National Storage Affiliates Trust Q2 2024 10-Q Filed

TL;DR

**NSA Q2 2024 10-Q is IN! Get the latest on financials and operations.**

AI Summary

National Storage Affiliates Trust filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors are presented within this report.

Why It Matters

This filing provides investors with crucial financial and operational details for National Storage Affiliates Trust, enabling informed investment decisions regarding the real estate investment trust.

Risk Assessment

Risk Level: medium — As a real estate investment trust, NSA is subject to market fluctuations, interest rate changes, and property-specific risks.

Key Numbers

• 2024-06-30 — Period End Date (Indicates the end of the reporting period for the 10-Q.)
• 2024-01-01 — Period Start Date (Indicates the start of the reporting period for the 10-Q.)
• 2023-12-31 — Previous Year End Date (Provides a comparison point to the current reporting period.)

Key Players & Entities

• National Storage Affiliates Trust (company) — Filer of the 10-Q
• 20240630 (date) — Period of report
• 20240805 (date) — Filing date
• 720-630-2600 (phone_number) — Business phone number

FAQ

Key Financial Figures

• $0.01 — Common Shares of Beneficial Interest, $0.01 par value per share NSA New York Stock

Filing Documents

• nsa-20240630.htm (10-Q) — 1609KB
• ex311ceocertificationq224.htm (EX-31.1) — 10KB
• ex312cfocertificationq224.htm (EX-31.2) — 10KB
• ex32118uscceoandcfocertifi.htm (EX-32.1) — 8KB
• 0001628280-24-034802.txt ( ) — 7597KB
• nsa-20240630.xsd (EX-101.SCH) — 58KB
• nsa-20240630_cal.xml (EX-101.CAL) — 94KB
• nsa-20240630_def.xml (EX-101.DEF) — 345KB
• nsa-20240630_lab.xml (EX-101.LAB) — 607KB
• nsa-20240630_pre.xml (EX-101.PRE) — 466KB
• nsa-20240630_htm.xml (XML) — 880KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements 3

ITEM 1. Financial Statements 3 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (Unaudited) 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 10 Notes to Condensed Consolidated Financial Statements (Unaudited) 12

Management's Discussion and Analysis of Financial Condition and Results of Operations 31

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures About Market Risk 54

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 54

Controls and Procedures 54

ITEM 4. Controls and Procedures 54

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings 55

ITEM 1. Legal Proceedings 55

Risk Factors 55

ITEM 1A. Risk Factors 55

Unregistered Sales of Equity Securities and Use of Proceeds 55

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 55

Defaults Upon Senior Securities 56

ITEM 3. Defaults Upon Senior Securities 56

Mine Safety Disclosures 56

ITEM 4. Mine Safety Disclosures 56

Other Information 56

ITEM 5. Other Information 56

Exhibits 57

ITEM 6. Exhibits 57 Signatures 59 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements NATIONAL STORAGE AFFILIATES TRUST CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share amounts) (Unaudited) June 30, December 31, 2024 2023 ASSETS Real estate Self storage properties $ 5,818,388 $ 5,792,174 Less accumulated depreciation ( 961,977 ) ( 874,359 ) Self storage properties, net 4,856,411 4,917,815 Cash and cash equivalents 58,975 64,980 Restricted cash 8,064 22,713 Debt issuance costs, net 7,055 8,442 Investment in unconsolidated real estate ventures 230,295 211,361 Other assets, net 138,522 134,002 Assets held for sale, net — 550,199 Operating lease right-of-use assets 21,779 22,299 Total assets $ 5,321,101 $ 5,931,811 LIABILITIES AND EQUITY Liabilities Debt financing $ 3,365,836 $ 3,658,205 Accounts payable and accrued liabilities 93,042 92,766 Interest rate swap liabilities — 3,450 Operating lease liabilities 23,731 24,195 Deferred revenue 21,427 27,354 Total liabilities 3,504,036 3,805,970 Commitments and contingencies (Note 11) Equity Series A Preferred shares of beneficial interest, par value $ 0.01 per share. 50,000,000 authorized, 9,017,588 and 9,017,588 issued and outstanding at June 30, 2024 and December 31, 2023, respectively, at liquidation preference 225,439 225,439 Series B Preferred shares of beneficial interest, par value $ 0.01 per share. 7,000,000 authorized, 5,668,128 and 5,668,128 issued and outstanding at June 30, 2024 and December 31, 2023, respectively, at liquidation preference 115,212 115,212 Common shares of beneficial interest, par value $ 0.01 per share. 250,000,000 authorized, 75,169,162 and 82,285,995 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 752 823 Additional paid-in capital 1,293,694 1,509,563 Distributions in excess of earnings ( 469,768 ) ( 449,907 ) Accumulated other comprehensive income 25,881 21,058 Total shareholders' equity 1,191,210 1,422,188 Noncontrolling interests 625,855 703,6

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View this 10-Q filing on SEC EDGAR