution transaction. As part of its initial contribution, Southern also co-invested sufficient subordinated equity to manage our six properties located in Puerto Rico as well as an additional 11 properties in Louisiana that we acquired in January 2019. |
Number of | Number of | Rentable | |||||||||||
State/Territory | Properties | Units | Square Feet | Fair Value | |||||||||
2018 Acquisitions: | |||||||||||||
Arizona | 13 | 6,943 | 758,623 | $ | 74,168 | ||||||||
Kansas | 13 | 4,443 | 548,415 | 59,876 | |||||||||
Florida | 5 | 2,893 | 322,111 | 32,483 | |||||||||
Missouri | 4 | 2,000 | 235,300 | 28,175 | |||||||||
North Carolina | 4 | 2,296 | 285,975 | 39,596 | |||||||||
California | 2 | 895 | 102,207 | 15,741 | |||||||||
Nevada | 2 | 837 | 108,065 | 11,172 | |||||||||
Oregon | 2 | 486 | 63,805 | 8,137 | |||||||||
Texas | 2 | 956 | 125,087 | 9,549 | |||||||||
Other(1) | 10 | 6,411 | 662,175 | 77,752 | |||||||||
Total | 57 | 28,160 | 3,211,763 | 356,649 |
(1) Self storage properties in other states and territories acquired during the year ended December 31, 2018 include Georgia, Maryland, Ohio, Washington, and Puerto Rico. |
Number of | Number of | Rentable | |||||||||||
State | Properties | Units | Square Feet | Fair Value | |||||||||
2017 Acquisitions: | |||||||||||||
Georgia | 13 | 6,836 | 934,780 | $ | 84,631 | ||||||||
Florida | 8 | 4,774 | 520,728 | 61,955 | |||||||||
Texas | 7 | 3,180 | 475,134 | 36,930 | |||||||||
Nevada | 5 | 2,640 | 311,547 | 35,446 | |||||||||
California | 4 | 2,194 | 304,504 | 36,547 | |||||||||
Illinois | 4 | 1,992 | 270,911 | 17,252 | |||||||||
Louisiana | 4 | 1,806 | 229,259 | 18,982 | |||||||||
Kansas | 3 | 1,297 | 215,035 | 20,558 | |||||||||
Missouri | 3 | 1,013 | 152,889 | 13,346 |
Number of | Number of | Rentable | |||||||||||
State | Properties | Units | Square Feet | Fair Value | |||||||||
Oregon | 3 | 1,135 | 139,492 | 26,334 | |||||||||
Indiana | 2 | 950 | 127,570 | 11,665 | |||||||||
Maryland | 2 | 1,167 | 120,773 | 10,939 | |||||||||
Other(1) | 7 | 3,208 | 419,907 | 52,215 | |||||||||
Total | 65 | 32,192 | 4,222,529 | $ | 426,800 |
(1) Self storage properties in other states acquired during the year ended December 31, 2017 include Arizona, Colorado, Massachusetts, New Hampshire, North Carolina, Virginia and Washington. |
• | the interest rate of the proposed financing; |
• | the extent to which the financing impacts our flexibility in managing our properties; |
• | prepayment penalties and restrictions on refinancing; |
• | the purchase price of properties we acquire with debt financing; |
• | our long-term objectives with respect to the financing; |
• | our target investment returns; |
• | the ability of particular properties, and the Company as a whole, to generate cash flow sufficient to cover expected debt service payments; |
• | overall level of consolidated indebtedness; |
• | timing of debt maturities; |
• | provisions that require recourse and cross-collateralization; |
• | corporate credit ratios including debt service coverage, debt to total market capitalization and debt to undepreciated assets; and |
• | the overall ratio of fixed- and variable-rate debt. |
• | business layoffs or downsizing, industry slowdowns, relocation of businesses and changing demographics; |
• | periods of economic slowdown or recession, declining demand for self storage or the public perception that any of these events may occur; |
• | local or regional real estate market conditions, such as competing properties or products, the oversupply of self storage, vacancies or changes in self storage space market rents, or a reduction in demand for self storage in a particular area; and |
• | perceptions by prospective tenants of the safety, convenience and attractiveness of our properties and the neighborhoods in which they are located. |
• | we face competition from national (e.g., large public and private self storage companies, institutional investors and private equity funds), regional and local owners, operators and developers of self storage properties, which may result in higher property acquisition prices and reduced yields; |
• | we may not be able to achieve satisfactory completion of due diligence investigations and other customary closing conditions; |
• | we may fail to finance an acquisition on favorable terms or at all; |
• | we may spend more time and incur more costs than budgeted to make necessary improvements or renovations to acquired properties; |
• | we may experience difficulties in effectively integrating the financial and operational reporting systems of the properties or portfolios we acquire into (or supplanting such systems with) our financial and operational reporting infrastructure and internal control framework in a timely manner; and |
• | we may acquire properties subject to liabilities without any recourse, or with only limited recourse, with respect to unknown liabilities such as liabilities for clean-up of undisclosed environmental contamination, tax liabilities, claims by persons dealing with the former owners of the properties and claims for indemnification by general partners, trustees, officers and others indemnified by the former owners of the properties. The sellers or contributors of properties may make limited representations and warranties to us about the properties and may agree to indemnify us for a certain period of time following the closing for breaches of those representations and warranties. However, any resulting liabilities identified may not fall within the scope or time frame covered by the indemnification, and we may be required to bear those liabilities, which may materially and adversely affect our operating results, financial condition and business. |
• | actual receipt of an improper benefit or profit in money, property or services; or |
• | active and deliberate dishonesty by the trustee or officer that was established by a final judgment and is material to the cause of action. |
• | our cash flow may be insufficient to meet our required principal and interest payments; |
• | we may be unable to borrow additional funds as needed or on favorable terms, including to make acquisitions or to continue to make distributions required to maintain our qualification as a REIT; |
• | we may be unable to refinance our indebtedness at maturity or the refinancing terms may be less favorable than the terms of our original indebtedness; |
• | because a portion of our debt that bears interest at variable rates is not hedged, a material increase in interest rates could materially increase our interest expense; |
• | we may be forced to dispose of one or more of our properties, possibly on disadvantageous terms; |
• | our debt level could place us at a competitive disadvantage compared to our competitors with less debt; |
• | we may experience increased vulnerability to economic and industry downturns, reducing our ability to respond to changing business and economic conditions; |
• | we may default on our obligations and the lenders or mortgagees may foreclose on our properties that secure their loans and receive an assignment of rents and leases; |
• | we may default on our obligations and the lenders or mortgagees may enforce our guarantees; |
• | we may violate restrictive covenants in our loan documents, which would entitle the lenders to accelerate our debt obligations; and |
• | our default under any one of our mortgage loans with cross-default or cross-collateralization provisions could result in a default on other indebtedness or result in the foreclosures of other properties. |
• | the operational and financial performance of our properties; |
• | capital expenditures with respect to existing and newly acquired properties; |
• | general and administrative expenses associated with our operation as a publicly-held REIT; |
• | maintenance of our REIT qualification; |
• | the amount of, and the interest rates on, our debt and the ability to refinance our debt; |
• | the absence of significant expenditures relating to environmental and other regulatory matters; and |
• | other risk factors described in this Annual Report on Form 10-K. |
Number of | Number of | Rentable | % of Rentable | Period-end | |||||||||||
State/Territory | Properties | Units | Square Feet | Square Feet | Occupancy | ||||||||||
California(1) | 83 | 49,569 | 6,226,522 | 20.4 | % | 89.2 | % | ||||||||
Texas | 60 | 24,150 | 3,417,208 | 11.3 | % | 88.0 | % | ||||||||
Oregon | 60 | 24,298 | 3,076,899 | 10.0 | % | 82.5 | % | ||||||||
Georgia | 34 | 14,062 | 1,897,977 | 6.3 | % | 87.0 | % | ||||||||
Florida | 34 | 23,490 | 2,355,949 | 7.8 | % | 86.1 | % | ||||||||
North Carolina | 33 | 15,394 | 1,885,559 | 6.2 | % | 91.8 | % | ||||||||
Oklahoma | 30 | 13,875 | 1,902,947 | 6.3 | % | 85.1 | % | ||||||||
Arizona | 29 | 16,062 | 1,825,563 | 6.0 | % | 85.9 | % | ||||||||
Indiana | 16 | 8,790 | 1,135,080 | 3.7 | % | 88.8 | % | ||||||||
Kansas | 16 | 5,737 | 762,949 | 2.5 | % | 82.8 | % | ||||||||
Washington | 15 | 4,950 | 623,996 | 2.1 | % | 83.9 | % | ||||||||
Louisiana(1) | 14 | 6,323 | 858,719 | 2.8 | % | 83.0 | % | ||||||||
Nevada | 13 | 6,606 | 836,616 | 2.8 | % | 91.8 | % | ||||||||
Colorado | 11 | 5,054 | 615,463 | 2.0 | % | 86.8 | % | ||||||||
New Hampshire | 10 | 4,186 | 509,720 | 1.7 | % | 92.7 | % | ||||||||
Ohio | 8 | 3,572 | 454,168 | 1.5 | % | 88.9 | % | ||||||||
Missouri | 7 | 3,008 | 386,991 | 1.3 | % | 74.5 | % | ||||||||
Puerto Rico | 6 | 4,459 | 431,612 | 1.4 | % | 88.8 | % | ||||||||
Illinois | 4 | 1,991 | 270,936 | 0.9 | % | 86.6 | % | ||||||||
South Carolina | 4 | 1,212 | 147,580 | 0.5 | % | 91.6 | % | ||||||||
Maryland | 3 | 1,659 | 176,962 | 0.6 | % | 93.1 | % | ||||||||
Mississippi | 3 | 864 | 114,311 | 0.4 | % | 87.1 | % | ||||||||
New Mexico | 2 | 1,154 | 155,125 | 0.5 | % | 88.5 | % | ||||||||
Alabama | 1 | 762 | 110,616 | 0.4 | % | 85.2 | % | ||||||||
Massachusetts | 1 | 284 | 42,650 | 0.1 | % | 95.1 | % | ||||||||
Virginia | 1 | 598 | 82,495 | 0.3 | % | 82.0 | % | ||||||||
Kentucky | 1 | 380 | 60,950 | 0.2 | % | 90.7 | % | ||||||||
Total/Weighted Average | 499 | 242,489 | 30,365,563 | 100.0 | % | 87.1 | % | ||||||||
(1) Five of the California properties and one of the Louisiana properties are subject to non-cancelable leasehold interest agreements that are classified as operating leases. See "Note 12. Commitments and Contingencies" in Item 8. "Financial Statements and Supplementary Data." |
Number of | Number of | Rentable | % of Rentable | Period-end | |||||||||||
State | Properties | Units | Square Feet | Square Feet | Occupancy | ||||||||||
Florida | 27 | 15,096 | 1,715,596 | 13.6 | % | 84.8 | % | ||||||||
Michigan | 24 | 15,483 | 1,963,048 | 15.6 | % | 87.5 | % | ||||||||
New Jersey | 15 | 10,519 | 1,225,270 | 9.7 | % | 89.8 | % | ||||||||
Alabama | 14 | 5,573 | 830,036 | 6.6 | % | 88.7 | % | ||||||||
Ohio | 14 | 8,778 | 1,064,246 | 8.4 | % | 87.6 | % | ||||||||
Georgia | 11 | 6,149 | 872,308 | 6.9 | % | 89.1 | % | ||||||||
California | 10 | 6,201 | 754,000 | 6.0 | % | 89.3 | % | ||||||||
Other(1) | 61 | 35,175 | 4,190,622 | 33.2 | % | 84.4 | % | ||||||||
Total | 176 | 102,974 | 12,615,126 | 100.0 | % | 86.7 | % |
(1) Other states in the unconsolidated real estate ventures include Arizona, Delaware, Illinois, Massachusetts, Minnesota, Mississippi, Nevada, New Mexico, New York, Oklahoma, Pennsylvania, Rhode Island, Tennessee, Texas and Virginia. |
Year Ended | |||||||
December 31, 2018 | |||||||
Ordinary Income | $ | 0.799267 | 68.9 | % | |||
Return of Capital | $ | 0.360733 | 31.1 | % | |||
Total | $ | 1.160000 | 100.0 | % |
Period Ending | ||||||||||||||||||||
Index | 4/23/2015 | 12/31/2015 | 12/31/2016 | 12/31/2017 | 12/31/2018 | |||||||||||||||
National Storage Affiliates Trust | $ | 100 | $ | 137 | $ | 184 | $ | 238 | $ | 240 | ||||||||||
S&P 500 | 100 | 98 | 110 | 134 | 128 | |||||||||||||||
Russell 2000 | 100 | 91 | 109 | 126 | 112 | |||||||||||||||
Nareit All Equity REIT Index | 100 | 101 | 109 | 119 | 114 |
Year Ended December 31, | |||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
OPERATING DATA: | |||||||||||||||||||
Total revenue | $ | 330,896 | $ | 268,130 | $ | 199,046 | $ | 133,919 | $ | 76,970 | |||||||||
Total operating expenses | 229,242 | 189,630 | 141,390 | 102,328 | 59,887 | ||||||||||||||
Income from operations | 101,654 | 78,500 | 57,656 | 31,591 | 17,083 | ||||||||||||||
Net income (loss) | 56,326 | 45,998 | 24,866 | 4,796 | (16,357 | ) | |||||||||||||
Net (income) loss attributable to noncontrolling interests(1) | (42,217 | ) | (43,037 | ) | (6,901 | ) | 7,644 | 16,357 | |||||||||||
Net income (loss) attributable to the Company | 14,109 | 2,961 | 17,965 | 12,440 | — | ||||||||||||||
Earnings (loss) per share—basic | $ | 0.07 | $ | 0.01 | $ | 0.60 | $ | 0.80 | $ | — | |||||||||
Earnings (loss) per share—diluted | $ | 0.07 | $ | 0.01 | $ | 0.31 | $ | 0.17 | $ | — | |||||||||
Weighted average shares outstanding—basic (in thousands) | 53,293 | 44,423 | 29,887 | 15,463 | 1 | ||||||||||||||
Weighted average shares outstanding—diluted (in thousands) | 53,293 | 44,423 | 78,747 | 45,409 | 1 | ||||||||||||||
Dividends declared per common share | $ | 1.16 | $ | 1.04 | $ | 0.88 | $ | 0.54 | $ | — | |||||||||
BALANCE SHEET DATA (at end of period) | |||||||||||||||||||
Self storage properties, net | $ | 2,391,462 | $ | 2,104,875 | $ | 1,733,533 | $ | 1,079,101 | $ | 799,327 | |||||||||
Total assets | 2,729,263 | 2,266,730 | 1,892,092 | 1,099,049 | 832,746 | ||||||||||||||
Debt financing | 1,278,102 | 958,097 | 878,954 | 567,795 | 597,691 | ||||||||||||||
Total equity (deficit) | $ | 1,402,299 | $ | 1,271,487 | $ | 979,068 | $ | 516,047 | $ | 214,104 | |||||||||
OTHER DATA (at end of period) | |||||||||||||||||||
Number of properties(2) | 499 | 444 | 382 | 277 | 219 | ||||||||||||||
Rentable square feet (in thousands)(3) | 30,366 | 27,182 | 23,077 | 15,770 | 12,067 | ||||||||||||||
Occupancy percentage(4) | 87 | % | 87 | % | 88 | % | 89 | % | 85 | % |
(1) While we control our operating partnership, we did not have an ownership interest or share in our operating partnership's profits and losses prior to the completion of our initial public offering. As a result, all of our operating partnership's profits and losses for the year ended December 31, 2014 were allocated to owners other than us. | |||||||
(2) For a discussion of our acquisition and disposition activity during the years ended December 31, 2018 and 2017, see "Note 6. Self Storage Property Acquisitions and Dispositions" in Item 8. "Financial Statements and Supplementary Data." | |||||||
(3) Rentable square feet includes all enclosed self storage units but excludes commercial, residential, and covered parking space. | |||||||
(4) Represents total occupied rentable square feet divided by total rentable square feet as of the end of the period. |
Year Ended December 31, | |||||||||||
2018 | 2017 | Change | |||||||||
Rental revenue | |||||||||||
Same store portfolio | $ | 243,781 | $ | 234,321 | $ | 9,460 | |||||
Non-same store portfolio | 64,622 | 17,493 | 47,129 | ||||||||
Total rental revenue | 308,403 | 251,814 | 56,589 | ||||||||
Other property-related revenue | |||||||||||
Same store portfolio | 8,030 | 7,753 | 277 | ||||||||
Non-same store portfolio | 2,153 | 502 | 1,651 | ||||||||
Total other property-related revenue | 10,183 | 8,255 | 1,928 | ||||||||
Property operating expenses | |||||||||||
Same store portfolio | 79,591 | 77,576 | 2,015 | ||||||||
Non-same store portfolio | 24,284 | 6,879 | 17,405 | ||||||||
Total property operating expenses | 103,875 | 84,455 | 19,420 | ||||||||
Net operating income | |||||||||||
Same store portfolio | 172,220 | 164,498 | 7,722 | ||||||||
Non-same store portfolio | 42,491 | 11,116 | 31,375 | ||||||||
Total net operating income | 214,711 | 175,614 | 39,097 | ||||||||
Management fees and other revenue | 12,310 | 8,061 | 4,249 | ||||||||
General and administrative expenses | (36,220 | ) | (30,060 | ) | (6,160 | ) | |||||
Depreciation and amortization | (89,147 | ) | (75,115 | ) | (14,032 | ) | |||||
Income from operations | 101,654 | 78,500 | 23,154 | ||||||||
Other (expense) income | |||||||||||
Interest expense | (42,724 | ) | (34,068 | ) | (8,656 | ) | |||||
Equity in losses of unconsolidated real estate ventures | (1,423 | ) | (2,339 | ) | 916 | ||||||
Acquisition costs | (663 | ) | (593 | ) | (70 | ) | |||||
Non-operating expense | (91 | ) | (58 | ) | (33 | ) | |||||
Gain on sale of self storage properties | 391 | 5,715 | (5,324 | ) | |||||||
Other expense | (44,510 | ) | (31,343 | ) | (13,167 | ) | |||||
Income before income taxes | 57,144 | 47,157 | 9,987 | ||||||||
Income tax expense | (818 | ) | (1,159 | ) | 341 | ||||||
Net income | 56,326 | 45,998 | 10,328 | ||||||||
Net income attributable to noncontrolling interests | (42,217 | ) | (43,037 | ) | 820 | ||||||
Net income attributable to National Storage Affiliates Trust | 14,109 | 2,961 | 11,148 | ||||||||
Distributions to preferred shareholders | (10,350 | ) | (2,300 | ) | (8,050 | ) |
Year Ended December 31, | |||||||||||
2018 | 2017 | Change | |||||||||
Net income attributable common shareholders | $ | 3,759 | $ | 661 | $ | 3,098 | |||||
Year Ended December 31, | |||||||||||
2017 | 2016 | Change | |||||||||
Rental revenue | |||||||||||
Same store portfolio | $ | 165,858 | $ | 157,097 | $ | 8,761 | |||||
Non-same store portfolio | 85,956 | 34,081 | 51,875 | ||||||||
Total rental revenue | 251,814 | 191,178 | 60,636 | ||||||||
Other property-related revenue | |||||||||||
Same store portfolio | 5,468 | 5,012 | 456 | ||||||||
Non-same store portfolio | 2,787 | 1,047 | 1,740 | ||||||||
Total other property-related revenue | 8,255 | 6,059 | 2,196 | ||||||||
Property operating expenses | |||||||||||
Same store portfolio | 53,045 | 52,034 | 1,011 | ||||||||
Non-same store portfolio | 31,410 | 12,764 | 18,646 | ||||||||
Total property operating expenses | 84,455 | 64,798 | 19,657 | ||||||||
Net operating income | |||||||||||
Same store portfolio | 118,281 | 110,075 | 8,206 | ||||||||
Non-same store portfolio | 57,333 | 22,364 | 34,969 | ||||||||
Total net operating income | 175,614 | 132,439 | 43,175 | ||||||||
Management fees and other revenues | 8,061 | 1,809 | 6,252 | ||||||||
General and administrative expenses | (30,060 | ) | (21,528 | ) | (8,532 | ) | |||||
Depreciation and amortization | (75,115 | ) | (55,064 | ) | (20,051 | ) | |||||
Income from operations | 78,500 | 57,656 | 20,844 | ||||||||
Other (expense) income | |||||||||||
Interest expense | (34,068 | ) | (24,109 | ) | (9,959 | ) | |||||
Loss on early extinguishment of debt | — | (136 | ) | 136 | |||||||
Equity in losses of unconsolidated real estate venture | (2,339 | ) | (1,484 | ) | (855 | ) | |||||
Acquisition costs | (593 | ) | (6,546 | ) | 5,953 | ||||||
Non-operating expense | (58 | ) | (147 | ) | 89 | ||||||
Gain on sale of self storage properties | 5,715 | — | 5,715 | ||||||||
Other expense | (31,343 | ) | (32,422 | ) | 1,079 | ||||||
Income before income taxes | 47,157 | 25,234 | 21,923 | ||||||||
Income tax expense | (1,159 | ) | (368 | ) | (791 | ) | |||||
Net income | 45,998 | 24,866 | 21,132 | ||||||||
Net income attributable to noncontrolling interests | (43,037 | ) | (6,901 | ) | (36,136 | ) | |||||
Net income attributable to National Storage Affiliates Trust | $ | 2,961 | $ | 17,965 | (15,004 | ) |
Distributions to preferred shareholders | $ | (2,300 | ) | $ | — | $ | (2,300 | ) | |||
Net income attributable to common shareholders | $ | 661 | $ | 17,965 | $ | (17,304 | ) | ||||
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Net income | $ | 56,326 | $ | 45,998 | $ | 24,866 | |||||
Add (subtract): | |||||||||||
Real estate depreciation and amortization | 87,938 | 73,669 | 54,193 | ||||||||
Company's share of unconsolidated real estate venture real estate depreciation and amortization | 10,233 | 7,296 | 1,559 | ||||||||
Gain on sale of self storage properties | (391 | ) | (5,715 | ) | — | ||||||
Company's share of unconsolidated real estate venture loss on sale of properties | 205 | — | — | ||||||||
Distributions to preferred shareholders and unitholders | (10,822 | ) | (2,300 | ) | — | ||||||
FFO attributable to subordinated performance unitholders(1) | (27,111 | ) | (28,364 | ) | (22,842 | ) | |||||
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders | 116,378 | 90,584 | 57,776 | ||||||||
Add: | |||||||||||
Acquisition costs | 663 | 593 | 6,546 | ||||||||
Company's share of unconsolidated real estate venture acquisition costs | — | 22 | 1,006 | ||||||||
Loss on early extinguishment of debt | — | — | 136 | ||||||||
Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders | $ | 117,041 | $ | 91,199 | $ | 65,464 | |||||
Weighted average shares and units outstanding - FFO and Core FFO:(2) | |||||||||||
Weighted average shares outstanding - basic | 53,293 | 44,423 | 29,887 | ||||||||
Weighted average restricted common shares outstanding | 29 | 25 | 18 | ||||||||
Weighted average OP units outstanding | 28,977 | 26,126 | 24,262 | ||||||||
Weighted average DownREIT OP unit equivalents outstanding | 1,835 | 1,835 | 1,835 | ||||||||
Weighted average LTIP units outstanding | 694 | 957 | 2,212 | ||||||||
Total weighted average shares and units outstanding - FFO and Core FFO | 84,828 | 73,366 | 58,214 | ||||||||
FFO per share and unit | $ | 1.37 | $ | 1.23 | $ | 0.99 | |||||
Core FFO per share and unit | $ | 1.38 | $ | 1.24 | $ | 1.12 |
(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 our 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(1) to the following table 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. |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Earnings (loss) per share - diluted | $ | 0.07 | $ | 0.01 | $ | 0.31 | |||||
Impact of the difference in weighted average number of shares(1) | (0.03 | ) | — | 0.11 | |||||||
Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method(2) | 0.49 | 0.59 | — | ||||||||
Add real estate depreciation and amortization | 1.04 | 1.00 | 0.93 | ||||||||
Add Company's share unconsolidated venture real estate depreciation and amortization | 0.12 | 0.10 | 0.03 | ||||||||
Subtract gain on sale of self storage properties | — | (0.08 | ) | — | |||||||
FFO attributable to subordinated performance unitholders | (0.32 | ) | (0.39 | ) | (0.39 | ) | |||||
FFO per share and unit | 1.37 | 1.23 | 0.99 | ||||||||
Add acquisition costs, Company's share of unconsolidated real estate venture acquisition costs and loss on early extinguishment of debt | 0.01 | 0.01 | 0.13 | ||||||||
Core FFO per share and unit | $ | 1.38 | $ | 1.24 | $ | 1.12 | |||||
(1) 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, the treasury stock method for certain unvested LTIP units, and includes the assumption of a 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, DownREIT subordinated performance units and LTIP units into OP units, see Note 10 to the consolidated financial statements in Item 8. 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. | |||||||||||
(2) Represents the effect of adjusting the numerator to consolidated net income (loss) prior to GAAP allocations for noncontrolling interests, after deducting preferred share and unit distributions, and before the application of the two-class method and treasury stock method, as described in footnote (1). |
• | NOI is one of the primary measures used by our management and our PROs to evaluate the economic productivity of our properties, including our ability to lease our properties, increase pricing and occupancy and control our property operating expenses; |
• | NOI is widely used in the real estate industry and the self storage industry to measure the performance and value of real estate assets without regard to various items included in net income that do not relate to or are not indicative of operating performance, such as depreciation and amortization, which can vary depending upon accounting methods, the book value of assets, and the impact of our capital structure; and |
• | We believe NOI helps our investors to meaningfully compare the results of our operating performance from period to period by removing the impact of our capital structure (primarily interest expense on our outstanding indebtedness) and depreciation of the cost basis of our assets from our operating results. |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Net income | $ | 56,326 | $ | 45,998 | $ | 24,866 | |||||
(Subtract) add: | |||||||||||
Management fees and other revenue | (12,310 | ) | (8,061 | ) | (1,809 | ) | |||||
General and administrative expenses | 36,220 | 30,060 | 21,528 | ||||||||
Depreciation and amortization | 89,147 | 75,115 | 55,064 | ||||||||
Interest expense | 42,724 | 34,068 | 24,109 | ||||||||
Equity in losses of unconsolidated real estate venture | 1,423 | 2,339 | 1,484 | ||||||||
Loss on early extinguishment of debt | — | — | 136 | ||||||||
Acquisition costs | 663 | 593 | 6,546 | ||||||||
Income tax expense | 818 | 1,159 | 368 | ||||||||
Gain on sale of self storage properties | (391 | ) | (5,715 | ) | — | ||||||
Non-operating expense | 91 | 58 | 147 | ||||||||
Net Operating Income | $ | 214,711 | $ | 175,614 | $ | 132,439 |
• | EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements, for capital expenditures, contractual commitments or working capital needs; |
• | EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debts; |
• | although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements; |
• | Adjusted EBITDA excludes equity-based compensation expense, which is and will remain a key element of our overall long-term incentive compensation package, although we exclude it as an expense when evaluating our ongoing operating performance for a particular period; |
• | EBITDA and Adjusted EBITDA do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; and |
• | other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do, limiting their usefulness as comparative measures. |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Net income | $ | 56,326 | $ | 45,998 | $ | 24,866 | |||||
Add: | |||||||||||
Depreciation and amortization | 89,147 | 75,115 | 55,064 | ||||||||
Company's share of unconsolidated real estate venture depreciation and amortization | 10,233 | 7,296 | 1,559 | ||||||||
Income tax expense | 818 | 1,159 | 368 | ||||||||
Interest expense | 42,724 | 34,068 | 24,109 | ||||||||
Loss on early extinguishment of debt | — | — | 136 | ||||||||
EBITDA | 199,248 | 163,636 | 106,102 | ||||||||
Add: | |||||||||||
Acquisition costs | 663 | 593 | 6,546 | ||||||||
Company's share of unconsolidated real estate venture acquisition costs | — | 22 | 1,006 | ||||||||
Gain on sale of self storage properties | (391 | ) | (5,715 | ) | — | ||||||
Company's share of unconsolidated real estate venture loss on sale of properties | 205 | — | — | ||||||||
Equity-based compensation expense | 3,837 | 3,764 | 2,597 | ||||||||
Adjusted EBITDA | $ | 203,562 | $ | 162,300 | $ | 116,251 | |||||
• | recurring capital expenditures, which represent the portion of capital expenditures that are deemed to replace the consumed portion of acquired capital assets and extend their useful life; |
• | value enhancing capital expenditures, which represent the portion of capital expenditures that are made to enhance the revenue and value of an asset from its original purchase condition; and |
• | acquisitions capital expenditures, which represent the portion of capital expenditures capitalized during the current period that were identified and underwritten prior to a property's acquisition. |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Recurring capital expenditures | $ | 6,001 | $ | 3,495 | $ | 2,917 | |||||
Value enhancing capital expenditures | 3,563 | 2,755 | 2,641 | ||||||||
Acquisitions capital expenditures | 9,356 | 8,953 | 6,114 | ||||||||
Total capital expenditures | 18,920 | 15,203 | 11,672 | ||||||||
Increase in accrued capital spending | 94 | (547 | ) | (254 | ) | ||||||
Capital expenditures per statement of cash flows | $ | 19,014 | $ | 14,656 | $ | 11,418 |
Year Ending December 31, | |||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | |||||||||||||||||||||
Debt financings: | |||||||||||||||||||||||||||
Principal(1) | $ | 5,128 | $ | 178,897 | $ | 242,603 | $ | 159,205 | $ | 377,049 | $ | 314,756 | $ | 1,277,638 | |||||||||||||
Interest(2) | 39,731 | 38,902 | 33,294 | 27,542 | 17,131 | 32,179 | 188,779 | ||||||||||||||||||||
Real estate leasehold interests | 1,334 | 1,379 | 1,404 | 1,419 | 1,424 | 36,074 | 43,034 | ||||||||||||||||||||
Office lease | 345 | 398 | 387 | 381 | 346 | 1,073 | 2,930 | ||||||||||||||||||||
Total | $ | 46,538 | $ | 219,576 | $ | 277,688 | $ | 188,547 | $ | 395,950 | $ | 384,082 | $ | 1,512,381 | |||||||||||||
(1) | Includes scheduled principal and maturity payments related to our debt financings. |
(2) | Interest is calculated until the maturity date (without regard to any extension that may be elected by the Company) based on the outstanding principal balance and the effective interest rate as of December 31, 2018. |
(i) | all receipts, including rents and other operating revenues; |
(ii) | any incentive, financing, break-up and other fees paid to us by third parties; |
(iii) | amounts released from previously set aside reserves; and |
(iv) | any other amounts received by us, which we allocate to the particular portfolio of properties. |
(i) | corporate-level general and administrative expenses; |
(ii) | out-of-pocket costs, expenses and fees of our operating partnership, whether or not capitalized; |
(iii) | the costs and expenses of organizing and operating our operating partnership; |
(iv) | amounts paid or due in respect of any loan or other indebtedness of our operating partnership during such period; |
(v) | extraordinary expenses of our operating partnership not previously or otherwise deducted under item (ii) above; |
(vi) | any third-party costs and expenses associated with identifying, analyzing, and presenting a proposed property to us and/or our operating partnership; and |
(vii) | reserves to meet anticipated operating expenditures debt service or other liabilities, as determined by us. |
• | pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company; |
• | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and trustees; and |
• | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements. |
INDEX TO EXHIBITS (1) (2) | |
Exhibit Number | Exhibit Description |
101* | XBRL (Extensible Business Reporting Language). The following materials from NSA's Annual Report on Form 10-K for the year ended December 31, 2018, tagged in XBRL: ((i) consolidated balance sheets; (ii) consolidated statements of operations; (iii) consolidated statements of comprehensive income (loss); (iv) consolidated statement of changes in equity; (v) consolidated statements of cash flows; (vi) notes to consolidated financial statements; and (vii) financial statement schedule (3). |
* | Filed herewith. |
National Storage Affiliates Trust | |
By: | /s/ ARLEN D. NORDHAGEN |
Arlen D. Nordhagen | |
chairman of the board of trustees and | |
chief executive officer | |
(principal executive officer) |
Signature | Title | Date |
National Storage Affiliates Trust | ||
/s/ ARLEN D. NORDHAGEN | chairman of the board of trustees and | February 26, 2019 |
Arlen D. Nordhagen | chief executive officer | |
(principal executive officer) | ||
/s/ TAMARA D. FISCHER | president and chief financial officer | February 26, 2019 |
Tamara D. Fischer | (principal financial officer) | |
/s/ BRANDON S. TOGASHI | chief accounting officer | February 26, 2019 |
Brandon S. Togashi | (principal accounting officer) | |
/s/ GEORGE L. CHAPMAN | trustee | February 26, 2019 |
George L. Chapman | ||
/s/ KEVIN M. HOWARD | trustee | February 26, 2019 |
Kevin M. Howard | ||
/s/ PAUL W. HYLBERT, JR. | trustee | February 26, 2019 |
Paul W. Hylbert, Jr. | ||
/s/ CHAD L. MEISINGER | trustee | February 26, 2019 |
Chad L. Meisinger | ||
/s/ STEVEN G. OSGOOD | trustee | February 26, 2019 |
Steven G. Osgood | ||
/s/ DOMINIC M. PALAZZO | trustee | February 26, 2019 |
Dominic M. Palazzo | ||
/s/ REBECCA L. STEINFORT | trustee | February 26, 2019 |
Rebecca L. Steinfort | ||
/s/ MARK VAN MOURICK | trustee | February 26, 2019 |
Mark Van Mourick |
NATIONAL STORAGE AFFILIATES TRUST | ||
INDEX TO FINANCIAL STATEMENTS | ||
Page | ||
Financial Statements: | ||
Reports of Independent Registered Public Accounting Firm | ||
Consolidated Balance Sheets as of December 31, 2018 and 2017 | ||
Consolidated Statements of Operations for the Years Ended December 31, 2018, 2017 and 2016 | ||
Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2018, 2017 and 2016 | ||
Consolidated Statements of Changes in Equity for the Years Ended December 31, 2018, 2017 and 2016 | ||
Consolidated Statements of Cash Flows for the Years Ended December 31, 2018, 2017 and 2016 | ||
Notes to the Consolidated Financial Statements | ||
Financial Statement Schedule: | ||
Schedule III - Real Estate and Accumulated Depreciation | ||
All other schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto. |
December 31, | |||||||
2018 | 2017 | ||||||
ASSETS | |||||||
Real estate | |||||||
Self storage properties | $ | 2,637,723 | $ | 2,275,233 | |||
Less accumulated depreciation | (246,261 | ) | (170,358 | ) | |||
Self storage properties, net | 2,391,462 | 2,104,875 | |||||
Cash and cash equivalents | 13,181 | 13,366 | |||||
Restricted cash | 3,182 | 3,041 | |||||
Debt issuance costs, net | 1,260 | 2,185 | |||||
Investment in unconsolidated real estate ventures | 245,125 | 89,093 | |||||
Other assets, net | 75,053 | 52,615 | |||||
Assets held for sale | — | 1,555 | |||||
Total assets | $ | 2,729,263 | $ | 2,266,730 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities | |||||||
Debt financing | $ | 1,278,102 | $ | 958,097 | |||
Accounts payable and accrued liabilities | 33,130 | 24,459 | |||||
Deferred revenue | 15,732 | 12,687 | |||||
Total liabilities | 1,326,964 | 995,243 | |||||
Commitments and contingencies (Note 12) | |||||||
Equity | |||||||
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 6,900,000 issued and outstanding at December 31, 2018 and 2017, at liquidation preference | 172,500 | 172,500 | |||||
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 authorized, 56,654,009 and 50,284,934 shares issued and outstanding at December 31, 2018 and 2017, respectively | 567 | 503 | |||||
Additional paid-in capital | 844,276 | 711,467 | |||||
Distributions in excess of earnings | (114,122 | ) | (55,729 | ) | |||
Accumulated other comprehensive income | 13,618 | 12,282 | |||||
Total shareholders' equity | 916,839 | 841,023 | |||||
Noncontrolling interests | 485,460 | 430,464 | |||||
Total equity | 1,402,299 | 1,271,487 | |||||
Total liabilities and equity | $ | 2,729,263 | $ | 2,266,730 |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
REVENUE | |||||||||||
Rental revenue | $ | 308,403 | $ | 251,814 | $ | 191,178 | |||||
Other property-related revenue | 10,183 | 8,255 | 6,059 | ||||||||
Management fees and other revenue | 12,310 | 8,061 | 1,809 | ||||||||
Total revenue | 330,896 | 268,130 | 199,046 | ||||||||
OPERATING EXPENSES | |||||||||||
Property operating expenses | 103,875 | 84,455 | 64,798 | ||||||||
General and administrative expenses | 36,220 | 30,060 | 21,528 | ||||||||
Depreciation and amortization | 89,147 | 75,115 | 55,064 | ||||||||
Total operating expenses | 229,242 | 189,630 | 141,390 | ||||||||
Income from operations | 101,654 | 78,500 | 57,656 | ||||||||
OTHER (EXPENSE) INCOME | |||||||||||
Interest expense | (42,724 | ) | (34,068 | ) | (24,109 | ) | |||||
Loss on early extinguishment of debt | — | — | (136 | ) | |||||||
Equity in losses of unconsolidated real estate ventures | (1,423 | ) | (2,339 | ) | (1,484 | ) | |||||
Acquisition costs | (663 | ) | (593 | ) | (6,546 | ) | |||||
Non-operating expense | (91 | ) | (58 | ) | (147 | ) | |||||
Gain on sale of self storage properties | 391 | 5,715 | — | ||||||||
Other expense | (44,510 | ) | (31,343 | ) | (32,422 | ) | |||||
Income before income taxes | 57,144 | 47,157 | 25,234 | ||||||||
Income tax expense | (818 | ) | (1,159 | ) | (368 | ) | |||||
Net income | 56,326 | 45,998 | 24,866 | ||||||||
Net income attributable to noncontrolling interests | (42,217 | ) | (43,037 | ) | (6,901 | ) | |||||
Net income attributable to National Storage Affiliates Trust | 14,109 | 2,961 | 17,965 | ||||||||
Distributions to preferred shareholders | (10,350 | ) | (2,300 | ) | — | ||||||
Net income attributable to common shareholders | $ | 3,759 | $ | 661 | $ | 17,965 | |||||
Earnings (loss) per share - basic | $ | 0.07 | $ | 0.01 | $ | 0.60 | |||||
Earnings (loss) per share - diluted | $ | 0.07 | $ | 0.01 | $ | 0.31 | |||||
Weighted average shares outstanding - basic | 53,293 | 44,423 | 29,887 | ||||||||
Weighted average shares outstanding - diluted | 53,293 | 44,423 | 78,747 |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Net income | $ | 56,326 | $ | 45,998 | $ | 24,866 | |||||
Other comprehensive income (loss) | |||||||||||
Unrealized gain on derivative contracts | 3,598 | 1,935 | 6,434 | ||||||||
Reclassification of other comprehensive (income) loss to interest expense | (1,817 | ) | 2,308 | 2,678 | |||||||
Other comprehensive income | 1,781 | 4,243 | 9,112 | ||||||||
Comprehensive income | 58,107 | 50,241 | 33,978 | ||||||||
Comprehensive income attributable to noncontrolling interests | (43,244 | ) | (44,697 | ) | (7,272 | ) | |||||
Comprehensive income attributable to National Storage Affiliates Trust | $ | 14,863 | $ | 5,544 | $ | 26,706 |
Accumulated | |||||||||||||||||||||||||||||||||
Additional | Distributions | Other | |||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Paid-in | in Excess of | Comprehensive | Noncontrolling | Total | |||||||||||||||||||||||||||
Number | Amount | Number | Amount | Capital | Earnings | Income | Interests | Equity | |||||||||||||||||||||||||
Balances, December 31, 2015 | — | $ | — | 23,015,751 | $ | 230 | $ | 236,392 | $ | 11 | $ | — | $ | 279,414 | $ | 516,047 | |||||||||||||||||
OP equity issuances in business combinations: | |||||||||||||||||||||||||||||||||
OP units and subordinated performance units, net of offering costs | — | — | — | — | — | — | — | 120,827 | 120,827 | ||||||||||||||||||||||||
LTIP units | — | — | — | — | — | — | — | 814 | 814 | ||||||||||||||||||||||||
Redemption of OP units | — | — | 1,125,503 | 11 | 13,004 | — | (4 | ) | (13,011 | ) | — | ||||||||||||||||||||||
Issuance of common shares, net of offering costs | — | — | 18,962,209 | 190 | 376,224 | — | — | — | 376,414 | ||||||||||||||||||||||||
Issuance of common shares, share based compensation plans | — | — | 4,309 | — | — | — | — | — | — | ||||||||||||||||||||||||
Effect of changes in ownership for consolidated entities | — | — | — | — | (49,349 | ) | — | 288 | 49,061 | — | |||||||||||||||||||||||
Issuance of OP units | — | — | — | — | — | — | — | 1,441 | 1,441 | ||||||||||||||||||||||||
Equity-based compensation expense | — | — | — | — | 120 | — | — | 2,477 | 2,597 | ||||||||||||||||||||||||
Issuance of LTIP units for acquisition expenses | — | — | — | — | — | — | — | 56 | 56 | ||||||||||||||||||||||||
Issuance of restricted common shares | — | — | 8,090 | — | — | — | — | — | — | ||||||||||||||||||||||||
Vesting and forfeitures of restricted common shares | — | — | (5,500 | ) | — | (26 | ) | — | — | — | (26 | ) | |||||||||||||||||||||
Reduction in receivables from partners of OP | — | — | — | — | — | — | — | 1,375 | 1,375 | ||||||||||||||||||||||||
Common share dividends | — | — | — | — | — | (26,695 | ) | — | — | (26,695 | ) | ||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | (47,760 | ) | (47,760 | ) | ||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 8,741 | 371 | 9,112 | ||||||||||||||||||||||||
Net income | — | — | — | — | — | 17,965 | — | 6,901 | 24,866 | ||||||||||||||||||||||||
Balances, December 31, 2016 | — | — | 43,110,362 | 431 | 576,365 | (8,719 | ) | 9,025 | 401,966 | 979,068 | |||||||||||||||||||||||
Issuance of preferred shares, net of offering costs | 6,900,000 | 172,500 | — | — | (5,934 | ) | — | — | — | 166,566 |
Accumulated | |||||||||||||||||||||||||||||||||
Additional | Distributions | Other | |||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Paid-in | in Excess of | Comprehensive | Noncontrolling | Total | |||||||||||||||||||||||||||
Number | Amount | Number | Amount | Capital | Earnings | Income | Interests | Equity | |||||||||||||||||||||||||
OP equity recorded in connection with property acquisitions: | |||||||||||||||||||||||||||||||||
OP units and subordinated performance units, net of offering costs | — | — | — | — | — | — | — | 29,900 | 29,900 | ||||||||||||||||||||||||
LTIP units | — | — | — | — | — | — | — | 854 | 854 | ||||||||||||||||||||||||
Issuance of subordinated performance units | — | — | — | — | — | — | — | 7,000 | 7,000 | ||||||||||||||||||||||||
Redemptions of OP units | — | — | 1,409,715 | 14 | 18,389 | — | 289 | (18,692 | ) | — | |||||||||||||||||||||||
Issuance of common shares, net of offering costs | — | — | 5,750,000 | 58 | 140,203 | — | — | — | 140,261 | ||||||||||||||||||||||||
Issuance of common shares, share based compensation plans | — | — | 6,862 | — | — | — | — | — | — | ||||||||||||||||||||||||
Effect of changes in ownership for consolidated entities | — | — | — | — | (17,749 | ) | — | 385 | 17,364 | — | |||||||||||||||||||||||
Issuance of OP units | — | — | — | — | — | — | — | 1,262 | 1,262 | ||||||||||||||||||||||||
Equity-based compensation expense | — | — | — | — | 244 | — | — | 3,520 | 3,764 | ||||||||||||||||||||||||
Issuance of LTIP units for acquisition expenses | — | — | — | — | — | — | — | 15 | 15 | ||||||||||||||||||||||||
Issuance of restricted common shares | — | — | 16,525 | — | — | — | — | — | — | ||||||||||||||||||||||||
Vesting and forfeitures of restricted common shares | — | — | (8,530 | ) | — | (51 | ) | — | — | — | (51 | ) | |||||||||||||||||||||
Reduction in receivables from partners of OP | — | — | — | — | — | — | — | 812 | 812 | ||||||||||||||||||||||||
Preferred share dividends | — | — | — | — | — | (2,300 | ) | — | — | (2,300 | ) | ||||||||||||||||||||||
Common share dividends | — | — | — | — | — | (47,671 | ) | — | — | (47,671 | ) | ||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | (58,234 | ) | (58,234 | ) | ||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 2,583 | 1,660 | 4,243 | ||||||||||||||||||||||||
Net income | — | — | — | — | — | 2,961 | — | 43,037 | 45,998 | ||||||||||||||||||||||||
Balances, December 31, 2017 | 6,900,000 | 172,500 | 50,284,934 | 503 | 711,467 | (55,729 | ) | 12,282 | 430,464 | 1,271,487 |
Accumulated | |||||||||||||||||||||||||||||||||
Additional | Distributions | Other | |||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Paid-in | in Excess of | Comprehensive | Noncontrolling | Total | |||||||||||||||||||||||||||
Number | Amount | Number | Amount | Capital | Earnings | Income | Interests | Equity | |||||||||||||||||||||||||
OP equity issued for property acquisitions: | |||||||||||||||||||||||||||||||||
Series A-1 preferred units, OP units and subordinated performance units, net of offering costs | — | — | — | — | — | — | — | 27,962 | 27,962 | ||||||||||||||||||||||||
Redemptions of OP units | — | — | 462,778 | 5 | 5,904 | — | 172 | (6,081 | ) | — | |||||||||||||||||||||||
Issuance of common shares, net of offering costs | — | — | 5,900,000 | 59 | 175,557 | — | — | — | 175,616 | ||||||||||||||||||||||||
Effect of changes in ownership for consolidated entities | — | — | — | — | (48,830 | ) | — | 410 | 48,420 | — | |||||||||||||||||||||||
Issuance of OP units | — | — | — | — | — | — | — | 1,236 | 1,236 | ||||||||||||||||||||||||
Equity-based compensation expense | — | — | — | — | 253 | — | — | 3,584 | 3,837 | ||||||||||||||||||||||||
Issuance of restricted common shares | — | — | 12,311 | — | — | — | — | — | — | ||||||||||||||||||||||||
Vesting and forfeitures of restricted common shares, net | — | — | (6,014 | ) | — | (75 | ) | — | — | — | (75 | ) | |||||||||||||||||||||
Reduction in receivables from partners of the operating partnership | — | — | — | — | — | — | — | 642 | 642 | ||||||||||||||||||||||||
Preferred share dividends | — | — | — | — | — | (10,350 | ) | — | — | (10,350 | ) | ||||||||||||||||||||||
Common share dividends | — | — | — | — | — | (62,152 | ) | — | — | (62,152 | ) | ||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | (64,011 | ) | (64,011 | ) | ||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 754 | 1,027 | 1,781 | ||||||||||||||||||||||||
Net income | — | — | — | — | — | 14,109 | — | 42,217 | 56,326 | ||||||||||||||||||||||||
Balances, December 31, 2018 | 6,900,000 | $ | 172,500 | 56,654,009 | $ | 567 | $ | 844,276 | $ | (114,122 | ) | $ | 13,618 | $ | 485,460 | $ | 1,402,299 |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | $ | 56,326 | $ | 45,998 | $ | 24,866 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 89,147 | 75,115 | 55,064 | ||||||||
Amortization of debt issuance costs | 2,569 | 2,175 | 1,955 | ||||||||
Amortization of debt discount and premium, net | (1,469 | ) | (1,570 | ) | (2,051 | ) | |||||
Loss on debt extinguishment | — | — | 136 | ||||||||
Gain on sale of self storage properties | (391 | ) | (5,715 | ) | — | ||||||
LTIP units issued for acquisition expenses | — | — | 56 | ||||||||
Equity-based compensation expense | 3,837 | 3,764 | 2,597 | ||||||||
Equity in losses of unconsolidated real estate ventures | 1,423 | 2,339 | 1,484 | ||||||||
Distributions from unconsolidated real estate ventures | 8,187 | 5,093 | 730 | ||||||||
Change in assets and liabilities, net of effects of self storage property acquisitions: | |||||||||||
Other assets | (5,713 | ) | (2,398 | ) | (1,994 | ) | |||||
Accounts payable and accrued liabilities | 6,597 | 1,200 | 8,386 | ||||||||
Deferred revenue | 1,283 | (1,713 | ) | 3,417 | |||||||
Net Cash Provided by Operating Activities | 161,796 | 124,288 | 94,646 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Acquisition of self storage properties | (313,712 | ) | (391,619 | ) | (532,030 | ) | |||||
Capital expenditures | (19,014 | ) | (14,656 | ) | (11,418 | ) | |||||
Investments in and advances to unconsolidated real estate ventures | (165,642 | ) | (15,289 | ) | (82,950 | ) | |||||
Distributions from unconsolidated real estate ventures | — | 250 | — | ||||||||
Acquisition of property management platform | — | — | (19,933 | ) | |||||||
Deposits and advances for self storage property and other acquisitions | (20,977 | ) | (4,923 | ) | (345 | ) | |||||
Expenditures for corporate furniture, equipment and other | (403 | ) | (588 | ) | (527 | ) | |||||
Net proceeds from sale of self storage properties | 5,259 | 17,534 | 4,823 | ||||||||
Net Cash Used In Investing Activities | (514,489 | ) | (409,291 | ) | (642,380 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Proceeds from issuance of common shares | 175,616 | 140,261 | 378,281 | ||||||||
Proceeds from issuance of preferred shares | — | 166,566 | — | ||||||||
Proceeds from issuance of subordinated performance units | — | 7,000 | — | ||||||||
Borrowings under debt financings | 822,500 | 760,900 | 812,500 | ||||||||
Receipts for OP unit subscriptions | 1,211 | 1,150 | 1,344 | ||||||||
Collection of receivables from issuance of OP equity | — | — | 930 | ||||||||
Principal payments under debt financings | (507,239 | ) | (679,104 | ) | (558,597 | ) | |||||
Payment of dividends to common shareholders | (62,152 | ) | (47,671 | ) | (26,695 | ) | |||||
Payment of dividends to preferred shareholders | (10,350 | ) | (2,300 | ) | — | ||||||
Distributions to noncontrolling interests | (63,350 | ) | (57,314 | ) | (47,005 | ) | |||||
Debt issuance costs | (2,860 | ) | (2,381 | ) | (5,665 | ) |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Equity offering costs | (727 | ) | (1,034 | ) | (1,399 | ) | |||||
Net Cash Provided by Financing Activities | 352,649 | 286,073 | 553,694 | ||||||||
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (44 | ) | 1,070 | 5,960 | |||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||||||||||
Beginning of year | 16,407 | 15,337 | 9,377 | ||||||||
End of year | $ | 16,363 | $ | 16,407 | $ | 15,337 |
Supplemental Cash Flow Information | |||||||||||
Cash paid for interest | $ | 40,475 | $ | 32,951 | $ | 23,313 | |||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities | |||||||||||
Consideration exchanged in property acquisitions: | |||||||||||
Issuance of OP units and subordinated performance units | $ | 28,063 | $ | 30,327 | $ | 120,952 | |||||
Deposits on acquisitions applied to purchase price | 5,050 | 350 | 631 | ||||||||
LTIP units vesting upon acquisition of properties | — | 854 | 814 | ||||||||
Assumption of mortgages payable | 7,581 | — | 61,628 | ||||||||
Other net liabilities assumed | 2,167 | 3,616 | 4,817 | ||||||||
Issuance of OP unit subscription liability through reduced distributions | 1,236 | 1,262 | 1,441 | ||||||||
Settlement of acquisition receivables through reduced distributions | 642 | 812 | 445 | ||||||||
Increase in OP unit subscription liability through reduced distributions | 19 | 108 | 310 | ||||||||
Increase in payables for offering costs | 626 | 600 | 593 | ||||||||
Settlement of offering expenses from equity issuance proceeds | 575 | 12,299 | 11,673 |
December 31, | |||||
2018 | 2017 | ||||
Series A-1 preferred units | 343,719 | — | |||
OP units | 28,874,103 | 26,719,607 | |||
Subordinated performance units | 10,749,475 | 11,604,738 | |||
LTIP units | 931,671 | 771,396 | |||
DownREIT units | |||||
DownREIT OP units | 1,834,786 | 1,834,786 | |||
DownREIT subordinated performance units | 4,386,999 | 4,386,999 | |||
Total | 47,120,753 | 45,317,526 |
December 31, | |||||||
2018 | 2017 | ||||||
Land | $ | 583,455 | $ | 528,304 | |||
Buildings and improvements | 2,048,281 | 1,741,459 | |||||
Furniture and equipment | 5,987 | 5,470 | |||||
Total self storage properties | 2,637,723 | 2,275,233 | |||||
Less accumulated depreciation | (246,261 | ) | (170,358 | ) | |||
Self storage properties, net | $ | 2,391,462 | $ | 2,104,875 |
December 31, 2018 | December 31, 2017 | ||||||
ASSETS | |||||||
Self storage properties, net | $ | 1,894,412 | $ | 655,973 | |||
Other assets | 50,915 | 8,397 | |||||
Total assets | $ | 1,945,327 | $ | 664,370 | |||
LIABILITIES AND EQUITY | |||||||
Debt financing | $ | 956,357 | $ | 317,359 | |||
Other liabilities | 16,516 | 4,855 | |||||
Equity | 972,454 | 342,156 | |||||
Total liabilities and equity | $ | 1,945,327 | $ | 664,370 | |||
Year Ended December 31, | Period Ended | ||||||||||
2018 | 2017 | December 31, 2016 | |||||||||
Total revenue | $ | 94,507 | $ | 54,747 | $ | 12,197 | |||||
Property operating expenses | 30,229 | 18,463 | 3,850 | ||||||||
Net operating income | 64,278 | 36,284 | 8,347 | ||||||||
Supervisory, administrative and other expenses | (6,397 | ) | (3,921 | ) | (949 | ) | |||||
Depreciation and amortization | (40,930 | ) | (29,192 | ) | (6,235 | ) | |||||
Interest expense | (20,718 | ) | (11,389 | ) | (2,823 | ) | |||||
Loss on sale of self storage properties | (820 | ) | — | — | |||||||
Acquisition and other expenses | (1,188 | ) | (1,146 | ) | (4,277 | ) | |||||
Net loss | $ | (5,775 | ) | $ | (9,364 | ) | $ | (5,937 | ) | ||
Acquisitions closed during the Three Months Ended: | Summary of Investment | |||||||||||||||||||||
Number of Properties | Cash and Acquisition Costs | Value of OP Equity(1) | Liabilities Assumed | Total | ||||||||||||||||||
Mortgages(2) | Other | |||||||||||||||||||||
March 31, 2018 | 25 | $ | 105,135 | $ | 22,403 | $ | 7,581 | $ | 670 | $ | 135,789 | |||||||||||
June 30, 2018 | 12 | 62,470 | — | — | 467 | 62,937 | ||||||||||||||||
September 30, 2018 | 13 | 102,012 | 3,660 | — | 856 | 106,528 | ||||||||||||||||
December 31, 2018 | 7 | 49,221 | 2,000 | — | 174 | 51,395 | ||||||||||||||||
Total | 57 | $ | 318,838 | $ | 28,063 | $ | 7,581 | $ | 2,167 | $ | 356,649 | |||||||||||
March 31, 2017 | 5 | $ | 26,780 | $ | 4,964 | $ | — | $ | 183 | $ | 31,927 | |||||||||||
June 30, 2017 | 10 | 60,672 | 8,931 | — | 387 | 69,990 | ||||||||||||||||
September 30, 2017 | 19 | 122,742 | 267 | — | 826 | 123,835 | ||||||||||||||||
December 31, 2017 | 31 | 181,809 | 17,019 | — | 2,220 | 201,048 | ||||||||||||||||
Total | 65 | $ | 392,003 | $ | 31,181 | $ | — | $ | 3,616 | $ | 426,800 |
(1) | Value of OP equity represents the fair value of Series A-1 preferred units, OP units, subordinated performance units, and LTIP units. |
(2) | Includes fair value of debt adjustment for assumed mortgages of approximately $0.2 million during the year ended December 31, 2018. |
December 31, | |||||||
2018 | 2017 | ||||||
Customer in-place leases, net of accumulated amortization of $5,090 and $3,914, respectively | $ | 4,063 | $ | 6,590 | |||
Receivables: | |||||||
Trade, net | 3,402 | 2,274 | |||||
PROs and other affiliates | 2,027 | 979 | |||||
Receivable from unconsolidated real estate venture | 4,573 | 1,200 | |||||
Property acquisition deposits | 20,977 | 5,050 | |||||
Interest rate swaps | 16,164 | 12,414 | |||||
Prepaid expenses and other | 4,266 | 3,949 | |||||
Corporate furniture, equipment and other, net | 1,574 | 1,444 | |||||
Trade name | 3,200 | 3,200 | |||||
Management contract, net of accumulated amortization of $1,564 and $856, respectively | 9,057 | 9,765 | |||||
Goodwill | 5,750 | 5,750 | |||||
Total | $ | 75,053 | $ | 52,615 |
December 31, | |||||||||
Interest Rate(1) | 2018 | 2017 | |||||||
Credit Facility: | |||||||||
Revolving line of credit | 3.90% | $ | 139,500 | $ | 88,500 | ||||
Term loan A | 2.91% | 235,000 | 235,000 | ||||||
Term loan B | 2.94% | 155,000 | 155,000 | ||||||
Term loan C | 3.71% | 105,000 | 105,000 | ||||||
Term loan D | 3.79% | 125,000 | — | ||||||
2023 Term loan facility | 3.13% | 175,000 | 100,000 | ||||||
2028 Term loan facility | 4.62% | 75,000 | — | ||||||
Fixed rate mortgages payable | 4.18% | 268,138 | 271,491 | ||||||
Total principal | 1,277,638 | 954,991 | |||||||
Unamortized debt issuance costs and debt premium, net | 464 | 3,106 | |||||||
Total debt | $ | 1,278,102 | $ | 958,097 |
(1) | Represents the effective interest rate as of December 31, 2018. Effective interest rate incorporates the stated rate plus the impact of interest rate cash flow hedges and discount and premium amortization, if applicable. For the revolving line of credit, the effective interest rate excludes fees for unused borrowings. |
Year Ending December 31, | Scheduled Principal and Maturity Payments | Premium Amortization and Unamortized Debt Issuance Costs | Total | |||||||||
2019 | $ | 5,128 | $ | (361 | ) | $ | 4,767 | |||||
2020 | 178,897 | (699 | ) | 178,198 | ||||||||
2021 | 242,603 | (779 | ) | 241,824 | ||||||||
2022 | 159,205 | (441 | ) | 158,764 | ||||||||
2023 | 377,049 | (42 | ) | 377,007 | ||||||||
After 2024 | 314,756 | 2,786 | 317,542 | |||||||||
$ | 1,277,638 | $ | 464 | $ | 1,278,102 |
Time-Based LTIP Unit Awards | ||||||||||||||||||||
2018 | 2017 | 2016 | ||||||||||||||||||
Number of LTIP units | Weighted Average Grant-Date Fair Value | Number of LTIP units | Weighted Average Grant-Date Fair Value | Number of LTIP units | Weighted Average Grant-Date Fair Value | |||||||||||||||
Outstanding unvested at beginning of year | 227,766 | $ | 20.37 | 294,529 | $ | 14.74 | 236,265 | $ | 10.41 | |||||||||||
Granted | 100,176 | 27.08 | 128,051 | 22.89 | 177,546 | 17.59 | ||||||||||||||
Vested | (104,130 | ) | 20.18 | (194,814 | ) | 13.43 | (119,282 | ) | 10.41 | |||||||||||
Unvested at end of year | 223,812 | $ | 23.54 | 227,766 | $ | 20.37 | 294,529 | $ | 14.74 |
Performance-Based LTIP Unit Awards | ||||||||||||
Minimum | Target | Maximum | Weighted Average Grant-Date Fair Value | |||||||||
Outstanding unvested at December 31, 2016 | — | — | — | $ | — | |||||||
Granted | — | 40,390 | 90,874 | 27.63 | ||||||||
Outstanding unvested at December 31, 2017 | — | 40,390 | 90,874 | $ | 27.63 | |||||||
Granted | — | 46,017 | 69,025 | 24.67 | ||||||||
Outstanding unvested at December 31, 2018 | — | 86,407 | 159,899 | $ | 26.35 |
2018 | 2017 | ||||
Risk-free interest rate | 2.04 | % | 1.58 | % | |
Dividend yield | 4.11 | % | 4.35 | % | |
Expected volatility | 24.44 | % | 29.96 | % |
Total LTIP units | ||
Total unvested units, December 31, 2015 | 423,800 | |
Units vested in 2016 related to properties contributed or sourced by PROs | (45,100 | ) |
Units forfeited | (118,300 | ) |
Total unvested units, December 31, 2016 | 260,400 | |
Units vested in 2017 related to properties contributed or sourced by PROs | (36,400 | ) |
Total unvested units, December 31, 2017 | 224,000 | |
Units vested in 2018 related to properties contributed or sourced by PROs | — | |
Total unvested units, December 31, 2018 | 224,000 |
Year Ended December 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | ||||||||||||||||||
Number of Restricted Common Shares | Weighted Average Grant-Date Fair Value | Number of Restricted Common Shares | Weighted Average Grant-Date Fair Value | Number of Restricted Common Shares | Weighted Average Grant-Date Fair Value | |||||||||||||||
Outstanding at beginning of year | 21,585 | $ | 22.43 | 13,590 | $ | 12.40 | 11,000 | $ | 12.40 | |||||||||||
Granted | 12,311 | 27.26 | 16,525 | 24.04 | 8,090 | 17.19 | ||||||||||||||
Vested | (8,041 | ) | 21.88 | (8,530 | ) | 14.11 | (5,500 | ) | 12.40 | |||||||||||
Forfeited | (3,266 | ) | 25.35 | — | — | — | — | |||||||||||||
Unvested at end of year | 22,589 | $ | 24.83 | 21,585 | $ | 22.43 | 13,590 | $ | 12.40 |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Earnings (loss) per common share - basic and diluted | |||||||||||
Numerator | |||||||||||
Net income | $ | 56,326 | $ | 45,998 | $ | 24,866 | |||||
Net income attributable to noncontrolling interests | (42,217 | ) | (43,037 | ) | (6,901 | ) | |||||
Net income attributable to National Storage Affiliates Trust | 14,109 | 2,961 | 17,965 | ||||||||
Distributions to preferred shareholders | (10,350 | ) | (2,300 | ) | — | ||||||
Distributed and undistributed earnings allocated to participating securities | (27 | ) | (28 | ) | (18 | ) | |||||
Net income attributable to common shareholders - basic | 3,732 | 633 | 17,947 | ||||||||
Effect of assumed conversion of dilutive securities | — | — | 6,783 | ||||||||
Net income attributable to common shareholders - diluted | $ | 3,732 | $ | 633 | $ | 24,730 | |||||
Denominator | |||||||||||
Weighted average shares outstanding - basic | 53,293 | 44,423 | 29,887 | ||||||||
Effect of dilutive securities: | |||||||||||
Weighted average OP units outstanding | — | — | 24,262 | ||||||||
Weighted average DownREIT OP unit equivalents outstanding | — | — | 1,835 | ||||||||
Weighted average LTIP units outstanding | — | — | 1,846 | ||||||||
Weighted average subordinated performance units and DownREIT subordinated performance unit equivalents | — | — | 20,917 | ||||||||
Weighted average shares outstanding - diluted | 53,293 | 44,423 | 78,747 | ||||||||
Earnings (loss) per share - basic | $ | 0.07 | $ | 0.01 | $ | 0.60 | |||||
Earnings (loss) per share - diluted | $ | 0.07 | $ | 0.01 | $ | 0.31 | |||||
Dividends declared per common share | $ | 1.16 | $ | 1.04 | $ | 0.88 |
Year Ending December 31, | Real Estate Leasehold Interests | Office Leases | Total | |||||||||
2019 | $ | 1,334 | $ | 345 | $ | 1,679 | ||||||
2020 | 1,379 | 398 | 1,777 | |||||||||
2021 | 1,404 | 387 | 1,791 | |||||||||
2022 | 1,419 | 381 | 1,800 | |||||||||
2023 | 1,424 | 346 | 1,770 | |||||||||
2024 through 2092 | 36,074 | 1,073 | 37,147 | |||||||||
$ | 43,034 | $ | 2,930 | $ | 45,964 |
Interest Rate Swaps Designated as Cash Flow Hedges | |||
Fair value at December 31, 2016 | $ | 8,159 | |
Cash flow hedge ineffectiveness | 12 | ||
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income | 2,308 | ||
Unrealized gains included in accumulated other comprehensive income | 1,935 | ||
Fair value at December 31, 2017 | $ | 12,414 | |
Gains on interest rate swaps reclassified into interest expense from accumulated other comprehensive income | (1,817 | ) | |
Unrealized gains included in accumulated other comprehensive income | 3,598 | ||
Fair value at December 31, 2018 | $ | 14,195 |
For the three months ended | |||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||
2018 | 2018 | 2018 | 2018 | ||||||||||||
Total revenues | $ | 76,493 | $ | 79,723 | $ | 85,382 | $ | 89,298 | |||||||
Total operating expenses | 54,900 | 56,033 | 57,869 | 60,440 | |||||||||||
Income from operations | 21,593 | 23,690 | 27,513 | 28,858 | |||||||||||
Gain (loss) on sale of self storage properties | 474 | (83 | ) | — | — | ||||||||||
Net income | 11,973 | 13,041 | 16,829 | 14,483 | |||||||||||
Net income (loss) attributable to common shareholders | $ | 7,872 | $ | 3,304 | $ | 1,806 | $ | (9,223 | ) | ||||||
Earnings (loss) per share - basic | $ | 0.16 | $ | 0.07 | $ | 0.03 | $ | (0.16 | ) | ||||||
Earnings (loss) per share - diluted | $ | 0.09 | $ | 0.07 | $ | 0.03 | $ | (0.16 | ) |
For the three months ended | |||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||
2017 | 2017 | 2017 | 2017 | ||||||||||||
Total revenues | $ | 61,563 | $ | 64,341 | $ | 68,858 | $ | 73,368 | |||||||
Total operating expenses | 45,613 | 45,008 | 47,561 | 51,448 | |||||||||||
Income from operations | 15,950 | 19,333 | 21,297 | 21,920 | |||||||||||
Gain (loss) on sale of self storage properties | — | 5,637 | 106 | (28 | ) | ||||||||||
Net income | 7,181 | 15,576 | 11,226 | 12,015 | |||||||||||
Net income (loss) attributable to common shareholders | $ | 555 | $ | 2,367 | $ | 1,271 | $ | (3,532 | ) | ||||||
Earnings (loss) per share - basic | $ | 0.01 | $ | 0.05 | $ | 0.03 | $ | (0.08 | ) | ||||||
Earnings (loss) per share - diluted | $ | 0.01 | $ | 0.05 | $ | 0.03 | $ | (0.08 | ) |
Location | Initial Cost to Company | Gross Carrying Amount at Year-End | ||||||||||||||||||||||||||||||
MSA(1) | State/Territory | Land | Buildings and Improvements | Subsequent Additions | Land | Buildings and Improvements | Total(2) | Accumulated Depreciation | Date Acquired | |||||||||||||||||||||||
Mobile | AL | $ | 991 | $ | 4,874 | $ | 730 | $ | 991 | $ | 5,604 | $ | 6,595 | $ | 862 | 4/12/2016 | ||||||||||||||||
Lake Havasu City-Kingman | AZ | 671 | 1,572 | 45 | 671 | 1,617 | 2,288 | 396 | 4/1/2014 | |||||||||||||||||||||||
Lake Havasu City-Kingman | AZ | 722 | 2,546 | 57 | 722 | 2,603 | 3,325 | 685 | 7/1/2014 | |||||||||||||||||||||||
Phoenix-Mesa-Glendale | AZ | 1,089 | 6,607 | 66 | 1,089 | 6,673 | 7,762 | 1,353 | 6/30/2014 | |||||||||||||||||||||||
Phoenix-Mesa-Glendale | AZ | 3,813 | 7,831 | 66 | 3,813 | 7,897 | 11,710 | 1,207 | 9/30/2014 | |||||||||||||||||||||||
Phoenix-Mesa-Glendale | AZ | 1,375 | 2,613 | 79 | 1,375 | 2,692 | 4,067 | 728 | 9/30/2014 | |||||||||||||||||||||||
Phoenix-Mesa-Glendale | AZ | 1,653 | 7,531 | 39 | 1,653 | 7,570 | 9,223 | 999 | 10/1/2014 | |||||||||||||||||||||||
Phoenix-Mesa-Glendale | AZ | 1,661 | 3,311 | 69 | 1,661 | 3,380 | 5,041 | 563 | 10/1/2014 | |||||||||||||||||||||||
Phoenix-Mesa-Glendale | AZ | 1,050 | 5,359 | 44 | 1,050 | 5,403 | 6,453 | 552 | 1/1/2015 | |||||||||||||||||||||||
Phoenix-Mesa-Glendale | AZ | 1,198 | 1,921 | 35 | 1,198 | 1,956 | 3,154 | 335 | 5/1/2015 | |||||||||||||||||||||||
Phoenix-Mesa-Glendale | AZ | 1,324 | 3,626 | 38 | 1,324 | 3,664 | 4,988 | 520 | 5/1/2015 | |||||||||||||||||||||||
Phoenix-Mesa-Glendale | AZ | 3,816 | 4,348 | 13 | 3,816 | 4,361 | 8,177 | 598 | 5/1/2015 | |||||||||||||||||||||||
Phoenix-Mesa-Scottsdale | AZ | 5,576 | 6,746 | 253 | 5,576 | 6,999 | 12,575 | 960 | 5/19/2016 | |||||||||||||||||||||||
Phoenix-Mesa-Scottsdale | AZ | 1,506 | 2,881 | 163 | 1,609 | 3,044 | 4,653 | 297 | 7/29/2016 | |||||||||||||||||||||||
Phoenix-Mesa-Scottsdale | AZ | 2,120 | 5,442 | 17 | 2,120 | 5,459 | 7,579 | 348 | 2/13/2017 | |||||||||||||||||||||||
Phoenix-Mesa-Scottsdale | AZ | 1,809 | 4,787 | 13 | 1,809 | 4,800 | 6,609 | 193 | 1/4/2018 | |||||||||||||||||||||||
Phoenix-Mesa-Scottsdale | AZ | 840 | 5,274 | 12 | 840 | 5,286 | 6,126 | 206 | 1/4/2018 | |||||||||||||||||||||||
Phoenix-Mesa-Scottsdale | AZ | 2,111 | 7,963 | 22 | 2,111 | 7,985 | 10,096 | 285 | 1/4/2018 | |||||||||||||||||||||||
Phoenix-Mesa-Scottsdale | AZ | 748 | 4,027 | 194 | 748 | 4,221 | 4,969 | 176 | 1/11/2018 | |||||||||||||||||||||||
Phoenix-Mesa-Scottsdale | AZ | 676 | 4,098 | 51 | 676 | 4,149 | 4,825 | 152 | 1/11/2018 | |||||||||||||||||||||||
Phoenix-Mesa-Scottsdale | AZ | 1,011 | 3,453 | 51 | 1,011 | 3,504 | 4,515 | 127 | 1/11/2018 | |||||||||||||||||||||||
Phoenix-Mesa-Scottsdale | AZ | 1,125 | 3,554 | 63 | 1,125 | 3,617 | 4,742 | 152 | 1/11/2018 | |||||||||||||||||||||||
Phoenix-Mesa-Scottsdale | AZ | 949 | 7,351 | 40 | 949 | 7,391 | 8,340 | 229 | 1/11/2018 | |||||||||||||||||||||||
Phoenix-Mesa-Scottsdale | AZ | 1,419 | 5,504 | 51 | 1,419 | 5,555 | 6,974 | 204 | 1/11/2018 | |||||||||||||||||||||||
Phoenix-Mesa-Scottsdale | AZ | 1,117 | 5,918 | 208 | 1,117 | 6,126 | 7,243 | 172 | 2/1/2018 | |||||||||||||||||||||||
Tucson | AZ | 421 | 3,855 | 91 | 421 | 3,946 | 4,367 | 596 | 8/29/2013 | |||||||||||||||||||||||
Tucson | AZ | 716 | 1,365 | 15 | 716 | 1,380 | 2,096 | 392 | 8/29/2013 | |||||||||||||||||||||||
Tucson | AZ | 358 | 2,047 | 70 | 358 | 2,117 | 2,475 | 108 | 1/4/2018 | |||||||||||||||||||||||
Tucson | AZ | 439 | 2,501 | 35 | 439 | 2,536 | 2,975 | 104 | 1/4/2018 | |||||||||||||||||||||||
Tucson | AZ | 606 | 2,580 | 273 | 606 | 2,853 | 3,459 | 120 | 1/4/2018 | |||||||||||||||||||||||
Anaheim-Santa Ana-Irvine | CA | 1,530 | 5,799 | 301 | 1,530 | 6,100 | 7,630 | 429 | 8/1/2016 | |||||||||||||||||||||||
Bakersfield | CA | 511 | 2,804 | 205 | 511 | 3,009 | 3,520 | 316 | 8/1/2016 | |||||||||||||||||||||||
Bakersfield | CA | 1,409 | 3,907 | 194 | 1,228 | 4,101 | 5,329 | 388 | 8/1/2016 |
Location | Initial Cost to Company | Gross Carrying Amount at Year-End | ||||||||||||||||||||||||||||||
MSA(1) | State/Territory | Land | Buildings and Improvements | Subsequent Additions | Land | Buildings and Improvements | Total(2) | Accumulated Depreciation | Date Acquired | |||||||||||||||||||||||
Bakersfield | CA | 1,882 | 3,858 | 111 | 1,882 | 3,969 | 5,851 | 446 | 8/1/2016 | |||||||||||||||||||||||
Bakersfield | CA | 1,355 | 4,678 | 231 | 1,355 | 4,909 | 6,264 | 498 | 8/1/2016 | |||||||||||||||||||||||
Bakersfield | CA | 1,306 | 3,440 | 132 | 1,306 | 3,572 | 4,878 | 488 | 8/1/2016 | |||||||||||||||||||||||
Bakersfield | CA | 1,016 | 3,638 | 102 | 1,016 | 3,740 | 4,756 | 342 | 8/1/2016 | |||||||||||||||||||||||
Bakersfield | CA | 1,579 | 3,357 | 116 | 1,579 | 3,473 | 5,052 | 398 | 8/1/2016 | |||||||||||||||||||||||
Bakersfield | CA | 750 | 5,802 | 124 | 750 | 5,926 | 6,676 | 570 | 8/1/2016 | |||||||||||||||||||||||
Fresno | CA | 840 | 7,502 | 433 | 840 | 7,935 | 8,775 | 1,039 | 8/1/2016 | |||||||||||||||||||||||
Los Angeles-Long Beach-Glendale | CA | 2,345 | 6,820 | 641 | 2,345 | 7,461 | 9,806 | 533 | 8/1/2016 | |||||||||||||||||||||||
Los Angeles-Long Beach-Glendale | CA | 1,350 | 11,266 | 159 | 1,350 | 11,425 | 12,775 | 920 | 8/1/2016 | |||||||||||||||||||||||
Los Angeles-Long Beach-Glendale | CA | 763 | 6,258 | 175 | 763 | 6,433 | 7,196 | 520 | 8/1/2016 | |||||||||||||||||||||||
Los Angeles-Long Beach-Santa Ana | CA | 6,641 | 8,239 | 48 | 6,641 | 8,287 | 14,928 | 1,235 | 4/1/2014 | |||||||||||||||||||||||
Los Angeles-Long Beach-Santa Ana | CA | 1,122 | 1,881 | 9 | 1,122 | 1,890 | 3,012 | 381 | 6/30/2014 | |||||||||||||||||||||||
Los Angeles-Long Beach-Santa Ana(3) | CA | 7,186 | 12,771 | 75 | 7,186 | 12,846 | 20,032 | 2,241 | 9/17/2014 | |||||||||||||||||||||||
Los Angeles-Long Beach-Santa Ana(3)(4) | CA | — | 7,106 | 37 | — | 7,143 | 7,143 | 1,201 | 9/17/2014 | |||||||||||||||||||||||
Los Angeles-Long Beach-Santa Ana(3) | CA | 2,366 | 4,892 | 104 | 2,366 | 4,996 | 7,362 | 900 | 9/17/2014 | |||||||||||||||||||||||
Los Angeles-Long Beach-Santa Ana(3) | CA | 2,871 | 3,703 | 47 | 2,871 | 3,750 | 6,621 | 577 | 10/7/2014 | |||||||||||||||||||||||
Los Angeles-Long Beach-Santa Ana(3) | CA | 5,448 | 10,015 | 220 | 5,448 | 10,235 | 15,683 | 1,853 | 10/7/2014 | |||||||||||||||||||||||
Los Angeles-Long Beach-Santa Ana(4) | CA | — | 13,150 | 16 | — | 13,166 | 13,166 | 1,768 | 1/1/2015 | |||||||||||||||||||||||
Los Angeles-Long Beach-Santa Ana(4) | CA | — | 10,084 | 100 | — | 10,184 | 10,184 | 363 | 10/3/2017 | |||||||||||||||||||||||
Modesto | CA | 1,526 | 12,032 | 50 | 1,526 | 12,082 | 13,608 | 1,023 | 11/10/2016 | |||||||||||||||||||||||
Modesto | CA | 773 | 5,655 | 6 | 773 | 5,661 | 6,434 | 401 | 11/10/2016 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 1,842 | 3,420 | 31 | 1,842 | 3,451 | 5,293 | 478 | 1/1/2015 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 1,981 | 3,323 | 63 | 1,981 | 3,386 | 5,367 | 582 | 1/1/2015 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 3,418 | 9,907 | 141 | 3,418 | 10,048 | 13,466 | 1,214 | 8/5/2015 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 1,913 | 6,072 | 71 | 1,913 | 6,143 | 8,056 | 884 | 8/5/2015 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 772 | 4,044 | 74 | 772 | 4,118 | 4,890 | 705 | 8/5/2015 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 597 | 5,464 | 65 | 597 | 5,529 | 6,126 | 690 | 8/5/2015 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 3,022 | 8,124 | 79 | 3,022 | 8,203 | 11,225 | 1,166 | 8/5/2015 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 2,897 | 5,725 | 654 | 2,467 | 6,379 | 8,846 | 1,118 | 8/5/2015 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 2,835 | 5,589 | 831 | 2,164 | 6,420 | 8,584 | 1,017 | 8/5/2015 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 2,484 | 5,903 | 78 | 2,484 | 5,981 | 8,465 | 674 | 8/5/2015 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 1,139 | 5,054 | 8 | 1,139 | 5,062 | 6,201 | 669 | 10/1/2015 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 1,401 | 4,577 | 7 | 1,401 | 4,584 | 5,985 | 470 | 10/1/2015 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 925 | 3,459 | 40 | 925 | 3,499 | 4,424 | 474 | 10/1/2015 |
Location | Initial Cost to Company | Gross Carrying Amount at Year-End | ||||||||||||||||||||||||||||||
MSA(1) | State/Territory | Land | Buildings and Improvements | Subsequent Additions | Land | Buildings and Improvements | Total(2) | Accumulated Depreciation | Date Acquired | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 1,174 | 2,556 | 88 | 1,174 | 2,644 | 3,818 | 422 | 10/1/2015 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 1,506 | 2,913 | 38 | 1,506 | 2,951 | 4,457 | 374 | 10/1/2015 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 631 | 2,307 | 53 | 631 | 2,360 | 2,991 | 406 | 10/1/2015 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 1,318 | 2,394 | 43 | 1,318 | 2,437 | 3,755 | 398 | 10/1/2015 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 1,942 | 2,647 | 30 | 1,942 | 2,677 | 4,619 | 516 | 10/1/2015 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 1,339 | 2,830 | 30 | 1,339 | 2,860 | 4,199 | 425 | 10/1/2015 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 1,105 | 2,672 | 35 | 1,105 | 2,707 | 3,812 | 483 | 10/1/2015 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 1,542 | 2,127 | 15 | 1,542 | 2,142 | 3,684 | 382 | 10/1/2015 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 1,478 | 4,534 | 14 | 1,478 | 4,548 | 6,026 | 479 | 10/1/2015 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 3,245 | 4,420 | 1,424 | 3,245 | 5,844 | 9,089 | 878 | 5/16/2016 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 670 | 8,613 | 436 | 670 | 9,049 | 9,719 | 739 | 8/1/2016 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 538 | 3,921 | 379 | 538 | 4,300 | 4,838 | 369 | 8/1/2016 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 382 | 3,442 | 336 | 382 | 3,778 | 4,160 | 328 | 8/1/2016 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 806 | 3,852 | 560 | 806 | 4,412 | 5,218 | 380 | 8/1/2016 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 570 | 4,238 | 343 | 570 | 4,581 | 5,151 | 378 | 8/1/2016 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 345 | 3,270 | 145 | 345 | 3,415 | 3,760 | 321 | 8/1/2016 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 252 | 4,419 | 86 | 252 | 4,505 | 4,757 | 405 | 9/1/2016 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 2,691 | 3,950 | 209 | 2,691 | 4,159 | 6,850 | 327 | 9/1/2016 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 302 | 4,169 | 107 | 302 | 4,276 | 4,578 | 300 | 5/8/2017 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 896 | 6,397 | 295 | 896 | 6,692 | 7,588 | 450 | 5/31/2017 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 552 | 3,010 | 126 | 552 | 3,136 | 3,688 | 872 | 5/16/2008 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 1,342 | 4,446 | 120 | 1,342 | 4,566 | 5,908 | 1,454 | 4/1/2013 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 1,672 | 2,564 | 58 | 1,672 | 2,622 | 4,294 | 515 | 4/1/2014 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 978 | 1,854 | 294 | 978 | 2,148 | 3,126 | 561 | 5/30/2014 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 1,068 | 2,609 | 118 | 1,068 | 2,727 | 3,795 | 625 | 5/30/2014 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 1,202 | 2,032 | 54 | 1,202 | 2,086 | 3,288 | 429 | 6/30/2014 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 1,803 | 2,758 | 40 | 1,803 | 2,798 | 4,601 | 756 | 6/30/2014 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 1,337 | 4,489 | 55 | 1,337 | 4,544 | 5,881 | 821 | 6/30/2014 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 846 | 2,508 | 47 | 846 | 2,555 | 3,401 | 656 | 7/1/2014 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 1,026 | 4,552 | 54 | 1,026 | 4,606 | 5,632 | 781 | 9/17/2014 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 1,878 | 5,104 | 39 | 1,878 | 5,143 | 7,021 | 782 | 9/17/2014 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario(3) | CA | 14,109 | 23,112 | 217 | 14,109 | 23,329 | 37,438 | 4,167 | 9/17/2014 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 3,974 | 6,962 | 114 | 3,974 | 7,076 | 11,050 | 1,509 | 10/1/2014 | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 2,018 | 3,478 | 693 | 2,018 | 4,171 | 6,189 | 1,123 | 10/1/2014 |
Location | Initial Cost to Company | Gross Carrying Amount at Year-End | ||||||||||||||||||||||||||||||
MSA(1) | State/Territory | Land | Buildings and Improvements | Subsequent Additions | Land | Buildings and Improvements | Total(2) | Accumulated Depreciation | Date Acquired | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario | CA | 1,644 | 2,588 | 6 | 1,644 | 2,594 | 4,238 | 84 | 5/17/2018 | |||||||||||||||||||||||
Sacramento-Roseville-Arden-Arcade | CA | 1,195 | 8,407 | 5 | 1,195 | 8,412 | 9,607 | 581 | 11/10/2016 | |||||||||||||||||||||||
Sacramento-Roseville-Arden-Arcade | CA | 425 | 7,249 | 19 | 425 | 7,268 | 7,693 | 558 | 11/10/2016 | |||||||||||||||||||||||
Sacramento-Roseville-Arden-Arcade | CA | 1,652 | 9,510 | 56 | 1,652 | 9,566 | 11,218 | 120 | 9/26/2018 | |||||||||||||||||||||||
San Diego-Carlsbad | CA | 4,318 | 19,775 | 1,028 | 4,323 | 20,803 | 25,126 | 1,462 | 8/1/2016 | |||||||||||||||||||||||
San Diego-Carlsbad-San Marcos(3) | CA | 3,703 | 5,582 | 48 | 3,703 | 5,630 | 9,333 | 872 | 9/17/2014 | |||||||||||||||||||||||
San Diego-Carlsbad-San Marcos | CA | 3,544 | 4,915 | 217 | 3,544 | 5,132 | 8,676 | 838 | 10/1/2014 | |||||||||||||||||||||||
San Diego-Carlsbad-San Marcos(4) | CA | — | 5,568 | 87 | — | 5,655 | 5,655 | 628 | 1/1/2015 | |||||||||||||||||||||||
San Diego-Carlsbad-San Marcos(4) | CA | — | 4,041 | 50 | — | 4,091 | 4,091 | 833 | 1/31/2015 | |||||||||||||||||||||||
Stockton-Lodi | CA | 559 | 5,514 | 15 | 559 | 5,529 | 6,088 | 397 | 11/10/2016 | |||||||||||||||||||||||
Stockton-Lodi | CA | 1,710 | 8,995 | 29 | 1,710 | 9,024 | 10,734 | 737 | 11/10/2016 | |||||||||||||||||||||||
Stockton-Lodi | CA | 1,637 | 11,901 | 28 | 1,637 | 11,929 | 13,566 | 541 | 7/31/2017 | |||||||||||||||||||||||
Colorado Springs | CO | 455 | 1,351 | 58 | 455 | 1,409 | 1,864 | 421 | 8/29/2007 | |||||||||||||||||||||||
Colorado Springs | CO | 588 | 2,162 | 1,119 | 588 | 3,281 | 3,869 | 885 | 3/26/2008 | |||||||||||||||||||||||
Colorado Springs | CO | 632 | 3,118 | 401 | 632 | 3,519 | 4,151 | 1,047 | 3/26/2008 | |||||||||||||||||||||||
Colorado Springs | CO | 414 | 1,535 | 334 | 414 | 1,869 | 2,283 | 556 | 5/1/2008 | |||||||||||||||||||||||
Colorado Springs(3) | CO | 300 | 1,801 | 110 | 300 | 1,911 | 2,211 | 468 | 6/1/2009 | |||||||||||||||||||||||
Colorado Springs | CO | 766 | 5,901 | 574 | 766 | 6,475 | 7,241 | 257 | 10/19/2017 | |||||||||||||||||||||||
Denver-Aurora-Broomfield | CO | 868 | 128 | 2,303 | 868 | 2,431 | 3,299 | 530 | 6/22/2009 | |||||||||||||||||||||||
Denver-Aurora-Lakewood | CO | 938 | 8,449 | 24 | 938 | 8,473 | 9,411 | 523 | 11/1/2016 | |||||||||||||||||||||||
Fort Collins-Loveland | CO | 3,213 | 3,087 | 213 | 3,213 | 3,300 | 6,513 | 947 | 8/29/2007 | |||||||||||||||||||||||
Fort Collins-Loveland | CO | 2,514 | 1,786 | 107 | 2,514 | 1,893 | 4,407 | 546 | 8/29/2007 | |||||||||||||||||||||||
Pueblo | CO | 156 | 2,797 | 6 | 156 | 2,803 | 2,959 | 278 | 2/17/2016 | |||||||||||||||||||||||
Cape Coral-Fort Myers(3) | FL | 4,122 | 8,453 | 48 | 4,122 | 8,501 | 12,623 | 821 | 4/1/2016 | |||||||||||||||||||||||
Gainesville | FL | 1,072 | 4,698 | 62 | 1,072 | 4,760 | 5,832 | 188 | 1/10/2018 | |||||||||||||||||||||||
Gainesville | FL | 264 | 2,369 | 1 | 264 | 2,370 | 2,634 | 4 | 12/18/2018 | |||||||||||||||||||||||
Jacksonville | FL | 2,087 | 19,473 | 122 | 2,087 | 19,595 | 21,682 | 1,222 | 11/10/2016 | |||||||||||||||||||||||
Jacksonville | FL | 1,629 | 4,929 | 256 | 1,629 | 5,185 | 6,814 | 417 | 11/10/2016 | |||||||||||||||||||||||
Jacksonville | FL | 527 | 2,434 | 427 | 527 | 2,861 | 3,388 | 156 | 12/20/2017 | |||||||||||||||||||||||
Lakeland-Winter Haven(3) | FL | 972 | 2,159 | 140 | 972 | 2,299 | 3,271 | 334 | 5/4/2015 | |||||||||||||||||||||||
Naples-Immokalee-Marco Island(3) | FL | 3,849 | 16,688 | 83 | 3,849 | 16,771 | 20,620 | 1,374 | 4/1/2016 | |||||||||||||||||||||||
North Port-Sarasota-Bradenton(3) | FL | 2,211 | 5,682 | 28 | 2,211 | 5,710 | 7,921 | 535 | 4/1/2016 | |||||||||||||||||||||||
North Port-Sarasota-Bradenton(3) | FL | 2,488 | 7,282 | 131 | 2,488 | 7,413 | 9,901 | 657 | 4/1/2016 | |||||||||||||||||||||||
North Port-Sarasota-Bradenton(3) | FL | 1,767 | 5,955 | 19 | 1,767 | 5,974 | 7,741 | 606 | 4/1/2016 |
Location | Initial Cost to Company | Gross Carrying Amount at Year-End | ||||||||||||||||||||||||||||||
MSA(1) | State/Territory | Land | Buildings and Improvements | Subsequent Additions | Land | Buildings and Improvements | Total(2) | Accumulated Depreciation | Date Acquired | |||||||||||||||||||||||
North Port-Sarasota-Bradenton | FL | 2,143 | 5,005 | 3,487 | 3,373 | 8,492 | 11,865 | 860 | 10/11/2016 | |||||||||||||||||||||||
North Port-Sarasota-Bradenton(3) | FL | 1,924 | 4,514 | 42 | 1,924 | 4,556 | 6,480 | 515 | 4/1/2016 | |||||||||||||||||||||||
North Port-Sarasota-Bradenton | FL | 1,176 | 3,421 | 4 | 1,176 | 3,425 | 4,601 | 323 | 4/1/2016 | |||||||||||||||||||||||
North Port-Sarasota-Bradenton(3) | FL | 1,839 | 8,377 | 20 | 1,839 | 8,397 | 10,236 | 672 | 4/1/2016 | |||||||||||||||||||||||
North Port-Sarasota-Bradenton(3) | FL | 2,507 | 7,766 | 44 | 2,507 | 7,810 | 10,317 | 683 | 4/1/2016 | |||||||||||||||||||||||
North Port-Sarasota-Bradenton(3) | FL | 1,685 | 5,439 | 34 | 1,685 | 5,473 | 7,158 | 524 | 4/1/2016 | |||||||||||||||||||||||
North Port-Sarasota-Bradenton(3) | FL | 437 | 5,128 | 203 | 437 | 5,331 | 5,768 | 530 | 4/1/2016 | |||||||||||||||||||||||
North Port-Sarasota-Bradenton | FL | 1,015 | 3,031 | 22 | 1,015 | 3,053 | 4,068 | 272 | 4/1/2016 | |||||||||||||||||||||||
North Port-Sarasota-Bradenton | FL | 1,985 | 4,299 | 891 | 1,985 | 5,190 | 7,175 | 357 | 1/31/2017 | |||||||||||||||||||||||
North Port-Sarasota-Bradenton | FL | 1,336 | 4,085 | 1 | 1,336 | 4,086 | 5,422 | 223 | 4/6/2017 | |||||||||||||||||||||||
Orlando-Kissimmee-Sanford | FL | 2,426 | 9,314 | 90 | 2,426 | 9,404 | 11,830 | 689 | 11/10/2016 | |||||||||||||||||||||||
Orlando-Kissimmee-Sanford | FL | 2,166 | 4,672 | 89 | 2,166 | 4,761 | 6,927 | 391 | 11/10/2016 | |||||||||||||||||||||||
Orlando-Kissimmee-Sanford | FL | 4,583 | 8,752 | 88 | 4,583 | 8,840 | 13,423 | 810 | 11/10/2016 | |||||||||||||||||||||||
Orlando-Kissimmee-Sanford | FL | 4,181 | 4,268 | 162 | 4,181 | 4,430 | 8,611 | 297 | 6/30/2017 | |||||||||||||||||||||||
Pensacola-Ferry Pass-Brent | FL | 1,025 | 8,157 | 114 | 1,025 | 8,271 | 9,296 | 327 | 10/3/2017 | |||||||||||||||||||||||
Pensacola-Ferry Pass-Brent | FL | 841 | 5,075 | 162 | 841 | 5,237 | 6,078 | 184 | 2/20/2018 | |||||||||||||||||||||||
Pensacola-Ferry Pass-Brent | FL | 644 | 4,785 | 31 | 644 | 4,816 | 5,460 | 8 | 12/12/2018 | |||||||||||||||||||||||
Punta Gorda(3) | FL | 1,157 | 2,079 | 85 | 1,157 | 2,164 | 3,321 | 173 | 4/27/2017 | |||||||||||||||||||||||
Tampa-St. Petersburg-Clearwater(3) | FL | 5,436 | 10,092 | 27 | 5,436 | 10,119 | 15,555 | 983 | 4/1/2016 | |||||||||||||||||||||||
Tampa-St. Petersburg-Clearwater(3) | FL | 361 | 1,238 | 83 | 361 | 1,321 | 1,682 | 257 | 5/4/2015 | |||||||||||||||||||||||
Tampa-St. Petersburg-Clearwater | FL | 3,581 | 2,612 | 41 | 3,581 | 2,653 | 6,234 | 251 | 5/1/2017 | |||||||||||||||||||||||
Tampa-St. Petersburg-Clearwater | FL | 4,708 | 13,984 | 60 | 4,708 | 14,044 | 18,752 | 731 | 5/24/2017 | |||||||||||||||||||||||
Tampa-St. Petersburg-Clearwater | FL | 2,063 | 5,351 | — | 2,063 | 5,351 | 7,414 | 68 | 8/28/2018 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 515 | 687 | 100 | 515 | 787 | 1,302 | 254 | 8/29/2007 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 272 | 1,357 | 358 | 272 | 1,715 | 1,987 | 499 | 8/29/2007 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 702 | 1,999 | 319 | 702 | 2,318 | 3,020 | 724 | 8/29/2007 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 1,413 | 1,590 | 179 | 1,413 | 1,769 | 3,182 | 550 | 8/29/2007 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 341 | 562 | 131 | 341 | 693 | 1,034 | 240 | 8/29/2007 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 553 | 847 | 172 | 553 | 1,019 | 1,572 | 345 | 8/29/2007 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 85 | 445 | 285 | 85 | 730 | 815 | 257 | 9/28/2007 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta(3) | GA | 494 | 2,215 | 248 | 494 | 2,463 | 2,957 | 722 | 9/28/2007 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 1,614 | 2,476 | 1,719 | 1,614 | 4,195 | 5,809 | 382 | 7/29/2015 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 1,595 | 2,143 | 1,894 | 1,595 | 4,037 | 5,632 | 385 | 7/29/2015 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 666 | 5,961 | 48 | 666 | 6,009 | 6,675 | 339 | 7/17/2017 |
Location | Initial Cost to Company | Gross Carrying Amount at Year-End | ||||||||||||||||||||||||||||||
MSA(1) | State/Territory | Land | Buildings and Improvements | Subsequent Additions | Land | Buildings and Improvements | Total(2) | Accumulated Depreciation | Date Acquired | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 1,028 | 7,041 | 8 | 1,028 | 7,049 | 8,077 | 408 | 10/19/2017 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 748 | 3,382 | 25 | 748 | 3,407 | 4,155 | 173 | 10/19/2017 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 703 | 4,014 | 11 | 703 | 4,025 | 4,728 | 202 | 10/19/2017 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 1,873 | 9,109 | 17 | 1,873 | 9,126 | 10,999 | 422 | 10/19/2017 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 547 | 4,073 | 11 | 547 | 4,084 | 4,631 | 200 | 10/19/2017 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 1,499 | 5,279 | 3 | 1,499 | 5,282 | 6,781 | 262 | 10/19/2017 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 763 | 5,135 | 23 | 763 | 5,158 | 5,921 | 211 | 10/19/2017 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 795 | 2,941 | 12 | 795 | 2,953 | 3,748 | 144 | 10/19/2017 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 1,356 | 7,516 | 16 | 1,356 | 7,532 | 8,888 | 356 | 10/19/2017 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 912 | 5,074 | 18 | 912 | 5,092 | 6,004 | 213 | 10/19/2017 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 570 | 3,477 | 39 | 570 | 3,516 | 4,086 | 176 | 10/19/2017 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 1,052 | 7,102 | 13 | 1,052 | 7,115 | 8,167 | 291 | 10/19/2017 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Marietta | GA | 430 | 3,470 | 39 | 430 | 3,509 | 3,939 | 384 | 3/29/2016 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Rosewell | GA | 972 | 2,342 | 56 | 972 | 2,398 | 3,370 | 221 | 8/17/2016 | |||||||||||||||||||||||
Atlanta-Sandy Springs-Rosewell | GA | 919 | 3,899 | 25 | 919 | 3,924 | 4,843 | 95 | 5/21/2018 | |||||||||||||||||||||||
Augusta | GA | 84 | 539 | 147 | 84 | 686 | 770 | 232 | 8/29/2007 | |||||||||||||||||||||||
Augusta | GA | 205 | 686 | 143 | 205 | 829 | 1,034 | 265 | 8/29/2007 | |||||||||||||||||||||||
Columbus(3) | GA | 169 | 342 | 166 | 169 | 508 | 677 | 138 | 5/1/2009 | |||||||||||||||||||||||
Macon | GA | 180 | 840 | 41 | 180 | 881 | 1,061 | 260 | 9/28/2007 | |||||||||||||||||||||||
Savannah | GA | 1,741 | 1,160 | 389 | 1,741 | 1,549 | 3,290 | 409 | 8/29/2007 | |||||||||||||||||||||||
Savannah(3) | GA | 597 | 762 | 165 | 597 | 927 | 1,524 | 294 | 9/28/2007 | |||||||||||||||||||||||
Savannah | GA | 409 | 1,335 | 21 | 409 | 1,356 | 1,765 | 393 | 1/31/2014 | |||||||||||||||||||||||
Savannah | GA | 811 | 1,181 | 143 | 811 | 1,324 | 2,135 | 391 | 6/25/2014 | |||||||||||||||||||||||
St. Louis | IL | 225 | 4,394 | 123 | 225 | 4,517 | 4,742 | 241 | 8/28/2017 | |||||||||||||||||||||||
St. Louis | IL | 179 | 5,154 | 294 | 179 | 5,448 | 5,627 | 281 | 8/28/2017 | |||||||||||||||||||||||
St. Louis | IL | 226 | 3,088 | 204 | 226 | 3,292 | 3,518 | 193 | 8/28/2017 | |||||||||||||||||||||||
St. Louis | IL | 174 | 3,338 | 215 | 174 | 3,553 | 3,727 | 178 | 9/25/2017 | |||||||||||||||||||||||
Indianapolis-Carmel-Anderson | IN | 855 | 7,273 | 18 | 855 | 7,291 | 8,146 | 740 | 2/16/2016 | |||||||||||||||||||||||
Indianapolis-Carmel-Anderson | IN | 815 | 3,844 | 11 | 815 | 3,855 | 4,670 | 485 | 2/16/2016 | |||||||||||||||||||||||
Indianapolis-Carmel-Anderson | IN | 688 | 3,845 | 16 | 688 | 3,861 | 4,549 | 490 | 2/16/2016 | |||||||||||||||||||||||
Indianapolis-Carmel-Anderson | IN | 626 | 4,049 | 36 | 626 | 4,085 | 4,711 | 455 | 2/25/2016 | |||||||||||||||||||||||
Indianapolis-Carmel-Anderson | IN | 1,118 | 4,444 | 278 | 1,118 | 4,722 | 5,840 | 668 | 2/25/2016 | |||||||||||||||||||||||
Indianapolis-Carmel-Anderson | IN | 614 | 5,487 | 39 | 614 | 5,526 | 6,140 | 544 | 2/25/2016 | |||||||||||||||||||||||
Indianapolis-Carmel-Anderson | IN | 619 | 2,140 | 18 | 619 | 2,158 | 2,777 | 265 | 11/10/2016 |
Location | Initial Cost to Company | Gross Carrying Amount at Year-End | ||||||||||||||||||||||||||||||
MSA(1) | State/Territory | Land | Buildings and Improvements | Subsequent Additions | Land | Buildings and Improvements | Total(2) | Accumulated Depreciation | Date Acquired | |||||||||||||||||||||||
Indianapolis-Carmel-Anderson | IN | 689 | 6,944 | 38 | 689 | 6,982 | 7,671 | 516 | 11/10/2016 | |||||||||||||||||||||||
Indianapolis-Carmel-Anderson | IN | 609 | 3,172 | 39 | 609 | 3,211 | 3,820 | 326 | 11/10/2016 | |||||||||||||||||||||||
Indianapolis-Carmel-Anderson | IN | 532 | 5,441 | 21 | 532 | 5,462 | 5,994 | 401 | 11/10/2016 | |||||||||||||||||||||||
Indianapolis-Carmel-Anderson | IN | 433 | 5,817 | 20 | 433 | 5,837 | 6,270 | 409 | 11/10/2016 | |||||||||||||||||||||||
Indianapolis-Carmel-Anderson | IN | 688 | 5,413 | 33 | 688 | 5,446 | 6,134 | 463 | 11/10/2016 | |||||||||||||||||||||||
Indianapolis-Carmel-Anderson | IN | 575 | 5,168 | 65 | 575 | 5,233 | 5,808 | 415 | 11/10/2016 | |||||||||||||||||||||||
Indianapolis-Carmel-Anderson | IN | 522 | 5,366 | 23 | 522 | 5,389 | 5,911 | 404 | 11/10/2016 | |||||||||||||||||||||||
Indianapolis-Carmel-Anderson | IN | 528 | 2,877 | 9 | 528 | 2,886 | 3,414 | 172 | 10/19/2017 | |||||||||||||||||||||||
Indianapolis-Carmel-Anderson | IN | 1,257 | 6,694 | 20 | 1,257 | 6,714 | 7,971 | 333 | 10/19/2017 | |||||||||||||||||||||||
Kansas City | KS | 816 | 5,432 | 124 | 816 | 5,556 | 6,372 | 283 | 10/19/2017 | |||||||||||||||||||||||
Kansas City | KS | 975 | 6,967 | 171 | 975 | 7,138 | 8,113 | 382 | 10/19/2017 | |||||||||||||||||||||||
Kansas City | KS | 719 | 5,143 | 167 | 719 | 5,310 | 6,029 | 241 | 10/19/2017 | |||||||||||||||||||||||
Kansas City(3) | KS | 521 | 5,168 | 125 | 521 | 5,293 | 5,814 | 155 | 3/1/2018 | |||||||||||||||||||||||
Kansas City | KS | 640 | 3,367 | 120 | 640 | 3,487 | 4,127 | 91 | 5/31/2018 | |||||||||||||||||||||||
Kansas City | KS | 533 | 3,138 | 94 | 533 | 3,232 | 3,765 | 81 | 5/31/2018 | |||||||||||||||||||||||
Kansas City | KS | 499 | 4,041 | 111 | 499 | 4,152 | 4,651 | 107 | 5/31/2018 | |||||||||||||||||||||||
Kansas City | KS | 724 | 4,245 | 124 | 724 | 4,369 | 5,093 | 102 | 5/31/2018 | |||||||||||||||||||||||
Wichita(3) | KS | 1,156 | 5,662 | 142 | 1,156 | 5,804 | 6,960 | 185 | 3/1/2018 | |||||||||||||||||||||||
Wichita(3) | KS | 721 | 3,395 | 116 | 721 | 3,511 | 4,232 | 112 | 3/1/2018 | |||||||||||||||||||||||
Wichita(3) | KS | 443 | 3,635 | 77 | 443 | 3,712 | 4,155 | 111 | 3/1/2018 | |||||||||||||||||||||||
Wichita | KS | 630 | 7,264 | 104 | 630 | 7,368 | 7,998 | 181 | 3/1/2018 | |||||||||||||||||||||||
Wichita | KS | 430 | 1,740 | 63 | 430 | 1,803 | 2,233 | 57 | 3/1/2018 | |||||||||||||||||||||||
Wichita | KS | 655 | 1,831 | 136 | 655 | 1,967 | 2,622 | 53 | 5/31/2018 | |||||||||||||||||||||||
Wichita | KS | 393 | 3,950 | 143 | 393 | 4,093 | 4,486 | 102 | 5/31/2018 | |||||||||||||||||||||||
Wichita | KS | 1,353 | 2,241 | 37 | 1,353 | 2,278 | 3,631 | 51 | 8/28/2018 | |||||||||||||||||||||||
Louisville/Jefferson County | KY | 2,174 | 3,667 | 39 | 2,174 | 3,706 | 5,880 | 512 | 5/1/2015 | |||||||||||||||||||||||
Baton Rouge | LA | 386 | 1,744 | 73 | 386 | 1,817 | 2,203 | 192 | 4/12/2016 | |||||||||||||||||||||||
Baton Rouge | LA | 1,098 | 5,208 | 517 | 1,098 | 5,725 | 6,823 | 646 | 4/12/2016 | |||||||||||||||||||||||
Baton Rouge | LA | 1,203 | 3,156 | 226 | 1,203 | 3,382 | 4,585 | 376 | 7/21/2016 | |||||||||||||||||||||||
Baton Rouge | LA | 755 | 2,702 | 272 | 755 | 2,974 | 3,729 | 324 | 7/21/2016 | |||||||||||||||||||||||
New Orleans-Metairie | LA | 1,287 | 6,235 | 131 | 1,287 | 6,366 | 7,653 | 634 | 4/12/2016 | |||||||||||||||||||||||
Shreveport-Bossier City | LA | 971 | 3,474 | 54 | 1,549 | 4,938 | 6,487 | 548 | 5/5/2015 | |||||||||||||||||||||||
Shreveport-Bossier City | LA | 964 | 3,573 | 40 | 964 | 3,613 | 4,577 | 600 | 5/5/2015 | |||||||||||||||||||||||
Shreveport-Bossier City | LA | 772 | 2,906 | 31 | 772 | 2,937 | 3,709 | 484 | 5/5/2015 |
Location | Initial Cost to Company | Gross Carrying Amount at Year-End | ||||||||||||||||||||||||||||||
MSA(1) | State/Territory | Land | Buildings and Improvements | Subsequent Additions | Land | Buildings and Improvements | Total(2) | Accumulated Depreciation | Date Acquired | |||||||||||||||||||||||
Shreveport-Bossier City | LA | 479 | 1,439 | 39 | 479 | 1,478 | 1,957 | 256 | 5/5/2015 | |||||||||||||||||||||||
Shreveport-Bossier City | LA | 475 | 854 | 45 | 475 | 899 | 1,374 | 189 | 5/5/2015 | |||||||||||||||||||||||
Shreveport-Bossier City | LA | 645 | 2,004 | 7 | 645 | 2,011 | 2,656 | 165 | 10/19/2017 | |||||||||||||||||||||||
Shreveport-Bossier City | LA | 654 | 3,589 | 27 | 654 | 3,616 | 4,270 | 163 | 10/19/2017 | |||||||||||||||||||||||
Shreveport-Bossier City | LA | 906 | 3,618 | 34 | 906 | 3,652 | 4,558 | 181 | 10/19/2017 | |||||||||||||||||||||||
Shreveport-Bossier City(4) | LA | — | 5,113 | 24 | — | 5,137 | 5,137 | 196 | 10/19/2017 | |||||||||||||||||||||||
Worchester | MA | 414 | 4,122 | 47 | 414 | 4,169 | 4,583 | 237 | 6/30/2017 | |||||||||||||||||||||||
California-Lexington Park | MD | 827 | 4,936 | 72 | 827 | 5,008 | 5,835 | 189 | 2/16/2018 | |||||||||||||||||||||||
Nonmetropolitan Area | MD | 965 | 6,738 | 118 | 965 | 6,856 | 7,821 | 438 | 7/31/2017 | |||||||||||||||||||||||
Nonmetropolitan Area | MD | 550 | 2,409 | 77 | 550 | 2,486 | 3,036 | 168 | 9/6/2017 | |||||||||||||||||||||||
Kansas City | MO | 541 | 4,874 | 199 | 541 | 5,073 | 5,614 | 135 | 5/31/2018 | |||||||||||||||||||||||
Kansas City | MO | 461 | 5,341 | 107 | 461 | 5,448 | 5,909 | 131 | 5/31/2018 | |||||||||||||||||||||||
Kansas City | MO | 341 | 3,748 | 171 | 341 | 3,919 | 4,260 | 98 | 5/31/2018 | |||||||||||||||||||||||
St. Louis | MO | 1,675 | 10,606 | 2 | 1,675 | 10,608 | 12,283 | 135 | 9/26/2018 | |||||||||||||||||||||||
St. Louis | MO | 352 | 7,100 | 260 | 352 | 7,360 | 7,712 | 409 | 8/28/2017 | |||||||||||||||||||||||
St. Louis | MO | 163 | 1,025 | 52 | 163 | 1,077 | 1,240 | 64 | 8/28/2017 | |||||||||||||||||||||||
St. Louis | MO | 354 | 4,034 | 173 | 354 | 4,207 | 4,561 | 233 | 8/28/2017 | |||||||||||||||||||||||
Gulfport-Biloxi-Pascagoula | MS | 645 | 2,413 | 253 | 645 | 2,666 | 3,311 | 428 | 4/12/2016 | |||||||||||||||||||||||
Meridian(3) | MS | 224 | 1,052 | 144 | 224 | 1,196 | 1,420 | 298 | 5/1/2009 | |||||||||||||||||||||||
Meridian(3) | MS | 382 | 803 | 196 | 382 | 999 | 1,381 | 254 | 5/1/2009 | |||||||||||||||||||||||
Charlotte-Concord-Gastonia | NC | 1,871 | 4,174 | 72 | 1,871 | 4,246 | 6,117 | 589 | 5/1/2015 | |||||||||||||||||||||||
Charlotte-Concord-Gastonia(3) | NC | 1,108 | 3,935 | 71 | 1,108 | 4,006 | 5,114 | 565 | 5/4/2015 | |||||||||||||||||||||||
Charlotte-Concord-Gastonia(3) | NC | 2,301 | 4,458 | 208 | 2,301 | 4,666 | 6,967 | 713 | 5/4/2015 | |||||||||||||||||||||||
Charlotte-Concord-Gastonia(3) | NC | 1,862 | 3,297 | 95 | 1,862 | 3,392 | 5,254 | 533 | 9/2/2015 | |||||||||||||||||||||||
Durham-Chapel Hill | NC | 1,711 | 4,180 | 30 | 1,711 | 4,210 | 5,921 | 529 | 5/1/2015 | |||||||||||||||||||||||
Durham-Chapel Hill | NC | 390 | 1,025 | 219 | 390 | 1,244 | 1,634 | 387 | 8/29/2007 | |||||||||||||||||||||||
Durham-Chapel Hill(3) | NC | 663 | 2,743 | 228 | 663 | 2,971 | 3,634 | 887 | 9/28/2007 | |||||||||||||||||||||||
Durham-Chapel Hill | NC | 1,024 | 1,383 | 388 | 1,024 | 1,771 | 2,795 | 519 | 9/28/2007 | |||||||||||||||||||||||
Fayetteville(3) | NC | 1,195 | 2,072 | 18 | 1,195 | 2,090 | 3,285 | 253 | 10/1/2015 | |||||||||||||||||||||||
Fayetteville(3) | NC | 830 | 3,710 | 39 | 830 | 3,749 | 4,579 | 375 | 10/1/2015 | |||||||||||||||||||||||
Fayetteville | NC | 636 | 2,169 | 1,671 | 636 | 3,840 | 4,476 | 1,093 | 8/29/2007 | |||||||||||||||||||||||
Fayetteville(3) | NC | 151 | 5,392 | 360 | 151 | 5,752 | 5,903 | 1,614 | 9/28/2007 | |||||||||||||||||||||||
Fayetteville | NC | 1,319 | 3,444 | 24 | 1,319 | 3,468 | 4,787 | 660 | 10/10/2013 | |||||||||||||||||||||||
Fayetteville | NC | 772 | 3,406 | 30 | 772 | 3,436 | 4,208 | 545 | 10/10/2013 |
Location | Initial Cost to Company | Gross Carrying Amount at Year-End | ||||||||||||||||||||||||||||||
MSA(1) | State/Territory | Land | Buildings and Improvements | Subsequent Additions | Land | Buildings and Improvements | Total(2) | Accumulated Depreciation | Date Acquired | |||||||||||||||||||||||
Fayetteville(3) | NC | 1,276 | 4,527 | 42 | 1,276 | 4,569 | 5,845 | 660 | 12/20/2013 | |||||||||||||||||||||||
Greensboro-High Point | NC | 873 | 769 | 204 | 873 | 973 | 1,846 | 327 | 8/29/2007 | |||||||||||||||||||||||
Jacksonville | NC | 1,265 | 2,123 | 89 | 1,265 | 2,212 | 3,477 | 454 | 5/1/2015 | |||||||||||||||||||||||
Nonmetropolitan Area | NC | 530 | 2,394 | 8 | 530 | 2,402 | 2,932 | 372 | 12/11/2014 | |||||||||||||||||||||||
Nonmetropolitan Area | NC | 667 | 2,066 | 16 | 667 | 2,082 | 2,749 | 341 | 12/11/2014 | |||||||||||||||||||||||
Nonmetropolitan Area(3) | NC | 689 | 3,153 | 32 | 689 | 3,185 | 3,874 | 449 | 5/6/2015 | |||||||||||||||||||||||
Nonmetropolitan Area | NC | 2,093 | 2,045 | 59 | 2,093 | 2,104 | 4,197 | 170 | 8/4/2017 | |||||||||||||||||||||||
Nonmetropolitan Area | NC | 173 | 2,193 | 33 | 173 | 2,226 | 2,399 | 58 | 7/17/2018 | |||||||||||||||||||||||
Raleigh-Cary | NC | 396 | 1,700 | 174 | 396 | 1,874 | 2,270 | 589 | 8/29/2007 | |||||||||||||||||||||||
Raleigh-Cary | NC | 393 | 1,190 | 190 | 393 | 1,380 | 1,773 | 414 | 8/29/2007 | |||||||||||||||||||||||
Raleigh-Cary | NC | 907 | 2,913 | 129 | 907 | 3,042 | 3,949 | 890 | 8/29/2007 | |||||||||||||||||||||||
Raleigh-Cary(3) | NC | 1,578 | 4,678 | 92 | 1,578 | 4,770 | 6,348 | 588 | 5/4/2015 | |||||||||||||||||||||||
Wilmington | NC | 1,881 | 4,618 | 52 | 1,881 | 4,670 | 6,551 | 608 | 5/1/2015 | |||||||||||||||||||||||
Wilmington | NC | 1,283 | 1,747 | 256 | 1,141 | 2,003 | 3,144 | 553 | 8/29/2007 | |||||||||||||||||||||||
Wilmington(3) | NC | 860 | 828 | 85 | 860 | 913 | 1,773 | 273 | 9/28/2007 | |||||||||||||||||||||||
Wilmington | NC | 1,720 | 9,032 | — | 1,720 | 9,032 | 10,752 | 37 | 11/7/2018 | |||||||||||||||||||||||
Wilmington | NC | 2,021 | 8,136 | — | 2,021 | 8,136 | 10,157 | 36 | 11/7/2018 | |||||||||||||||||||||||
Wilmington | NC | 3,083 | 12,487 | — | 3,083 | 12,487 | 15,570 | 47 | 11/7/2018 | |||||||||||||||||||||||
Winston-Salem | NC | 362 | 529 | 74 | 362 | 603 | 965 | 191 | 8/29/2007 | |||||||||||||||||||||||
Concord | NH | 899 | 3,863 | 43 | 899 | 3,906 | 4,805 | 446 | 9/22/2015 | |||||||||||||||||||||||
Concord | NH | 632 | 1,040 | 45 | 632 | 1,085 | 1,717 | 404 | 6/24/2013 | |||||||||||||||||||||||
Dover-Durham | NH | 197 | 901 | 24 | 197 | 925 | 1,122 | 318 | 6/24/2013 | |||||||||||||||||||||||
Boston-Cambridge-Quincy | NH | 1,488 | 7,300 | 94 | 1,488 | 7,394 | 8,882 | 1,331 | 7/1/2014 | |||||||||||||||||||||||
Manchester-Nashua | NH | 1,786 | 6,100 | 23 | 1,786 | 6,123 | 7,909 | 631 | 2/22/2016 | |||||||||||||||||||||||
Manchester-Nashua | NH | 1,395 | 5,573 | 34 | 1,395 | 5,607 | 7,002 | 534 | 2/22/2016 | |||||||||||||||||||||||
Nonmetropolitan Area | NH | 2,053 | 5,425 | 49 | 2,053 | 5,474 | 7,527 | 357 | 6/15/2017 | |||||||||||||||||||||||
Greater New Hampshire | NH | 1,528 | 2,686 | 21 | 1,528 | 2,707 | 4,235 | 384 | 2/22/2016 | |||||||||||||||||||||||
Rockingham County-Strafford County | NH | 1,597 | 3,138 | 75 | 1,597 | 3,213 | 4,810 | 388 | 2/22/2016 | |||||||||||||||||||||||
Rockingham County-Strafford County | NH | 1,445 | 2,957 | 60 | 1,445 | 3,017 | 4,462 | 384 | 2/22/2016 | |||||||||||||||||||||||
Albuquerque | NM | 1,089 | 2,845 | 170 | 1,089 | 3,015 | 4,104 | 411 | 8/31/2016 | |||||||||||||||||||||||
Albuquerque | NM | 854 | 3,436 | 81 | 854 | 3,517 | 4,371 | 323 | 9/19/2016 | |||||||||||||||||||||||
Carson City | NV | 985 | 1,438 | — | 985 | 1,438 | 2,423 | 3 | 12/13/2018 | |||||||||||||||||||||||
Las Vegas-Henderson-Paradise | NV | 1,757 | 4,223 | 58 | 1,757 | 4,281 | 6,038 | 434 | 9/20/2016 | |||||||||||||||||||||||
Las Vegas-Henderson-Paradise | NV | 1,121 | 1,510 | 108 | 1,121 | 1,618 | 2,739 | 208 | 9/20/2016 |
Location | Initial Cost to Company | Gross Carrying Amount at Year-End | ||||||||||||||||||||||||||||||
MSA(1) | State/Territory | Land | Buildings and Improvements | Subsequent Additions | Land | Buildings and Improvements | Total(2) | Accumulated Depreciation | Date Acquired | |||||||||||||||||||||||
Las Vegas-Henderson-Paradise | NV | 2,160 | 4,544 | 236 | 2,160 | 4,780 | 6,940 | 346 | 11/17/2016 | |||||||||||||||||||||||
Las Vegas-Henderson-Paradise | NV | 1,047 | 7,413 | 280 | 1,047 | 7,693 | 8,740 | 193 | 4/11/2018 | |||||||||||||||||||||||
Las Vegas-Paradise | NV | 1,169 | 3,616 | 205 | 1,169 | 3,821 | 4,990 | 1,193 | 12/23/2013 | |||||||||||||||||||||||
Las Vegas-Paradise | NV | 389 | 2,850 | 75 | 389 | 2,925 | 3,314 | 606 | 4/1/2014 | |||||||||||||||||||||||
Las Vegas-Paradise | NV | 794 | 1,406 | 119 | 794 | 1,525 | 2,319 | 406 | 7/1/2014 | |||||||||||||||||||||||
Las Vegas-Paradise | NV | 2,362 | 8,445 | 123 | 2,362 | 8,568 | 10,930 | 366 | 8/15/2017 | |||||||||||||||||||||||
Las Vegas-Paradise | NV | 2,157 | 2,753 | 84 | 2,157 | 2,837 | 4,994 | 172 | 8/15/2017 | |||||||||||||||||||||||
Las Vegas-Paradise | NV | 1,296 | 8,039 | 215 | 1,296 | 8,254 | 9,550 | 334 | 8/15/2017 | |||||||||||||||||||||||
Las Vegas-Paradise | NV | 828 | 2,030 | 263 | 828 | 2,293 | 3,121 | 147 | 8/29/2017 | |||||||||||||||||||||||
Las Vegas-Paradise | NV | 3,864 | 2,870 | 444 | 3,976 | 3,314 | 7,290 | 264 | 8/29/2017 | |||||||||||||||||||||||
Canton-Massillon | OH | 83 | 2,911 | 45 | 83 | 2,956 | 3,039 | 253 | 11/10/2016 | |||||||||||||||||||||||
Canton-Massillon | OH | 292 | 2,107 | 54 | 292 | 2,161 | 2,453 | 380 | 11/10/2016 | |||||||||||||||||||||||
Cincinnati | OH | 2,059 | 11,660 | 41 | 2,059 | 11,701 | 13,760 | 142 | 9/6/2018 | |||||||||||||||||||||||
Cleveland-Elyria | OH | 169 | 2,702 | 42 | 169 | 2,744 | 2,913 | 223 | 11/10/2016 | |||||||||||||||||||||||
Cleveland-Elyria | OH | 193 | 3,323 | 36 | 193 | 3,359 | 3,552 | 246 | 11/10/2016 | |||||||||||||||||||||||
Cleveland-Elyria | OH | 490 | 1,050 | 26 | 490 | 1,076 | 1,566 | 141 | 11/10/2016 | |||||||||||||||||||||||
Cleveland-Elyria | OH | 845 | 4,916 | 32 | 845 | 4,948 | 5,793 | 425 | 11/10/2016 | |||||||||||||||||||||||
Cleveland-Elyria | OH | 842 | 2,044 | 27 | 842 | 2,071 | 2,913 | 284 | 11/10/2016 | |||||||||||||||||||||||
Oklahoma City | OK | 388 | 3,142 | 133 | 388 | 3,275 | 3,663 | 1,010 | 5/29/2007 | |||||||||||||||||||||||
Oklahoma City | OK | 213 | 1,383 | 78 | 213 | 1,461 | 1,674 | 449 | 5/29/2007 | |||||||||||||||||||||||
Oklahoma City | OK | 561 | 2,355 | 440 | 561 | 2,795 | 3,356 | 955 | 5/29/2007 | |||||||||||||||||||||||
Oklahoma City | OK | 349 | 2,368 | 458 | 349 | 2,826 | 3,175 | 940 | 5/29/2007 | |||||||||||||||||||||||
Oklahoma City | OK | 466 | 2,544 | 107 | 466 | 2,651 | 3,117 | 804 | 5/29/2007 | |||||||||||||||||||||||
Oklahoma City | OK | 144 | 1,576 | 148 | 144 | 1,724 | 1,868 | 569 | 5/29/2007 | |||||||||||||||||||||||
Oklahoma City | OK | 168 | 1,696 | 245 | 168 | 1,941 | 2,109 | 625 | 5/29/2007 | |||||||||||||||||||||||
Oklahoma City | OK | 220 | 1,606 | 119 | 220 | 1,725 | 1,945 | 529 | 5/30/2007 | |||||||||||||||||||||||
Oklahoma City | OK | 376 | 1,460 | 42 | 376 | 1,502 | 1,878 | 445 | 5/30/2007 | |||||||||||||||||||||||
Oklahoma City | OK | 337 | 2,788 | 90 | 337 | 2,878 | 3,215 | 864 | 5/30/2007 | |||||||||||||||||||||||
Oklahoma City | OK | 814 | 3,161 | 1,178 | 814 | 4,339 | 5,153 | 985 | 5/30/2007 | |||||||||||||||||||||||
Oklahoma City | OK | 590 | 1,502 | 1,753 | 590 | 3,255 | 3,845 | 891 | 8/29/2007 | |||||||||||||||||||||||
Oklahoma City | OK | 205 | 1,772 | 461 | 205 | 2,233 | 2,438 | 722 | 5/1/2009 | |||||||||||||||||||||||
Oklahoma City | OK | 701 | 4,926 | 2 | 701 | 4,928 | 5,629 | 373 | 9/1/2016 | |||||||||||||||||||||||
Oklahoma City | OK | 548 | 1,892 | 110 | 548 | 2,002 | 2,550 | 583 | 8/29/2007 | |||||||||||||||||||||||
Oklahoma City | OK | 764 | 1,386 | 427 | 764 | 1,813 | 2,577 | 555 | 8/29/2007 |
Location | Initial Cost to Company | Gross Carrying Amount at Year-End | ||||||||||||||||||||||||||||||
MSA(1) | State/Territory | Land | Buildings and Improvements | Subsequent Additions | Land | Buildings and Improvements | Total(2) | Accumulated Depreciation | Date Acquired | |||||||||||||||||||||||
Oklahoma City | OK | 1,305 | 2,533 | 159 | 1,305 | 2,692 | 3,997 | 798 | 8/29/2007 | |||||||||||||||||||||||
Tulsa | OK | 940 | 2,196 | 337 | 940 | 2,533 | 3,473 | 742 | 8/29/2007 | |||||||||||||||||||||||
Tulsa | OK | 59 | 466 | 342 | 59 | 808 | 867 | 243 | 8/29/2007 | |||||||||||||||||||||||
Tulsa | OK | 426 | 1,424 | 288 | 426 | 1,712 | 2,138 | 574 | 8/29/2007 | |||||||||||||||||||||||
Tulsa | OK | 250 | 667 | 173 | 250 | 840 | 1,090 | 273 | 8/29/2007 | |||||||||||||||||||||||
Tulsa(3) | OK | 944 | 2,085 | 56 | 944 | 2,141 | 3,085 | 597 | 2/14/2008 | |||||||||||||||||||||||
Tulsa(3) | OK | 892 | 2,421 | 29 | 892 | 2,450 | 3,342 | 679 | 2/14/2008 | |||||||||||||||||||||||
Tulsa | OK | 492 | 1,343 | 182 | 492 | 1,525 | 2,017 | 395 | 4/1/2008 | |||||||||||||||||||||||
Tulsa | OK | 505 | 1,346 | 725 | 505 | 2,071 | 2,576 | 742 | 4/1/2008 | |||||||||||||||||||||||
Tulsa | OK | 466 | 1,270 | 153 | 466 | 1,423 | 1,889 | 400 | 4/1/2008 | |||||||||||||||||||||||
Tulsa(3) | OK | 1,103 | 4,431 | 177 | 1,103 | 4,608 | 5,711 | 1,609 | 6/10/2013 | |||||||||||||||||||||||
Tulsa | OK | 1,082 | 4,218 | 19 | 1,082 | 4,237 | 5,319 | 443 | 1/1/2016 | |||||||||||||||||||||||
Tulsa | OK | 736 | 2,925 | 3 | 736 | 2,928 | 3,664 | 374 | 1/1/2016 | |||||||||||||||||||||||
Tulsa | OK | 1,135 | 3,759 | 15 | 1,135 | 3,774 | 4,909 | 416 | 1/1/2016 | |||||||||||||||||||||||
Bend | OR | 295 | 1,369 | 21 | 295 | 1,390 | 1,685 | 426 | 4/1/2013 | |||||||||||||||||||||||
Bend | OR | 1,692 | 2,410 | 61 | 1,692 | 2,471 | 4,163 | 838 | 4/1/2013 | |||||||||||||||||||||||
Bend(3) | OR | 571 | 1,917 | 2 | 571 | 1,919 | 2,490 | 431 | 6/10/2013 | |||||||||||||||||||||||
Bend(3) | OR | 397 | 1,180 | 99 | 397 | 1,279 | 1,676 | 457 | 6/10/2013 | |||||||||||||||||||||||
Bend | OR | 690 | 1,983 | 846 | 690 | 2,829 | 3,519 | 479 | 5/1/2014 | |||||||||||||||||||||||
Bend | OR | 722 | 2,151 | 4 | 722 | 2,155 | 2,877 | 442 | 5/1/2014 | |||||||||||||||||||||||
Bend | OR | 800 | 2,836 | 3 | 800 | 2,839 | 3,639 | 582 | 5/1/2014 | |||||||||||||||||||||||
Bend-Redmond | OR | 2,688 | 10,731 | 11 | 2,688 | 10,742 | 13,430 | 1,086 | 4/15/2016 | |||||||||||||||||||||||
Corvallis | OR | 382 | 1,465 | 2 | 382 | 1,467 | 1,849 | 387 | 12/30/2013 | |||||||||||||||||||||||
Eugene-Springfield | OR | 710 | 1,539 | 98 | 710 | 1,637 | 2,347 | 473 | 4/1/2013 | |||||||||||||||||||||||
Eugene-Springfield | OR | 842 | 1,674 | 37 | 842 | 1,711 | 2,553 | 530 | 4/1/2013 | |||||||||||||||||||||||
Eugene-Springfield(3) | OR | 414 | 1,990 | — | 414 | 1,990 | 2,404 | 382 | 6/10/2013 | |||||||||||||||||||||||
Eugene-Springfield(3) | OR | 1,149 | 2,061 | 69 | 1,149 | 2,130 | 3,279 | 495 | 6/10/2013 | |||||||||||||||||||||||
Eugene-Springfield | OR | 728 | 3,230 | 108 | 728 | 3,338 | 4,066 | 575 | 12/30/2013 | |||||||||||||||||||||||
Eugene-Springfield | OR | 1,601 | 2,686 | 109 | 1,601 | 2,795 | 4,396 | 831 | 4/1/2014 | |||||||||||||||||||||||
Hood River | OR | 997 | 1,874 | 2 | 997 | 1,876 | 2,873 | 322 | 12/1/2014 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 2,670 | 8,709 | 53 | 2,670 | 8,762 | 11,432 | 802 | 8/10/2015 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 771 | 4,121 | — | 771 | 4,121 | 4,892 | 152 | 11/15/2017 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 2,002 | 14,445 | 1 | 2,002 | 14,446 | 16,448 | 610 | 12/14/2017 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 851 | 2,063 | 6 | 851 | 2,069 | 2,920 | 427 | 4/1/2013 |
Location | Initial Cost to Company | Gross Carrying Amount at Year-End | ||||||||||||||||||||||||||||||
MSA(1) | State/Territory | Land | Buildings and Improvements | Subsequent Additions | Land | Buildings and Improvements | Total(2) | Accumulated Depreciation | Date Acquired | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 1,704 | 2,313 | 176 | 1,704 | 2,489 | 4,193 | 694 | 4/1/2013 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 1,254 | 2,787 | 12 | 1,254 | 2,799 | 4,053 | 598 | 4/1/2013 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 2,808 | 4,437 | 19 | 2,808 | 4,456 | 7,264 | 1,171 | 4/1/2013 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 1,015 | 2,184 | 3 | 1,015 | 2,187 | 3,202 | 495 | 4/1/2013 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro(3) | OR | 1,077 | 3,008 | 170 | 1,077 | 3,178 | 4,255 | 587 | 6/10/2013 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro(3) | OR | 1,072 | 2,629 | 19 | 1,072 | 2,648 | 3,720 | 655 | 6/10/2013 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro(3) | OR | 2,217 | 3,766 | 15 | 2,217 | 3,781 | 5,998 | 766 | 6/10/2013 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro(3) | OR | 1,334 | 2,324 | 127 | 1,334 | 2,451 | 3,785 | 587 | 6/10/2013 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro(3) | OR | 996 | 2,525 | 126 | 996 | 2,651 | 3,647 | 615 | 6/10/2013 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 1,496 | 3,372 | 152 | 1,496 | 3,524 | 5,020 | 660 | 6/24/2013 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 954 | 3,026 | 95 | 954 | 3,121 | 4,075 | 537 | 6/24/2013 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 1,627 | 2,388 | 70 | 1,627 | 2,458 | 4,085 | 529 | 6/24/2013 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 2,509 | 4,200 | 99 | 2,509 | 4,299 | 6,808 | 883 | 12/30/2013 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 787 | 1,915 | 62 | 787 | 1,977 | 2,764 | 374 | 12/30/2013 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 1,703 | 4,729 | 9 | 1,703 | 4,738 | 6,441 | 806 | 4/1/2014 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 738 | 2,483 | — | 738 | 2,483 | 3,221 | 424 | 4/1/2014 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 1,690 | 2,995 | 106 | 1,690 | 3,101 | 4,791 | 416 | 4/1/2014 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 1,200 | 9,531 | 254 | 1,200 | 9,785 | 10,985 | 2,275 | 5/30/2014 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 401 | 3,718 | 84 | 401 | 3,802 | 4,203 | 717 | 5/30/2014 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 1,160 | 3,291 | 21 | 1,160 | 3,312 | 4,472 | 605 | 6/30/2014 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 1,435 | 4,342 | — | 1,435 | 4,342 | 5,777 | 798 | 6/30/2014 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 1,478 | 4,127 | 6 | 1,478 | 4,133 | 5,611 | 752 | 6/30/2014 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 1,402 | 3,196 | 22 | 1,402 | 3,218 | 4,620 | 558 | 6/30/2014 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 3,538 | 4,938 | 6 | 3,398 | 3,984 | 7,382 | 725 | 6/30/2014 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 1,501 | 3,136 | 6 | 1,501 | 3,142 | 4,643 | 572 | 6/30/2014 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 1,746 | 3,393 | 16 | 1,746 | 3,409 | 5,155 | 626 | 8/27/2014 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 1,014 | 3,017 | 13 | 1,014 | 3,030 | 4,044 | 578 | 8/27/2014 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 2,202 | 3,477 | 127 | 2,202 | 3,604 | 5,806 | 689 | 10/20/2014 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 1,764 | 7,360 | 7 | 1,764 | 7,367 | 9,131 | 1,101 | 12/16/2014 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 860 | 3,740 | — | 860 | 3,740 | 4,600 | 240 | 1/11/2017 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 410 | 622 | 179 | 410 | 801 | 1,211 | 96 | 7/14/2016 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 1,258 | 6,298 | 3 | 1,258 | 6,301 | 7,559 | 392 | 11/21/2016 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 2,334 | 7,726 | 34 | 2,339 | 7,760 | 10,099 | 588 | 12/6/2016 | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 1,048 | 3,549 | — | 1,048 | 3,549 | 4,597 | 64 | 8/16/2018 |
Location | Initial Cost to Company | Gross Carrying Amount at Year-End | ||||||||||||||||||||||||||||||
MSA(1) | State/Territory | Land | Buildings and Improvements | Subsequent Additions | Land | Buildings and Improvements | Total(2) | Accumulated Depreciation | Date Acquired | |||||||||||||||||||||||
Portland-Vancouver-Hillsboro | OR | 472 | 2,880 | — | 472 | 2,880 | 3,352 | 20 | 10/24/2018 | |||||||||||||||||||||||
Prineville | OR | 427 | 1,648 | 6 | 427 | 1,654 | 2,081 | 294 | 8/27/2014 | |||||||||||||||||||||||
Roseburg(3) | OR | 474 | 1,789 | 80 | 474 | 1,869 | 2,343 | 439 | 6/10/2013 | |||||||||||||||||||||||
Salem | OR | 1,405 | 2,650 | 418 | 1,405 | 3,068 | 4,473 | 787 | 4/1/2014 | |||||||||||||||||||||||
Salem | OR | 492 | 1,248 | 18 | 492 | 1,266 | 1,758 | 179 | 4/20/2016 | |||||||||||||||||||||||
The Dalles | OR | 1,108 | 2,100 | 2 | 1,108 | 2,102 | 3,210 | 390 | 12/5/2014 | |||||||||||||||||||||||
Ponce-Yauco-Coamo | PR | 745 | 4,813 | 3 | 745 | 4,816 | 5,561 | 66 | 9/6/2018 | |||||||||||||||||||||||
San Juan-Caguas-Guaynabo | PR | 1,095 | 8,073 | 3 | 1,095 | 8,076 | 9,171 | 85 | 9/6/2018 | |||||||||||||||||||||||
San Juan-Caguas-Guaynabo | PR | 1,205 | 9,967 | 6 | 1,205 | 9,973 | 11,178 | 90 | 9/6/2018 | |||||||||||||||||||||||
San Juan-Caguas-Guaynabo | PR | 1,266 | 15,805 | 3 | 1,266 | 15,808 | 17,074 | 122 | 9/6/2018 | |||||||||||||||||||||||
San Juan-Caguas-Guaynabo | PR | 356 | 1,892 | 10 | 356 | 1,902 | 2,258 | 26 | 9/6/2018 | |||||||||||||||||||||||
San Juan-Caguas-Guaynabo | PR | 573 | 2,373 | 3 | 573 | 2,376 | 2,949 | 37 | 9/6/2018 | |||||||||||||||||||||||
Anderson | SC | 92 | 976 | 120 | 92 | 1,096 | 1,188 | 349 | 8/29/2007 | |||||||||||||||||||||||
Charlotte-Gastonia-Rock Hill(3) | SC | 924 | 3,086 | 52 | 924 | 3,138 | 4,062 | 421 | 5/4/2015 | |||||||||||||||||||||||
Greenville-Mauldin-Easley | SC | 82 | 838 | 97 | 82 | 935 | 1,017 | 278 | 8/29/2007 | |||||||||||||||||||||||
Spartanburg | SC | 535 | 1,934 | 29 | 535 | 1,963 | 2,498 | 273 | 11/12/2015 | |||||||||||||||||||||||
Amarillo(3) | TX | 80 | 877 | 106 | 80 | 983 | 1,063 | 257 | 5/1/2009 | |||||||||||||||||||||||
Amarillo(3) | TX | 78 | 697 | 165 | 78 | 862 | 940 | 229 | 5/1/2009 | |||||||||||||||||||||||
Amarillo(3) | TX | 147 | 810 | 145 | 147 | 955 | 1,102 | 250 | 5/1/2009 | |||||||||||||||||||||||
Austin-Round Rock-San Marcos | TX | 936 | 6,446 | 24 | 936 | 6,470 | 7,406 | 235 | 10/19/2017 | |||||||||||||||||||||||
Austin-Round Rock-San Marcos | TX | 937 | 5,319 | 86 | 937 | 5,405 | 6,342 | 944 | 6/24/2013 | |||||||||||||||||||||||
Austin-Round Rock-San Marcos | TX | 1,395 | 2,790 | 25 | 1,395 | 2,815 | 4,210 | 754 | 6/24/2013 | |||||||||||||||||||||||
Austin-Round Rock-San Marcos | TX | 768 | 1,923 | 290 | 768 | 2,213 | 2,981 | 405 | 10/29/2014 | |||||||||||||||||||||||
Brownsville-Harlingen | TX | 845 | 2,364 | 64 | 845 | 2,428 | 3,273 | 375 | 9/4/2014 | |||||||||||||||||||||||
Brownsville-Harlingen | TX | 639 | 1,674 | 101 | 639 | 1,775 | 2,414 | 332 | 9/4/2014 | |||||||||||||||||||||||
Brownsville-Harlingen | TX | 386 | 2,798 | 185 | 386 | 2,983 | 3,369 | 330 | 5/2/2016 | |||||||||||||||||||||||
College Station-Bryan | TX | 618 | 2,512 | 88 | 618 | 2,600 | 3,218 | 746 | 8/29/2007 | |||||||||||||||||||||||
College Station-Bryan | TX | 551 | 349 | 231 | 551 | 580 | 1,131 | 170 | 8/29/2007 | |||||||||||||||||||||||
College Station-Bryan | TX | 295 | 988 | 150 | 295 | 1,138 | 1,433 | 302 | 4/1/2008 | |||||||||||||||||||||||
College Station-Bryan | TX | 51 | 123 | 66 | 51 | 189 | 240 | 64 | 4/1/2008 | |||||||||||||||||||||||
College Station-Bryan | TX | 110 | 372 | 176 | 110 | 548 | 658 | 134 | 4/1/2008 | |||||||||||||||||||||||
College Station-Bryan | TX | 62 | 208 | 13 | 62 | 221 | 283 | 63 | 4/1/2008 | |||||||||||||||||||||||
Dallas-Fort Worth-Arlington | TX | 164 | 865 | 49 | 164 | 914 | 1,078 | 273 | 8/29/2007 | |||||||||||||||||||||||
Dallas-Fort Worth-Arlington | TX | 155 | 105 | 53 | 155 | 158 | 313 | 58 | 9/28/2007 |
Location | Initial Cost to Company | Gross Carrying Amount at Year-End | ||||||||||||||||||||||||||||||
MSA(1) | State/Territory | Land | Buildings and Improvements | Subsequent Additions | Land | Buildings and Improvements | Total(2) | Accumulated Depreciation | Date Acquired | |||||||||||||||||||||||
Dallas-Fort Worth-Arlington | TX | 98 | 282 | 170 | 98 | 452 | 550 | 137 | 9/28/2007 | |||||||||||||||||||||||
Dallas-Fort Worth-Arlington | TX | 264 | 106 | 165 | 264 | 271 | 535 | 108 | 9/28/2007 | |||||||||||||||||||||||
Dallas-Fort Worth-Arlington(3) | TX | 376 | 803 | 120 | 376 | 923 | 1,299 | 294 | 9/28/2007 | |||||||||||||||||||||||
Dallas-Fort Worth-Arlington(3) | TX | 338 | 681 | 101 | 338 | 782 | 1,120 | 237 | 9/28/2007 | |||||||||||||||||||||||
Dallas-Fort Worth-Arlington | TX | 1,388 | 4,195 | 43 | 1,388 | 4,238 | 5,626 | 857 | 6/24/2013 | |||||||||||||||||||||||
Dallas-Fort Worth-Arlington | TX | 1,859 | 5,293 | 129 | 1,859 | 5,422 | 7,281 | 1,044 | 7/25/2013 | |||||||||||||||||||||||
Dallas-Fort Worth-Arlington | TX | 379 | 2,212 | 128 | 379 | 2,340 | 2,719 | 637 | 7/25/2013 | |||||||||||||||||||||||
Dallas-Fort Worth-Arlington | TX | 1,397 | 5,250 | 90 | 1,397 | 5,340 | 6,737 | 964 | 7/25/2013 | |||||||||||||||||||||||
Dallas-Fort Worth-Arlington | TX | 2,102 | 5,755 | 94 | 2,102 | 5,849 | 7,951 | 1,229 | 7/25/2013 | |||||||||||||||||||||||
Dallas-Fort Worth-Arlington | TX | 649 | 1,637 | 49 | 649 | 1,686 | 2,335 | 626 | 7/25/2013 | |||||||||||||||||||||||
Dallas-Fort Worth-Arlington | TX | 396 | 1,411 | 466 | 396 | 1,877 | 2,273 | 420 | 4/29/2015 | |||||||||||||||||||||||
Dallas-Fort Worth-Arlington | TX | 1,263 | 3,346 | 52 | 1,263 | 3,398 | 4,661 | 581 | 10/19/2015 | |||||||||||||||||||||||
Dallas-Plano-Irving | TX | 1,421 | 2,349 | 491 | 1,421 | 2,840 | 4,261 | 367 | 6/1/2016 | |||||||||||||||||||||||
Dallas-Plano-Irving | TX | 710 | 3,578 | 101 | 710 | 3,679 | 4,389 | 211 | 10/19/2017 | |||||||||||||||||||||||
Dallas-Plano-Irving | TX | 421 | 2,668 | 69 | 421 | 2,737 | 3,158 | 140 | 10/19/2017 | |||||||||||||||||||||||
El Paso | TX | 338 | 1,275 | 42 | 338 | 1,317 | 1,655 | 388 | 8/29/2007 | |||||||||||||||||||||||
El Paso | TX | 94 | 400 | 168 | 94 | 568 | 662 | 174 | 8/29/2007 | |||||||||||||||||||||||
Houston-Sugar Land-Baytown | TX | 698 | 2,648 | 264 | 698 | 2,912 | 3,610 | 411 | 7/20/2015 | |||||||||||||||||||||||
Houston-The Woodlands-Sugar Land | TX | 1,042 | 3,061 | 413 | 1,042 | 3,474 | 4,516 | 455 | 1/22/2016 | |||||||||||||||||||||||
Houston-The Woodlands-Sugar Land | TX | 1,426 | 2,910 | 115 | 1,426 | 3,025 | 4,451 | 230 | 6/13/2017 | |||||||||||||||||||||||
Houston-The Woodlands-Sugar Land | TX | 826 | 3,683 | 189 | 826 | 3,872 | 4,698 | 185 | 1/4/2018 | |||||||||||||||||||||||
Houston-The Woodlands-Sugar Land | TX | 649 | 4,077 | 70 | 649 | 4,147 | 4,796 | 188 | 1/4/2018 | |||||||||||||||||||||||
Killeen-Temple | TX | 203 | 4,065 | 219 | 203 | 4,284 | 4,487 | 274 | 2/2/2017 | |||||||||||||||||||||||
Killeen-Temple | TX | 1,128 | 6,149 | 217 | 1,128 | 6,366 | 7,494 | 341 | 8/8/2017 | |||||||||||||||||||||||
Longview(3) | TX | 651 | 671 | 102 | 651 | 773 | 1,424 | 204 | 5/1/2009 | |||||||||||||||||||||||
Longview(3) | TX | 104 | 489 | 164 | 104 | 653 | 757 | 163 | 5/1/2009 | |||||||||||||||||||||||
Longview(3) | TX | 310 | 966 | 201 | 310 | 1,167 | 1,477 | 296 | 5/1/2009 | |||||||||||||||||||||||
Longview | TX | 2,466 | 3,559 | 89 | 2,466 | 3,648 | 6,114 | 620 | 6/19/2014 | |||||||||||||||||||||||
Longview | TX | 959 | 1,640 | 22 | 959 | 1,662 | 2,621 | 306 | 6/25/2014 | |||||||||||||||||||||||
McAllen–Edinburg–Mission | TX | 1,217 | 2,738 | 277 | 1,243 | 3,015 | 4,258 | 715 | 7/31/2014 | |||||||||||||||||||||||
McAllen–Edinburg–Mission | TX | 1,973 | 4,517 | 58 | 1,973 | 4,575 | 6,548 | 865 | 9/4/2014 | |||||||||||||||||||||||
McAllen–Edinburg–Mission | TX | 1,295 | 3,929 | 74 | 1,295 | 4,003 | 5,298 | 741 | 9/4/2014 | |||||||||||||||||||||||
McAllen–Edinburg–Mission | TX | 3,079 | 7,574 | 88 | 3,079 | 7,662 | 10,741 | 1,523 | 9/4/2014 | |||||||||||||||||||||||
McAllen–Edinburg–Mission | TX | 1,017 | 3,261 | 69 | 1,017 | 3,330 | 4,347 | 606 | 9/4/2014 |
Location | Initial Cost to Company | Gross Carrying Amount at Year-End | |||||||||||||||||||||||||||||||
MSA(1) | State/Territory | Land | Buildings and Improvements | Subsequent Additions | Land | Buildings and Improvements | Total(2) | Accumulated Depreciation | Date Acquired | ||||||||||||||||||||||||
McAllen–Edinburg–Mission | TX | 803 | 2,914 | 79 | 803 | 2,993 | 3,796 | 443 | 9/4/2014 | ||||||||||||||||||||||||
McAllen–Edinburg–Mission | TX | 2,249 | 4,966 | 57 | 2,249 | 5,023 | 7,272 | 971 | 9/4/2014 | ||||||||||||||||||||||||
McAllen–Edinburg–Mission | TX | 1,118 | 3,568 | 70 | 1,118 | 3,638 | 4,756 | 567 | 9/4/2014 | ||||||||||||||||||||||||
Midland(3) | TX | 691 | 1,588 | 165 | 691 | 1,753 | 2,444 | 440 | 5/1/2009 | ||||||||||||||||||||||||
Odessa(3) | TX | 168 | 561 | 119 | 168 | 680 | 848 | 177 | 5/1/2009 | ||||||||||||||||||||||||
San Angelo(3) | TX | 381 | 986 | 104 | 381 | 1,090 | 1,471 | 272 | 5/1/2009 | ||||||||||||||||||||||||
San Antonio-New Braunfels | TX | 614 | 2,640 | 61 | 614 | 2,701 | 3,315 | 581 | 4/1/2014 | ||||||||||||||||||||||||
San Antonio-New Braunfels | TX | 715 | 4,566 | 69 | 715 | 4,635 | 5,350 | 227 | 10/19/2017 | ||||||||||||||||||||||||
Washington-Arlington-Alexandria | VA | 1,516 | 12,633 | 62 | 1,516 | 12,695 | 14,211 | 557 | 7/21/2017 | ||||||||||||||||||||||||
Centralia(3) | WA | 810 | 1,530 | 2 | 810 | 1,532 | 2,342 | 561 | 6/10/2013 | ||||||||||||||||||||||||
Centralia(3) | WA | 998 | 1,862 | 94 | 998 | 1,956 | 2,954 | 756 | 6/10/2013 | ||||||||||||||||||||||||
Longview | WA | 448 | 2,356 | 14 | 448 | 2,370 | 2,818 | 313 | 9/3/2015 | ||||||||||||||||||||||||
Portland-Vancouver-Hillsboro | WA | 421 | 2,313 | 2 | 421 | 2,315 | 2,736 | 474 | 4/1/2013 | ||||||||||||||||||||||||
Portland-Vancouver-Hillsboro | WA | 1,903 | 2,239 | 2 | 1,903 | 2,241 | 4,144 | 584 | 4/1/2013 | ||||||||||||||||||||||||
Portland-Vancouver-Hillsboro(3) | WA | 923 | 2,821 | 8 | 923 | 2,829 | 3,752 | 571 | 6/10/2013 | ||||||||||||||||||||||||
Portland-Vancouver-Hillsboro | WA | 935 | 2,045 | 6 | 935 | 2,051 | 2,986 | 370 | 4/1/2014 | ||||||||||||||||||||||||
Portland-Vancouver-Hillsboro | WA | 478 | 2,158 | 169 | 478 | 2,327 | 2,805 | 456 | 4/1/2014 | ||||||||||||||||||||||||
Portland-Vancouver-Hillsboro | WA | 2,023 | 3,484 | 39 | 2,023 | 3,523 | 5,546 | 722 | 8/27/2014 | ||||||||||||||||||||||||
Portland-Vancouver-Hillsboro | WA | 1,870 | 4,632 | 2 | 1,870 | 4,634 | 6,504 | 369 | 1/11/2017 | ||||||||||||||||||||||||
Portland-Vancouver-Hillsboro | WA | 422 | 2,271 | 1 | 422 | 2,272 | 2,694 | 69 | 3/29/2018 | ||||||||||||||||||||||||
Seattle-Tacoma-Bellevue | WA | 770 | 3,203 | 22 | 770 | 3,225 | 3,995 | 672 | 4/1/2014 | ||||||||||||||||||||||||
Seattle-Tacoma-Bellevue | WA | 1,390 | 2,506 | 43 | 1,390 | 2,549 | 3,939 | 555 | 8/27/2014 | ||||||||||||||||||||||||
Seattle-Tacoma-Bellevue | WA | 1,438 | 3,280 | 37 | 1,438 | 3,317 | 4,755 | 644 | 9/18/2014 | ||||||||||||||||||||||||
Seattle-Tacoma-Bellevue | WA | 1,105 | 2,121 | 9 | 1,105 | 2,130 | 3,235 | 371 | 10/3/2014 | ||||||||||||||||||||||||
Total | $ | 582,960 | $ | 1,981,269 | $ | 72,549 | $ | 583,455 | $ | 2,054,268 | $ | 2,637,723 | $ | 246,261 | |||||||||||||||||||
(1) Refers to metropolitan and micropolitan statistical area (MSA) as defined by the U.S. Census Bureau. | |||||||||||||||||||||||||||||||||
(2) The aggregate cost of land and depreciable property for Federal income tax purposes was approximately $2.3 billion (unaudited) at December 31, 2018. | |||||||||||||||||||||||||||||||||
(3) As of December 31, 2018, 93 of our self storage properties were encumbered by an aggregate of $268.1 million of debt financing. | |||||||||||||||||||||||||||||||||
(4) Property subject to a long-term lease agreement. | |||||||||||||||||||||||||||||||||
Note: The Company only owns one class of real estate, which is self storage properties. The estimated useful lives of the individual assets that comprise buildings and improvements range from 3 years to 40 years. The category for buildings and improvements in the table above includes furniture and equipment. | |||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | ||||||||||
Self Storage properties: | ||||||||||||
Balance at beginning of year | $ | 2,275,233 | $ | 1,844,336 | $ | 1,147,201 | ||||||
Acquisitions and improvements | 366,522 | 431,542 | 715,509 | |||||||||
Reclassification from assets held for sale | — | 8,607 | — | |||||||||
Write-off of fully depreciated assets and other | (323 | ) | (50 | ) | — | |||||||
Dispositions | (3,709 | ) | (7,336 | ) | (4,820 | ) | ||||||
Reclassification to assets held for sale | — | (1,866 | ) | (13,554 | ) | |||||||
Balance at end of year | $ | 2,637,723 | $ | 2,275,233 | $ | 1,844,336 | ||||||
Accumulated depreciation: | ||||||||||||
Balance at beginning of year | $ | 170,358 | $ | 110,803 | $ | 68,100 | ||||||
Depreciation expense | 76,299 | 60,522 | 42,703 | |||||||||
Write-off of fully depreciated assets and other | — | (10 | ) | — | ||||||||
Dispositions | (396 | ) | (646 | ) | — | |||||||
Assets held for sale | $ | — | $ | (311 | ) | $ | — | |||||
Balance at end of year | $ | 246,261 | $ | 170,358 | $ | 110,803 | ||||||
Subsidiaries | ||||
Subsidiary | d/b/a | Jurisdiction | ||
2016 JV Carson City, LLC | Delaware | |||
2016 MHC, LLC | Delaware | |||
All Stor Asheville, LLC | Delaware | |||
All Stor Carolina Beach, LLC | Delaware | |||
All Stor Durham, LLC | Delaware | |||
All Stor Indian Trail, LLC | Delaware | |||
All Stor MH | Delaware | |||
All Stor NC, LLC | Delaware | |||
All Stor Prospect, LLC | Delaware | |||
All Stor Swansboro, LLC | Delaware | |||
All Stor Swansboro II, LLC | Delaware | |||
Allen Storage Partners LLC | StoreMore Self Storage | Texas | ||
American Mini Storage-San Antonio, LLC | Delaware | |||
Banning Storage, LLC | StoreMore Self Storage | Nevada | ||
Bend-Eugene Storage, LLC | Oregon | |||
Big Bend Xpress Holdings, LLC | Florida | |||
Big Bend Xpress Storage, LLC | Florida | |||
Bishop Road Mini Storage, LLC | Washington | |||
Broadway Storage Solutions, L.L.C. | Arizona | |||
Bullhead Freedom Storage, L.L.C. | StoreMore Self Storage; Freedom Storage | Arizona | ||
Chelmsford, LLC | Delaware | |||
Corona Universal Self Storage, a California Limited Partnership | California | |||
Eagle Bow Wakefield, LLC | Eagle Storage | Delaware | ||
Eastpointe Storage, LLC | Delaware | |||
Fletcher Heights Storage Solutions, L.L.C. | Arizona | |||
Fontana Universal Self Storage, a California Limited Partnership | California | |||
Forest Grove Mini Storage, LLC | Oregon | |||
Forney Storage Partners LLC | StoreMore Self Storage | Texas | ||
GAK, LLC | Cypress Mini Storage | California | ||
Grand Prairie Storage Partners LLC | StoreMore Self Storage | Texas | ||
Great American Storage Partners, LLC | Great America Storage | Delaware | ||
Gresham Storage, LLC | Oregon | |||
Hesperia Universal Self Storage, a California Limited Partnership | California | |||
Hide Away SPE, LLC | Delaware | |||
Hide Away Storage Holdings, LLC | Delaware | |||
Highway 97 Mini Storage, LLC | Oregon | |||
Highway 99 Mini Storage, LLC | Oregon | |||
ICDC II, LLC | Oregon | |||
iStorage JV, LLC | Delaware | |||
iStorage JV Bridgewater, LLC | Delaware | |||
iStorage JV DuPont Highway, LLC | Delaware | |||
iStorage JV Hickman Road, LLC | Delaware | |||
iStorage JV Rancho Cordova, LLC | Delaware | |||
iStorage JV Ridge Road, LLC | Delaware | |||
iStorage JV Sunrise Monier, LLC | Delaware | |||
iStorage Mezz, LLC | Delaware | |||
iStorage PO, LLC | Delaware | |||
iStorage TRS JV, LLC | Delaware | |||
Keepers Storage, LLC | Washington | |||
Lewisville Storage LLC | Washington | |||
Loma Linda Universal Self Storage, a California Limited Partnership | California |
Madison Brookhaven, LLC | Delaware | |||
Madison Eagle Drive, LLC | Delaware | |||
Mini I, Limited | California | |||
Murphy Storage Partners LLC | StoreMore Self Storage | Texas | ||
National Storage Affiliates Management Company, LLC | Delaware | |||
National Storage Insurance Solutions, Inc. | Delaware | |||
Northwest II Chief Manager, LLC | Delaware | |||
NSA Acquisition Holdings, LLC | Delaware | |||
NSA All Stor, LLC | Delaware | |||
NSA All Stor Chief Manager, LLC | Delaware | |||
NSA Americor Holdings, LLC | Delaware | |||
NSA BV DR, LLC | Delaware | |||
NSA Colton DR GP, LLC | A-1 Self Storage; StorAmerica Arcadia; El Camino Self Storage; All American Self Storage | Delaware | ||
NSA Colton DR, LLC | Plano Self Storage; Crown Valley Self Storage; Paramount Self Storage; StorAmerica Duarte | Delaware | ||
NSA GSC DR GP, LLC | Irvine Self Storage | Delaware | ||
NSA GSC DR, LLC | StorAmerica Palm Springs I; Carlsbad Airport Self Storage; StorAmerica Indio | Delaware | ||
NSA HHF JV, LLC | Delaware | |||
NSA HHF JV Tennessee Holdco, LLC | Delaware | |||
NSA HHF Member, LLC | Delaware | |||
NSA HHF Non-Member Manager, LLC | Delaware | |||
NSA HHF TRS, LLC | Delaware | |||
NSA iStorage Member, LLC | Delaware | |||
NSA iStorage TRS Member, LLC | Delaware | |||
NSA MGMT CO GP, LLC | Delaware | |||
NSA Northwest CMBS II, LLC | Delaware | |||
NSA Northwest Holdings II, LLC | Old Mill Self Storage; AllStar Storage; A-1 Westside Storage | Delaware | ||
NSA Northwest Holdings, LLC | Delaware | |||
NSA OP, LP | Delaware | |||
NSA OV PM, LLC | Delaware | |||
NSA Property Holdings, LLC | Delaware | |||
NSA SecurCare CMBS I, LLC | Delaware | |||
NSA SecurCare Holdings, LLC | Delaware | |||
NSA Security Storage, LLC | NSA Security, LLC | Delaware | ||
NSA Storage Solutions, LLC | Delaware | |||
NSA TRS, LLC | Delaware | |||
NSA Tustin Gateway GP, LLC | Delaware | |||
NSA Universal DR, LLC | Delaware | |||
NSA Villages Storage GP, LLC | Delaware | |||
NSA-C Holdings, LLC | StorAmerica Hawaiian Gardens; StorAmerica Victorville-2; Statewide Storage; Country Club Self Storage | Delaware | ||
NSA-Colton Holdings, LLC | Delaware | |||
NSA-G Holdings, LLC | StorAmerica Montclair; Allsafe Freeway Storage; Leave It/Lock It Self Storage; StorAmerica Ontario; StorAmerica Palm Desert; StorAmerica Oceanside; StorAmerica Victorville | Delaware | ||
NSA-GSC Colton Holdings, LLC | Delaware | |||
NSA-GSC Holdings, LLC | Delaware | |||
NSA-Northwest II, LLC | Delaware | |||
NSA-Optivest Acquisition Holdings, LLC | StoreMore Self Storage; Fort Mohave Storage | Delaware | ||
NSA-Optivest, LLC | Delaware | |||
NSA-SecurCare Acquisition Holdings, LLC | Delaware | |||
NSA-SecurCare, LLC | Delaware | |||
NWSS Stor Rite LLC | Oregon | |||
Oklahoma Self Storage GP, LLC | Delaware | |||
Oklahoma Self Storage LP | SecurCare Self Storage | Colorado |
Optivest Storage Partners of Austin, LLC | StoreMore Self Storage | Texas | ||
Rev Smart, L.P. | Florida | |||
Safegard Mini Storage, LLC | Oregon | |||
SAG Arcadia, LP | California | |||
SAP-II YSI #1,LLC | Delaware | |||
SecurCare American Portfolio, LLC | Delaware | |||
SecurCare American Properties II, LLC | Delaware | |||
SecurCare Colorado III, LLC | SecurCare Self Storage | Delaware | ||
SecurCare Fayetteville I, LLC | Delaware | |||
SecurCare Moreno Valley, LLC | Delaware | |||
SecurCare Moveit McAllen, LLC | Move It Self Storage | Delaware | ||
SecurCare Oklahoma I, LLC | SecurCare Self Storage | Delaware | ||
SecurCare Oklahoma II, LLC | SecurCare Self Storage | Delaware | ||
SecurCare Portfolio Holdings, LLC | Delaware | |||
SecurCare Properties I, LLC | SecurCare Self Storage | Delaware | ||
SecurCare Properties II R, LLC | SecurCare Self Storage | Delaware | ||
SecurCare Properties II, LLC | SecurCare Self Storage | Delaware | ||
SecurCare Value Properties R, LLC | SecurCare Self Storage | Delaware | ||
Series Americor Insurance Company, a series of Endeavor Assurance Company, LLC | Delaware | |||
Shreve Storage Equities, L.L.C. | Louisiana | |||
Simply Storage Caguas, LLC | Louisiana | |||
Simply Storage Clarksville, LLC | Delaware | |||
Simply Storage Franklin, LLC | Delaware | |||
Simply Storage Gallatin, LLC | Delaware | |||
Simply Storage Harrah Drive, LLC | Delaware | |||
Simply Storage Hendersonville, LLC | Delaware | |||
Simply Storage Hermitage, LLC | Delaware | |||
Simply Storage Maddox Simpson Parkway, LLC | Delaware | |||
Simply Storage Mezz, LLC | Delaware | |||
Simply Storage Partners REIT II LLC | Delaware | |||
Simply Storage Partners REIT LLC | Delaware | |||
Simply Storage Quarry Loop Road, LLC | Delaware | |||
Simply Storage White House, LLC | Delaware | |||
Springfield Mini Storage, LLC | Oregon | |||
Square Foot Springhill, LLC | Ohio | |||
SS 22195 Timberlake Road, LLC | Delaware | |||
SS 8117 Timberlake Road, LLC | Delaware | |||
SS Bayport, LLC | Delaware | |||
SS Beeline, LLC | Delaware | |||
SS Billy Williamson Drive, LLC | Delaware | |||
SS Bloomfield, LLC | Delaware | |||
SS Blue Ash, LLC | Delaware | |||
SS Brighton MA, LLC | Delaware | |||
SS Brookside, LLC | Delaware | |||
SS Catano, LLC | Delaware | |||
SS Chevoit, LLC | Delaware | |||
SS Cleveland Heights, LLC | Delaware | |||
SS Cliffwood, LLC | Delaware | |||
SS Deerfield, LLC | Delaware | |||
SS Detroit, LLC | Delaware | |||
SS Downtown Tulsa, LLC | Delaware | |||
SS Eastpointe II, LLC | Delaware | |||
SS Ferndale, LLC | Delaware | |||
SS Fields Ertel, LLC | Delaware | |||
SS Forest Park, LLC | Delaware | |||
SS Fort Walton Beal Parkway, LLC | Delaware | |||
SS Fort Walton Harrelson Drive, LLC | Delaware |
SS Glenview, LLC | Delaware | |||
SS Greensville, LLC | Delaware | |||
SS Guaynabo, LLC | Delaware | |||
SS Hall Road, LLC | Delaware | |||
SS Hargrove Drive, LLC | Delaware | |||
SS Hiawatha II, LLC | Delaware | |||
SS Highland Park, LLC | Delaware | |||
SS Highway 150, LLC | Delaware | |||
SS Highway 280, LLC | Delaware | |||
SS Hingham, LLC | Delaware | |||
SS Hoffman Estates, LLC | Delaware | |||
SS Huber Heights, LLC | Delaware | |||
SS Ivy Hill, LLC | Delaware | |||
SS Ivy Hill, LP | Pennsylvania | |||
SS Kettering, LLC | Delaware | |||
SS Kingsland, LLC | Delaware | |||
SS Lakeside Drive, LLC | Delaware | |||
SS Lincoln Park, LLC | Delaware | |||
SS Macon Road, LLC | Delaware | |||
SS MAMNOH, LLC | Delaware | |||
SS Mezz, LLC | Delaware | |||
SS Michigan, LLC | Delaware | |||
SS Midtown Tulsa, LLC | Delaware | |||
SS Millville, LLC | Delaware | |||
SS Minnesota II, LLC | Delaware | |||
SS MITX, LLC | Delaware | |||
SS MNMI, LLC | Delaware | |||
SS MNRI, LLC | Delaware | |||
SS Moellering, LLC | Delaware | |||
SS North Bend, LLC | Delaware | |||
SS North Fort Myers, LLC | Delaware | |||
SS Norwood, LLC | Delaware | |||
SS Palm City, LLC | Delaware | |||
SS Peake Road, LLC | Delaware | |||
SS Ponce, LLC | Delaware | |||
SS Reading, LLC | Delaware | |||
SS Riverside Drive, LLC | Delaware | |||
SS San Juan, LLC | Delaware | |||
SS Sheridan, LLC | Delaware | |||
SS South Amherst, LLC | Delaware | |||
SS South Euclid, LLC | Delaware | |||
SS Storage Court, LLC | Delaware | |||
SS Titusville Access, LLC | Delaware | |||
SS Toa Baja, LLC | Delaware | |||
SS Trinity Church, LLC | Delaware | |||
SS Ward and Citation, LLC | Delaware | |||
SS West Point, LLC | Delaware | |||
SS Whitesville Road, LLC | Delaware | |||
SS Williamstown, LLC | Delaware | |||
SS Yale, LLC | Delaware | |||
Storage Management and Leasing Co. LLC | Florida | |||
Storage Management and Repair Co., LLC | Florida | |||
StoreMore Self Storage-Pecos Road, LLC | StoreMore Self Storage | Delaware | ||
Supreme Storage, LLC | Oregon | |||
Terrell Storage Partners, LLC | StoreMore Self Storage | Texas | ||
Town Center Self Storage, LLC | Colorado | |||
Troutdale Mini Storage, LLC | Oregon | |||
Tustin Gateway LP | California |
Universal Self Storage Hesperia LLC, a California limited liability company | California | |||
Universal Self Storage Highland, a California Limited Partnership | California | |||
Universal Self Storage San Bernardino LLC, a California limited liability company | California | |||
Upland Universal Self Storage, a California Limited Partnership | California | |||
Washington Murrieta II, LLC | StorAmerica Scottsdale | California | ||
Washington Murrieta III, LLC | StorAmerica Phoenix 24th | Arizona | ||
Washington Murrieta IV, LLC | StorAmerica Phoenix 52nd | California | ||
WCAL, LLC | StoreMore Self Storage | Texas |
1. | I have reviewed this Annual Report on Form 10-K of National Storage Affiliates Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
By: | /s/ Arlen D. Nordhagen |
Arlen D. Nordhagen | |
Chairman of the Board of Trustees and Chief Executive Officer |
1. | I have reviewed this Annual Report on Form 10-K of National Storage Affiliates Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
By: | /s/ Tamara D. Fischer |
Tamara D. Fischer | |
President and Chief Financial Officer |
(1) | the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
By: | /s/ Arlen D. Nordhagen |
Arlen D. Nordhagen | |
Chairman of the Board of Trustees and Chief Executive Officer |
By: | /s/ Tamara D. Fischer |
Tamara D. Fischer | |
President and Chief Financial Officer |
Document and Entity Information - USD ($) $ in Billions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Feb. 25, 2019 |
Jun. 30, 2018 |
|
Document And Entity Information [Abstract] | |||
Entity Registrant Name | National Storage Affiliates Trust | ||
Entity Central Index Key | 0001618563 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 56,699,541 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1.6 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Series A Preferred shares of beneficial interest, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Series A Preferred shares of beneficial interest, authorized (in shares) | 50,000,000 | 50,000,000 |
Series A Preferred shares of beneficial interest, issued (in shares) | 6,900,000 | 6,900,000 |
Series A Preferred shares of beneficial interest, outstanding (in shares) | 6,900,000 | 6,900,000 |
Common shares of beneficial interest, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares of beneficial interest, authorized (in shares) | 250,000,000 | 250,000,000 |
Common shares of beneficial interest, issued (in shares) | 56,654,009 | 50,284,934 |
Common shares of beneficial interest, outstanding (in shares) | 56,654,009 | 50,284,934 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 56,326 | $ 45,998 | $ 24,866 |
Other comprehensive income (loss) | |||
Unrealized gain on derivative contracts | 3,598 | 1,935 | 6,434 |
Reclassification of other comprehensive (income) loss to interest expense | (1,817) | 2,308 | 2,678 |
Other comprehensive income | 1,781 | 4,243 | 9,112 |
Comprehensive income | 58,107 | 50,241 | 33,978 |
Comprehensive income attributable to noncontrolling interests | (43,244) | (44,697) | (7,272) |
Comprehensive income attributable to National Storage Affiliates Trust | $ 14,863 | $ 5,544 | $ 26,706 |
ORGANIZATION AND NATURE OF OPERATIONS |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND NATURE OF OPERATIONS | ORGANIZATION AND NATURE OF OPERATIONS National Storage Affiliates Trust was organized in the state of Maryland on May 16, 2013 and is a fully integrated, self-administered and self-managed real estate investment trust focused on the self storage sector. As used herein, "NSA," the "Company," "we," "our," and "us" refers to National Storage Affiliates Trust and its consolidated subsidiaries, except where the context indicates otherwise. The Company has elected and believes that it has qualified to be taxed as a real estate investment trust for U.S. federal income tax purposes ("REIT") commencing with its taxable year ended December 31, 2015. Through its controlling interest as the sole general partner of NSA OP, LP (its "operating partnership"), a Delaware limited partnership formed on February 13, 2013, the Company is focused on the ownership, operation, and acquisition of self storage properties located within the top 100 MSAs in the United States. Pursuant to the Agreement of Limited Partnership (as amended, the "LP Agreement") of its operating partnership, the Company's operating partnership is authorized to issue preferred units, Class A Units ("OP units"), different series of Class B Units ("subordinated performance units"), and Long-Term Incentive Plan Units ("LTIP units"). The Company also owns certain of its self storage properties through other consolidated limited partnership subsidiaries of its operating partnership, which the Company refers to as "DownREIT partnerships." The DownREIT partnerships issue equity ownership interests that are intended to be economically equivalent to the Company's OP units ("DownREIT OP units") and subordinated performance units ("DownREIT subordinated performance units"). The Company owned 499 self storage properties in 26 states and Puerto Rico with approximately 30.4 million rentable square feet (unaudited) in approximately 242,000 storage units as of December 31, 2018. These properties are managed with local operational focus and expertise by the Company and its participating regional operators ("PROs"). These PROs are SecurCare Self Storage, Inc. and its controlled affiliates ("SecurCare"), Kevin Howard Real Estate Inc., d/b/a Northwest Self Storage and its controlled affiliates ("Northwest"), Optivest Properties LLC and its controlled affiliates ("Optivest"), Guardian Storage Centers LLC and its controlled affiliates ("Guardian"), Move It Self Storage and its controlled affiliates ("Move It"), Arizona Mini Storage Management Company d/b/a Storage Solutions and its controlled affiliates ("Storage Solutions"), Hide-Away Storage Services, Inc. and its controlled affiliates ("Hide-Away") and an affiliate of Shader Brothers Corporation d/b/a Personal Mini Storage ("Personal Mini"). In October 2018, the Company entered into definitive agreements with affiliates of Southern Self Storage, LLC d/b/a Southern Self Storage of Palm Beach Gardens, Florida, to add Southern Self Storage ("Southern") as the Company's ninth PRO. In January 2019, the Company completed the initial contribution transaction with Southern. As discussed in Note 15, in February 2019, the Company entered into definitive agreements with affiliates of Investment Real Estate Management, LLC d/b/a Moove In Self Storage of York, Pennsylvania to add Moove In Self Storage ("Moove In") as the Company's tenth PRO. As of December 31, 2018, the Company also managed through its property management platform an additional portfolio of 176 properties owned by the Company's unconsolidated real estate ventures. These properties contain approximately 12.6 million rentable square feet, configured in approximately 103,000 storage units and located across 22 states. The Company owns a 25% equity interest in each of its unconsolidated real estate ventures. As of December 31, 2018, in total, the Company operated and held ownership interests in 675 self storage properties located across 34 states and Puerto Rico with approximately 43.0 million rentable square feet in approximately 345,000 storage units. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("GAAP"). Principles of Consolidation The Company's consolidated financial statements include the accounts of its operating partnership and its controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation of entities. When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity ("VIE"), and if the Company is deemed to be the primary beneficiary, in accordance with authoritative guidance issued on the consolidation of VIEs. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether the general partner controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates all entities that are VIEs and of which the Company is deemed to be the primary beneficiary. The Company has determined that its operating partnership is a VIE. The sole significant asset of National Storage Affiliates Trust is its investment in its operating partnership, and consequently, substantially all of the Company's assets and liabilities represent those assets and liabilities of its operating partnership. As of December 31, 2018, the Company's operating partnership was the primary beneficiary of, and therefore consolidated, 21 DownREIT partnerships that are considered VIEs, which owned 34 self storage properties. The net book value of the real estate owned by these VIEs was $240.4 million and $248.0 million as of December 31, 2018 and December 31, 2017, respectively. For certain DownREIT partnerships which are subject to fixed rate mortgages payable, the carrying value of such fixed rate mortgages payable held by these VIEs was $138.4 million and $140.3 million as of December 31, 2018 and December 31, 2017, respectively. The creditors of the consolidated VIEs do not have recourse to the Company's general credit. Noncontrolling Interests All of the limited partner equity interests ("OP equity") in its operating partnership not held by the Company are reflected as noncontrolling interests. Noncontrolling interests also include ownership interests in DownREIT partnerships held by entities other than the Company's operating partnership. In the consolidated statements of operations, the Company allocates net income (loss) attributable to noncontrolling interests to arrive at net income (loss) attributable to National Storage Affiliates Trust. For transactions that result in changes to the Company's ownership interest in its operating partnership, the carrying amount of noncontrolling interests is adjusted to reflect such changes. The difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interests is adjusted is reflected as an adjustment to additional paid-in capital on the consolidated balance sheets. Self Storage Properties Self storage properties are carried at historical cost less accumulated depreciation and any impairment losses. Major replacements and betterments, which improve or extend the life of an asset, are capitalized. Expenditures for ordinary repairs and maintenance are expensed as incurred and are included in property operating expenses. Estimated depreciable lives of self storage properties are determined by considering the age and other indicators about the condition of the assets at the respective dates of acquisition, resulting in a range of estimated useful lives for assets within each category. All self storage property assets are depreciated using the straight-line method. Buildings and improvements are depreciated over estimated useful lives primarily between seven and 40 years; furniture and equipment are depreciated over estimated useful lives primarily between three and 10 years. When a self storage property is acquired, the purchase price of the acquired self storage property is allocated to land, buildings and improvements, furniture and equipment, customer in-place leases, assumed real estate leasehold interests, other assets acquired and liabilities assumed, based on the estimated fair value of each component. When a portfolio of self storage properties is acquired, the purchase price is allocated to the individual self storage properties based on the fair value determined using an income approach with appropriate risk-adjusted capitalization rates, which take into account the relative size, age and location of the individual self storage properties. Cash and Cash Equivalents The Company considers all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. From time to time, the Company maintains cash balances in financial institutions in excess of federally insured limits. The Company has never experienced a loss that resulted from exceeding federally insured limits. Restricted Cash The Company's restricted cash consists of escrowed funds deposited with financial institutions for real estate taxes, insurance and other reserves for capital improvements in accordance with the Company's loan agreements. Customer In-place Leases In allocating the purchase price for a self storage property acquisition, the Company determines whether the acquisition includes intangible assets. The Company allocates a portion of the purchase price to an intangible asset attributed to the value of customer in-place leases. This intangible asset is amortized to expense using the straight-line method over 12 months, the estimated average rental period for the leases. Substantially all of the leases in place at acquired properties are at market rates, as the leases are month-to-month contracts. Impairment of Long-Lived Assets The Company evaluates long-lived assets for impairment when events and circumstances indicate that there may be impairment. When events or changes in circumstances indicate that the Company's long-lived assets may not be recoverable, the carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value attributable to the assets. If an asset's carrying value is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. For the periods presented, no assets were determined to be impaired under this policy. Costs of Raising Capital Commissions, legal fees and other costs that are directly associated with equity offerings are capitalized as deferred offering costs, pending a determination of the success of the offering. Deferred offering costs related to successful offerings are charged to additional paid-in capital within equity in the period it is determined that the offering was successful. Debt issuance costs are amortized over the estimated life of the related debt using the straight-line method, which approximates the effective interest rate method. Amortization of debt issuance costs is included in interest expense in the accompanying statements of operations. Revenue Recognition Rental revenue Rental revenue consists of space rentals and related fees. Management has determined that all of the Company's leases are operating leases. Substantially all leases may be terminated on a month-to-month basis and rental income is recognized ratably over the lease term using the straight-line method. Rents received in advance are deferred and recognized on a straight-line basis over the related lease term associated with the prepayment. Promotional discounts and other incentives are recognized as a reduction to rental income over the applicable lease term. Other property-related revenue Other property-related revenue consists of ancillary revenues such as tenant insurance and/or tenant warranty protection-related access fees and sales of storage supplies which are recognized in the period earned. The Company and certain of the Company’s PROs have tenant insurance- and/or tenant warranty protection plan-related arrangements with insurance companies and the Company’s tenants. During the years ended December 31, 2018, 2017 and 2016, the Company recognized $7.5 million, $6.0 million and $4.2 million, respectively, of tenant insurance and tenant warranty protection plan revenues. The Company sells boxes, packing supplies, locks and other retail merchandise at its properties. During the years ended December 31, 2018, 2017 and 2016, the Company recognized retail sales of $1.5 million, $1.3 million and $1.0 million, respectively. Management fees and other revenue Management fees and other revenue consist of property management fees, platform fees, call center fees, acquisition fees, and a portion of tenant warranty protection or tenant insurance proceeds that the Company earns for managing and operating its unconsolidated real estate ventures. With respect to both the 2018 Joint Venture and the 2016 Joint Venture, the Company provides supervisory and administrative property management services, centralized call center services, and technology platform and revenue management services to the properties in the unconsolidated real estate ventures. The property management fees are equal to 6% of monthly gross revenues and net sales revenues from the assets of the unconsolidated real estate ventures, and the platform fees are equal to $1,250 per month per unconsolidated real estate venture property. With respect to the 2016 Joint Venture only, the call center fees are equal to 1% of each of monthly gross revenues and net sales revenues from the 2016 Joint Venture properties. During the years ended December 31, 2018, 2017 and 2016, the Company recognized property management fees, call center fees and platform fees of $7.8 million, $4.8 million and $1.1 million, respectively. For acquisition fees, the Company provides sourcing, underwriting and administration services to the unconsolidated real estate ventures. The 2016 Joint Venture paid the Company a $4.1 million acquisition fee equal to 0.65% of the gross capitalization (including debt and equity) of the original 66-property 2016 Joint Venture portfolio (the "Initial 2016 JV Portfolio") in 2016, at the time of the Initial 2016 JV Portfolio acquisition. The 2018 Joint Venture paid the Company a $4.0 million acquisition fee related to the initial acquisition of properties by the 2018 Joint Venture (the "Initial 2018 JV Portfolio") during the year ended December 31, 2018, at the time of the Initial 2018 JV Portfolio acquisition. These fees are refundable to the unconsolidated real estate ventures, on a prorated basis, if the Company is removed as the managing member during the initial four year life of the unconsolidated real estate ventures and as such, the Company's performance obligation for these acquisition fees are satisfied over a four year period. As of December 31, 2018 and 2017, the Company had deferred revenue related to the acquisition fees of $4.6 million and $2.8 million, respectively. The Company also earns acquisition fees for properties acquired by the unconsolidated real estate ventures subsequent to the Initial 2016 JV Portfolio and the Initial 2018 JV Portfolio. These fees are based on a percentage of the gross capitalization of the acquired assets determined by the members of the 2016 Joint Venture and the 2018 Joint Venture, and are generally earned when the unconsolidated real estate ventures obtain title and control of an acquired property. During the years ended December 31, 2018, 2017 and 2016, the Company recognized acquisition fees of $1.6 million, $1.5 million and $0.3 million, respectively. An affiliate of the Company facilitates tenant warranty protection or tenant insurance programs for tenants of the properties in the unconsolidated real estate ventures in exchange for 50% of all proceeds from such programs at each unconsolidated real estate venture property. During the years ended December 31, 2018, 2017 and 2016, the Company recognized $2.4 million, $1.9 million and $0.5 million, respectively, of revenue related to these activities. Advertising Costs The Company incurs advertising costs primarily attributable to internet, directory and other advertising. Advertising costs are included in property operating expenses in the accompanying statements of operations. These costs are expensed in the period in which the cost is incurred. The Company incurred advertising costs of $4.1 million, $3.7 million and $3.1 million for the years ended December 31, 2018, 2017 and 2016, respectively. Acquisition Costs The Company incurs title, legal and consulting fees, and other costs associated with the completion of acquisitions. During the year ended December 31, 2017, the Company adopted Accounting Standards Update ("ASU") 2017-01 and as a result, the Company's self storage property acquisitions during the years ended December 31, 2018 and 2017 were accounted for as asset acquisitions, and accordingly, acquisition costs directly related to the self storage property acquisitions were capitalized as part of the basis of the acquired properties. Indirect acquisition costs remain included in acquisition costs in the accompanying statements of operations in the period in which they were incurred. Prior to the Company's adoption of ASU 2017-01, direct and indirect costs were included in acquisition costs in the accompanying statements of operations in the period in which they were incurred. Income Taxes Through December 31, 2014, the Company did not have a profit and loss sharing interest in its operating partnership and did not have any other operations that were subject to taxation. Accordingly, the Company did not generate a federal income tax benefit or expense for the period from its inception through December 31, 2014. The Company has elected and believes it has qualified to be taxed as a REIT under sections 856 through 860 of the U.S. Internal Revenue Code (the "Code") commencing with the taxable year ended December 31, 2015. To qualify as a REIT, among other things, the Company is required to distribute at least 90% of its REIT taxable income to its shareholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Company is not subject to federal income tax on the earnings distributed currently to its shareholders that it derives from its REIT qualifying activities. If the Company fails to qualify as a REIT in any taxable year, and is unable to avail itself of certain provisions set forth in the Code, all of the Company's taxable income would be subject to federal and state income taxes at regular corporate rates. The Company will not be required to make distributions with respect to income derived from the activities conducted through subsidiaries that the Company elects to treat as taxable REIT subsidiaries ("TRS") for federal income tax purposes. Certain activities that the Company undertakes must be conducted by a TRS, such as performing non-customary services for its customers, facilitating sales by PROs of tenant insurance and holding assets that the Company is not permitted to hold directly. A TRS is subject to federal and state income taxes. On June 25, 2014, the Company formed NSA TRS, LLC ("NSA TRS"), a Delaware limited liability company. The Company has elected to treat NSA TRS as a TRS, and consequently, NSA TRS is subject to U.S. federal and state corporate income taxes. Deferred tax assets and liabilities are recognized to the extent of any differences between the financial reporting and tax bases of assets and liabilities. No material deferred tax assets and liabilities were recorded as of December 31, 2018 and 2017. The Company did not have any unrecognized tax benefits related to uncertain tax positions as of December 31, 2018 and 2017. Future amounts of accrued interest and penalties, if any, related to uncertain tax positions will be recorded as a component of income tax expense. The Company does not expect that the amount of unrecognized tax benefits will change significantly in the next 12 months. The Company's material taxing jurisdiction is the U.S. federal jurisdiction; the 2015 tax year is the earliest period that remains open to examination by these taxing jurisdictions. Earnings per Share Basic earnings per share is calculated based on the weighted average number of the Company's common shares of beneficial interest, $0.01 par value per share ("common shares"), outstanding during the period. Diluted earnings per share is calculated by further adjusting for the dilutive impact using the treasury stock method for any share options and unvested share equivalents outstanding during the period and the if-converted method for any convertible securities outstanding during the period. As more fully described below under "–Allocation of Net Income (Loss)", the Company allocates GAAP income (loss) utilizing the hypothetical liquidation at book value ("HLBV") method, which could result in net income (or net loss) attributable to National Storage Affiliates Trust during a period when the Company reports consolidated net loss (or net income), or net income (or net loss) attributable to National Storage Affiliates Trust in excess of the Company's consolidated net income (or net loss). The computations of basic and diluted earnings (loss) per share may be materially affected by these disproportionate income (loss) allocations, resulting in volatile fluctuations of basic and diluted earnings (loss) per share. Equity-Based Awards The measurement and recognition of compensation cost for all equity-based awards granted to officers, employees and consultants is based on estimated fair values. Compensation cost is recognized on a straight-line basis over the requisite service periods of each award with non-graded vesting. For awards granted which contain a graded vesting schedule and the only condition for vesting is a service condition, compensation cost is recognized as an expense on a straight-line basis over the requisite service period as if the award was, in substance, a single award. For awards granted for which vesting is subject to a performance condition, compensation cost is recognized over the requisite service period if and when the Company concludes it is probable that the performance condition will be achieved. The estimated fair value of all equity-based awards issued to PROs and their affiliates in connection with self storage property acquisitions is included in the cost of the respective acquisitions. The estimated fair value of such awards is measured at the date the self storage properties are acquired, as this date represents satisfaction of the performance condition and coincides with the award vesting. Derivative Financial Instruments The Company carries all derivative financial instruments on the balance sheet at fair value. Fair value of derivatives is determined by reference to observable prices that are based on inputs not quoted on active markets, but corroborated by market data. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship. The Company's use of derivative instruments has been limited to interest rate swap and cap agreements. The fair values of derivative instruments are included in other assets and accounts payable and accrued liabilities in the accompanying balance sheets. For derivative instruments not designated as cash flow hedges, the unrealized gains and losses are included in interest expense in the accompanying statements of operations. For derivatives designated as cash flow hedges, the effective portion of the changes in the fair value of the derivatives is initially reported in accumulated other comprehensive income (loss) in the Company's balance sheets and subsequently reclassified into earnings when the hedged transaction affects earnings. The valuation of interest rate swap and cap agreements is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate forward curves. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. Fair Value Measurements When measuring fair value of financial instruments that are required to be recorded or disclosed at fair value, the Company uses a three-tier measurement hierarchy which prioritizes the inputs used to calculate fair value. These tiers include Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Investments in Unconsolidated Real Estate Ventures The Company’s investments in its unconsolidated real estate ventures are recorded under the equity method of accounting in the accompanying consolidated financial statements. Under the equity method, the Company’s investments in unconsolidated real estate ventures are stated at cost and adjusted for the Company’s share of net earnings or losses and reduced by distributions. Equity in earnings (losses) is recognized based on the Company’s ownership interest in the earnings (losses) of the unconsolidated real estate ventures. The Company follows the "nature of the distribution approach" for classification of distributions from its unconsolidated real estate ventures in its consolidated statements of cash flows. Under this approach, distributions are reported on the basis of the nature of the activity or activities that generated the distributions as either a return on investment, which are classified as operating cash flows, or a return of investment (e.g., proceeds from the unconsolidated real estate ventures' sale of assets) which are reported as investing cash flows. Segment Reporting The Company manages its business as one reportable segment consisting of investments in self storage properties located in the United States. Although the Company operates in several markets, these operations have been aggregated into one reportable segment based on the similar economic characteristics among all markets. Reclassifications Certain amounts in the consolidated financial statements and related notes have been reclassified to conform to the current year presentation. Such reclassifications do not impact the Company's previously reported financial position or net income (loss). Allocation of Net Income (Loss) The distribution rights and priorities set forth in the operating partnership's LP Agreement differ from what is reflected by the underlying percentage ownership interests of the unitholders. Accordingly, the Company allocates GAAP income (loss) utilizing the hypothetical liquidation at book value ("HLBV") method, in which the Company allocates income or loss based on the change in each unitholders’ claim on the net assets of its operating partnership at period end after adjusting for any distributions or contributions made during such period. The HLBV method is commonly applied to equity investments where cash distribution percentages vary at different points in time and are not directly linked to an equity holder’s ownership percentage. The HLBV method is a balance sheet-focused approach to income (loss) allocation. A calculation is prepared at each balance sheet date to determine the amount that unitholders would receive if the operating partnership were to liquidate all of its assets (at GAAP net book value) and distribute the resulting proceeds to its creditors and unitholders based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is used to derive each unitholder's share of the income (loss) for the period. Due to the stated liquidation priorities and because the HLBV method incorporates non-cash items such as depreciation expense, in any given period, income or loss may be allocated disproportionately to unitholders as compared to their respective ownership percentage in the operating partnership, and net income (loss) attributable to National Storage Affiliates Trust could be more or less net income than actual cash distributions received and more or less income or loss than what may be received in the event of an actual liquidation. Additionally, the HLBV method could result in net income (or net loss) attributable to National Storage Affiliates Trust during a period when the Company reports consolidated net loss (or net income), or net income (or net loss) attributable to National Storage Affiliates Trust in excess of the Company's consolidated net income (or net loss). The computations of basic and diluted earnings (loss) per share may be materially affected by these disproportionate income (loss) allocations, resulting in volatile fluctuations of basic and diluted earnings (loss) per share. Other Comprehensive Income (Loss) The Company has cash flow hedge derivative instruments that are measured at fair value with unrealized gains or losses recognized in other comprehensive income (loss) with a corresponding adjustment to accumulated other comprehensive income (loss) within equity, as discussed further in Note 13. Under the HLBV method of allocating income (loss) discussed above, a calculation is prepared at each balance sheet date by applying the HLBV method including, and excluding, the assets and liabilities resulting from the Company's cash flow hedge derivative instruments to determine comprehensive income (loss) attributable to National Storage Affiliates Trust. As a result of the distribution rights and priorities set forth in the operating partnership's LP Agreement, in any given period, other comprehensive income (loss) may be allocated disproportionately to unitholders as compared to their respective ownership percentage in the operating partnership and as compared to their respective allocation of net income (loss). Assets Held For Sale The Company classifies properties as held for sale when certain criteria are met. At such time, the properties, including significant assets and liabilities that are expected to be transferred as part of a sale transaction, are presented separately on the consolidated balance sheet at the lower of carrying value or estimated fair value less costs to sell and depreciation is no longer recognized. As of December 31, 2017, the Company had one self storage property classified as held for sale. The results of operations for the self storage properties classified as held for sale are reflected within income from operations in the Company's consolidated statements of operations. Goodwill Goodwill represents the costs of business acquisitions in excess of the fair value of identifiable net assets acquired. The Company evaluates goodwill for potential impairment annually, or whenever impairment indicators are present. The Company determined that there was no impairment to goodwill during the years ended December 31, 2018 and 2017. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The Company adopted ASU 2014-09 effective January 1, 2018, and concluded that its adoption of ASU 2014-09 had no material effect on its consolidated financial statements as most of the Company's revenue is derived from lease contracts, which are excluded from the scope of the new guidance. For the Company’s other property-related revenue and management fees and other revenue subject to the new guidance, the Company performed an evaluation which included identifying its performance obligations and when such performance obligations are satisfied. Based on this evaluation, the Company determined that there was no material change in the timing or pattern of recognition of revenue for these activities as compared to the application of previous revenue recognition guidance. In February 2016, the FASB issued ASU 2016-02, Leases, which amends the existing guidance for accounting for leases, including requiring lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases and lessees to recognize most leases on-balance sheet as lease liabilities with corresponding right-of-use assets. ASU 2016-02 initially required a modified retrospective approach, with entities applying the new guidance at the beginning of the earliest period presented in the financial statements in which they first apply the new standard, with certain elective transition relief. In July 2018, the FASB issued ASU 2018-11, Leases - Targeted Improvements, which allows entities the option to apply the new standard at adoption date with a cumulative-effect adjustment in the period of adoption. The Company adopted ASU 2016-02 and ASU 2018-11 effective January 1, 2019. The Company elected the package of practical expedients which permits the Company to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases, and (iii) any initial direct costs for any existing leases as of the effective date. As a lessor, the Company's recognition of rental revenue remained consistent with previous guidance, and the adoption of the lease standard did not change the Company's consolidated statements of operations and did not result in a cumulative catch-up adjustment to opening equity. Adoption of the lease standard will have a material impact on the Company's consolidated balance sheets for its non-cancelable leasehold interest agreements in which it is the lessee. As a lessee, the Company expects to record lease liabilities of approximately $24 million with corresponding right-of-use assets of approximately $23 million. See Note 12 for additional detail about the Company's non-cancelable leasehold interest agreements. |
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS | SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Shareholders' Equity Common Share Offerings On July 13, 2018, the Company closed a follow-on offering of 5,900,000 of its common shares at an offering price of $29.86 per share. The Company received aggregate net proceeds from the offering of approximately $175.6 million after deducting expenses associated with the offering. On December 11, 2017, the Company closed a follow-on public offering of 5,750,000 of its common shares, which included 750,000 common shares sold upon the exercise in full by the underwriters of their option to purchase additional common shares, at a public offering price of $25.50 per share. The Company received aggregate net proceeds from the offering of approximately $140.3 million after deducting the underwriting discount and additional expenses associated with the offering. On July 6, 2016, the Company closed a follow-on public offering of 12,046,250 of its common shares, which included 1,571,250 common shares sold upon the exercise in full by the underwriters of their option to purchase additional common shares, at a public offering price of $20.75 per share. The Company received aggregate net proceeds from the offering of approximately $237.5 million after deducting the underwriting discount and additional expenses associated with the offering. On December 16, 2016, the Company closed a follow-on offering of 5,175,000 of its common shares, which included 675,000 common shares sold upon the exercise in full by the underwriters of their option to purchase additional common shares, at an offering price of $20.48 per share. The Company received aggregate net proceeds from the offering of approximately $105.5 million after deducting the underwriting discount and additional expenses associated with the offering. Series A Preferred Share Offering On October 11, 2017, the Company completed an underwritten public offering of 6,900,000 of its 6.000% Series A Preferred Shares, which included 900,000 Series A Preferred Shares sold upon the exercise in full by the underwriters of their option to purchase additional Series A Preferred Shares, resulting in net proceeds to the Company of approximately $166.6 million, after deducting the underwriting discount and the Company's other offering expenses. Dividends on the Series A Preferred Shares, which are payable quarterly in arrears, are cumulative from the date of original issuance in the amount of $1.50 per share each year. The Series A Preferred Shares rank senior to the Company's common shares with respect to dividend rights and rights upon our liquidation, dissolution or winding up. Generally, the Series A Preferred Shares become redeemable by the Company beginning in October 2022 for a cash redemption price of $25.00 per share, plus accrued but unpaid dividends. Noncontrolling Interests All of the OP equity in the Company's operating partnership not held by the Company is reflected as noncontrolling interests. Noncontrolling interests also include ownership interests in DownREIT partnerships held by entities other than the Company's operating partnership. NSA is the general partner of its operating partnership and is authorized to cause its operating partnership to issue additional partner interests, including OP units and subordinated performance units, at such prices and on such other terms as it determines in its sole discretion. As of December 31, 2018 and 2017, units reflecting noncontrolling interests consisted of the following:
The 6.000% Series A-1 Cumulative Redeemable Preferred Units ("Series A-1 preferred units") rank senior to OP units and subordinated performance units in the Company's operating partnership with respect to distributions and liquidation. The Series A-1 preferred units have a stated value of $25.00 per unit and receive distributions at an annual rate of 6.000%. These distributions are cumulative. The Series A-1 preferred units are redeemable at the option of the holder after the first anniversary of the date of issuance, which redemption obligations may be satisfied at the Company’s option in cash in an amount equal to the market value of an equivalent number of the Company's 6.000% Series A Preferred Shares or the issuance of 6.000% Series A Preferred Shares on a one-for-one basis, subject to adjustments. The increase in Series A-1 preferred units outstanding from December 31, 2017 to December 31, 2018 was due to the issuance of Series A-1 preferred units in connection with the acquisition of self storage properties. OP Units and DownREIT OP units OP units in the Company's operating partnership are redeemable for cash or, at the Company's option, exchangeable for common shares on a one-for-one basis, and DownREIT OP units are redeemable for cash or, at the Company's option, exchangeable for OP units in its operating partnership on a one-for-one basis, subject to certain adjustments in each case. The holders of OP units are generally not entitled to elect redemption until one year after the issuance of the OP units. The holders of DownREIT OP units are generally not entitled to elect redemption until five years after the date of the contributor's initial contribution. The increase in OP Units outstanding from December 31, 2017 to December 31, 2018 was due to the issuance of 2,024,170 OP units related to the voluntary conversions of 997,074 subordinated performance units (as discussed further below), the issuance of 584,004 OP units in connection with the acquisition of self storage properties and 9,100 LTIP units which were converted into OP units, partially offset by the redemption of 462,778 OP units for common shares. Subordinated Performance Units and DownREIT Subordinated Performance Units Subordinated performance units may also, under certain circumstances, be convertible into OP units which are exchangeable for common shares as described above, and DownREIT subordinated performance units may, under certain circumstances, be exchangeable for subordinated performance units on a one-for-one basis. Subordinated performance units are only convertible into OP units after a two year lock-out period and then generally (i) at the holder’s election only upon the achievement of certain performance thresholds relating to the properties to which such subordinated performance units relate or (ii) at the Company's election upon a retirement event of a PRO that holds such subordinated performance units or upon certain qualifying terminations. The holders of DownREIT subordinated performance units are generally not entitled to elect redemption until at least five years after the date of the contributor's initial contribution. The decrease in subordinated performance units outstanding from December 31, 2017 to December 31, 2018 was due to the voluntary conversion of 997,074 subordinated performance units into 2,024,170 OP units partially offset by the issuance of 141,811 subordinated performance units for co-investment by certain of the Company's PROs in connection with the acquisition of self storage properties. LTIP Units LTIP units are a special class of partnership interest in the Company's operating partnership that allow the holder to participate in the ordinary and liquidating distributions received by holders of the OP units (subject to the achievement of specified levels of profitability by the Company's operating partnership or the achievement of certain events). LTIP units may also, under certain circumstances, be convertible into OP units on a one-for-one basis, which are then exchangeable for common shares as described above. LTIP units do not have full parity with OP units with respect to liquidating distributions and may not receive ordinary distributions until such parity is reached pursuant to the terms of the LP Agreement. If such parity is reached under the LP Agreement, upon vesting, vested LTIP units may be converted into an equal number of OP units, and thereafter have all the rights of OP units, including redemption rights. See Note 9 for additional information about the Company's LTIP Units. The increase in LTIP units outstanding from December 31, 2017 to December 31, 2018 was due to the issuance of compensatory LTIP units to employees, trustees and consultants net of forfeitures partially offset by the conversion of 9,100 LTIP units into OP units. |
SELF STORAGE PROPERTIES |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SELF STORAGE PROPERTIES | SELF STORAGE PROPERTIES Self storage properties are summarized as follows (dollars in thousands):
Depreciation expense related to self storage properties amounted to $76.3 million, $60.5 million and $42.7 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES | INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES 2018 Joint Venture During the year ended December 31, 2018, a wholly owned subsidiary of the Company (the "NSA Member") entered into a limited liability company agreement (the "JV Agreement") of NSA HHF JV, LLC (the "2018 Joint Venture") with an affiliate of Heitman America Real Estate REIT LLC (the "JV Investor" and, together with the NSA Member, the "Members") and the 2018 Joint Venture acquired from Simply Self Storage, which is a portfolio company of a private real estate fund managed by Brookfield Asset Management, two REITs that own a portfolio of self storage properties (the "Portfolio") for an aggregate purchase price of approximately $1.325 billion in cash consisting of 112 self storage properties containing approximately 8.2 million rentable square feet, configured in over 68,000 storage units and located across 17 states and Puerto Rico. In September 2018, the 2018 Joint Venture completed its acquisition of the Portfolio. Immediately following the acquisition, the 2018 Joint Venture distributed the six self storage properties in the Portfolio located in Puerto Rico and a single self storage property in the Portfolio located in Ohio to the Company in exchange for a $64.2 million cash contribution from the Company. The 103 properties from the Portfolio that remain in the 2018 Joint Venture post-closing (two of the properties acquired in the Portfolio were combined with other properties in the Portfolio for operational efficiency) contain approximately 7.6 million rentable square feet configured in approximately 63,000 storage units. The 2018 Joint Venture was capitalized with approximately $639.7 million in equity (approximately $159.9 million from the NSA Member in exchange for a 25% ownership interest in the 2018 Joint Venture and approximately $479.8 million from the JV Investor in exchange for a 75% ownership interest in the 2018 Joint Venture) and proceeds from a $643.0 million interest-only debt financing with an interest rate of 4.34% per annum and a maturity of 10 years secured by a first mortgage lien on substantially all of the properties currently held by the 2018 Joint Venture. A subsidiary of the Company is acting as the non-member manager of the 2018 Joint Venture (the "NSA Manager"). The NSA Manager directs, manages and controls the day-to-day operations and affairs of the 2018 Joint Venture but may not cause the 2018 Joint Venture to make certain major decisions involving the business of the 2018 Joint Venture without the consent of both Members, including the approval of annual budgets, sales and acquisitions of properties, financings, and certain actions relating to bankruptcy. The Company's investment in the 2018 Joint Venture is accounted for using the equity method of accounting and is included in investment in unconsolidated real estate ventures in the Company’s consolidated balance sheets. The Company’s earnings from its investment in the 2018 Joint Venture are presented in equity in earnings (losses) of unconsolidated real estate ventures on the Company’s consolidated statements of operations. 2016 Joint Venture As of December 31, 2018, the Company's unconsolidated real estate venture, formed in September 2016 with a state pension fund advised by Heitman Capital Management LLC (the "2016 Joint Venture"), in which the Company has a 25% ownership interest, owned and operated a portfolio of 73 properties containing approximately 4.9 million rentable square feet, configured in approximately 40,000 storage units and located across 14 states. The 2016 Joint Venture acquired three self storage properties and an expansion project at an existing property for $28.5 million during the year ended December 31, 2018. The 2016 Joint Venture financed these acquisitions with capital contributions from the 2016 Joint Venture members, of which the Company contributed $7.3 million for its 25% proportionate share. During the year ended December 31, 2018, the 2016 Joint Venture also sold to an unrelated third party one self storage property for a gross sales price of $9.3 million. The following table presents the combined condensed financial position of the Company's unconsolidated real estate ventures as of December 31, 2018 and December 31, 2017 (in thousands):
The following table presents the combined condensed operating information of the Company's unconsolidated real estate ventures for the years ended December 31, 2018 and 2017 and the period ended December 31, 2016 (in thousands):
The combined condensed operating information in the table above only includes information for the 2018 Joint Venture following the acquisition of the Portfolio in September 2018. |
SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS |
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS | SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS Acquisitions The Company acquired 57 self storage properties and an expansion project adjacent to an existing property with an estimated fair value of $356.6 million during the year ended December 31, 2018 and 65 self storage properties with an estimated fair value of $426.8 million during the year ended December 31, 2017. Of these acquisitions, during the year ended December 31, 2018, four self storage properties and the expansion project adjacent to an existing property with an estimated fair value of $23.1 million were acquired by the Company from its PROs and during the year ended December 31, 2017, 10 self storage properties with an estimated fair value of $73.2 million were acquired by the Company from its PROs. The self storage property acquisitions were accounted for as asset acquisitions and accordingly, during the years ended December 31, 2018 and 2017, $1.9 million and $3.6 million, respectively, of transaction costs related to the acquisitions were capitalized as part of the basis of the acquired properties. The Company recognized the estimated fair value of the acquired assets and assumed liabilities on the respective dates of such acquisitions. The Company allocated a portion of the purchase price to identifiable intangible assets consisting of customer in-place leases which were recorded at estimated fair values of $9.1 million and $10.5 million during the years ended December 31, 2018 and 2017, respectively, resulting in a total fair value of $347.5 million and $416.3 million allocated to real estate during the years ended December 31, 2018 and 2017, respectively. The following table summarizes, by calendar quarter, the investments in self storage property acquisitions completed by the Company during the years ended December 31, 2018 and 2017 (dollars in thousands):
The results of operations for these self storage acquisitions are included in the Company's statements of operations beginning on the respective closing date for each acquisition. The accompanying statements of operations includes aggregate revenue of $21.9 million and operating income of $2.5 million related to the 57 self storage properties acquired during the year ended December 31, 2018. For the year ended December 31, 2017, the accompanying statements of operations includes aggregate revenue of $15.5 million and operating income of $0.5 million related to the 65 self storage properties acquired during such period. Dispositions During the year ended December 31, 2018, the Company sold to unrelated third parties two self storage properties, one of which was classified as held for sale as of December 31, 2017. The gross sales price was $5.5 million and the Company recognized $0.4 million of gains on the sale. In December 2017, the Company sold to an unrelated third party three self storage properties and excess land parcels adjacent to its self storage properties. The gross sales price was $17.8 million and the Company recognized $5.7 million of gain on sales. |
OTHER ASSETS |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER ASSETS | OTHER ASSETS Other assets consist of the following (dollars in thousands):
Amortization expense related to customer in-place leases amounted to $11.6 million, $13.5 million and $12.0 million for the years ended December 31, 2018, 2017 and 2016, respectively. The Company measured the fair value of the trade name, which has an indefinite life and is not amortized, using the relief from royalty method at acquisition. The management contract asset is charged to amortization expense on a straight-line basis over 15 years, which represents the time period over which the majority of value was attributed in the Company’s discounted cash flow model. Amortization expense related to the management contract amounted to $0.7 million, $0.7 million and $0.1 million for the years ended December 31, 2018, 2017 and 2016 respectively. |
DEBT FINANCING |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT FINANCING | DEBT FINANCING The Company's outstanding debt as of December 31, 2018 and 2017 is summarized as follows (dollars in thousands):
Credit Facility The Company has an unsecured credit facility with a syndicated group of lenders, which, as of December 31, 2018, provided for total borrowings of $1.0 billion consisting of five components: (i) a Revolver which provides for a total borrowing commitment up to $400.0 million, whereby the Company may borrow, repay and re-borrow amounts under the Revolver, (ii) a $235.0 million Term Loan A, (iii) a $155.0 million Term Loan B, (iv) a $105.0 million Term Loan C, and (v) a $125.0 million Term Loan D. The Revolver matures in May 2020; provided that the Company may elect to extend the maturity to May 2021 by paying an extension fee of 0.15% of the total borrowing commitment thereunder at the time of extension and meeting other customary conditions with respect to compliance. The Term Loan A matures in May 2021, the Term Loan B matures in May 2022, the Term Loan C matures in February 2024 and the Term Loan D matures in January 2023. The Revolver, Term Loan A, Term Loan B, Term Loan C and Term Loan D are not subject to any scheduled reduction or amortization payments prior to maturity. Interest rates applicable to loans under the credit facility are determined based on a 1, 2, 3 or 6 month LIBOR period (as elected by the Company at the beginning of any applicable interest period) plus an applicable margin or a base rate, determined by the greatest of the Key Bank prime rate, the federal funds rate plus 0.50% or one month LIBOR plus 1.00%, plus an applicable margin. The applicable margins for the credit facility are leverage based and range from 1.30% to 2.25% for LIBOR loans and 0.30% to 1.25% for base rate loans; provided that after such time as the Company achieves an investment grade rating from at least two rating agencies, the Company may elect (but is not required to elect) that the credit facility is subject to the rating based on applicable margins ranging from 0.85% to 2.45% for LIBOR Loans and 0.00% to 1.45% for base rate loans. The Company is also required to pay the following usage based fees ranging from 0.15% to 0.25% with respect to the unused portion of the Revolver; provided that if the Company makes an investment grade pricing election as described in the preceding sentence, the Company will be required to pay rating based fees ranging from 0.125% to 0.300% with respect to the entire Revolver in lieu of any usage based fees. The Company has an expansion option under the credit facility, which if exercised in full, would provide for a total borrowing capacity under the credit facility of $1.3 billion. As of December 31, 2018, the Company had outstanding letters of credit totaling $5.7 million and would have had the capacity to borrow remaining Revolver commitments of $254.8 million while remaining in compliance with the credit facility's financial covenants described in the following paragraph. The Company is required to comply with the following financial covenants under the credit facility: •Maximum total leverage ratio not to exceed 60% •Minimum fixed charge coverage ratio of at least 1.5x •Minimum net worth of at least $682.6 million plus 75% of future equity issuances •Maximum unsecured debt to unencumbered asset value ratio not to exceed 60% •Unencumbered adjusted net operating income to unsecured interest expense of at least 2.0x In addition, the terms of the credit facility contain customary affirmative and negative covenants that, among other things, limit the Company's ability to make distributions or certain investments, incur debt, incur liens and enter into certain transactions. At December 31, 2018, the Company was in compliance with all such covenants. 2023 Term Loan Facility On June 30, 2016, the Company entered into a credit agreement with a syndicated group of lenders to make available a term loan facility that matures in June 2023 (the "2023 Term Loan Facility") in an aggregate amount of $100.0 million. On June 5, 2018, the Company's operating partnership and the Company entered into the Second Amendment (the "Second Amendment") to the Credit Agreement, whereby the Company's operating partnership, among other things, partially exercised its existing $100.0 million expansion option in an aggregate amount equal to $75.0 million, increasing the aggregate amount outstanding under the 2023 Term Loan Facility to $175.0 million. The Company also increased the remaining expansion option by $200.0 million, for a total expansion option of $225.0 million. If the remaining expansion option is exercised in full, the total expansion option would provide for a total borrowing capacity under the 2023 Term Loan Facility in an aggregate amount of $400.0 million. The entire outstanding principal amount of, and all accrued but unpaid interest, is due on the maturity date. Interest rates applicable to loans under the 2023 Term Loan Facility are payable during such periods as such loans are LIBOR loans, at the applicable LIBOR based on a 1, 2, 3 or 6 month LIBOR period (as elected by the Company at the beginning of any applicable interest period) plus an applicable margin, and during the period that such loans are base rate loans, at the base rate under the 2023 Term Loan Facility in effect from time to time plus an applicable margin. The base rate under the 2023 Term Loan Facility is equal to the greatest of the Capital One prime rate, the federal funds rate plus 0.50% or one month LIBOR plus 1.00%. The applicable margin for the 2023 Term Loan Facility is leverage-based and ranges from 1.30% to 1.70% for LIBOR loans and 0.30% to 0.70% for base rate loans; provided that after such time as the Company achieves an investment grade rating from at least two rating agencies, the Company may elect (but is not required to elect) that the 2023 Term Loan Facility is subject to the rating based on applicable margins ranging from 0.90% to 1.75% for LIBOR Loans and 0.00% to 0.75% for base rate loans. The Company is required to comply with the same financial covenants under the 2023 Term Loan Facility as it is with the credit facility. In addition, the terms of the 2023 Term Loan Facility contain customary affirmative and negative covenants that, among other things, limit the Company's ability to make distributions or certain investments, incur debt, incur liens and enter into certain transactions. 2028 Term Loan Facility On December 21, 2018, the Company entered into a credit agreement with Huntington National Bank to make available a term loan facility that matures in December 2028 (the "2028 Term Loan Facility") in an aggregate amount of $75.0 million. The entire outstanding principal amount of, and all accrued but unpaid interest, is due on the maturity date. The Company has an expansion option under the 2028 Term Loan Facility, which, if exercised in full, would provide for a total 2028 Term Loan Facility in an aggregate amount of $125.0 million. Interest rates applicable to loans under the 2028 Term Loan Facility are payable during such periods as such loans are LIBOR loans, at the applicable LIBOR based on a 1, 2, 3 or 6 month LIBOR period (as elected by the Company at the beginning of any applicable interest period) plus an applicable margin, and during the period that such loans are base rate loans, at the base rate under the 2028 Term Loan Facility in effect from time to time plus an applicable margin. The base rate under the 2028 Term Loan Facility is equal to the greatest of the Huntington National Bank prime rate, the federal funds rate plus 0.50% or one month LIBOR plus 1.00%. The applicable margin for the 2028 Term Loan Facility is leverage-based and ranges from 1.80% to 2.35% for LIBOR loans and 0.80% to 1.35% for base rate loans; provided that after such time as the Company achieves an investment grade rating from at least two rating agencies, the Company may elect (but is not required to elect) that the 2028 Term Loan Facility is subject to the rating based on applicable margins ranging from 1.40% to 2.25% for LIBOR Loans and 0.40% to 1.25% for base rate loans. The Company is required to comply with the same financial covenants under the 2028 Term Loan Facility as it is with the credit facility and the 2023 Term Loan Facility. In addition, the terms of the 2028 Term Loan Facility contain customary affirmative and negative covenants that, among other things, limit the Company's ability to make distributions or certain investments, incur debt, incur liens and enter into certain transactions. Fixed Rate Mortgages Payable Fixed rate mortgages have scheduled maturities at various dates through October 2031, and have effective interest rates that range from 3.63% to 5.00%. Principal and interest are generally payable monthly or in monthly interest-only payments with balloon payments due at maturity. The Company assumed fixed rate mortgages of $7.6 million in connection with four of the properties acquired during the year ended December 31, 2018. In August 2017, the Company entered into an agreement with a single lender for an $84.9 million debt financing secured by 22 of the Company's self storage properties. This interest-only loan matures in August 2027 and has a fixed interest rate of 4.14%. Future Debt Maturities Based on existing debt agreements in effect as of December 31, 2018, the scheduled principal and maturity payments for the Company's outstanding borrowings are presented in the table below (in thousands):
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EQUITY-BASED AWARDS |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY-BASED AWARDS | EQUITY-BASED AWARDS The Company grants awards in the form of LTIP units and restricted common shares to provide equity based incentive compensation to members of its senior management team, independent trustees, advisers, consultants, other personnel, and as consideration for self storage property acquisitions. LTIP units were first granted under the 2013 Long-Term Incentive Plan (the "2013 Plan"), which authorized up to 2.5 million LTIP units for issuance. In connection with the Company's initial public offering, the Company terminated the 2013 Plan but the awards granted thereunder remained outstanding after its termination. Restricted common shares were first granted under the 2015 National Storage Affiliates Trust Equity Incentive Plan (the "2015 Plan"), which authorizes the Company's compensation, nominating, and corporate governance committee to grant share options, restricted common shares, phantom shares, dividend equivalent rights, LTIP units and other restricted limited partnership units issued by its operating partnership and other equity-based awards up to an aggregate of 5% of the common shares issued and outstanding from time to time on a fully diluted basis (assuming, if applicable, the exercise of all outstanding options and the conversion of all warrants and convertible securities, including OP units and LTIP units, into common shares). As of December 31, 2018, the Company did not have outstanding under its equity compensation plan, any options, warrants or rights to purchase the Company's common shares. LTIP Units Through December 31, 2018, an aggregate of 2,474,710 LTIP units have been issued under the 2013 Plan, 565,672 LTIP units have been issued under the 2015 Plan, and 313,759 LTIP units have been issued under the LP Agreement. Some of the granted LTIP units vested immediately or upon completion of the Company's initial public offering. Others vest upon the contribution of self storage properties or along a schedule at certain times through May 15, 2022. Compensatory Grants The Company grants two types of compensatory LTIP units, time-based LTIP unit awards that are subject to time-based vesting typically over a period of one to three years from the grant date, so long as such person remains an employee or trustee, and performance-based LTIP unit awards, which are designed to align the interests of the Company's executive officers with those of the Company's shareholders in a pay-for-performance structure. The performance-based LTIP unit awards vest contingent upon the achievement of performance criteria measured over a period of three years from the grant date, which is based on the Company's total shareholder return ("TSR") relative to the TSR of the companies in the Morgan Stanley Capital International US REIT Index and the Company's TSR relative to the TSR of its peers in the self storage industry. The value of the performance-based LTIP unit awards take into consideration the probability that the awards will ultimately vest; therefore previously recorded compensation expense is not adjusted in the event that the performance criteria is not achieved. Compensation expense related to compensatory LTIP units granted to members of the Company's senior management team, the Company's independent trustees, advisers, consultants and other personnel is included in general and administrative expense in the accompanying statements of operations. Total compensation cost recognized for the compensatory LTIP unit awards was $3.6 million, $3.5 million and $2.5 million for the years ended December 31, 2018, 2017 and 2016, respectively. At December 31, 2018, total unvested compensation cost not yet recognized was $3.7 million. The Company expects to recognize this compensation cost over a period of approximately 3.4 years. Time-based LTIP unit awards are granted with a fair value equal to the closing market price of the Company's common shares on the date of grant. The following table summarizes activity for the time-based LTIP unit awards for the years ended December 31, 2018, 2017 and 2016:
The aggregate fair value of the time-based LTIP unit awards that vested during the years ended December 31, 2018, 2017 and 2016 was $2.1 million, $2.6 million and $1.2 million, respectively. The following table summarizes activity for the performance-based LTIP unit awards granted during the year ended December 31, 2018 and 2017, including the minimum, target and maximum number of LTIP units that may be earned upon the achievement of the performance criteria measured over the period of three years from the grant date.
The fair value of the performance-based LTIP unit awards, which have a market condition, is estimated on the date of grant using a Monte Carlo simulation. The simulation requires assumptions for expected volatility, risk-free rate of return, and dividend yield. The following table summarizes the assumptions used to value the performance-based LTIP unit awards granted during the years ended December 31, 2018 and 2017:
Acquisition Consideration Grants On December 31, 2013, the Company granted 1,683,560 LTIP units under the 2013 Plan to PROs as part of the consideration for their respective self storage property acquisitions and contributions. The following table presents the number of units vested and forfeited for acquisition grants during the years ended December 31, 2018, 2017 and 2016:
The aggregate fair value of purchase consideration recognized during the years ended December 31, 2017 and 2016 was $0.9 million and $0.8 million, respectively. As of December 31, 2018, the remaining unvested LTIP units will vest as additional self storage properties are contributed or sourced by the PROs. The fair value of such LTIP units will be recorded as additional acquisition consideration based on the fair value in the period such acquisitions are completed. LP Agreement Grants to Consultants Pursuant to the LP Agreement, during the years ended December 31, 2018, 2017 and 2016, the Company issued 174, 776 and 2,758 LTIP units, respectively, that were immediately vested to consultants that provided acquisition services. During the years ended December 31, 2018 and 2017, the self storage properties acquired were accounted for as asset acquisitions and accordingly, the acquisition costs related to the LTIP units granted to consultants were capitalized as part of the basis of the acquired properties. Prior to January 1, 2017, the Company's self storage property acquisitions were accounted for as business combinations and accordingly, the acquisition costs related to the LTIP units granted to consultants during the year ended December 31, 2016 are included in acquisition costs in the accompanying statements of operations. The aggregate fair value of the LTIP units was less than $0.1 million, less than $0.1 million and $0.1 million for the years ended December 31, 2018, 2017 and 2016, respectively. Restricted Common Shares Through December 31, 2018, an aggregate of 54,136 restricted common shares have been issued under the 2015 Plan. These restricted common shares vest over a weighted average period of approximately 3.0 years. Restricted common shares are granted with a fair value equal to the closing market price of the Company's common shares on the date of grant. The following table summarizes activity for restricted common shares for the years ended December 31, 2018, 2017 and 2016:
The aggregate fair value of restricted common shares that vested during the years ended December 31, 2018, 2017 and 2016 was $0.2 million, $0.1 million and $0.1 million respectively. Total compensation cost recognized for restricted common shares during the years ended December 31, 2018, 2017 and 2016 was $0.3 million, $0.2 million and $0.1 million, respectively. At December 31, 2018, total unvested compensation cost not yet recognized was $0.3 million. The Company expects to recognize this compensation cost over a period of approximately 2.0 years. If the grantee has a termination of service for any reason during the vesting period, the unvested restricted common shares will be forfeited. Compensation expense related to restricted common shares is included in general and administrative expense in the accompanying statements of operations. |
EARNINGS PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings (loss) per common share for the years ended December 31, 2018, 2017 and 2016 (in thousands, except per share amounts):
As discussed in Note 2, the Company allocates GAAP income (loss) utilizing the HLBV method, in which the Company allocates income or loss based on the change in each unitholders' claim on the net assets of its operating partnership at period end after adjusting for any distributions or contributions made during such period. Due to the stated liquidation priorities and because the HLBV method incorporates non-cash items such as depreciation expense, in any given period, income or loss may be allocated disproportionately to National Storage Affiliates Trust and noncontrolling interests, resulting in volatile fluctuations of basic and diluted earnings (loss) per share. Outstanding equity interests of the Company's operating partnership and DownREIT partnerships are considered potential common shares for purposes of calculating diluted earnings (loss) per share as the unitholders may, through the exercise of redemption rights, obtain common shares, subject to various restrictions. Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by further adjusting for the dilutive impact using the treasury stock method for unvested LTIP units subject to a service condition outstanding during the period and the if-converted method for any convertible securities outstanding during the period. Generally, following certain lock-out periods, OP units in the Company's operating partnership are redeemable for cash or, at the Company's option, exchangeable for common shares on a one-for-one basis, subject to certain adjustments and DownREIT OP units are redeemable for cash or, at the Company's option, exchangeable for OP units in its operating partnership on a one-for-one basis, subject to certain adjustments in each case. LTIP units may also, under certain circumstances, be convertible into OP units on a one-for-one basis, which are then exchangeable for common shares as described above. Vested LTIP units and unvested LTIP units that vest based on a service condition are allocated income or loss in a similar manner as OP units. Unvested LTIP units subject to a service condition are evaluated for dilution using the treasury stock method. For the year ended December 31, 2018, 383,712 unvested LTIP units that vest based on a service condition are excluded from the calculation of diluted earnings (loss) per share as they are not dilutive to earnings (loss) per share. For the year ended December 31, 2018, 224,000 unvested LTIP units that vest upon the future acquisition of properties are excluded from the calculation of diluted earnings (loss) per share because the contingency for the units to vest has not been attained as of the end of the reported periods. Subordinated performance units may also, under certain circumstances, be convertible into OP units which are exchangeable for common shares as described above, and DownREIT subordinated performance units may, under certain circumstances, be exchangeable for subordinated performance units on a one-for-one basis. Subordinated performance units are only convertible into OP units, after a two year lock-out period and then generally (i) at the holder’s election only upon the achievement of certain performance thresholds relating to the properties to which such subordinated performance units relate or (ii) at the Company's election upon a retirement event of a PRO that holds such subordinated performance units or upon certain qualifying terminations. Although subordinated performance units may only be convertible after a two year lock-out period, the Company assumes a hypothetical conversion of each subordinated performance unit (including each DownREIT subordinated performance unit) into OP units (with subsequently assumed redemption into common shares) for the purposes of calculating diluted weighted average common shares. This hypothetical conversion is calculated using historical financial information, and as a result, is not necessarily indicative of the results of operations, cash flows or financial position of the Company upon expiration of the two-year lock out period on conversions. For the years ended December 31, 2018 and 2017, potential common shares totaling 50.6 million and 50.6 million, respectively, related to OP units, DownREIT OP units, subordinated performance units and DownREIT subordinated performance units have been excluded from the calculation of diluted earnings (loss) per share as they are not dilutive to earnings (loss) per share. Participating securities, which consist of unvested restricted common shares, receive dividends equal to those received by common shares. The effect of participating securities for the periods presented above is calculated using the two-class method of allocating distributed and undistributed earnings. |
RELATED PARTY TRANSACTIONS |
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Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Supervisory and Administrative Fees For the self storage properties that are managed by the PROs, the Company has entered into asset management agreements with the PROs to provide leasing, operating, supervisory and administrative services. The asset management agreements generally provide for fees ranging from 5% to 6% of gross revenue for the managed self storage properties. During the years ended December 31, 2018, 2017 and 2016, the Company incurred $16.9 million, $14.4 million and $11.0 million, respectively, for supervisory and administrative fees to the PROs. Such fees are included in general and administrative expenses in the accompanying statements of operations. Payroll Services For the self storage properties that are managed by the PROs, the employees responsible for operation of the self storage properties are generally employees of the PROs who charge the Company for the costs associated with the respective employees. For the years ended December 31, 2018, 2017 and 2016, the Company incurred $29.5 million, $24.6 million and $19.4 million, respectively, for payroll and related costs reimbursable to these PROs. Such costs are included in property operating expenses in the accompanying statements of operations. Due Diligence Costs During the years ended December 31, 2018, 2017 and 2016, the Company incurred $0.4 million, $0.7 million and $1.1 million, respectively, of expenses payable to certain PROs related to self storage property acquisitions sourced by the PROs. These expenses, which are based on the volume of transactions sourced by the PROs, are intended to reimburse the PROs for due diligence costs incurred in the sourcing and underwriting process. For the years ended December 31, 2018 and 2017 these due diligence costs are capitalized as part of the basis of the acquired self storage properties and for the year ended December 31, 2016, these due diligence costs are included in acquisition costs in the accompanying statements of operations. Notes Receivable In connection with the acquisition of 16 self storage properties from PROs during the year ended December 31, 2014, the Company assumed certain mortgages that provided for interest at above-market rates. The sellers of the self storage properties agreed to reimburse the Company for the difference between the fair value and the contractual value of the assumed mortgages which amounted to $5.2 million. Due to the structure of the transaction, the amount owed to the Company was considered a receivable for the issuance of equity and was recorded as an offset against equity. During the years ended December 31, 2018 and 2017, the Company received above-market interest reimbursements from the sellers totaling $1.2 million and $1.3 million, respectively. In addition, in exchange for $1.2 million and $1.3 million of principal payment reimbursements received related to these assumed mortgages during the years ended December 31, 2018 and 2017, the Company issued 44,502 and 47,339 OP units to the sellers during the year ended December 31, 2018 and 2017. Self Storage Property Acquisitions During the year ended December 31, 2018, the Company issued 11,490 subordinated performance units to an affiliate of Personal Mini (the Company's chairman and chief executive officer, Arlen D. Nordhagen, has a noncontrolling minority ownership interest in this affiliate of Personal Mini), for $0.3 million of co-investment related to the acquisition of a self storage property from an unrelated third party. During the year ended December 31, 2018, the Company issued 19,047 OP units and 5,824 subordinated performance units as partial consideration for the acquisition of self storage properties to an affiliate of Northwest and an affiliate of Kevin Howard, a member of the Company's board of trustees. |
COMMITMENTS AND CONTINGENCIES |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Operating Leases The Company has six properties that are subject to non-cancelable leasehold interest agreements that are classified as operating leases. These lease agreements expire between 2034 and 2092, inclusive of extension options that the Company anticipates exercising. To the extent that the leasehold interest agreements provide for fixed increases throughout the term of the lease, the Company recognizes lease expense on a straight-line basis over the expected lease terms. Rent expense under these leasehold interest agreements is included in property operating expenses in the accompanying statements of operations and amounted to $1.6 million, $1.2 million and $1.1 million for the years ended December 31, 2018, 2017 and 2016, respectively. The Company has entered into non-cancelable operating leases that expire between August 2020 and November 2026 for its corporate office space. Rent expense related to these office leases are included in general and administrative expenses in the accompanying statements of operations and amounted to $0.2 million, $0.2 million and $0.1 million for the years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018, future minimum cash payments under the Company's operating leases are as follows (in thousands):
Legal Proceedings The Company is subject to litigation, claims, and assessments that may arise in the ordinary course of its business activities. Such matters include contractual matters, employment related issues, and regulatory proceedings. Although occasional adverse decisions or settlements may occur, the Company believes that the final disposition of such matters will not have a material adverse effect on the Company's financial position, results of operations, or liquidity. |
FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The Company sometimes limits its exposure to interest rate fluctuations by entering into interest rate swap agreements. The interest rate swap agreements moderate the Company's exposure to interest rate risk by effectively converting the interest on variable rate debt to a fixed rate. The Company measures its interest rate swap derivatives at fair value on a recurring basis. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly into earnings. Information regarding the Company's interest rate swaps measured at fair value, which are classified within Level 2 of the GAAP fair value hierarchy, is presented below (dollars in thousands):
As of December 31, 2018 and 2017, the Company had outstanding interest rate swaps designated as cash flow hedges with aggregate notional amounts of $795.0 million and $595.0 million, respectively. As of December 31, 2018, the Company's swaps had a weighted average remaining term of 4.5 years. The fair value of these swaps are presented within other assets and accounts payable and accrued liabilities in the accompanying balance sheets, and the Company recognizes any changes in the fair value as an adjustment of accumulated other comprehensive income (loss) within equity to the extent of their effectiveness. If the forward rates at December 31, 2018 remain constant, the Company estimates that during the next 12 months, the Company would reclassify into earnings approximately $5.4 million of the unrealized gains included in accumulated other comprehensive income (loss). If market interest rates increase above the 1.87% weighted average fixed rate under these interest rate swaps the Company will benefit from net cash payments due to it from its counterparty to the interest rate swaps. There were no transfers between levels during the years ended December 31, 2018 and 2017. For financial assets and liabilities that utilize Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including LIBOR yield curves. The Company uses valuation techniques for Level 2 financial assets and liabilities which include LIBOR yield curves at the reporting date as well as assessing counterparty credit risk. Counterparties to these contracts are highly rated financial institutions. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company's derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and the counterparties. As of December 31, 2018 and 2017, the Company determined that the effect of credit valuation adjustments on the overall valuation of its derivative positions are not significant to the overall valuation of its derivatives. Therefore, the Company has determined that its derivative valuations are appropriately classified in Level 2 of the fair value hierarchy. Fair Value Disclosures The carrying values of cash and cash equivalents, restricted cash, trade receivables, and accounts payable and accrued liabilities reflected in the balance sheets at December 31, 2018 and 2017, approximate fair value due to the short term nature of these financial assets and liabilities. The carrying value of variable rate debt financing reflected in the balance sheets at December 31, 2018 and 2017 approximates fair value as the changes in their associated interest rates reflect the current market and credit risk is similar to when the loans were originally obtained. The fair values of fixed rate mortgages were estimated using the discounted estimated future cash payments to be made on such debt; the discount rates used approximated current market rates for loans, or groups of loans, with similar maturities and credit quality (categorized within Level 2 of the fair value hierarchy). The combined principal balance of the Company's fixed rate mortgages payable was approximately $268.1 million as of December 31, 2018 with a fair value of approximately $276.5 million. In determining the fair value, the Company estimated a weighted average market interest rate of approximately 4.17%, compared to the weighted average contractual interest rate of 4.85%. The combined principal balance of the Company's fixed rate mortgages was approximately $271.5 million as of December 31, 2017 with a fair value of approximately $282.6 million. In determining the fair value as of December 31, 2017, the Company estimated a weighted average market interest rate of approximately 4.04%, compared to the weighted average contractual interest rate of 4.87%. |
UNAUDITED SELECTED QUARTERLY FINANCIAL DATA |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UNAUDITED SELECTED QUARTERLY FINANCIAL DATA | UNAUDITED SELECTED QUARTERLY FINANCIAL DATA The following is a summary of quarterly financial information for the years ended December 31, 2018 and 2017 (in thousands, except per share data):
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SUBSEQUENT EVENTS |
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Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Self Storage Property Acquisitions In January and February 2019, the Company acquired 23 self storage properties for approximately $147.0 million. Consideration for these acquisitions included approximately $122.9 million of net cash, the assumption of $0.4 million of other working capital liabilities and OP equity of approximately $23.7 million (consisting of the issuance of 58,942 OP Units, 158,199 Series A-1 preferred units and 692,075 subordinated performance units). In connection with these acquisitions, the Company reimbursed the PROs for $0.1 million of due diligence costs related to the self storage properties sourced by the PROs. New PRO In February 2019, the Company entered into definitive agreements with affiliates of Investment Real Estate Management, LLC d/b/a Moove In Self Storage of York, Pennsylvania to add Moove In Self Storage ("Moove In") as the Company's tenth PRO. Moove In currently owns 19 self storage properties in Pennsylvania, Maryland, New Jersey, and New York. Upon closing, Moove In intends to contribute six self storage properties to NSA as part of the initial contribution transaction, and its remaining properties will be added to the Company's captive pipeline. The Company expects the initial contribution transaction and related closing documentation, including the entry into a facilities portfolio management agreement, to close during the first quarter of 2019, subject to customary closing conditions. Subordinated Performance Unit To OP Unit Conversions Subordinated performance units are convertible into OP units after a two year lock-out period and then generally (i) at the holder’s election only upon the achievement of certain performance thresholds relating to the properties to which such subordinated performance units relate (a "voluntary conversion") or (ii) at the Company's election upon a retirement event of a PRO that holds such subordinated performance units or upon certain qualifying terminations. Following such lock-out period, a holder of subordinated performance units in the Company's operating partnership may elect a voluntary conversion one time each year prior to December 1st to convert a pre-determined portion of such subordinated performance units into OP units in the Company's operating partnership, with such conversion effective January 1st of the following year with each subordinated performance unit being converted into the number of OP units determined by dividing the average cash available for distribution, or CAD, per unit on the series of specific subordinated performance units over the one-year period prior to conversion by 110% of the CAD per unit on the OP units determined over the same period. CAD per unit on the series of specific subordinated performance units and OP units is determined by the Company based generally upon the application of the provisions of the operating partnership agreement applicable to the distributions of operating cash flow and capital transactions proceeds. During the year ended December 31, 2018, the Company received notices requesting the conversion of 929,057 subordinated performance units (including 15,377 subordinated performance units in the Company's DownREIT partnerships). Effective January 1, 2019, the Company issued 876,623 OP units (including 13,475 OP units in the Company's DownREIT partnerships) in satisfaction of such conversion requests. |
Schedule III - Real Estate and Accumulated Deprecation |
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SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Deprecation |
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Schedule III - Reconciliation |
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SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III - Reconciliation |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
12 Months Ended |
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Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("GAAP"). |
Principles of Consolidation and Noncontrolling Interest | Principles of Consolidation The Company's consolidated financial statements include the accounts of its operating partnership and its controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation of entities. When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity ("VIE"), and if the Company is deemed to be the primary beneficiary, in accordance with authoritative guidance issued on the consolidation of VIEs. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether the general partner controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates all entities that are VIEs and of which the Company is deemed to be the primary beneficiary. The Company has determined that its operating partnership is a VIE. The sole significant asset of National Storage Affiliates Trust is its investment in its operating partnership, and consequently, substantially all of the Company's assets and liabilities represent those assets and liabilities of its operating partnership. As of December 31, 2018, the Company's operating partnership was the primary beneficiary of, and therefore consolidated, 21 DownREIT partnerships that are considered VIEs, which owned 34 self storage properties. The net book value of the real estate owned by these VIEs was $240.4 million and $248.0 million as of December 31, 2018 and December 31, 2017, respectively. For certain DownREIT partnerships which are subject to fixed rate mortgages payable, the carrying value of such fixed rate mortgages payable held by these VIEs was $138.4 million and $140.3 million as of December 31, 2018 and December 31, 2017, respectively. The creditors of the consolidated VIEs do not have recourse to the Company's general credit. Noncontrolling Interests All of the limited partner equity interests ("OP equity") in its operating partnership not held by the Company are reflected as noncontrolling interests. Noncontrolling interests also include ownership interests in DownREIT partnerships held by entities other than the Company's operating partnership. In the consolidated statements of operations, the Company allocates net income (loss) attributable to noncontrolling interests to arrive at net income (loss) attributable to National Storage Affiliates Trust. For transactions that result in changes to the Company's ownership interest in its operating partnership, the carrying amount of noncontrolling interests is adjusted to reflect such changes. The difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interests is adjusted is reflected as an adjustment to additional paid-in capital on the consolidated balance sheets. |
Self Storage Properties | Self Storage Properties Self storage properties are carried at historical cost less accumulated depreciation and any impairment losses. Major replacements and betterments, which improve or extend the life of an asset, are capitalized. Expenditures for ordinary repairs and maintenance are expensed as incurred and are included in property operating expenses. Estimated depreciable lives of self storage properties are determined by considering the age and other indicators about the condition of the assets at the respective dates of acquisition, resulting in a range of estimated useful lives for assets within each category. All self storage property assets are depreciated using the straight-line method. Buildings and improvements are depreciated over estimated useful lives primarily between seven and 40 years; furniture and equipment are depreciated over estimated useful lives primarily between three and 10 years. When a self storage property is acquired, the purchase price of the acquired self storage property is allocated to land, buildings and improvements, furniture and equipment, customer in-place leases, assumed real estate leasehold interests, other assets acquired and liabilities assumed, based on the estimated fair value of each component. When a portfolio of self storage properties is acquired, the purchase price is allocated to the individual self storage properties based on the fair value determined using an income approach with appropriate risk-adjusted capitalization rates, which take into account the relative size, age and location of the individual self storage properties. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. From time to time, the Company maintains cash balances in financial institutions in excess of federally insured limits. The Company has never experienced a loss that resulted from exceeding federally insured limits. |
Restricted Cash | Restricted Cash The Company's restricted cash consists of escrowed funds deposited with financial institutions for real estate taxes, insurance and other reserves for capital improvements in accordance with the Company's loan agreements. |
Customer In-place Leases | Customer In-place Leases In allocating the purchase price for a self storage property acquisition, the Company determines whether the acquisition includes intangible assets. The Company allocates a portion of the purchase price to an intangible asset attributed to the value of customer in-place leases. This intangible asset is amortized to expense using the straight-line method over 12 months, the estimated average rental period for the leases. Substantially all of the leases in place at acquired properties are at market rates, as the leases are month-to-month contracts. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates long-lived assets for impairment when events and circumstances indicate that there may be impairment. When events or changes in circumstances indicate that the Company's long-lived assets may not be recoverable, the carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value attributable to the assets. If an asset's carrying value is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. |
Cost of Raising Capital | Costs of Raising Capital Commissions, legal fees and other costs that are directly associated with equity offerings are capitalized as deferred offering costs, pending a determination of the success of the offering. Deferred offering costs related to successful offerings are charged to additional paid-in capital within equity in the period it is determined that the offering was successful. |
Debt Issuance Costs | Debt issuance costs are amortized over the estimated life of the related debt using the straight-line method, which approximates the effective interest rate method. Amortization of debt issuance costs is included in interest expense in the accompanying statements of operations. |
Rental revenue | Rental revenue Rental revenue consists of space rentals and related fees. Management has determined that all of the Company's leases are operating leases. Substantially all leases may be terminated on a month-to-month basis and rental income is recognized ratably over the lease term using the straight-line method. Rents received in advance are deferred and recognized on a straight-line basis over the related lease term associated with the prepayment. Promotional discounts and other incentives are recognized as a reduction to rental income over the applicable lease term. |
Other property-related revenue and Management fees and other revenue | Other property-related revenue Other property-related revenue consists of ancillary revenues such as tenant insurance and/or tenant warranty protection-related access fees and sales of storage supplies which are recognized in the period earned. The Company and certain of the Company’s PROs have tenant insurance- and/or tenant warranty protection plan-related arrangements with insurance companies and the Company’s tenants. During the years ended December 31, 2018, 2017 and 2016, the Company recognized $7.5 million, $6.0 million and $4.2 million, respectively, of tenant insurance and tenant warranty protection plan revenues. The Company sells boxes, packing supplies, locks and other retail merchandise at its properties. During the years ended December 31, 2018, 2017 and 2016, the Company recognized retail sales of $1.5 million, $1.3 million and $1.0 million, respectively. Management fees and other revenue Management fees and other revenue consist of property management fees, platform fees, call center fees, acquisition fees, and a portion of tenant warranty protection or tenant insurance proceeds that the Company earns for managing and operating its unconsolidated real estate ventures. With respect to both the 2018 Joint Venture and the 2016 Joint Venture, the Company provides supervisory and administrative property management services, centralized call center services, and technology platform and revenue management services to the properties in the unconsolidated real estate ventures. The property management fees are equal to 6% of monthly gross revenues and net sales revenues from the assets of the unconsolidated real estate ventures, and the platform fees are equal to $1,250 per month per unconsolidated real estate venture property. With respect to the 2016 Joint Venture only, the call center fees are equal to 1% of each of monthly gross revenues and net sales revenues from the 2016 Joint Venture properties. During the years ended December 31, 2018, 2017 and 2016, the Company recognized property management fees, call center fees and platform fees of $7.8 million, $4.8 million and $1.1 million, respectively. For acquisition fees, the Company provides sourcing, underwriting and administration services to the unconsolidated real estate ventures. The 2016 Joint Venture paid the Company a $4.1 million acquisition fee equal to 0.65% of the gross capitalization (including debt and equity) of the original 66-property 2016 Joint Venture portfolio (the "Initial 2016 JV Portfolio") in 2016, at the time of the Initial 2016 JV Portfolio acquisition. The 2018 Joint Venture paid the Company a $4.0 million acquisition fee related to the initial acquisition of properties by the 2018 Joint Venture (the "Initial 2018 JV Portfolio") during the year ended December 31, 2018, at the time of the Initial 2018 JV Portfolio acquisition. These fees are refundable to the unconsolidated real estate ventures, on a prorated basis, if the Company is removed as the managing member during the initial four year life of the unconsolidated real estate ventures and as such, the Company's performance obligation for these acquisition fees are satisfied over a four year period. As of December 31, 2018 and 2017, the Company had deferred revenue related to the acquisition fees of $4.6 million and $2.8 million, respectively. The Company also earns acquisition fees for properties acquired by the unconsolidated real estate ventures subsequent to the Initial 2016 JV Portfolio and the Initial 2018 JV Portfolio. These fees are based on a percentage of the gross capitalization of the acquired assets determined by the members of the 2016 Joint Venture and the 2018 Joint Venture, and are generally earned when the unconsolidated real estate ventures obtain title and control of an acquired property. During the years ended December 31, 2018, 2017 and 2016, the Company recognized acquisition fees of $1.6 million, $1.5 million and $0.3 million, respectively. An affiliate of the Company facilitates tenant warranty protection or tenant insurance programs for tenants of the properties in the unconsolidated real estate ventures in exchange for 50% of all proceeds from such programs at each unconsolidated real estate venture property. During the years ended December 31, 2018, 2017 and 2016, the Company recognized $2.4 million, $1.9 million and $0.5 million, respectively, of revenue related to these activities. |
Advertising Costs | Advertising Costs The Company incurs advertising costs primarily attributable to internet, directory and other advertising. Advertising costs are included in property operating expenses in the accompanying statements of operations. These costs are expensed in the period in which the cost is incurred. |
Acquisition Costs | Acquisition Costs The Company incurs title, legal and consulting fees, and other costs associated with the completion of acquisitions. During the year ended December 31, 2017, the Company adopted Accounting Standards Update ("ASU") 2017-01 and as a result, the Company's self storage property acquisitions during the years ended December 31, 2018 and 2017 were accounted for as asset acquisitions, and accordingly, acquisition costs directly related to the self storage property acquisitions were capitalized as part of the basis of the acquired properties. Indirect acquisition costs remain included in acquisition costs in the accompanying statements of operations in the period in which they were incurred. Prior to the Company's adoption of ASU 2017-01, direct and indirect costs were included in acquisition costs in the accompanying statements of operations in the period in which they were incurred. |
Income Taxes | Income Taxes Through December 31, 2014, the Company did not have a profit and loss sharing interest in its operating partnership and did not have any other operations that were subject to taxation. Accordingly, the Company did not generate a federal income tax benefit or expense for the period from its inception through December 31, 2014. The Company has elected and believes it has qualified to be taxed as a REIT under sections 856 through 860 of the U.S. Internal Revenue Code (the "Code") commencing with the taxable year ended December 31, 2015. To qualify as a REIT, among other things, the Company is required to distribute at least 90% of its REIT taxable income to its shareholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Company is not subject to federal income tax on the earnings distributed currently to its shareholders that it derives from its REIT qualifying activities. If the Company fails to qualify as a REIT in any taxable year, and is unable to avail itself of certain provisions set forth in the Code, all of the Company's taxable income would be subject to federal and state income taxes at regular corporate rates. The Company will not be required to make distributions with respect to income derived from the activities conducted through subsidiaries that the Company elects to treat as taxable REIT subsidiaries ("TRS") for federal income tax purposes. Certain activities that the Company undertakes must be conducted by a TRS, such as performing non-customary services for its customers, facilitating sales by PROs of tenant insurance and holding assets that the Company is not permitted to hold directly. A TRS is subject to federal and state income taxes. On June 25, 2014, the Company formed NSA TRS, LLC ("NSA TRS"), a Delaware limited liability company. The Company has elected to treat NSA TRS as a TRS, and consequently, NSA TRS is subject to U.S. federal and state corporate income taxes. Deferred tax assets and liabilities are recognized to the extent of any differences between the financial reporting and tax bases of assets and liabilities. No material deferred tax assets and liabilities were recorded as of December 31, 2018 and 2017. The Company did not have any unrecognized tax benefits related to uncertain tax positions as of December 31, 2018 and 2017. Future amounts of accrued interest and penalties, if any, related to uncertain tax positions will be recorded as a component of income tax expense. The Company does not expect that the amount of unrecognized tax benefits will change significantly in the next 12 months. The Company's material taxing jurisdiction is the U.S. federal jurisdiction; the 2015 tax year is the earliest period that remains open to examination by these taxing jurisdictions. |
Earnings per Share | Earnings per Share Basic earnings per share is calculated based on the weighted average number of the Company's common shares of beneficial interest, $0.01 par value per share ("common shares"), outstanding during the period. Diluted earnings per share is calculated by further adjusting for the dilutive impact using the treasury stock method for any share options and unvested share equivalents outstanding during the period and the if-converted method for any convertible securities outstanding during the period. As more fully described below under "–Allocation of Net Income (Loss)", the Company allocates GAAP income (loss) utilizing the hypothetical liquidation at book value ("HLBV") method, which could result in net income (or net loss) attributable to National Storage Affiliates Trust during a period when the Company reports consolidated net loss (or net income), or net income (or net loss) attributable to National Storage Affiliates Trust in excess of the Company's consolidated net income (or net loss). The computations of basic and diluted earnings (loss) per share may be materially affected by these disproportionate income (loss) allocations, resulting in volatile fluctuations of basic and diluted earnings (loss) per share. |
Equity-Based Awards | Equity-Based Awards The measurement and recognition of compensation cost for all equity-based awards granted to officers, employees and consultants is based on estimated fair values. Compensation cost is recognized on a straight-line basis over the requisite service periods of each award with non-graded vesting. For awards granted which contain a graded vesting schedule and the only condition for vesting is a service condition, compensation cost is recognized as an expense on a straight-line basis over the requisite service period as if the award was, in substance, a single award. For awards granted for which vesting is subject to a performance condition, compensation cost is recognized over the requisite service period if and when the Company concludes it is probable that the performance condition will be achieved. The estimated fair value of all equity-based awards issued to PROs and their affiliates in connection with self storage property acquisitions is included in the cost of the respective acquisitions. The estimated fair value of such awards is measured at the date the self storage properties are acquired, as this date represents satisfaction of the performance condition and coincides with the award vesting. |
Derivative Financial Instruments | Derivative Financial Instruments The Company carries all derivative financial instruments on the balance sheet at fair value. Fair value of derivatives is determined by reference to observable prices that are based on inputs not quoted on active markets, but corroborated by market data. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship. The Company's use of derivative instruments has been limited to interest rate swap and cap agreements. The fair values of derivative instruments are included in other assets and accounts payable and accrued liabilities in the accompanying balance sheets. For derivative instruments not designated as cash flow hedges, the unrealized gains and losses are included in interest expense in the accompanying statements of operations. For derivatives designated as cash flow hedges, the effective portion of the changes in the fair value of the derivatives is initially reported in accumulated other comprehensive income (loss) in the Company's balance sheets and subsequently reclassified into earnings when the hedged transaction affects earnings. The valuation of interest rate swap and cap agreements is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate forward curves. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. |
Fair Value Measurements | Fair Value Measurements When measuring fair value of financial instruments that are required to be recorded or disclosed at fair value, the Company uses a three-tier measurement hierarchy which prioritizes the inputs used to calculate fair value. These tiers include Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. |
Investments in Unconsolidated Real Estate Venture | Investments in Unconsolidated Real Estate Ventures The Company’s investments in its unconsolidated real estate ventures are recorded under the equity method of accounting in the accompanying consolidated financial statements. Under the equity method, the Company’s investments in unconsolidated real estate ventures are stated at cost and adjusted for the Company’s share of net earnings or losses and reduced by distributions. Equity in earnings (losses) is recognized based on the Company’s ownership interest in the earnings (losses) of the unconsolidated real estate ventures. The Company follows the "nature of the distribution approach" for classification of distributions from its unconsolidated real estate ventures in its consolidated statements of cash flows. Under this approach, distributions are reported on the basis of the nature of the activity or activities that generated the distributions as either a return on investment, which are classified as operating cash flows, or a return of investment (e.g., proceeds from the unconsolidated real estate ventures' sale of assets) which are reported as investing cash flows. |
Segment Reporting | Segment Reporting The Company manages its business as one reportable segment consisting of investments in self storage properties located in the United States. Although the Company operates in several markets, these operations have been aggregated into one reportable segment based on the similar economic characteristics among all markets. |
Reclassifications | Reclassifications Certain amounts in the consolidated financial statements and related notes have been reclassified to conform to the current year presentation. Such reclassifications do not impact the Company's previously reported financial position or net income (loss). |
Allocation of Net Income (Loss) | Allocation of Net Income (Loss) The distribution rights and priorities set forth in the operating partnership's LP Agreement differ from what is reflected by the underlying percentage ownership interests of the unitholders. Accordingly, the Company allocates GAAP income (loss) utilizing the hypothetical liquidation at book value ("HLBV") method, in which the Company allocates income or loss based on the change in each unitholders’ claim on the net assets of its operating partnership at period end after adjusting for any distributions or contributions made during such period. The HLBV method is commonly applied to equity investments where cash distribution percentages vary at different points in time and are not directly linked to an equity holder’s ownership percentage. The HLBV method is a balance sheet-focused approach to income (loss) allocation. A calculation is prepared at each balance sheet date to determine the amount that unitholders would receive if the operating partnership were to liquidate all of its assets (at GAAP net book value) and distribute the resulting proceeds to its creditors and unitholders based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is used to derive each unitholder's share of the income (loss) for the period. Due to the stated liquidation priorities and because the HLBV method incorporates non-cash items such as depreciation expense, in any given period, income or loss may be allocated disproportionately to unitholders as compared to their respective ownership percentage in the operating partnership, and net income (loss) attributable to National Storage Affiliates Trust could be more or less net income than actual cash distributions received and more or less income or loss than what may be received in the event of an actual liquidation. Additionally, the HLBV method could result in net income (or net loss) attributable to National Storage Affiliates Trust during a period when the Company reports consolidated net loss (or net income), or net income (or net loss) attributable to National Storage Affiliates Trust in excess of the Company's consolidated net income (or net loss). The computations of basic and diluted earnings (loss) per share may be materially affected by these disproportionate income (loss) allocations, resulting in volatile fluctuations of basic and diluted earnings (loss) per share. |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The Company has cash flow hedge derivative instruments that are measured at fair value with unrealized gains or losses recognized in other comprehensive income (loss) with a corresponding adjustment to accumulated other comprehensive income (loss) within equity, as discussed further in Note 13. Under the HLBV method of allocating income (loss) discussed above, a calculation is prepared at each balance sheet date by applying the HLBV method including, and excluding, the assets and liabilities resulting from the Company's cash flow hedge derivative instruments to determine comprehensive income (loss) attributable to National Storage Affiliates Trust. As a result of the distribution rights and priorities set forth in the operating partnership's LP Agreement, in any given period, other comprehensive income (loss) may be allocated disproportionately to unitholders as compared to their respective ownership percentage in the operating partnership and as compared to their respective allocation of net income (loss). |
Assets Held For Sale | Assets Held For Sale The Company classifies properties as held for sale when certain criteria are met. At such time, the properties, including significant assets and liabilities that are expected to be transferred as part of a sale transaction, are presented separately on the consolidated balance sheet at the lower of carrying value or estimated fair value less costs to sell and depreciation is no longer recognized. As of December 31, 2017, the Company had one self storage property classified as held for sale. The results of operations for the self storage properties classified as held for sale are reflected within income from operations in the Company's consolidated statements of operations. |
Goodwill | Goodwill Goodwill represents the costs of business acquisitions in excess of the fair value of identifiable net assets acquired. The Company evaluates goodwill for potential impairment annually, or whenever impairment indicators are present. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The Company adopted ASU 2014-09 effective January 1, 2018, and concluded that its adoption of ASU 2014-09 had no material effect on its consolidated financial statements as most of the Company's revenue is derived from lease contracts, which are excluded from the scope of the new guidance. For the Company’s other property-related revenue and management fees and other revenue subject to the new guidance, the Company performed an evaluation which included identifying its performance obligations and when such performance obligations are satisfied. Based on this evaluation, the Company determined that there was no material change in the timing or pattern of recognition of revenue for these activities as compared to the application of previous revenue recognition guidance. In February 2016, the FASB issued ASU 2016-02, Leases, which amends the existing guidance for accounting for leases, including requiring lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases and lessees to recognize most leases on-balance sheet as lease liabilities with corresponding right-of-use assets. ASU 2016-02 initially required a modified retrospective approach, with entities applying the new guidance at the beginning of the earliest period presented in the financial statements in which they first apply the new standard, with certain elective transition relief. In July 2018, the FASB issued ASU 2018-11, Leases - Targeted Improvements, which allows entities the option to apply the new standard at adoption date with a cumulative-effect adjustment in the period of adoption. The Company adopted ASU 2016-02 and ASU 2018-11 effective January 1, 2019. The Company elected the package of practical expedients which permits the Company to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases, and (iii) any initial direct costs for any existing leases as of the effective date. As a lessor, the Company's recognition of rental revenue remained consistent with previous guidance, and the adoption of the lease standard did not change the Company's consolidated statements of operations and did not result in a cumulative catch-up adjustment to opening equity. Adoption of the lease standard will have a material impact on the Company's consolidated balance sheets for its non-cancelable leasehold interest agreements in which it is the lessee. As a lessee, the Company expects to record lease liabilities of approximately $24 million with corresponding right-of-use assets of approximately $23 million. See Note 12 for additional detail about the Company's non-cancelable leasehold interest agreements. |
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Tables) |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of outstanding equity interests | As of December 31, 2018 and 2017, units reflecting noncontrolling interests consisted of the following:
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SELF STORAGE PROPERTIES (Tables) |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of self storage properties | Self storage properties are summarized as follows (dollars in thousands):
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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Financial Information of Joint Ventures |
The following table presents the combined condensed operating information of the Company's unconsolidated real estate ventures for the years ended December 31, 2018 and 2017 and the period ended December 31, 2016 (in thousands):
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SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS (Tables) |
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of investments in self storage property acquisitions | The following table summarizes, by calendar quarter, the investments in self storage property acquisitions completed by the Company during the years ended December 31, 2018 and 2017 (dollars in thousands):
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OTHER ASSETS (Tables) |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other assets | Other assets consist of the following (dollars in thousands):
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DEBT FINANCING (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of debt | The Company's outstanding debt as of December 31, 2018 and 2017 is summarized as follows (dollars in thousands):
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Schedule of future debt maturities | Based on existing debt agreements in effect as of December 31, 2018, the scheduled principal and maturity payments for the Company's outstanding borrowings are presented in the table below (in thousands):
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EQUITY-BASED AWARDS (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of activity compensatory and acquisition consideration LTIP grants | The following table summarizes activity for the performance-based LTIP unit awards granted during the year ended December 31, 2018 and 2017, including the minimum, target and maximum number of LTIP units that may be earned upon the achievement of the performance criteria measured over the period of three years from the grant date.
The following table presents the number of units vested and forfeited for acquisition grants during the years ended December 31, 2018, 2017 and 2016:
The following table summarizes activity for the time-based LTIP unit awards for the years ended December 31, 2018, 2017 and 2016:
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Schedule of valuation assumptions for LTIP Unit grants | The following table summarizes the assumptions used to value the performance-based LTIP unit awards granted during the years ended December 31, 2018 and 2017:
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Schedule of activity for restricted common shares | The following table summarizes activity for restricted common shares for the years ended December 31, 2018, 2017 and 2016:
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EARNINGS PER SHARE (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the computation of basic and diluted earnings per common share | The following table sets forth the computation of basic and diluted earnings (loss) per common share for the years ended December 31, 2018, 2017 and 2016 (in thousands, except per share amounts):
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COMMITMENTS AND CONTINGENCIES (Tables) |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of future minimum cash payments under operating leases | As of December 31, 2018, future minimum cash payments under the Company's operating leases are as follows (in thousands):
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FAIR VALUE MEASUREMENTS (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Schedule of interest rate swap derivatives fair value | Information regarding the Company's interest rate swaps measured at fair value, which are classified within Level 2 of the GAAP fair value hierarchy, is presented below (dollars in thousands):
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UNAUDITED SELECTED QUARTERLY FINANCIAL DATA (Tables) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of quarterly financial information | The following is a summary of quarterly financial information for the years ended December 31, 2018 and 2017 (in thousands, except per share data):
|
SELF STORAGE PROPERTIES (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Real Estate [Abstract] | |||
Land | $ 583,455 | $ 528,304 | |
Buildings and improvements | 2,048,281 | 1,741,459 | |
Furniture and equipment | 5,987 | 5,470 | |
Total self storage properties | 2,637,723 | 2,275,233 | |
Less accumulated depreciation | (246,261) | (170,358) | |
Self storage properties, net | 2,391,462 | 2,104,875 | |
Depreciation expense related to self storage properties | $ 76,300 | $ 60,500 | $ 42,700 |
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Condensed Financial Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
ASSETS | |||
Self storage properties, net | $ 1,894,412 | $ 655,973 | |
Other assets | 50,915 | 8,397 | |
Total assets | 1,945,327 | 664,370 | |
LIABILITIES AND EQUITY | |||
Debt financing | 956,357 | 317,359 | |
Other liabilities | 16,516 | 4,855 | |
Equity | 972,454 | 342,156 | |
Total liabilities and equity | 1,945,327 | 664,370 | |
INCOME STATEMENT | |||
Total revenue | $ 12,197 | 94,507 | 54,747 |
Property operating expenses | 3,850 | 30,229 | 18,463 |
Net operating income | 8,347 | 64,278 | 36,284 |
Supervisory, administrative and other expenses | (949) | (6,397) | (3,921) |
Depreciation and amortization | (6,235) | (40,930) | (29,192) |
Interest expense | (2,823) | (20,718) | (11,389) |
Loss on sale of self storage properties | 0 | (820) | 0 |
Acquisition and other expenses | (4,277) | (1,188) | (1,146) |
Net loss | $ (5,937) | $ (5,775) | $ (9,364) |
SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS - Acquisitions (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018
USD ($)
property
|
Sep. 30, 2018
USD ($)
property
|
Jun. 30, 2018
USD ($)
property
|
Mar. 31, 2018
USD ($)
property
|
Dec. 31, 2017
USD ($)
property
|
Sep. 30, 2017
USD ($)
property
|
Jun. 30, 2017
USD ($)
property
|
Mar. 31, 2017
USD ($)
property
|
Dec. 31, 2018
USD ($)
property
|
Dec. 31, 2017
USD ($)
property
|
Dec. 31, 2016
USD ($)
|
|
Business Acquisition [Line Items] | |||||||||||
Cash and Acquisition Costs | $ 0 | $ 0 | $ 19,933 | ||||||||
2018 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of self storage properties acquired | property | 7 | 13 | 12 | 25 | 57 | ||||||
Cash and Acquisition Costs | $ 49,221 | $ 102,012 | $ 62,470 | $ 105,135 | $ 318,838 | ||||||
Value of OP Equity | 2,000 | 3,660 | 0 | 22,403 | 28,063 | ||||||
Mortgages Assumed | 0 | 0 | 0 | 7,581 | 7,581 | ||||||
Other Liabilities | 174 | 856 | 467 | 670 | 2,167 | ||||||
Total consideration given and liabilities assumed | $ 51,395 | $ 106,528 | $ 62,937 | $ 135,789 | $ 356,649 | ||||||
2017 Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of self storage properties acquired | property | 31 | 19 | 10 | 5 | 65 | ||||||
Cash and Acquisition Costs | $ 181,809 | $ 122,742 | $ 60,672 | $ 26,780 | $ 392,003 | ||||||
Value of OP Equity | 17,019 | 267 | 8,931 | 4,964 | 31,181 | ||||||
Mortgages Assumed | 0 | 0 | 0 | 0 | 0 | ||||||
Other Liabilities | 2,220 | 826 | 387 | 183 | 3,616 | ||||||
Total consideration given and liabilities assumed | $ 201,048 | $ 123,835 | $ 69,990 | $ 31,927 | $ 426,800 |
OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Receivables: | |||
Trade, net | $ 3,402 | $ 2,274 | |
PROs and other affiliates | 2,027 | 979 | |
Receivable from unconsolidated real estate venture | 4,573 | 1,200 | |
Property acquisition deposits | 20,977 | 5,050 | |
Interest rate swaps | 16,164 | 12,414 | |
Prepaid expenses and other | 4,266 | 3,949 | |
Corporate furniture, equipment and other, net | 1,574 | 1,444 | |
Goodwill | 5,750 | 5,750 | |
Total | 75,053 | 52,615 | |
Customer In-Place Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | 11,600 | 13,500 | $ 12,000 |
Accumulated amortization | 5,090 | 3,914 | |
Other Assets [Abstract] | |||
Intangible assets, net of amortization | 4,063 | 6,590 | |
Trade Names [Member] | |||
Receivables: | |||
Trade name | 3,200 | 3,200 | |
Management Contract [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | 700 | 700 | $ 100 |
Accumulated amortization | 1,564 | 856 | |
Other Assets [Abstract] | |||
Intangible assets, net of amortization | $ 9,057 | $ 9,765 |
DEBT FINANCING - Future Maturities (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Scheduled Principal and Maturity Payments | ||
2019 | $ 5,128 | |
2020 | 178,897 | |
2021 | 242,603 | |
2022 | 159,205 | |
2023 | 377,049 | |
After 2024 | 314,756 | |
Total principal | 1,277,638 | $ 954,991 |
Premium Amortization and Unamortized Debt Issuance Costs | ||
2019 | (361) | |
2020 | (699) | |
2021 | (779) | |
2022 | (441) | |
2023 | (42) | |
After 2024 | 2,786 | |
Total premium amortization and unamortized debt issuance costs | 464 | |
Total | ||
2019 | 4,767 | |
2020 | 178,198 | |
2021 | 241,824 | |
2022 | 158,764 | |
2023 | 377,007 | |
After 2024 | 317,542 | |
Total debt | $ 1,278,102 | $ 958,097 |
EQUITY-BASED AWARDS - Time-Based LTIP Units Activity (Details) - Time-Based LTIP Unit [Member] - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Number of LTIP units | |||
Unvested units at beginning of year (in shares) | 227,766 | 294,529 | 236,265 |
Granted (in shares) | 100,176 | 128,051 | 177,546 |
Vested (in shares) | (104,130) | (194,814) | (119,282) |
Unvested units at end of year (in shares) | 223,812 | 227,766 | 294,529 |
Weighted Average Grant-Date Fair Value | |||
Unvested at beginning of year (in dollars per share) | $ 20.37 | $ 14.74 | $ 10.41 |
Granted (in dollars per share) | 27.08 | 22.89 | 17.59 |
Vested (in dollars per share) | 20.18 | 13.43 | 10.41 |
Unvested at end of year (in dollars per share) | $ 23.54 | $ 20.37 | $ 14.74 |
EQUITY-BASED AWARDS - Performance-Based LTIP Units Activity (Details) - Performance-Based LTIP Units [Member] - $ / shares |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Weighted Average Grant-Date Fair Value | ||
Unvested at beginning of year (in dollars per share) | $ 27.63 | $ 0.00 |
Granted (in dollars per share) | 24.67 | 27.63 |
Unvested at end of year (in dollars per share) | $ 26.35 | $ 27.63 |
Minimum [Member] | ||
Number of LTIP units | ||
Unvested units at beginning of year (in shares) | 0 | 0 |
Granted (in shares) | 0 | 0 |
Unvested units at end of year (in shares) | 0 | 0 |
Target [Member] | ||
Number of LTIP units | ||
Unvested units at beginning of year (in shares) | 40,390 | 0 |
Granted (in shares) | 46,017 | 40,390 |
Unvested units at end of year (in shares) | 86,407 | 40,390 |
Maximum [Member] | ||
Number of LTIP units | ||
Unvested units at beginning of year (in shares) | 90,874 | 0 |
Granted (in shares) | 69,025 | 90,874 |
Unvested units at end of year (in shares) | 159,899 | 90,874 |
EQUITY-BASED AWARDS - Performance-Based LTIP Units Valuation Assumptions (Details) - Performance-Based LTIP Units [Member] |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Valuation Assumptions | ||
Risk-free interest rate | 2.04% | 1.58% |
Dividend yield | 4.11% | 4.35% |
Expected volatility | 24.44% | 29.96% |
EQUITY-BASED AWARDS - Acquisition Related LTIP Units (Details) - LTIP units [Member] - 2013 Long-Term Incentive Plan [Member] - Participating Regional Operator [Member] - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Number of LTIP units | |||
Unvested units at beginning of year (in shares) | 224,000 | 260,400 | 423,800 |
Vested (in shares) | 0 | (36,400) | (45,100) |
Forfeited (in shares) | (118,300) | ||
Unvested units at end of year (in shares) | 224,000 | 224,000 | 260,400 |
EQUITY-BASED AWARDS - Restricted Common Shares (Details) - Restricted Common Shares [Member] - 2015 Plan [Member] - $ / shares |
12 Months Ended | 48 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2018 |
|
Number of Restricted Common Shares | ||||
Outstanding at beginning of year (in shares) | 21,585 | 13,590 | 11,000 | |
Granted (in shares) | 12,311 | 16,525 | 8,090 | 54,136 |
Vested (in shares) | (8,041) | (8,530) | (5,500) | |
Forfeited (in shares) | (3,266) | 0 | 0 | |
Unvested at end of year (in shares) | 22,589 | 21,585 | 13,590 | 22,589 |
Weighted Average Grant-Date Fair Value | ||||
Outstanding at beginning of year (in dollars per share) | $ 22.43 | $ 12.40 | $ 12.40 | |
Granted (in dollars per share) | 27.26 | 24.04 | 17.19 | |
Vested (in dollars per share) | 21.88 | 14.11 | 12.40 | |
Forfeited (in dollars per share) | 25.35 | 0.00 | 0.00 | |
Unvested at end of year (in dollars per share) | $ 24.83 | $ 22.43 | $ 12.40 | $ 24.83 |
FAIR VALUE MEASUREMENTS - Interest Swap Derivatives (Details) - Interest Rate Swap [Member] - Level 2 [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis [Roll Forward] | ||
Fair value at beginning of period | $ 12,414 | $ 8,159 |
Cash flow hedge ineffectiveness | 12 | |
Losses (Gains) on interest rate swaps reclassified into interest expense from accumulated other comprehensive income | (1,817) | 2,308 |
Unrealized gains included in accumulated other comprehensive income | 3,598 | 1,935 |
Fair value of end of period | $ 14,195 | $ 12,414 |
UNAUDITED SELECTED QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 89,298 | $ 85,382 | $ 79,723 | $ 76,493 | $ 73,368 | $ 68,858 | $ 64,341 | $ 61,563 | $ 330,896 | $ 268,130 | $ 199,046 |
Total operating expenses | 60,440 | 57,869 | 56,033 | 54,900 | 51,448 | 47,561 | 45,008 | 45,613 | 229,242 | 189,630 | 141,390 |
Income from operations | 28,858 | 27,513 | 23,690 | 21,593 | 21,920 | 21,297 | 19,333 | 15,950 | 101,654 | 78,500 | 57,656 |
Gain (loss) on sale of self storage properties | 0 | 0 | (83) | 474 | (28) | 106 | 5,637 | 0 | 391 | 5,715 | 0 |
Net income | 14,483 | 16,829 | 13,041 | 11,973 | 12,015 | 11,226 | 15,576 | 7,181 | 56,326 | 45,998 | 24,866 |
Net income (loss) attributable to common shareholders | $ (9,223) | $ 1,806 | $ 3,304 | $ 7,872 | $ (3,532) | $ 1,271 | $ 2,367 | $ 555 | $ 3,759 | $ 661 | $ 17,965 |
Earnings (loss) per share - basic (in dollars per share) | $ (0.16) | $ 0.03 | $ 0.07 | $ 0.16 | $ (0.08) | $ 0.03 | $ 0.05 | $ 0.01 | $ 0.07 | $ 0.01 | $ 0.60 |
Earnings (loss) per share - diluted (in dollars per share) | $ (0.16) | $ 0.03 | $ 0.07 | $ 0.09 | $ (0.08) | $ 0.03 | $ 0.05 | $ 0.01 | $ 0.07 | $ 0.01 | $ 0.31 |
SUBSEQUENT EVENTS - New PRO (Details) |
Feb. 25, 2019
property
|
Dec. 31, 2018
property
|
---|---|---|
Subsequent Event [Line Items] | ||
Number of self storage properties | 675 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Number of PROs | 10 | |
Moove in Self Storage, LLC [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Number of self storage properties | 19 | |
Number of self storage properties, initial PRO portfolio | 6 |
Schedule III - Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Self Storage properties: | |||
Balance at beginning of year | $ 2,275,233 | $ 1,844,336 | $ 1,147,201 |
Acquisitions and improvements | 366,522 | 431,542 | 715,509 |
Reclassifications from assets for sale | 0 | 8,607 | 0 |
Write-off of fully depreciated assets and other | (323) | (50) | 0 |
Dispositions | (3,709) | (7,336) | (4,820) |
Reclassification to assets held for sale | 0 | (1,866) | (13,554) |
Balance at end of year | 2,637,723 | 2,275,233 | 1,844,336 |
Accumulated depreciation: | |||
Balance at beginning of year | 170,358 | 110,803 | 68,100 |
Depreciation expense | 76,299 | 60,522 | 42,703 |
Write-off of fully depreciated assets and other | 0 | (10) | 0 |
Dispositions | (396) | (646) | 0 |
Assets held for sale | 0 | (311) | 0 |
Balance at end of year | $ 246,261 | $ 170,358 | $ 110,803 |
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