(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbols | Name of each exchange on which registered |
Exhibit Number | Description | ||
101 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | ||
104 | The cover page from this Current Report on Form 8-K, formatted as Inline XBRL. |
NATIONAL STORAGE AFFILIATES TRUST | |||
By: | /s/ TAMARA D. FISCHER | ||
Tamara D. Fischer | |||
President and Chief Financial Officer |
Page | |
Earnings Release | |
Consolidated Statements of Operations | |
Consolidated Balance Sheets | |
Schedule 1 - Funds From Operations and Core Funds From Operations | |
Schedule 2 - Other Non-GAAP Financial Measurements | |
Schedule 3 - Portfolio Summary | |
Schedule 4 - Debt and Equity Capitalization | |
Schedule 5 - Summarized Information for Unconsolidated Real Estate Ventures | |
Schedule 6 - Same Store Performance Summary By State | |
Schedule 7 - Same Store Performance Summary By MSA | |
Schedule 8 - Same Store Operating Data - Trailing Five Quarters | |
Schedule 9 - Reconciliation of Same Store Data and Net Operating Income to Net Income | |
Schedule 10 - Selected Financial Information | |
Glossary | |
• | Reported net income of $16.5 million for the third quarter of 2019, a decrease of 1.9% compared to the third quarter of 2018. Reported loss per share of $0.20 for the third quarter of 2019, primarily relating to the HLBV method for allocating net income among the various classes of equity. |
• | Reported core funds from operations ("Core FFO") of $36.7 million, or $0.40 per share for the third quarter of 2019, an increase of 11.1% per share compared to the third quarter of 2018. |
• | Achieved same store net operating income ("NOI") growth of 4.2% for the third quarter of 2019 compared to the same period in 2018, driven by a 3.7% increase in same store total revenues and a 2.7% increase in same store property operating expenses. |
• | Acquired six wholly-owned self storage properties for $35.8 million during the third quarter of 2019. Consideration for these acquisitions included the issuance of approximately $1.0 million of OP equity. |
• | Issued $100.0 million of 3.98% senior unsecured notes due August 30, 2029 and $50.0 million of 4.08% senior unsecured notes due August 30, 2031 in the Company's inaugural debt private placement. |
• | Executed an agreement with lenders to extend maturities and increase the total borrowing capacity under the Company's credit facility by $255.0 million for a total credit facility of $1.275 billion. |
($ in thousands, except per share and unit data) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2019 | 2018 | Growth | 2019 | 2018 | Growth | ||||||||||||||||
Net income | $ | 16,514 | $ | 16,829 | (1.9 | )% | $ | 47,187 | $ | 41,843 | 12.8 | % | |||||||||
Funds From Operations ("FFO")(1) | $ | 36,375 | $ | 31,083 | 17.0 | % | $ | 102,933 | $ | 84,177 | 22.3 | % | |||||||||
Add back acquisition costs | 321 | 141 | 127.7 | % | 783 | 471 | 66.2 | % | |||||||||||||
Core FFO(1) | $ | 36,696 | $ | 31,224 | 17.5 | % | $ | 103,716 | $ | 84,648 | 22.5 | % | |||||||||
Earnings (loss) per share - basic and diluted | $ | (0.20 | ) | $ | 0.03 | (766.7 | )% | $ | (0.32 | ) | $ | 0.25 | (228.0 | )% | |||||||
FFO per share and unit(1) | $ | 0.39 | $ | 0.36 | 8.3 | % | $ | 1.14 | $ | 1.01 | 12.9 | % | |||||||||
Core FFO per share and unit(1) | $ | 0.40 | $ | 0.36 | 11.1 | % | $ | 1.15 | $ | 1.01 | 13.9 | % |
($ in thousands, except per square foot data) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2019 | 2018 | Growth | 2019 | 2018 | Growth | ||||||||||||||||
Total revenues | $ | 76,015 | $ | 73,300 | 3.7 | % | $ | 222,385 | $ | 213,045 | 4.4 | % | |||||||||
Property operating expenses | 22,595 | 22,010 | 2.7 | % | 66,931 | 65,557 | 2.1 | % | |||||||||||||
Net Operating Income (NOI) | $ | 53,420 | $ | 51,290 | 4.2 | % | $ | 155,454 | $ | 147,488 | 5.4 | % | |||||||||
NOI Margin | 70.3 | % | 70.0 | % | 0.3 | % | 69.9 | % | 69.2 | % | 0.7 | % | |||||||||
Average Occupancy | 90.2 | % | 89.9 | % | 0.3 | % | 89.0 | % | 88.7 | % | 0.3 | % | |||||||||
Average Annualized Rental Revenue Per Occupied Square Foot | $ | 12.06 | $ | 11.68 | 3.3 | % | $ | 11.91 | $ | 11.49 | 3.7 | % |
Current Ranges for Full Year 2019 | Prior Ranges for Full Year 2019 | ||||||
Low | High | Low | High | ||||
Core FFO per share(1) | $1.52 | $1.54 | $1.51 | $1.54 | |||
Same store operations (439 stores) | |||||||
Total revenue growth | 3.5% | 4.0% | 3.5% | 4.0% | |||
Property operating expenses growth | 2.25% | 2.75% | 2.75% | 3.25% | |||
NOI growth | 4.25% | 4.75% | 3.5% | 4.5% | |||
General and administrative expenses (as a percent of revenue) | 11.0% | 12.0% | 11.0% | 12.0% | |||
General and administrative expenses (excluding equity-based compensation) | 10.0% | 10.5% | 10.0% | 10.5% | |||
Equity-based compensation | 1.0% | 1.5% | 1.0% | 1.5% | |||
Management fees and other revenue, in millions | $20.0 | $21.0 | $20.0 | $21.0 | |||
Core FFO from unconsolidated real estate ventures, in millions | $15.0 | $16.0 | $15.0 | $16.0 | |||
Subordinated performance unit distributions, in millions | $33.0 | $35.0 | $33.0 | $35.0 | |||
Wholly-owned acquisitions, in millions | $425.0 | $475.0 | $400.0 | $500.0 | |||
Joint venture acquisitions, in millions | $— | $25.0 | $20.0 | $100.0 |
(1) The following table provides a reconciliation of the range of estimated earnings (loss) per share - diluted to estimated Core FFO per share and unit: | |||||||
Current Ranges for Full Year 2019 | Prior Ranges for Full Year 2019 | ||||||
Low | High | Low | High | ||||
Earnings (loss) per share - diluted | $(0.40) | $(0.30) | $(0.20) | $(0.10) | |||
Impact of the difference in weighted average number of shares and GAAP accounting for noncontrolling interests, two-class method and treasury stock method | 0.94 | 0.85 | 0.79 | 0.70 | |||
Add real estate depreciation and amortization, including NSA's share of unconsolidated venture real estate depreciation and amortization | 1.36 | 1.39 | 1.30 | 1.34 | |||
Subtract gain on sale of self storage properties | (0.03) | (0.03) | (0.03) | (0.03) | |||
FFO attributable to subordinated unitholders | (0.36) | (0.38) | (0.36) | (0.38) | |||
Add acquisition costs and NSA's share of unconsolidated real estate venture acquisition costs | 0.01 | 0.01 | 0.01 | 0.01 | |||
Core FFO per share and unit | $1.52 | $1.54 | $1.51 | $1.54 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
REVENUE | |||||||||||||||
Rental revenue | $ | 92,746 | $ | 79,547 | $ | 262,776 | $ | 226,577 | |||||||
Other property-related revenue | 3,217 | 2,687 | 9,169 | 7,557 | |||||||||||
Management fees and other revenue | 5,374 | 3,148 | 15,383 | 7,464 | |||||||||||
Total revenue | 101,337 | 85,382 | 287,328 | 241,598 | |||||||||||
OPERATING EXPENSES | |||||||||||||||
Property operating expenses | 28,988 | 26,552 | 82,635 | 76,962 | |||||||||||
General and administrative expenses | 12,039 | 8,848 | 33,975 | 25,614 | |||||||||||
Depreciation and amortization | 27,598 | 22,469 | 77,776 | 66,226 | |||||||||||
Total operating expenses | 68,625 | 57,869 | 194,386 | 168,802 | |||||||||||
OTHER (EXPENSE) INCOME | |||||||||||||||
Interest expense | (14,432 | ) | (10,656 | ) | (41,590 | ) | (30,763 | ) | |||||||
Equity in (losses) earnings of unconsolidated real estate ventures | (1,214 | ) | 242 | (4,962 | ) | 290 | |||||||||
Acquisition costs | (321 | ) | (141 | ) | (783 | ) | (471 | ) | |||||||
Non-operating (expense) income | (8 | ) | 153 | (275 | ) | 69 | |||||||||
Gain on sale of self storage properties | — | — | 2,814 | 391 | |||||||||||
Other expense | (15,975 | ) | (10,402 | ) | (44,796 | ) | (30,484 | ) | |||||||
Income before income taxes | 16,737 | 17,111 | 48,146 | 42,312 | |||||||||||
Income tax expense | (223 | ) | (282 | ) | (959 | ) | (469 | ) | |||||||
Net income | 16,514 | 16,829 | 47,187 | 41,843 | |||||||||||
Net income attributable to noncontrolling interests | (25,374 | ) | (12,435 | ) | (56,292 | ) | (21,098 | ) | |||||||
Net (loss) income attributable to National Storage Affiliates Trust | (8,860 | ) | 4,394 | (9,105 | ) | 20,745 | |||||||||
Distributions to preferred shareholders | (3,272 | ) | (2,588 | ) | (9,117 | ) | (7,763 | ) | |||||||
Net (loss) income attributable to common shareholders | $ | (12,132 | ) | $ | 1,806 | $ | (18,222 | ) | $ | 12,982 | |||||
Earnings (loss) per share - basic and diluted | $ | (0.20 | ) | $ | 0.03 | $ | (0.32 | ) | $ | 0.25 | |||||
Weighted average shares outstanding - basic and diluted | 59,278 | 55,722 | 57,835 | 52,189 |
September 30, | December 31, | ||||||
2019 | 2018 | ||||||
ASSETS | |||||||
Real estate | |||||||
Self storage properties | $ | 3,055,597 | $ | 2,637,723 | |||
Less accumulated depreciation | (313,694 | ) | (246,261 | ) | |||
Self storage properties, net | 2,741,903 | 2,391,462 | |||||
Cash and cash equivalents | 44,749 | 13,181 | |||||
Restricted cash | 5,457 | 3,182 | |||||
Debt issuance costs, net | 3,464 | 1,260 | |||||
Investment in unconsolidated real estate ventures | 228,446 | 245,125 | |||||
Other assets, net | 63,271 | 75,053 | |||||
Operating lease right-of-use assets | 23,507 | — | |||||
Total assets | $ | 3,110,797 | $ | 2,729,263 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities | |||||||
Debt financing | $ | 1,533,936 | $ | 1,278,102 | |||
Accounts payable and accrued liabilities | 78,849 | 33,130 | |||||
Operating lease liabilities | 24,777 | — | |||||
Deferred revenue | 16,029 | 15,732 | |||||
Total liabilities | 1,653,591 | 1,326,964 | |||||
Equity | |||||||
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 8,727,119 and 6,900,000 issued and outstanding at September 30, 2019 and December 31, 2018, respectively, at liquidation preference | 218,178 | 172,500 | |||||
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 59,328,388 and 56,654,009 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively | 593 | 567 | |||||
Additional paid-in capital | 901,530 | 844,276 | |||||
Distributions in excess of earnings | (187,305 | ) | (114,122 | ) | |||
Accumulated other comprehensive (loss) income | (17,294 | ) | 13,618 | ||||
Total shareholders' equity | 915,702 | 916,839 | |||||
Noncontrolling interests | 541,504 | 485,460 | |||||
Total equity | 1,457,206 | 1,402,299 | |||||
Total liabilities and equity | $ | 3,110,797 | $ | 2,729,263 |
Supplemental Schedule 1 | |||||||||||||||
Funds From Operations and Core Funds From Operations | |||||||||||||||
(in thousands, except per share and unit amounts) (unaudited) | |||||||||||||||
Reconciliation of Net Income to FFO and Core FFO | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income | $ | 16,514 | $ | 16,829 | $ | 47,187 | $ | 41,843 | |||||||
Add (subtract): | |||||||||||||||
Real estate depreciation and amortization | 27,279 | 22,164 | 76,816 | 65,332 | |||||||||||
Company's share of unconsolidated real estate venture real estate depreciation and amortization | 5,197 | 1,954 | 16,126 | 4,709 | |||||||||||
Gain on sale of self storage properties | — | — | (2,814 | ) | (391 | ) | |||||||||
Company's share of unconsolidated real estate venture loss on sale of properties | — | 205 | 202 | 205 | |||||||||||
Distributions to preferred shareholders and unitholders | (3,515 | ) | (2,711 | ) | (9,729 | ) | (8,106 | ) | |||||||
FFO attributable to subordinated performance unitholders(1) | (9,100 | ) | (7,358 | ) | (24,855 | ) | (19,415 | ) | |||||||
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders | 36,375 | 31,083 | 102,933 | 84,177 | |||||||||||
Add: | |||||||||||||||
Acquisition costs | 321 | 141 | 783 | 471 | |||||||||||
Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders | $ | 36,696 | $ | 31,224 | $ | 103,716 | $ | 84,648 | |||||||
Weighted average shares and units outstanding - FFO and Core FFO:(2) | |||||||||||||||
Weighted average shares outstanding - basic | 59,278 | 55,722 | 57,835 | 52,189 | |||||||||||
Weighted average restricted common shares outstanding | 27 | 29 | 29 | 30 | |||||||||||
Weighted average OP units outstanding | 30,483 | 28,910 | 30,217 | 29,009 | |||||||||||
Weighted average DownREIT OP unit equivalents outstanding | 1,848 | 1,835 | 1,848 | 1,835 | |||||||||||
Weighted average LTIP units outstanding | 535 | 715 | 605 | 689 | |||||||||||
Total weighted average shares and units outstanding - FFO and Core FFO | 92,171 | 87,211 | 90,534 | 83,752 | |||||||||||
FFO per share and unit | $ | 0.39 | $ | 0.36 | $ | 1.14 | $ | 1.01 | |||||||
Core FFO per share and unit | $ | 0.40 | $ | 0.36 | $ | 1.15 | $ | 1.01 | |||||||
(1) Amounts represent distributions declared for subordinated performance unitholders and DownREIT subordinated performance unitholders for the periods presented. | |||||||||||||||
(2) NSA combines OP units and DownREIT OP units with common shares because, after the applicable lock-out periods, OP units in the Company's operating partnership are redeemable for cash or, at NSA's option, exchangeable for common shares on a one-for-one basis and DownREIT OP units are also redeemable for cash or, at NSA's option, exchangeable for OP units in the Company's operating partnership on a one-for-one basis, subject to certain adjustments in each case. Subordinated performance units, DownREIT subordinated performance units and LTIP units may also, under certain circumstances, be convertible into or exchangeable for common shares (or other units that are convertible into or exchangeable for common shares). See footnote(3) for additional discussion of subordinated performance units, DownREIT subordinated performance units, and LTIP units in the calculation of FFO and Core FFO per share and unit. |
Supplemental Schedule 1 (continued) | |||||||||||||||
Funds From Operations and Core Funds From Operations | |||||||||||||||
(in thousands, except per share and unit amounts) (unaudited) | |||||||||||||||
Reconciliation of Earnings (Loss) Per Share - Diluted to FFO and Core FFO Per Share and Unit | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Earnings (loss) per share - diluted | $ | (0.20 | ) | $ | 0.03 | $ | (0.32 | ) | $ | 0.25 | |||||
Impact of the difference in weighted average number of shares(3) | 0.07 | — | 0.11 | (0.10 | ) | ||||||||||
Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method(4) | 0.26 | 0.14 | 0.62 | 0.25 | |||||||||||
Add real estate depreciation and amortization | 0.30 | 0.25 | 0.85 | 0.78 | |||||||||||
Add Company's share of unconsolidated real estate venture real estate depreciation and amortization | 0.06 | 0.02 | 0.18 | 0.06 | |||||||||||
Subtract gain on sale of self storage properties | — | — | (0.03 | ) | — | ||||||||||
FFO attributable to subordinated performance unitholders | (0.10 | ) | (0.08 | ) | (0.27 | ) | (0.23 | ) | |||||||
FFO per share and unit | 0.39 | 0.36 | 1.14 | 1.01 | |||||||||||
Add acquisition costs | 0.01 | — | 0.01 | — | |||||||||||
Core FFO per share and unit | $ | 0.40 | $ | 0.36 | $ | 1.15 | $ | 1.01 | |||||||
(3) Adjustment accounts for the difference between the weighted average number of shares used to calculate diluted earnings per share and the weighted average number of shares used to calculate FFO and Core FFO per share and unit. Diluted earnings per share is calculated using the two-class method for the company's restricted common shares and the treasury stock method for certain unvested LTIP units, and assumes the conversion of vested LTIP units into OP units on a one-for-one basis and the hypothetical conversion of subordinated performance units, and DownREIT subordinated performance units into OP units, even though such units may only be convertible into OP units (i) after a lock-out period and (ii) upon certain events or conditions. For additional information about the conversion of subordinated performance units and DownREIT subordinated performance units into OP units, see Note 10 to the Company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission. The computation of weighted average shares and units for FFO and Core FFO per share and unit includes all restricted common shares and LTIP units that participate in distributions and excludes all subordinated performance units and DownREIT subordinated performance units because their effect has been accounted for through the allocation of FFO to the related unitholders based on distributions declared. | |||||||||||||||
(4) 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(3). |
Supplemental Schedule 2 | |||||||||||||||
Other Non-GAAP Financial Measurements | |||||||||||||||
(dollars in thousands) (unaudited) | |||||||||||||||
Net Operating Income | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income | $ | 16,514 | $ | 16,829 | $ | 47,187 | $ | 41,843 | |||||||
(Subtract) add: | |||||||||||||||
Management fees and other revenue | (5,374 | ) | (3,148 | ) | (15,383 | ) | (7,464 | ) | |||||||
General and administrative expenses | 12,039 | 8,848 | 33,975 | 25,614 | |||||||||||
Depreciation and amortization | 27,598 | 22,469 | 77,776 | 66,226 | |||||||||||
Interest expense | 14,432 | 10,656 | 41,590 | 30,763 | |||||||||||
Equity in losses (earnings) of unconsolidated real estate ventures | 1,214 | (242 | ) | 4,962 | (290 | ) | |||||||||
Acquisition costs | 321 | 141 | 783 | 471 | |||||||||||
Income tax expense | 223 | 282 | 959 | 469 | |||||||||||
Gain on sale of self storage properties | — | — | (2,814 | ) | (391 | ) | |||||||||
Non-operating expense (income) | 8 | (153 | ) | 275 | (69 | ) | |||||||||
Net Operating Income | $ | 66,975 | $ | 55,682 | $ | 189,310 | $ | 157,172 |
EBITDA and Adjusted EBITDA | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income | $ | 16,514 | $ | 16,829 | $ | 47,187 | $ | 41,843 | |||||||
Add: | |||||||||||||||
Depreciation and amortization | 27,598 | 22,469 | 77,776 | 66,226 | |||||||||||
Company's share of unconsolidated real estate venture depreciation and amortization | 5,197 | 1,954 | 16,126 | 4,709 | |||||||||||
Interest expense | 14,432 | 10,656 | 41,590 | 30,763 | |||||||||||
Income tax expense | 223 | 282 | 959 | 469 | |||||||||||
EBITDA | 63,964 | 52,190 | 183,638 | 144,010 | |||||||||||
Add (subtract): | |||||||||||||||
Acquisition costs | 321 | 141 | 783 | 471 | |||||||||||
Gain on sale of self storage properties | — | — | (2,814 | ) | (391 | ) | |||||||||
Company's share of unconsolidated real estate venture loss on sale of properties | — | 205 | 202 | 205 | |||||||||||
Equity-based compensation expense | 1,153 | 1,022 | 3,373 | 2,808 | |||||||||||
Adjusted EBITDA | $ | 65,438 | $ | 53,558 | $ | 185,182 | $ | 147,103 |
Supplemental Schedule 3 | ||||||||||||||||||||||||||
Portfolio Summary | ||||||||||||||||||||||||||
As of September 30, 2019 | ||||||||||||||||||||||||||
(dollars in thousands) (unaudited) | ||||||||||||||||||||||||||
Wholly-Owned Store Data by State (Consolidated) | Total Operated Store Data by State (Consolidated & Unconsolidated) | |||||||||||||||||||||||||
State/Territories | Stores | Units | Rentable Square Feet | Occupancy at Period End | State/Territories | Stores | Units | Rentable Square Feet | Occupancy at Period End | |||||||||||||||||
California | 83 | 49,607 | 6,227,213 | 89.9 | % | California | 93 | 55,804 | 6,981,567 | 89.6 | % | |||||||||||||||
Texas | 70 | 29,006 | 4,159,442 | 88.1 | % | Texas | 74 | 31,341 | 4,436,231 | 87.6 | % | |||||||||||||||
Oregon | 61 | 24,498 | 3,105,159 | 84.5 | % | Florida | 69 | 43,175 | 4,566,339 | 86.0 | % | |||||||||||||||
Georgia | 43 | 18,480 | 2,459,489 | 90.9 | % | Oregon | 61 | 24,498 | 3,105,159 | 84.5 | % | |||||||||||||||
Florida | 42 | 27,798 | 2,844,274 | 87.8 | % | Georgia | 54 | 24,621 | 3,331,797 | 90.2 | % | |||||||||||||||
North Carolina | 33 | 15,379 | 1,885,479 | 94.2 | % | Oklahoma | 36 | 16,093 | 2,196,964 | 89.4 | % | |||||||||||||||
Arizona | 31 | 16,896 | 1,927,092 | 89.0 | % | Arizona | 33 | 17,905 | 2,036,922 | 88.8 | % | |||||||||||||||
Oklahoma | 30 | 13,849 | 1,903,042 | 88.9 | % | North Carolina | 33 | 15,379 | 1,885,479 | 94.2 | % | |||||||||||||||
Louisiana | 26 | 12,348 | 1,539,774 | 85.6 | % | Louisiana | 26 | 12,348 | 1,539,774 | 85.6 | % | |||||||||||||||
Indiana | 16 | 8,783 | 1,134,830 | 91.9 | % | Michigan | 24 | 15,622 | 1,977,623 | 88.4 | % | |||||||||||||||
Kansas | 16 | 5,716 | 763,249 | 88.8 | % | Ohio | 22 | 12,424 | 1,526,139 | 88.5 | % | |||||||||||||||
Washington | 14 | 4,497 | 578,723 | 82.5 | % | New Jersey | 18 | 11,962 | 1,417,062 | 89.4 | % | |||||||||||||||
Nevada | 13 | 6,677 | 844,761 | 90.6 | % | Nevada | 17 | 8,295 | 1,096,918 | 89.7 | % | |||||||||||||||
Colorado | 11 | 5,050 | 615,468 | 89.8 | % | Indiana | 16 | 8,783 | 1,134,830 | 91.9 | % | |||||||||||||||
New Hampshire | 11 | 4,667 | 571,045 | 90.6 | % | Kansas | 16 | 5,716 | 763,249 | 88.8 | % | |||||||||||||||
Ohio | 8 | 3,640 | 461,393 | 90.3 | % | Alabama | 15 | 6,297 | 937,091 | 87.6 | % | |||||||||||||||
Other(1) | 52 | 25,654 | 3,128,429 | 88.5 | % | Washington | 14 | 4,497 | 578,723 | 82.5 | % | |||||||||||||||
Total | 560 | 272,545 | 34,148,862 | 88.8 | % | Massachusetts | 11 | 7,800 | 836,596 | 88.7 | % | |||||||||||||||
Colorado | 11 | 5,050 | 615,468 | 89.8 | % | |||||||||||||||||||||
New Hampshire | 11 | 4,667 | 571,045 | 90.6 | % | |||||||||||||||||||||
Other(2) | 81 | 43,387 | 5,228,815 | 86.3 | % | |||||||||||||||||||||
Total | 735 | 375,664 | 46,763,791 | 88.2 | % |
(1) Other states and territories in NSA's owned portfolio as of September 30, 2019 include Alabama, Idaho, Illinois, Kentucky, Maryland, Massachusetts, Mississippi, Missouri, New Jersey, New Mexico, Pennsylvania, South Carolina, Virginia and Puerto Rico. | ||||||
(2) Other states and territories in NSA's operated portfolio as of September 30, 2019 include Delaware, Idaho, Illinois, Kentucky, Maryland, Minnesota, Mississippi, Missouri, New Mexico, New York, Pennsylvania, Rhode Island, South Carolina, Tennessee, Virginia and Puerto Rico. |
Supplemental Schedule 3 (continued) | |||||||||||||||||||||||
Portfolio Summary | |||||||||||||||||||||||
(dollars in thousands) (unaudited) | |||||||||||||||||||||||
2019 Acquisition Activity | |||||||||||||||||||||||
Self Storage Properties Acquired During the Quarter Ended: | Summary of Investment | ||||||||||||||||||||||
Stores | Units | Rentable Square Feet | Cash and Acquisition Costs | Value of OP Equity | Other Liabilities | Total | |||||||||||||||||
March 31, 2019 | 32 | 14,952 | 1,745,495 | $ | 160,531 | $ | 33,356 | $ | 674 | $ | 194,561 | ||||||||||||
June 30, 2019 | 24 | 12,327 | 1,762,895 | 168,442 | 15,515 | 1,378 | 185,335 | ||||||||||||||||
September 30, 2019 | 6 | 3,193 | 329,002 | 34,624 | 950 | 197 | 35,771 | ||||||||||||||||
Total Acquisitions(3) | 62 | 30,472 | 3,837,392 | $ | 363,597 | $ | 49,821 | $ | 2,249 | $ | 415,667 |
2019 Disposition & Divestiture Activity | ||||||||||||
Dispositions Closed During the Quarter Ended: | Stores | Units | Rentable Square Feet | Gross Proceeds | ||||||||
June 30, 2019(4) | 1 | 453 | 45,273 | $ | 6,500 | |||||||
Unconsolidated Real Estate Ventures (at 100%)(5) | ||||||||||||
March 31, 2019(6) | 1 | 318 | 40,930 | 4,075 | ||||||||
Total 2019 Divestitures(5) | 2 | 771 | 86,203 | $ | 10,575 |
(3) NSA acquired self storage properties located in Arizona (2), Florida (8), Georgia (9), Idaho (3), Louisiana (12), Maryland (1), Massachusetts (2), New Hampshire (1), New Jersey (3), New Mexico (4), Oregon (1), Pennsylvania (6) and Texas (10). | ||||||
(4) NSA disposed of a self storage property located in Washington during 2019. | ||||||
(5) Values represent entire unconsolidated real estate ventures at 100%, not NSA's proportionate share. NSA's ownership in each of the unconsolidated real estate ventures is 25%. | ||||||
(6) The divestiture completed during the quarter ended March 31, 2019 was a sale from one of NSA's unconsolidated real estate ventures into the consolidated portfolio of NSA. |
Supplemental Schedule 4 | |||||||||||||||||||||||||||||||||||||||||
Debt and Equity Capitalization | |||||||||||||||||||||||||||||||||||||||||
As of September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
Debt Summary (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Effective Interest Rate(1) | Basis of Rate | Maturity Date | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | ||||||||||||||||||||||||||||||
Credit Facility: | |||||||||||||||||||||||||||||||||||||||||
Revolving line of credit | 3.32% | Variable(2) | January 2024 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Term loan - Tranche A | 3.74% | Swapped To Fixed | January 2023 | — | — | — | — | 125,000 | — | — | — | 125,000 | |||||||||||||||||||||||||||||
Term loan - Tranche B | 2.91% | Swapped To Fixed | July 2024 | — | — | — | — | — | 250,000 | — | — | 250,000 | |||||||||||||||||||||||||||||
Term loan - Tranche C | 2.80% | Swapped To Fixed | January 2025 | — | — | — | — | — | — | 225,000 | — | 225,000 | |||||||||||||||||||||||||||||
Term loan - Tranche D | 3.57% | Swapped To Fixed | July 2026 | — | — | — | — | — | — | — | 175,000 | 175,000 | |||||||||||||||||||||||||||||
Term loan facility - 2023 | 2.83% | Swapped To Fixed | June 2023 | — | — | — | — | 175,000 | — | — | — | 175,000 | |||||||||||||||||||||||||||||
Term loan facility - 2028 | 4.62% | Swapped To Fixed | December 2028 | — | — | — | — | — | — | — | 75,000 | 75,000 | |||||||||||||||||||||||||||||
Term loan facility - 2029 | 4.27% | Swapped To Fixed | April 2029 | — | — | — | — | — | — | — | 100,000 | 100,000 | |||||||||||||||||||||||||||||
2029 Senior Unsecured Notes | 3.98% | Fixed | August 2029 | — | — | — | — | — | — | — | 100,000 | 100,000 | |||||||||||||||||||||||||||||
2031 Senior Unsecured Notes | 4.08% | Fixed | August 2031 | — | — | — | — | — | — | — | 50,000 | 50,000 | |||||||||||||||||||||||||||||
Fixed rate mortgages payable | 4.18% | Fixed | October 2020 - October 2031 | — | 35,669 | 3,683 | — | 82,349 | 20,311 | — | 122,311 | 264,323 | |||||||||||||||||||||||||||||
Total Principal/Weighted Average | 3.53% | 6.17 years | $ | — | $ | 35,669 | $ | 3,683 | $ | — | $ | 382,349 | $ | 270,311 | $ | 225,000 | $ | 622,311 | $ | 1,539,323 | |||||||||||||||||||||
Unamortized debt issuance costs and debt premium, net | (5,387 | ) | |||||||||||||||||||||||||||||||||||||||
Total Debt | $ | 1,533,936 |
Debt Ratios | |||||
Covenant | Amount | ||||
Net Debt to Annualized Current Quarter Adjusted EBITDA | n/a | 5.7x | |||
Trailing Twelve Month Fixed Charge Coverage Ratio | > 1.5x | 3.1x | |||
Total Leverage Ratio | < 60.0% | 41.6% | |||
(1) Effective interest rate incorporates the stated rate plus the impact of interest rate cash flow hedges and discount and premium amortization, if applicable. | |||||
(2) For the $500 million revolving line of credit, the effective interest rate is calculated based on one month LIBOR plus an applicable margin of 1.30% and excludes fees which range from 0.15% to 0.20% for unused borrowings. |
Supplemental Schedule 4 (continued) | |||||
Debt and Equity Capitalization | |||||
As of September 30, 2019 | |||||
(unaudited) | |||||
Preferred Shares and Units | |||||
Outstanding | |||||
6.000% Series A cumulative redeemable preferred shares of beneficial interest | 8,727,119 | ||||
6.000% Series A-1 cumulative redeemable preferred units | 642,982 | ||||
Common Shares and Units | |||||
Outstanding | If Converted | ||||
Common shares of beneficial interest | 59,302,037 | 59,302,037 | |||
Restricted common shares | 26,351 | 26,351 | |||
Total shares outstanding | 59,328,388 | 59,328,388 | |||
Operating partnership units | 30,458,558 | 30,458,558 | |||
DownREIT operating partnership unit equivalents | 1,848,261 | 1,848,261 | |||
Total operating partnership units | 32,306,819 | 32,306,819 | |||
Long-term incentive plan units(3) | 536,173 | 536,173 | |||
Total shares and Class A equivalents outstanding | 92,171,380 | 92,171,380 | |||
Subordinated performance units(4) | 10,961,146 | 15,893,662 | |||
DownREIT subordinated performance unit equivalents(4) | 4,371,622 | 6,338,852 | |||
Total subordinated partnership units | 15,332,768 | 22,232,514 | |||
Total common shares and units outstanding | 107,504,148 | 114,403,894 |
(3) Balances exclude 224,000 long-term incentive plan ("LTIP") units which only vest and participate in dividend distributions upon the future contribution of properties from the PROs. | |||
(4) If converted balance assumes that each subordinated performance unit (including each DownREIT subordinated performance unit) is convertible into OP units, notwithstanding the two-year lock-out period on conversions for certain series of subordinated performance units, and that each subordinated performance unit would on average convert on a hypothetical basis into an estimated 1.45 OP units based on historical financial information for the trailing twelve months ended September 30, 2019. The hypothetical conversions are calculated by dividing the average cash available for distribution, or CAD, per subordinated performance unit by 110% of the CAD per OP unit over the same period. The Company anticipates that as CAD grows over time, the conversion ratio will also grow, including to levels that may exceed these amounts. |
Supplemental Schedule 5 | ||||||||
Summarized Information for Unconsolidated Real Estate Ventures | ||||||||
(dollars in thousands) (unaudited) | ||||||||
Combined Balance Sheet Information | ||||||||
Total Ventures at 100%(1) | September 30, 2019 | December 31, 2018 | ||||||
ASSETS | ||||||||
Self storage properties, net | $ | 1,849,177 | $ | 1,894,412 | ||||
Other assets | 27,632 | 50,915 | ||||||
Total assets | $ | 1,876,809 | $ | 1,945,327 | ||||
LIABILITIES AND EQUITY | ||||||||
Debt financing | $ | 947,678 | $ | 956,357 | ||||
Other liabilities | 23,559 | 16,516 | ||||||
Equity | 905,572 | 972,454 | ||||||
Total liabilities and equity | $ | 1,876,809 | $ | 1,945,327 | ||||
Combined Operating Information | ||||||||||||||||
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | |||||||||||||||
Total Ventures at 100%(1) | NSA Proportionate Share (Ventures at 25%)(2) | Total Ventures at 100%(1) | NSA Proportionate Share (Ventures at 25%)(2) | |||||||||||||
Total revenue | $ | 41,600 | $ | 10,400 | $ | 122,253 | $ | 30,563 | ||||||||
Property operating expenses | 12,727 | 3,182 | 37,815 | 9,454 | ||||||||||||
Net operating income | 28,873 | 7,218 | 84,438 | 21,109 | ||||||||||||
Supervisory, administrative and other expenses | (2,750 | ) | (688 | ) | (8,109 | ) | (2,027 | ) | ||||||||
Depreciation and amortization | (20,788 | ) | (5,197 | ) | (64,502 | ) | (16,126 | ) | ||||||||
Interest expense | (9,934 | ) | (2,484 | ) | (29,895 | ) | (7,474 | ) | ||||||||
Loss on sale of self storage properties | — | — | (806 | ) | (202 | ) | ||||||||||
Acquisition and other expenses | (314 | ) | (79 | ) | (1,141 | ) | (285 | ) | ||||||||
Net loss | $ | (4,913 | ) | $ | (1,230 | ) | $ | (20,015 | ) | $ | (5,005 | ) | ||||
Add (subtract): | ||||||||||||||||
Equity in earnings adjustments related to amortization of basis differences | 16 | 43 | ||||||||||||||
Company's share of unconsolidated real estate venture real estate depreciation and amortization | 5,197 | 16,126 | ||||||||||||||
Company's share of unconsolidated real estate venture loss on sale of properties | — | 202 | ||||||||||||||
Company's share of FFO and Core FFO from unconsolidated real estate ventures | $ | 3,983 | $ | 11,366 |
(1) Values represent entire unconsolidated real estate ventures at 100%, not NSA's proportionate share. NSA's ownership in each of the unconsolidated real estate ventures is 25%. | |||||||
(2) NSA's proportionate share of its unconsolidated real estate ventures is derived by applying NSA's 25% ownership interest to each line item in the GAAP financial statements of the unconsolidated real estate ventures to calculate NSA's share of that line item. NSA believes this information offers insights into the financial performance of the Company, although the presentation of such information, and its combination with NSA's consolidated results, may not accurately depict the legal and economic implications of holding a noncontrolling interest in the unconsolidated real estate ventures. The operating agreements of the unconsolidated real estate ventures provide for the distribution of net cash flow to the unconsolidated real estate ventures' investors no less than monthly, generally in proportion to the investors’ respective ownership interests, subject to a promoted distribution to NSA upon the achievement of certain performance benchmarks by the non-NSA investor. |
Supplemental Schedule 6 | ||||||||||||||||||||||||||||||||||||||||||||
Same Store Performance Summary By State | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per square foot data) (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2019 compared to Three Months Ended September 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||
Total Revenue | Property Operating Expenses | Net Operating Income | Net Operating Income Margin | |||||||||||||||||||||||||||||||||||||||||
State | Stores | 3Q 2019 | 3Q 2018 | Growth | 3Q 2019 | 3Q 2018 | Growth | 3Q 2019 | 3Q 2018 | Growth | 3Q 2019 | 3Q 2018 | Growth | |||||||||||||||||||||||||||||||
California | 80 | $ | 19,584 | $ | 18,787 | 4.2 | % | $ | 5,222 | $ | 5,180 | 0.8 | % | $ | 14,362 | $ | 13,607 | 5.5 | % | 73.3 | % | 72.4 | % | 0.9 | % | |||||||||||||||||||
Oregon | 58 | 9,897 | 9,844 | 0.5 | % | 2,500 | 2,409 | 3.8 | % | 7,397 | 7,435 | (0.5 | )% | 74.7 | % | 75.5 | % | (0.8 | )% | |||||||||||||||||||||||||
Texas | 58 | 7,635 | 7,361 | 3.7 | % | 2,812 | 2,704 | 4.0 | % | 4,823 | 4,657 | 3.6 | % | 63.2 | % | 63.3 | % | (0.1 | )% | |||||||||||||||||||||||||
Georgia | 33 | 4,394 | 4,106 | 7.0 | % | 1,323 | 1,297 | 2.0 | % | 3,071 | 2,809 | 9.3 | % | 69.9 | % | 68.4 | % | 1.5 | % | |||||||||||||||||||||||||
Oklahoma | 30 | 3,735 | 3,632 | 2.8 | % | 1,195 | 1,149 | 4.0 | % | 2,540 | 2,483 | 2.3 | % | 68.0 | % | 68.4 | % | (0.4 | )% | |||||||||||||||||||||||||
North Carolina | 29 | 4,336 | 4,116 | 5.3 | % | 1,259 | 1,231 | 2.3 | % | 3,077 | 2,885 | 6.7 | % | 71.0 | % | 70.1 | % | 0.9 | % | |||||||||||||||||||||||||
Florida | 28 | 6,756 | 6,584 | 2.6 | % | 2,056 | 2,052 | 0.2 | % | 4,700 | 4,532 | 3.7 | % | 69.6 | % | 68.8 | % | 0.8 | % | |||||||||||||||||||||||||
Arizona | 16 | 3,318 | 3,169 | 4.7 | % | 957 | 878 | 9.0 | % | 2,361 | 2,291 | 3.1 | % | 71.2 | % | 72.3 | % | (1.1 | )% | |||||||||||||||||||||||||
Indiana | 16 | 2,588 | 2,530 | 2.3 | % | 825 | 833 | (1.0 | )% | 1,763 | 1,697 | 3.9 | % | 68.1 | % | 67.1 | % | 1.0 | % | |||||||||||||||||||||||||
Louisiana | 14 | 1,932 | 1,865 | 3.6 | % | 687 | 675 | 1.8 | % | 1,245 | 1,190 | 4.6 | % | 64.4 | % | 63.8 | % | 0.6 | % | |||||||||||||||||||||||||
Washington | 13 | 1,788 | 1,816 | (1.5 | )% | 474 | 472 | 0.4 | % | 1,314 | 1,344 | (2.2 | )% | 73.5 | % | 74.0 | % | (0.5 | )% | |||||||||||||||||||||||||
Nevada | 11 | 2,042 | 1,867 | 9.4 | % | 569 | 554 | 2.7 | % | 1,473 | 1,313 | 12.2 | % | 72.1 | % | 70.3 | % | 1.8 | % | |||||||||||||||||||||||||
Colorado | 11 | 1,810 | 1,820 | (0.5 | )% | 619 | 558 | 10.9 | % | 1,191 | 1,262 | (5.6 | )% | 65.8 | % | 69.3 | % | (3.5 | )% | |||||||||||||||||||||||||
New Hampshire | 10 | 1,625 | 1,543 | 5.3 | % | 505 | 454 | 11.2 | % | 1,120 | 1,089 | 2.8 | % | 68.9 | % | 70.6 | % | (1.7 | )% | |||||||||||||||||||||||||
Other(1) | 32 | 4,575 | 4,260 | 7.4 | % | 1,592 | 1,564 | 1.8 | % | 2,983 | 2,696 | 10.6 | % | 65.2 | % | 63.3 | % | 1.9 | % | |||||||||||||||||||||||||
Total/Weighted Average | 439 | $ | 76,015 | $ | 73,300 | 3.7 | % | $ | 22,595 | $ | 22,010 | 2.7 | % | $ | 53,420 | $ | 51,290 | 4.2 | % | 70.3 | % | 70.0 | % | 0.3 | % |
(1) Other states in NSA's same store portfolio include Alabama, Illinois, Kansas, Kentucky, Maryland, Massachusetts, Mississippi, Missouri, New Mexico, Ohio, South Carolina and Virginia. |
Supplemental Schedule 6 (continued) | |||||||||||||||||||||||||||||||||
Same Store Performance Summary By State | |||||||||||||||||||||||||||||||||
(dollars in thousands, except per square foot data) (unaudited) | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2019 compared to Three Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||
Rentable Square Feet | Occupancy at Period End | Average Occupancy | Average Annualized Rental Revenue per Occupied Square Foot | ||||||||||||||||||||||||||||||
State | Units | 3Q 2019 | 3Q 2018 | Growth | 3Q 2019 | 3Q 2018 | Growth | 3Q 2019 | 3Q 2018 | Growth | |||||||||||||||||||||||
California | 48,068 | 6,074,740 | 90.3 | % | 90.7 | % | (0.4 | )% | 91.0 | % | 91.8 | % | (0.8 | )% | $ | 13.56 | $ | 12.90 | 5.1 | % | |||||||||||||
Oregon | 23,660 | 2,989,234 | 84.5 | % | 85.8 | % | (1.3 | )% | 85.9 | % | 87.3 | % | (1.4 | )% | 15.08 | 14.75 | 2.2 | % | |||||||||||||||
Texas | 23,230 | 3,296,551 | 90.0 | % | 89.6 | % | 0.4 | % | 91.0 | % | 90.6 | % | 0.4 | % | 9.90 | 9.62 | 2.9 | % | |||||||||||||||
Georgia | 13,619 | 1,847,885 | 91.8 | % | 88.7 | % | 3.1 | % | 91.8 | % | 88.8 | % | 3.0 | % | 10.04 | 9.68 | 3.7 | % | |||||||||||||||
Oklahoma | 13,849 | 1,903,042 | 88.9 | % | 86.2 | % | 2.7 | % | 89.3 | % | 86.4 | % | 2.9 | % | 8.53 | 8.58 | (0.6 | )% | |||||||||||||||
North Carolina | 13,083 | 1,599,504 | 94.4 | % | 93.3 | % | 1.1 | % | 95.2 | % | 92.7 | % | 2.5 | % | 10.93 | 10.65 | 2.6 | % | |||||||||||||||
Florida | 18,864 | 2,001,580 | 88.3 | % | 88.6 | % | (0.3 | )% | 88.5 | % | 88.6 | % | (0.1 | )% | 14.67 | 14.44 | 1.6 | % | |||||||||||||||
Arizona | 9,135 | 1,067,881 | 89.3 | % | 87.7 | % | 1.6 | % | 89.5 | % | 89.2 | % | 0.3 | % | 13.43 | 12.90 | 4.1 | % | |||||||||||||||
Indiana | 8,783 | 1,134,830 | 91.9 | % | 91.4 | % | 0.5 | % | 92.1 | % | 91.8 | % | 0.3 | % | 9.64 | 9.42 | 2.3 | % | |||||||||||||||
Louisiana | 6,325 | 858,719 | 87.0 | % | 83.5 | % | 3.5 | % | 87.2 | % | 84.6 | % | 2.6 | % | 10.10 | 10.06 | 0.4 | % | |||||||||||||||
Washington | 4,285 | 554,988 | 82.4 | % | 87.9 | % | (5.5 | )% | 84.7 | % | 88.2 | % | (3.5 | )% | 14.93 | 14.56 | 2.5 | % | |||||||||||||||
Nevada | 5,826 | 736,215 | 90.5 | % | 94.3 | % | (3.8 | )% | 90.8 | % | 94.0 | % | (3.2 | )% | 11.68 | 10.44 | 11.9 | % | |||||||||||||||
Colorado | 5,050 | 615,468 | 89.8 | % | 90.6 | % | (0.8 | )% | 91.6 | % | 92.3 | % | (0.7 | )% | 12.55 | 12.51 | 0.3 | % | |||||||||||||||
New Hampshire | 4,188 | 509,770 | 90.2 | % | 91.3 | % | (1.1 | )% | 91.6 | % | 91.8 | % | (0.2 | )% | 13.48 | 12.81 | 5.2 | % | |||||||||||||||
Other(1) | 13,414 | 1,822,137 | 89.8 | % | 90.4 | % | (0.6 | )% | 90.8 | % | 90.0 | % | 0.8 | % | 10.62 | 9.99 | 6.3 | % | |||||||||||||||
Total/Weighted Average | 211,379 | 27,012,544 | 89.4 | % | 89.3 | % | 0.1 | % | 90.2 | % | 89.9 | % | 0.3 | % | $ | 12.06 | $ | 11.68 | 3.3 | % |
(1) Other states in NSA's same store portfolio include Alabama, Illinois, Kansas, Kentucky, Maryland, Massachusetts, Mississippi, Missouri, New Mexico, Ohio, South Carolina and Virginia. |
Supplemental Schedule 6 (continued) | ||||||||||||||||||||||||||||||||||||||||||||
Same Store Performance Summary By State | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per square foot data) (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 compared to Nine Months Ended September 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||
Total Revenue | Property Operating Expenses | Net Operating Income | Net Operating Income Margin | |||||||||||||||||||||||||||||||||||||||||
State | Stores | YTD 2019 | YTD 2018 | Growth | YTD 2019 | YTD 2018 | Growth | YTD 2019 | YTD 2018 | Growth | YTD 2019 | YTD 2018 | Growth | |||||||||||||||||||||||||||||||
California | 80 | $ | 57,394 | $ | 54,971 | 4.4 | % | $ | 15,481 | $ | 15,366 | 0.7 | % | $ | 41,913 | $ | 39,605 | 5.8 | % | 73.0 | % | 72.0 | % | 1.0 | % | |||||||||||||||||||
Oregon | 58 | 28,856 | 28,533 | 1.1 | % | 7,486 | 7,373 | 1.5 | % | 21,370 | 21,160 | 1.0 | % | 74.1 | % | 74.2 | % | (0.1 | )% | |||||||||||||||||||||||||
Texas | 58 | 22,280 | 21,387 | 4.2 | % | 8,328 | 8,131 | 2.4 | % | 13,952 | 13,256 | 5.3 | % | 62.6 | % | 62.0 | % | 0.6 | % | |||||||||||||||||||||||||
Georgia | 33 | 12,756 | 11,665 | 9.4 | % | 4,147 | 3,809 | 8.9 | % | 8,609 | 7,856 | 9.6 | % | 67.5 | % | 67.3 | % | 0.2 | % | |||||||||||||||||||||||||
Oklahoma | 30 | 11,025 | 10,718 | 2.9 | % | 3,512 | 3,395 | 3.4 | % | 7,513 | 7,323 | 2.6 | % | 68.1 | % | 68.3 | % | (0.2 | )% | |||||||||||||||||||||||||
North Carolina | 29 | 12,600 | 11,944 | 5.5 | % | 3,827 | 3,564 | 7.4 | % | 8,773 | 8,380 | 4.7 | % | 69.6 | % | 70.2 | % | (0.6 | )% | |||||||||||||||||||||||||
Florida | 28 | 19,885 | 19,280 | 3.1 | % | 6,021 | 6,053 | (0.5 | )% | 13,864 | 13,227 | 4.8 | % | 69.7 | % | 68.6 | % | 1.1 | % | |||||||||||||||||||||||||
Arizona | 16 | 9,681 | 9,293 | 4.2 | % | 2,759 | 2,647 | 4.2 | % | 6,922 | 6,646 | 4.2 | % | 71.5 | % | 71.5 | % | — | ||||||||||||||||||||||||||
Indiana | 16 | 7,625 | 7,200 | 5.9 | % | 2,279 | 2,314 | (1.5 | )% | 5,346 | 4,886 | 9.4 | % | 70.1 | % | 67.9 | % | 2.2 | % | |||||||||||||||||||||||||
Louisiana | 14 | 5,629 | 5,490 | 2.5 | % | 2,010 | 1,955 | 2.8 | % | 3,619 | 3,535 | 2.4 | % | 64.3 | % | 64.4 | % | (0.1 | )% | |||||||||||||||||||||||||
Washington | 13 | 5,337 | 5,310 | 0.5 | % | 1,427 | 1,467 | (2.7 | )% | 3,910 | 3,843 | 1.7 | % | 73.3 | % | 72.4 | % | 0.9 | % | |||||||||||||||||||||||||
Nevada | 11 | 5,919 | 5,359 | 10.4 | % | 1,646 | 1,700 | (3.2 | )% | 4,273 | 3,659 | 16.8 | % | 72.2 | % | 68.3 | % | 3.9 | % | |||||||||||||||||||||||||
Colorado | 11 | 5,297 | 5,185 | 2.2 | % | 1,782 | 1,682 | 5.9 | % | 3,515 | 3,503 | 0.3 | % | 66.4 | % | 67.6 | % | (1.2 | )% | |||||||||||||||||||||||||
New Hampshire | 10 | 4,778 | 4,452 | 7.3 | % | 1,564 | 1,459 | 7.2 | % | 3,214 | 2,993 | 7.4 | % | 67.3 | % | 67.2 | % | 0.1 | % | |||||||||||||||||||||||||
Other(1) | 32 | 13,323 | 12,258 | 8.7 | % | 4,662 | 4,642 | 0.4 | % | 8,661 | 7,616 | 13.7 | % | 65.0 | % | 62.1 | % | 2.9 | % | |||||||||||||||||||||||||
Total/Weighted Average | 439 | $ | 222,385 | $ | 213,045 | 4.4 | % | $ | 66,931 | $ | 65,557 | 2.1 | % | $ | 155,454 | $ | 147,488 | 5.4 | % | 69.9 | % | 69.2 | % | 0.7 | % |
(1) Other states in NSA's same store portfolio include Alabama, Illinois, Kansas, Kentucky, Maryland, Massachusetts, Mississippi, Missouri, New Mexico, Ohio, South Carolina and Virginia. |
Supplemental Schedule 6 (continued) | |||||||||||||||||||||||||||||||||
Same Store Performance Summary By State | |||||||||||||||||||||||||||||||||
(dollars in thousands, except per square foot data) (unaudited) | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 compared to Nine Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||
Rentable Square Feet | Occupancy at Period End | Average Occupancy | Average Annualized Rental Revenue per Occupied Square Foot | ||||||||||||||||||||||||||||||
State | Units | YTD 2019 | YTD 2018 | Growth | YTD 2019 | YTD 2018 | Growth | YTD 2019 | YTD 2018 | Growth | |||||||||||||||||||||||
California | 48,068 | 6,074,740 | 90.3 | % | 90.7 | % | (0.4 | )% | 90.7 | % | 91.6 | % | (0.9 | )% | $ | 13.28 | $ | 12.60 | 5.4 | % | |||||||||||||
Oregon | 23,660 | 2,989,234 | 84.5 | % | 85.8 | % | (1.3 | )% | 84.5 | % | 86.3 | % | (1.8 | )% | 14.90 | 14.46 | 3.0 | % | |||||||||||||||
Texas | 23,230 | 3,296,551 | 90.0 | % | 89.6 | % | 0.4 | % | 89.5 | % | 89.0 | % | 0.5 | % | 9.79 | 9.46 | 3.5 | % | |||||||||||||||
Georgia | 13,619 | 1,847,885 | 91.8 | % | 88.7 | % | 3.1 | % | 90.0 | % | 87.3 | % | 2.7 | % | 9.89 | 9.36 | 5.7 | % | |||||||||||||||
Oklahoma | 13,849 | 1,903,042 | 88.9 | % | 86.2 | % | 2.7 | % | 87.4 | % | 84.9 | % | 2.5 | % | 8.58 | 8.59 | (0.1 | )% | |||||||||||||||
North Carolina | 13,083 | 1,599,504 | 94.4 | % | 93.3 | % | 1.1 | % | 93.0 | % | 90.8 | % | 2.2 | % | 10.82 | 10.51 | 2.9 | % | |||||||||||||||
Florida | 18,864 | 2,001,580 | 88.3 | % | 88.6 | % | (0.3 | )% | 87.9 | % | 87.9 | % | — | 14.57 | 14.35 | 1.5 | % | ||||||||||||||||
Arizona | 9,135 | 1,067,881 | 89.3 | % | 87.7 | % | 1.6 | % | 88.2 | % | 88.3 | % | (0.1 | )% | 13.26 | 12.73 | 4.2 | % | |||||||||||||||
Indiana | 8,783 | 1,134,830 | 91.9 | % | 91.4 | % | 0.5 | % | 90.4 | % | 87.7 | % | 2.7 | % | 9.63 | 9.36 | 2.9 | % | |||||||||||||||
Louisiana | 6,325 | 858,719 | 87.0 | % | 83.5 | % | 3.5 | % | 85.2 | % | 83.9 | % | 1.3 | % | 10.06 | 9.95 | 1.1 | % | |||||||||||||||
Washington | 4,285 | 554,988 | 82.4 | % | 87.9 | % | (5.5 | )% | 84.3 | % | 88.1 | % | (3.8 | )% | 14.91 | 14.23 | 4.8 | % | |||||||||||||||
Nevada | 5,826 | 736,215 | 90.5 | % | 94.3 | % | (3.8 | )% | 91.2 | % | 93.4 | % | (2.2 | )% | 11.26 | 10.08 | 11.7 | % | |||||||||||||||
Colorado | 5,050 | 615,468 | 89.8 | % | 90.6 | % | (0.8 | )% | 89.7 | % | 90.6 | % | (0.9 | )% | 12.50 | 12.09 | 3.4 | % | |||||||||||||||
New Hampshire | 4,188 | 509,770 | 90.2 | % | 91.3 | % | (1.1 | )% | 91.8 | % | 90.4 | % | 1.4 | % | 13.23 | 12.56 | 5.3 | % | |||||||||||||||
Other(1) | 13,414 | 1,822,137 | 89.8 | % | 90.4 | % | (0.6 | )% | 89.5 | % | 87.0 | % | 2.5 | % | 10.45 | 9.90 | 5.6 | % | |||||||||||||||
Total/Weighted Average | 211,379 | 27,012,544 | 89.4 | % | 89.3 | % | 0.1 | % | 89.0 | % | 88.7 | % | 0.3 | % | $ | 11.91 | $ | 11.49 | 3.7 | % |
(1) Other states in NSA's same store portfolio include Alabama, Illinois, Kansas, Kentucky, Maryland, Massachusetts, Mississippi, Missouri, New Mexico, Ohio, South Carolina and Virginia. |
Supplemental Schedule 7 | ||||||||||||||||||||||||||||||||||||||||||||
Same Store Performance Summary By MSA(1) | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per square foot data) (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2019 compared to Three Months Ended September 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||
Total Revenue | Property Operating Expenses | Net Operating Income | Net Operating Income Margin | |||||||||||||||||||||||||||||||||||||||||
MSA(1) | Stores | 3Q 2019 | 3Q 2018 | Growth | 3Q 2019 | 3Q 2018 | Growth | 3Q 2019 | 3Q 2018 | Growth | 3Q 2019 | 3Q 2018 | Growth | |||||||||||||||||||||||||||||||
Riverside-San Bernardino-Ontario, CA | 46 | $ | 9,751 | $ | 9,319 | 4.6 | % | $ | 2,437 | $ | 2,435 | 0.1 | % | $ | 7,314 | $ | 6,884 | 6.2 | % | 75.0 | % | 73.9 | % | 1.1 | % | |||||||||||||||||||
Portland-Vancouver-Hillsboro, OR-WA | 45 | 7,790 | 7,738 | 0.7 | % | 1,955 | 1,906 | 2.6 | % | 5,835 | 5,832 | 0.1 | % | 74.9 | % | 75.4 | % | (0.5 | )% | |||||||||||||||||||||||||
Atlanta-Sandy Springs-Roswell, GA | 25 | 3,812 | 3,541 | 7.7 | % | 1,094 | 1,081 | 1.2 | % | 2,718 | 2,460 | 10.5 | % | 71.3 | % | 69.5 | % | 1.8 | % | |||||||||||||||||||||||||
Dallas-Fort Worth-Arlington, TX | 17 | 2,295 | 2,233 | 2.8 | % | 908 | 854 | 6.3 | % | 1,387 | 1,379 | 0.6 | % | 60.4 | % | 61.8 | % | (1.4 | )% | |||||||||||||||||||||||||
Oklahoma City, OK | 17 | 2,074 | 2,007 | 3.3 | % | 692 | 657 | 5.3 | % | 1,382 | 1,350 | 2.4 | % | 66.6 | % | 67.3 | % | (0.7 | )% | |||||||||||||||||||||||||
Indianapolis-Carmel-Anderson, IN | 16 | 2,588 | 2,530 | 2.3 | % | 825 | 833 | (1.0 | )% | 1,763 | 1,697 | 3.9 | % | 68.1 | % | 67.1 | % | 1.0 | % | |||||||||||||||||||||||||
Los Angeles-Long Beach-Anaheim, CA | 14 | 5,022 | 4,902 | 2.4 | % | 1,375 | 1,312 | 4.8 | % | 3,647 | 3,590 | 1.6 | % | 72.6 | % | 73.2 | % | (0.6 | )% | |||||||||||||||||||||||||
Tulsa, OK | 13 | 1,660 | 1,625 | 2.2 | % | 502 | 493 | 1.8 | % | 1,158 | 1,132 | 2.3 | % | 69.8 | % | 69.7 | % | 0.1 | % | |||||||||||||||||||||||||
North Port-Sarasota-Bradenton, FL | 12 | 2,741 | 2,625 | 4.4 | % | 853 | 879 | (3.0 | )% | 1,888 | 1,746 | 8.1 | % | 68.9 | % | 66.5 | % | 2.4 | % | |||||||||||||||||||||||||
Phoenix-Mesa-Scottsdale, AZ | 12 | 2,630 | 2,542 | 3.5 | % | 781 | 702 | 11.3 | % | 1,849 | 1,840 | 0.5 | % | 70.3 | % | 72.4 | % | (2.1 | )% | |||||||||||||||||||||||||
Las Vegas-Henderson-Paradise, NV | 11 | 2,042 | 1,867 | 9.4 | % | 569 | 554 | 2.7 | % | 1,473 | 1,313 | 12.2 | % | 72.1 | % | 70.3 | % | 1.8 | % | |||||||||||||||||||||||||
Other MSAs | 211 | 33,610 | 32,371 | 3.8 | % | 10,604 | 10,304 | 2.9 | % | 23,006 | 22,067 | 4.3 | % | 68.4 | % | 68.2 | % | 0.2 | % | |||||||||||||||||||||||||
Total/Weighted Average | 439 | $ | 76,015 | $ | 73,300 | 3.7 | % | $ | 22,595 | $ | 22,010 | 2.7 | % | $ | 53,420 | $ | 51,290 | 4.2 | % | 70.3 | % | 70.0 | % | 0.3 | % |
(1) MSA (Metropolitan Statistical Area) as defined by the United States Census Bureau. |
Supplemental Schedule 7 (continued) | |||||||||||||||||||||||||||||||||
Same Store Performance Summary By MSA(1) | |||||||||||||||||||||||||||||||||
(dollars in thousands, except per square foot data) (unaudited) | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2019 compared to Three Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||
Rentable Square Feet | Occupancy at Period End | Average Occupancy | Average Annualized Rental Revenue per Occupied Square Foot | ||||||||||||||||||||||||||||||
MSA(1) | Units | 3Q 2019 | 3Q 2018 | Growth | 3Q 2019 | 3Q 2018 | Growth | 3Q 2019 | 3Q 2018 | Growth | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario, CA | 24,871 | 3,343,166 | 90.3 | % | 90.8 | % | (0.5 | )% | 91.0 | % | 92.2 | % | (1.2 | )% | $ | 12.20 | $ | 11.51 | 6.0 | % | |||||||||||||
Portland-Vancouver-Hillsboro, OR-WA | 17,618 | 2,152,323 | 84.3 | % | 85.9 | % | (1.6 | )% | 85.7 | % | 86.6 | % | (0.9 | )% | 16.57 | 16.28 | 1.8 | % | |||||||||||||||
Atlanta-Sandy Springs-Roswell, GA | 11,493 | 1,578,405 | 92.2 | % | 88.4 | % | 3.8 | % | 92.2 | % | 88.1 | % | 4.1 | % | 10.16 | 9.85 | 3.1 | % | |||||||||||||||
Dallas-Fort Worth-Arlington, TX | 6,427 | 858,372 | 88.2 | % | 88.5 | % | (0.3 | )% | 88.6 | % | 89.3 | % | (0.7 | )% | 11.69 | 11.38 | 2.7 | % | |||||||||||||||
Oklahoma City, OK | 7,724 | 1,088,227 | 89.2 | % | 84.9 | % | 4.3 | % | 89.6 | % | 85.5 | % | 4.1 | % | 8.27 | 8.40 | (1.5 | )% | |||||||||||||||
Indianapolis-Carmel-Anderson, IN | 8,783 | 1,134,830 | 91.9 | % | 91.4 | % | 0.5 | % | 92.1 | % | 91.8 | % | 0.3 | % | 9.64 | 9.42 | 2.3 | % | |||||||||||||||
Los Angeles-Long Beach-Anaheim, CA | 9,738 | 1,062,914 | 86.8 | % | 89.2 | % | (2.4 | )% | 88.2 | % | 90.6 | % | (2.4 | )% | 20.54 | 19.50 | 5.3 | % | |||||||||||||||
Tulsa, OK | 6,125 | 814,815 | 88.5 | % | 87.9 | % | 0.6 | % | 89.0 | % | 87.7 | % | 1.3 | % | 8.89 | 8.82 | 0.8 | % | |||||||||||||||
North Port-Sarasota-Bradenton, FL | 7,778 | 756,133 | 85.4 | % | 85.0 | % | 0.4 | % | 85.8 | % | 85.6 | % | 0.2 | % | 16.23 | 15.76 | 3.0 | % | |||||||||||||||
Phoenix-Mesa-Scottsdale, AZ | 7,404 | 833,439 | 87.7 | % | 86.2 | % | 1.5 | % | 87.8 | % | 87.7 | % | 0.1 | % | 13.85 | 13.45 | 3.0 | % | |||||||||||||||
Las Vegas-Henderson-Paradise, NV | 5,826 | 736,215 | 90.5 | % | 94.3 | % | (3.8 | )% | 90.8 | % | 94.0 | % | (3.2 | )% | 11.68 | 10.44 | 11.9 | % | |||||||||||||||
Other MSAs | 97,592 | 12,653,705 | 90.2 | % | 90.0 | % | 0.2 | % | 91.1 | % | 90.6 | % | 0.5 | % | 11.29 | 10.95 | 3.1 | % | |||||||||||||||
Total/Weighted Average | 211,379 | 27,012,544 | 89.4 | % | 89.3 | % | 0.1 | % | 90.2 | % | 89.9 | % | 0.3 | % | $ | 12.06 | $ | 11.68 | 3.3 | % |
(1) MSA (Metropolitan Statistical Area) as defined by the United States Census Bureau. |
Supplemental Schedule 7 (continued) | ||||||||||||||||||||||||||||||||||||||||||||
Same Store Performance Summary By MSA(1) | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per square foot data) (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 compared to Nine Months Ended September 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||
Total Revenue | Property Operating Expenses | Net Operating Income | Net Operating Income Margin | |||||||||||||||||||||||||||||||||||||||||
MSA(1) | Stores | YTD 2019 | YTD 2018 | Growth | YTD 2019 | YTD 2018 | Growth | YTD 2019 | YTD 2018 | Growth | YTD 2019 | YTD 2018 | Growth | |||||||||||||||||||||||||||||||
Riverside-San Bernardino-Ontario, CA | 46 | $ | 28,496 | $ | 27,236 | 4.6 | % | $ | 7,213 | $ | 7,143 | 1.0 | % | $ | 21,283 | $ | 20,093 | 5.9 | % | 74.7 | % | 73.8 | % | 0.9 | % | |||||||||||||||||||
Portland-Vancouver-Hillsboro, OR-WA | 45 | 22,901 | 22,628 | 1.2 | % | 5,845 | 5,820 | 0.4 | % | 17,056 | 16,808 | 1.5 | % | 74.5 | % | 74.3 | % | 0.2 | % | |||||||||||||||||||||||||
Atlanta-Sandy Springs-Roswell, GA | 25 | 11,038 | 9,997 | 10.4 | % | 3,389 | 3,146 | 7.7 | % | 7,649 | 6,851 | 11.6 | % | 69.3 | % | 68.5 | % | 0.8 | % | |||||||||||||||||||||||||
Dallas-Fort Worth-Arlington, TX | 17 | 6,787 | 6,606 | 2.7 | % | 2,675 | 2,616 | 2.3 | % | 4,112 | 3,990 | 3.1 | % | 60.6 | % | 60.4 | % | 0.2 | % | |||||||||||||||||||||||||
Oklahoma City, OK | 17 | 6,098 | 5,910 | 3.2 | % | 2,028 | 1,941 | 4.5 | % | 4,070 | 3,969 | 2.5 | % | 66.7 | % | 67.2 | % | (0.5 | )% | |||||||||||||||||||||||||
Indianapolis-Carmel-Anderson, IN | 16 | 7,625 | 7,200 | 5.9 | % | 2,279 | 2,314 | (1.5 | )% | 5,346 | 4,886 | 9.4 | % | 70.1 | % | 67.9 | % | 2.2 | % | |||||||||||||||||||||||||
Los Angeles-Long Beach-Anaheim, CA | 14 | 14,859 | 14,411 | 3.1 | % | 3,993 | 3,903 | 2.3 | % | 10,866 | 10,508 | 3.4 | % | 73.1 | % | 72.9 | % | 0.2 | % | |||||||||||||||||||||||||
Tulsa, OK | 13 | 4,926 | 4,808 | 2.5 | % | 1,484 | 1,454 | 2.1 | % | 3,442 | 3,354 | 2.6 | % | 69.9 | % | 69.8 | % | 0.1 | % | |||||||||||||||||||||||||
North Port-Sarasota-Bradenton, FL | 12 | 8,022 | 7,690 | 4.3 | % | 2,539 | 2,596 | (2.2 | )% | 5,483 | 5,094 | 7.6 | % | 68.3 | % | 66.2 | % | 2.1 | % | |||||||||||||||||||||||||
Phoenix-Mesa-Scottsdale, AZ | 12 | 7,713 | 7,509 | 2.7 | % | 2,220 | 2,100 | 5.7 | % | 5,493 | 5,409 | 1.6 | % | 71.2 | % | 72.0 | % | (0.8 | )% | |||||||||||||||||||||||||
Las Vegas-Henderson-Paradise, NV | 11 | 5,919 | 5,359 | 10.4 | % | 1,646 | 1,699 | (3.1 | )% | 4,273 | 3,660 | 16.7 | % | 72.2 | % | 68.3 | % | 3.9 | % | |||||||||||||||||||||||||
Other MSAs | 211 | 98,001 | 93,691 | 4.6 | % | 31,620 | 30,825 | 2.6 | % | 66,381 | 62,866 | 5.6 | % | 67.7 | % | 67.1 | % | 0.6 | % | |||||||||||||||||||||||||
Total/Weighted Average | 439 | $ | 222,385 | $ | 213,045 | 4.4 | % | $ | 66,931 | $ | 65,557 | 2.1 | % | $ | 155,454 | $ | 147,488 | 5.4 | % | 69.9 | % | 69.2 | % | 0.7 | % |
(1) MSA (Metropolitan Statistical Area) as defined by the United States Census Bureau. |
Supplemental Schedule 7 (continued) | |||||||||||||||||||||||||||||||||
Same Store Performance Summary By MSA(1) | |||||||||||||||||||||||||||||||||
(dollars in thousands, except per square foot data) (unaudited) | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 compared to Nine Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||
Rentable Square Feet | Occupancy at Period End | Average Occupancy | Average Annualized Rental Revenue per Occupied Square Foot | ||||||||||||||||||||||||||||||
MSA(1) | Units | YTD 2019 | YTD 2018 | Growth | YTD 2019 | YTD 2018 | Growth | YTD 2019 | YTD 2018 | Growth | |||||||||||||||||||||||
Riverside-San Bernardino-Ontario, CA | 24,871 | 3,343,166 | 90.3 | % | 90.8 | % | (0.5 | )% | 90.7 | % | 92.2 | % | (1.5 | )% | $ | 11.91 | $ | 11.21 | 6.2 | % | |||||||||||||
Portland-Vancouver-Hillsboro, OR-WA | 17,618 | 2,152,323 | 84.3 | % | 85.9 | % | (1.6 | )% | 84.8 | % | 85.6 | % | (0.8 | )% | 16.42 | 16.08 | 2.1 | % | |||||||||||||||
Atlanta-Sandy Springs-Roswell, GA | 11,493 | 1,578,405 | 92.2 | % | 88.4 | % | 3.8 | % | 90.1 | % | 86.6 | % | 3.5 | % | 10.02 | 9.50 | 5.5 | % | |||||||||||||||
Dallas-Fort Worth-Arlington, TX | 6,427 | 858,372 | 88.2 | % | 88.5 | % | (0.3 | )% | 87.9 | % | 88.5 | % | (0.6 | )% | 11.63 | 11.31 | 2.8 | % | |||||||||||||||
Oklahoma City, OK | 7,724 | 1,088,227 | 89.2 | % | 84.9 | % | 4.3 | % | 87.0 | % | 83.9 | % | 3.1 | % | 8.34 | 8.40 | (0.7 | )% | |||||||||||||||
Indianapolis-Carmel-Anderson, IN | 8,783 | 1,134,830 | 91.9 | % | 91.4 | % | 0.5 | % | 90.4 | % | 87.7 | % | 2.7 | % | 9.63 | 9.36 | 2.9 | % | |||||||||||||||
Los Angeles-Long Beach-Anaheim, CA | 9,738 | 1,062,914 | 86.8 | % | 89.2 | % | (2.4 | )% | 88.9 | % | 90.9 | % | (2.0 | )% | 20.11 | 19.06 | 5.5 | % | |||||||||||||||
Tulsa, OK | 6,125 | 814,815 | 88.5 | % | 87.9 | % | 0.6 | % | 87.9 | % | 86.2 | % | 1.7 | % | 8.89 | 8.83 | 0.7 | % | |||||||||||||||
North Port-Sarasota-Bradenton, FL | 7,778 | 756,133 | 85.4 | % | 85.0 | % | 0.4 | % | 85.0 | % | 85.8 | % | (0.8 | )% | 16.06 | 15.76 | 1.9 | % | |||||||||||||||
Phoenix-Mesa-Scottsdale, AZ | 7,404 | 833,439 | 87.7 | % | 86.2 | % | 1.5 | % | 86.6 | % | 87.0 | % | (0.4 | )% | 13.73 | 13.34 | 2.9 | % | |||||||||||||||
Las Vegas-Henderson-Paradise, NV | 5,826 | 736,215 | 90.5 | % | 94.3 | % | (3.8 | )% | 91.2 | % | 93.4 | % | (2.2 | )% | 11.26 | 10.08 | 11.7 | % | |||||||||||||||
Other MSAs | 97,592 | 12,653,705 | 90.2 | % | 90.0 | % | 0.2 | % | 89.7 | % | 89.1 | % | 0.6 | % | 11.15 | 10.75 | 3.7 | % | |||||||||||||||
Total/Weighted Average | 211,379 | 27,012,544 | 89.4 | % | 89.3 | % | 0.1 | % | 89.0 | % | 88.7 | % | 0.3 | % | $ | 11.91 | $ | 11.49 | 3.7 | % |
(1) MSA (Metropolitan Statistical Area) as defined by the United States Census Bureau. |
Supplemental Schedule 8 | |||||||||||||||||||||||||||
Same Store Operating Data (439 Stores) - Trailing Five Quarters | |||||||||||||||||||||||||||
(dollars in thousands, except per square foot data) (unaudited) | |||||||||||||||||||||||||||
3Q 2019 | 2Q 2019 | 1Q 2019 | 4Q 2018 | 3Q 2018 | YTD 2019 | YTD 2018 | |||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||
Rental revenue | $ | 73,444 | $ | 71,481 | $ | 69,935 | $ | 70,430 | $ | 70,873 | $ | 214,860 | $ | 205,947 | |||||||||||||
Other property-related revenue | 2,571 | 2,580 | 2,374 | 2,345 | 2,427 | 7,525 | 7,098 | ||||||||||||||||||||
Total revenue | 76,015 | 74,061 | 72,309 | 72,775 | 73,300 | 222,385 | 213,045 | ||||||||||||||||||||
Property operating expenses | |||||||||||||||||||||||||||
Store payroll and related costs | 6,845 | 6,848 | 6,911 | 6,742 | 6,637 | 20,604 | 20,210 | ||||||||||||||||||||
Property tax expense | 6,169 | 5,929 | 6,206 | 6,006 | 5,963 | 18,304 | 17,662 | ||||||||||||||||||||
Other property operating expenses | 9,581 | 9,276 | 9,166 | 8,957 | 9,410 | 28,023 | 27,685 | ||||||||||||||||||||
Total property operating expenses | 22,595 | 22,053 | 22,283 | 21,705 | 22,010 | 66,931 | 65,557 | ||||||||||||||||||||
Net operating income | $ | 53,420 | $ | 52,008 | $ | 50,026 | $ | 51,070 | $ | 51,290 | $ | 155,454 | $ | 147,488 | |||||||||||||
Net operating income margin | 70.3 | % | 70.2 | % | 69.2 | % | 70.2 | % | 70.0 | % | 69.9 | % | 69.2 | % | |||||||||||||
Occupancy at period end | 89.4 | % | 90.9 | % | 88.6 | % | 87.4 | % | 89.3 | % | 89.4 | % | 89.3 | % | |||||||||||||
Average occupancy | 90.2 | % | 89.6 | % | 87.7 | % | 88.2 | % | 89.9 | % | 89.0 | % | 88.7 | % | |||||||||||||
Average annualized rental revenue per occupied square foot | $ | 12.06 | $ | 11.81 | $ | 11.82 | $ | 11.83 | $ | 11.68 | $ | 11.91 | $ | 11.49 | |||||||||||||
Supplemental Schedule 9 | |||||||||||||||||||||||||||
Reconciliation of Same Store Data and Net Operating Income to Net Income | |||||||||||||||||||||||||||
(dollars in thousands) (unaudited) | |||||||||||||||||||||||||||
3Q 2019 | 2Q 2019 | 1Q 2019 | 4Q 2018 | 3Q 2018 | YTD 2019 | YTD 2018 | |||||||||||||||||||||
Rental revenue | |||||||||||||||||||||||||||
Same store portfolio | $ | 73,444 | $ | 71,481 | $ | 69,935 | $ | 70,430 | $ | 70,873 | $ | 214,860 | $ | 205,947 | |||||||||||||
Non-same store portfolio | 19,302 | 15,694 | 12,920 | 9,071 | 6,372 | 47,916 | 14,391 | ||||||||||||||||||||
Effect of bad debt expense classification resulting from adoption of leasing standard(1) | — | — | — | 2,325 | 2,302 | — | 6,239 | ||||||||||||||||||||
Total rental revenue (as reported) | 92,746 | 87,175 | 82,855 | 81,826 | 79,547 | 262,776 | 226,577 | ||||||||||||||||||||
Other property-related revenue | |||||||||||||||||||||||||||
Same store portfolio | 2,571 | 2,580 | 2,374 | 2,345 | 2,427 | 7,525 | 7,098 | ||||||||||||||||||||
Non-same store portfolio | 646 | 548 | 450 | 281 | 260 | 1,644 | 459 | ||||||||||||||||||||
Total other property-related revenue | 3,217 | 3,128 | 2,824 | 2,626 | 2,687 | 9,169 | 7,557 | ||||||||||||||||||||
Property operating expenses | |||||||||||||||||||||||||||
Same store portfolio | 22,595 | 22,053 | 22,283 | 21,705 | 22,010 | 66,931 | 65,557 | ||||||||||||||||||||
Non-same store portfolio | 6,393 | 5,137 | 4,174 | 2,883 | 2,240 | 15,704 | 5,166 | ||||||||||||||||||||
Effect of bad debt expense classification resulting from adoption of leasing standard(1) | — | — | — | 2,325 | 2,302 | — | 6,239 | ||||||||||||||||||||
Total property operating expenses (as reported) | 28,988 | 27,190 | 26,457 | 26,913 | 26,552 | 82,635 | 76,962 | ||||||||||||||||||||
Net operating income | 66,975 | 63,113 | 59,222 | 57,539 | 55,682 | 189,310 | 157,172 | ||||||||||||||||||||
Management fees and other revenue | 5,374 | 5,116 | 4,893 | 4,846 | 3,148 | 15,383 | 7,464 | ||||||||||||||||||||
General and administrative expenses | (12,039 | ) | (11,170 | ) | (10,766 | ) | (10,606 | ) | (8,848 | ) | (33,975 | ) | (25,614 | ) | |||||||||||||
Depreciation and amortization | (27,598 | ) | (25,829 | ) | (24,349 | ) | (22,921 | ) | (22,469 | ) | (77,776 | ) | (66,226 | ) | |||||||||||||
Interest expense | (14,432 | ) | (13,947 | ) | (13,211 | ) | (11,961 | ) | (10,656 | ) | (41,590 | ) | (30,763 | ) | |||||||||||||
Equity in (losses) earnings of unconsolidated real estate ventures | (1,214 | ) | (1,646 | ) | (2,102 | ) | (1,713 | ) | 242 | (4,962 | ) | 290 | |||||||||||||||
Acquisition costs | (321 | ) | (305 | ) | (157 | ) | (192 | ) | (141 | ) | (783 | ) | (471 | ) | |||||||||||||
Non-operating (expense) income | (8 | ) | (169 | ) | (98 | ) | (160 | ) | 153 | (275 | ) | 69 | |||||||||||||||
Gain on sale of self storage properties | — | 2,814 | — | — | — | 2,814 | 391 | ||||||||||||||||||||
Income tax expense | (223 | ) | (244 | ) | (492 | ) | (349 | ) | (282 | ) | (959 | ) | (469 | ) | |||||||||||||
Net Income | $ | 16,514 | $ | 17,733 | $ | 12,940 | $ | 14,483 | $ | 16,829 | $ | 47,187 | $ | 41,843 |
(1) As a result of the new leasing standard adoption, beginning on January 1, 2019, activity related to uncollectible accounts is presented within revenue. For periods prior to 2019, such amounts were previously included in operating expenses, and as such, for comparability, NSA has presented activity related to uncollectible accounts as a reduction to same store and non-same store revenue and operating expenses. |
Supplemental Schedule 10 | |||||||||||||||
Selected Financial Information | |||||||||||||||
(dollars in thousands, except per square foot data) (unaudited) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Average Annualized Rental Revenue Per Occupied Square Foot | |||||||||||||||
Same store | $ | 12.06 | $ | 11.68 | $ | 11.91 | $ | 11.49 | |||||||
Total consolidated portfolio | 12.20 | 11.76 | 12.06 | 11.54 | |||||||||||
Average Occupancy | |||||||||||||||
Same store | 90.2 | % | 89.9 | % | 89.0 | % | 88.7 | % | |||||||
Total consolidated portfolio | 89.6 | % | 89.7 | % | 88.6 | % | 88.5 | % | |||||||
Total Consolidated Portfolio Capital Expenditures | |||||||||||||||
Recurring capital expenditures | $ | 2,016 | $ | 1,595 | $ | 6,773 | $ | 4,030 | |||||||
Value enhancing capital expenditures | 1,234 | 474 | 3,386 | 3,149 | |||||||||||
Acquisitions capital expenditures | 2,219 | 2,762 | 6,547 | 7,511 | |||||||||||
Total consolidated portfolio capital expenditures | $ | 5,469 | $ | 4,831 | $ | 16,706 | $ | 14,690 | |||||||
Property Operating Expenses Detail | |||||||||||||||
Store payroll and related costs | $ | 8,705 | $ | 7,347 | $ | 25,362 | $ | 21,873 | |||||||
Property tax expense | 7,730 | 6,532 | 22,149 | 18,943 | |||||||||||
Other property operating expenses | 12,553 | 10,371 | 35,124 | 29,907 | |||||||||||
Bad debt expense | — | 2,302 | — | 6,239 | |||||||||||
Property operating expenses on the Company's statements of operations | $ | 28,988 | $ | 26,552 | $ | 82,635 | $ | 76,962 | |||||||
General and Administrative Expenses Detail | |||||||||||||||
Supervisory and administrative expenses | $ | 5,219 | $ | 4,335 | $ | 14,825 | $ | 12,577 | |||||||
Equity-based compensation expense | 1,153 | 1,022 | 3,373 | 2,808 | |||||||||||
Other general and administrative expenses | 5,667 | 3,491 | 15,777 | 10,229 | |||||||||||
General and administrative expenses on the Company's statements of operations | $ | 12,039 | $ | 8,848 | $ | 33,975 | $ | 25,614 | |||||||
• | EBITDA and Adjusted EBITDA do not reflect the Company's 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 the Company's 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 the Company's overall long-term incentive compensation package, although the Company excludes it as an expense when evaluating its ongoing operating performance for a particular period; |
• | EBITDA and Adjusted EBITDA do not reflect the impact of certain cash charges resulting from matters the Company considers not to be indicative of its ongoing operations; and |
• | other companies in NSA's industry may calculate EBITDA and Adjusted EBITDA differently than NSA does, limiting their usefulness as comparative measures. |
• | NOI is one of the primary measures used by NSA's management and the Company's PROs to evaluate the economic productivity of the Company's properties, including the Company's ability to lease its properties, increase pricing and occupancy and control the Company's 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 NSA's capital structure; and |
• | NSA believes NOI helps the Company's investors to meaningfully compare the results of its operating performance from period to period by removing the impact of the Company's capital structure (primarily interest expense on the Company's outstanding indebtedness) and depreciation of the cost basis of NSA's assets from its operating results. |
Equity Research Coverage | ||||
Baird Equity Research | BMO Capital Markets | Citi Investment Research | ||
RJ Milligan | R. Jeremy Metz | Michael Bilerman / Smedes Rose | ||
813.273.8252 | 212.885.4053 | 212.816.1383 / 212.816.6243 | ||
Jefferies LLC | KeyBanc Capital Markets | Morgan Stanley | ||
Jonathan Petersen / Reuben Treatman | Todd Thomas / Jordan Sadler | Ronald Kamdem | ||
212.284.1705 / 212.323.3307 | 917.368.2286 / 917.368.2280 | 212.296.8319 | ||
Stifel | SunTrust Robinson Humphrey | Wells Fargo Securities, LLC | ||
Stephen Manaker / Kevin Stein | Ki Bin Kim / Ian Gaule | Todd Stender / Philip Defelice | ||
212.271.3716 / 212.271.3718 | 212.303.4124 / 212.590.0948 | 562.637.1371 / 443.263.6442 | ||
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