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National Storage Affiliates Trust Reports Third Quarter 2020 Results

National Storage Affiliates Trust ("NSA" or the "Company") (NYSE: NSA) today reported the Company’s third quarter 2020 results.

Third Quarter 2020 Highlights

  • Reported net income of $21.4 million for the third quarter of 2020, an increase of 29.7% compared to the third quarter of 2019. Reported diluted earnings per share of $0.15 for the third quarter of 2020, primarily relating to the HLBV method for allocating net income among the various classes of equity.
  • Reported core funds from operations ("Core FFO") of $44.0 million, or $0.44 per share for the third quarter of 2020, an increase of 10.0% per share compared to the third quarter of 2019.
  • Reported an increase in same store net operating income ("NOI") of 0.2% for the third quarter of 2020 compared to the same period in 2019, driven by a 0.4% decrease in same store property operating expenses while same store total revenues were unchanged.
  • Reported same store period-end occupancy of 91.9% as of September 30, 2020, an increase of 260 basis points compared to September 30, 2019.
  • Acquired four wholly-owned self storage properties for $23.8 million during the third quarter of 2020. Capital sources for the acquisition activity included the issuance of approximately $3.4 million of OP equity to sellers and $6.3 million of common equity raised under the Company’s at the market, or ATM, program at a combined weighted average price of $33.71 per share/unit, as well as borrowings under the Company’s revolving line of credit.
  • Completed an underwritten public offering of 4,500,000 common shares of beneficial interest under forward sale agreements at a public offering price of $33.15 per share. Subsequent to quarter-end, the underwriters exercised a portion of their option to purchase an additional 400,000 of the Company's common shares for a total offering of 4,900,000 common shares that the Company expects to result in proceeds of approximately $160 million, assuming full physical settlement of the forward sale agreements.

Highlights Subsequent to Quarter-End

  • Issued $150.0 million of 2.99% senior unsecured notes due August 5, 2030 and $100.0 million of 3.09% senior unsecured notes due August 5, 2032 in a private placement, completing the offering that was announced August 6, 2020.

Tamara Fischer, President and Chief Executive Officer, commented, "The team did a great job pulling together to execute our COVID management plan, delivering year-over-year growth in Core FFO per share of 10% for the quarter. Our strong results, highlighted by positive growth in same store NOI and increased occupancy of 260bps year-over-year at the end of the quarter, allowed us to increase our quarterly dividend by $0.01 per share, or 6.3% on an annualized basis. Because of the resilience demonstrated by the self storage sector, we are reinstating guidance for the remainder of 2020, and now believe that we will end the year with Core FFO per share of $1.66 to $1.68, with the midpoint being up 8.4% above 2019. We have also been pleased to see increased opportunities ahead for growth via acquisitions, so we opportunistically accessed the capital markets by executing a forward equity transaction which provides us the flexibility to continue to execute on our growth strategy as we close out 2020 and look forward to 2021."

Financial Results

($ in thousands, except per share and unit data)

Three Months Ended September 30,

Nine Months Ended September 30,

2020

2019

Growth

2020

2019

Growth

Net income

$

21,411

$

16,514

29.7

%

$

54,961

$

47,187

16.5

%

Funds From Operations ("FFO")(1)

$

43,440

$

36,375

19.4

%

$

120,727

$

102,933

17.3

%

Add back acquisition costs

596

321

85.7

%

1,681

783

114.7

%

Core FFO(1)

$

44,036

$

36,696

20.0

%

$

122,408

$

103,716

18.0

%

Earnings (loss) per share - basic and diluted

$

0.15

$

(0.20

)

175.0

%

$

0.32

$

(0.32

)

200.0

%

FFO per share and unit(1)

$

0.43

$

0.39

10.3

%

$

1.23

$

1.14

7.9

%

Core FFO per share and unit(1)

$

0.44

$

0.40

10.0

%

$

1.25

$

1.15

8.7

(1) Non-GAAP financial measures, including FFO, Core FFO and NOI, are defined in the Glossary in the supplemental financial information and, where appropriate, reconciliations of these measures and other non-GAAP financial measures to their most directly comparable GAAP measures are included in the Schedules to this press release and in the supplemental financial information.

Net income increased $4.9 million for the third quarter of 2020 and $7.8 million for the nine months ended September 30, 2020 ("year-to-date") as compared to the same periods in 2019. The increase for the third quarter of 2020 resulted primarily from additional NOI generated from the 51 wholly-owned self storage properties acquired between October 1, 2019 and September 30, 2020 and earnings from the Company's unconsolidated real estate ventures partially offset by increases in depreciation and amortization and interest expense. The year-to-date increase was the result of additional NOI generated from the 51 wholly-owned self storage properties acquired between October 1, 2019 and September 30, 2020 and a decrease in GAAP losses from the Company's unconsolidated real estate ventures partially offset by increases in depreciation and amortization, interest expense and a decrease in gains from the sale of self storage properties.

The increases in FFO and Core FFO for the third quarter of 2020 and year-to-date were primarily the result of incremental NOI from properties acquired between October 1, 2019 and September 30, 2020 and decreases in distributions to subordinated performance unitholders.

Same Store Operating Results (500 Stores)

($ in thousands, except per square foot data)

Three Months Ended September 30,

Nine Months Ended September 30,

2020

2019

Growth

2020

2019

Growth

Total revenues

$

86,230

$

86,230

$

253,747

$

252,207

0.6

%

Property operating expenses

25,704

25,808

(0.4

)%

76,222

76,079

0.2

%

Net Operating Income (NOI)

$

60,526

$

60,422

0.2

%

$

177,525

$

176,128

0.8

%

NOI Margin

70.2

%

70.1

%

0.1

%

70.0

%

69.8

%

0.2

%

Average Occupancy

91.1

%

90.1

%

1.0

%

88.8

%

88.9

%

(0.1

)%

Average Annualized Rental Revenue Per Occupied Square Foot

$

12.02

$

12.19

(1.4

)%

$

12.10

$

12.06

0.3

%

Year-over-year same store total revenues were unchanged for the third quarter of 2020 and increased 0.6% year-to-date as compared to the same periods in 2019. Third quarter 2020 average occupancy increased 100 basis points and average annualized rental revenue per occupied square foot decreased 1.4%. The year-to-date increase in same store total revenue was driven primarily by a 0.3% increase in average annualized rental revenue per occupied square foot partially offset by a 10 basis point decrease in average occupancy. Markets which generated above portfolio average same store total revenue growth include: Oklahoma City, Phoenix, and Kansas City. Markets which generated below portfolio average same store total revenue growth include: Portland, Dallas and Los Angeles.

Year-over-year same store property operating expenses decreased 0.4% for the third quarter of 2020 and increased 0.2% year-to-date as compared to the same periods in 2019. The decrease for the third quarter of 2020 primarily resulted from decreases in personnel costs and utilities expenses, partially offset by increases in property taxes. The year-to-date increase was driven primarily by an increase in property taxes partially offset by decreases in utilities and repairs & maintenance expenses.

Investment Activity

During the third quarter, NSA invested approximately $23.8 million in the acquisition of four self storage properties consisting of approximately 0.3 million rentable square feet configured in approximately 2,100 storage units. Total consideration for these acquisitions included approximately $20.2 million of net cash, the issuance of approximately $0.8 million of OP units and $2.6 million of subordinated performance units and the assumption of approximately $0.2 million of other working capital liabilities.

Balance Sheet

In September 2020, the Company completed an underwritten public offering of 4,500,000 common shares of beneficial interest under forward sale agreements at a public offering price of $33.15 per share. Subsequent to quarter-end, the underwriters exercised a portion of their option to purchase an additional 400,000 of the Company's common shares for a total offering of 4,900,000 common shares that the Company expects to result in net proceeds of approximately $160 million, assuming full physical settlement of the forward sale agreements. The Company expects to settle the forward sale agreements prior to March 22, 2021 via the issuance and physical delivery of the Company's common shares in exchange for cash proceeds, although the Company may elect cash settlement or net share settlement for all or a portion of its obligations under the forward sale agreements, subject to certain conditions.

On October 22, 2020, the Company's operating partnership issued $150.0 million of 2.99% senior unsecured notes due August 5, 2030 and $100.0 million of 3.09% senior unsecured notes due August 5, 2032 (the "Senior Unsecured Notes") in a private placement to certain institutional investors, completing the offering that was announced August 6, 2020. The Company used the proceeds to repay outstanding amounts on its revolving line of credit and for general corporate purposes.

Common Share Dividends

On August 20, 2020, NSA's Board of Trustees declared a quarterly cash dividend of $0.34 per common share, which was paid on September 30, 2020 to shareholders of record as of September 15, 2020.

2020 Guidance

The following table outlines NSA's FFO guidance estimates and related assumptions for the year ended December 31, 2020:

Ranges for Full Year 2020

Low

High

Core FFO per share(1)

$

1.66

$

1.68

Same store operations (500 stores)

Total revenue growth

0.75

%

1.25

%

Property operating expenses growth

1.5

%

2.0

%

NOI growth

0.25

%

1.00

%

General and administrative expenses

General and administrative expenses (excluding equity-based compensation), in millions

$

38.5

$

39.5

Equity-based compensation, in millions

$

4.0

$

4.5

Management fees and other revenue, in millions

$

22.0

$

23.0

Core FFO from unconsolidated real estate ventures, in millions

$

14.5

$

15.5

Subordinated performance unit distributions, in millions

$

28.5

$

29.5

Wholly-owned acquisitions, in millions

$

400.0

$

500.0

(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:

Ranges for Full Year 2020

Low

High

Earnings (loss) per share - diluted

$

0.43

$

0.47

Impact of the difference in weighted average number of shares and GAAP accounting for noncontrolling interests, two-class method and treasury stock method

0.21

0.15

Add real estate depreciation and amortization, including NSA's share of unconsolidated venture real estate depreciation and amortization

1.28

1.32

FFO attributable to subordinated unitholders

(0.28

)

(0.29

)

Add acquisition costs and NSA's share of unconsolidated real estate venture acquisition costs

0.02

0.03

Core FFO per share and unit

$

1.66

$

1.68

Supplemental Financial Information

The full text of this earnings release and supplemental financial information, including certain financial information referenced in this release, are available on NSA's website at http://ir.nationalstorageaffiliates.com/quarterly-reporting and as exhibit 99.1 to the Company's Form 8-K furnished to the SEC on November 5, 2020.

Non-GAAP Financial Measures & Glossary

This press release contains certain non-GAAP financial measures. These non-GAAP measures are presented because NSA's management believes these measures help investors understand NSA's business, performance and ability to earn and distribute cash to its shareholders by providing perspectives not immediately apparent from net income (loss). These measures are also frequently used by securities analysts, investors and other interested parties. The presentations of FFO, Core FFO and NOI in this press release are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, NSA's method of calculating these measures may be different from methods used by other companies, and, accordingly, may not be comparable to similar measures as calculated by other companies that do not use the same methodology as NSA. These measures, and other words and phrases used herein, are defined in the Glossary in the supplemental financial information and, where appropriate, reconciliations of these measures and other non-GAAP financial measures to their most directly comparable GAAP measures are included in the Schedules to this press release and in the supplemental financial information.

Quarterly Teleconference and Webcast

The Company will host a conference call at 1:00 pm Eastern Time on Friday, November 6, 2020 to discuss its third quarter 2020 financial results. At the conclusion of the call, management will accept questions from certified financial analysts. All other participants are encouraged to listen to a webcast of the call by accessing the link found on the Company's website at www.nationalstorageaffiliates.com.

Conference Call and Webcast:

Date/Time: Friday, November 6, 2020, 1:00pm ET

Webcast available at: www.nationalstorageaffiliates.com

Domestic (Toll Free US & Canada): 877.407.9711

International: 412.902.1014

Replay:

Domestic (Toll Free US & Canada): 877.660.6853

International: 201.612.7415

Conference ID: 13692161

A replay of the call will be available for one week through Friday, November 13, 2020. A replay of the webcast will be available for 30 days on NSA's website at www.nationalstorageaffiliates.com.

Upcoming Industry Conferences

NSA management is scheduled to participate in the Nareit REITworld Virtual Conference, November 17-19, 2020.

About National Storage Affiliates Trust

National Storage Affiliates Trust is a Maryland real estate investment trust focused on the ownership, operation and acquisition of self storage properties located within the top 100 metropolitan statistical areas throughout the United States. As of September 30, 2020, the Company held ownership interests in and operated 788 self storage properties located in 35 states and Puerto Rico with approximately 49.5 million rentable square feet. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States. For more information, please visit the Company’s website at www.nationalstorageaffiliates.com. NSA is included in the MSCI US REIT Index (RMS/RMZ), the Russell 2000 Index of Companies and the S&P SmallCap 600 Index.

NOTE REGARDING FORWARD LOOKING STATEMENTS

Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. These forward-looking statements include information about possible or assumed future results of the Company's business, financial condition, liquidity, results of operations, plans and objectives. Changes in any circumstances may cause the Company's actual results to differ significantly from those expressed in any forward-looking statement. When used in this release, the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: market trends in the Company's industry, interest rates, the debt and lending markets or the general economy; the Company's business and investment strategy; the acquisition of properties, including those under contract and our ability to execute on our acquisition pipeline; the timing of acquisitions under contract; the internalization of retiring participating regional operators ("PROs") into the Company; the negative impacts from the continued spread of COVID-19 on the economy, the self storage industry, the broader financial markets, the Company's financial condition, results of operations and cash flows and the ability of the Company's tenants to pay rent; and the Company's guidance estimates for the year ended December 31, 2020. For a further list and description of such risks and uncertainties, see the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission, and the other documents filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

National Storage Affiliates Trust

Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)

 

Three Months Ended September 30,

Nine Months Ended September 30,

2020

2019

2020

2019

REVENUE

Rental revenue

$

99,690

$

92,746

$

290,394

$

262,776

Other property-related revenue

3,883

3,217

10,672

9,169

Management fees and other revenue

5,901

5,374

17,047

15,383

Total revenue

109,474

101,337

318,113

287,328

OPERATING EXPENSES

Property operating expenses

31,546

28,988

92,395

82,635

General and administrative expenses

10,818

11,271

32,241

32,464

Depreciation and amortization

28,933

27,598

87,347

77,776

Other

479

768

1,330

1,511

Total operating expenses

71,776

68,625

213,313

194,386

OTHER (EXPENSE) INCOME

Interest expense

(15,262

)

(14,432

)

(46,403

)

(41,590

)

Equity in earnings (losses) of unconsolidated real estate ventures

37

(1,214

)

(251

)

(4,962

)

Acquisition costs

(596

)

(321

)

(1,681

)

(783

)

Non-operating expense

(120

)

(8

)

(629

)

(275

)

Gain on sale of self storage properties

2,814

Other expense

(15,941

)

(15,975

)

(48,964

)

(44,796

)

Income before income taxes

21,757

16,737

55,836

48,146

Income tax expense

(346

)

(223

)

(875

)

(959

)

Net income

21,411

16,514

54,961

47,187

Net income attributable to noncontrolling interests

(7,924

)

(25,374

)

(24,404

)

(56,292

)

Net income (loss) attributable to National Storage Affiliates Trust

13,487

(8,860

)

30,557

(9,105

)

Distributions to preferred shareholders

(3,275

)

(3,272

)

(9,822

)

(9,117

)

Net income (loss) attributable to common shareholders

$

10,212

$

(12,132

)

$

20,735

$

(18,222

)

Earnings (loss) per share - basic and diluted

$

0.15

$

(0.20

)

$

0.32

$

(0.32

)

Weighted average shares outstanding - basic and diluted

68,887

59,278

65,643

57,835

National Storage Affiliates Trust

Consolidated Balance Sheets

(dollars in thousands, except per share amounts)

(unaudited)

 

September 30,

December 31,

2020

2019

ASSETS

Real estate

Self storage properties

$

3,381,418

$

3,091,719

Less accumulated depreciation

(416,423

)

(337,822

)

Self storage properties, net

2,964,995

2,753,897

Cash and cash equivalents

16,779

20,558

Restricted cash

4,486

3,718

Debt issuance costs, net

2,698

3,264

Investment in unconsolidated real estate ventures

206,284

214,061

Other assets, net

62,320

65,441

Operating lease right-of-use assets

23,354

23,306

Total assets

$

3,280,916

$

3,084,245

LIABILITIES AND EQUITY

Liabilities

Debt financing

$

1,741,703

$

1,534,047

Accounts payable and accrued liabilities

51,280

37,966

Interest rate swap liabilities

86,746

19,943

Operating lease liabilities

24,929

24,665

Deferred revenue

15,858

15,523

Total liabilities

1,920,516

1,632,144

Equity

Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 8,732,719 and 8,727,119 issued and outstanding at September 30, 2020 and December 31, 2019, respectively, at liquidation preference

218,318

218,178

Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 69,177,872 and 59,659,108 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively

692

597

Additional paid-in capital

993,164

905,763

Distributions in excess of earnings

(242,222

)

(197,075

)

Accumulated other comprehensive loss

(54,723

)

(7,833

)

Total shareholders' equity

915,229

919,630

Noncontrolling interests

445,171

532,471

Total equity

1,360,400

1,452,101

Total liabilities and equity

$

3,280,916

$

3,084,245

Reconciliation of Net Income to FFO and Core FFO
(in thousands, except per share and unit amounts) (unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2020

2019

2020

2019

Net income

$

21,411

$

16,514

$

54,961

$

47,187

Add (subtract):

Real estate depreciation and amortization

28,564

27,279

86,283

76,816

Company's share of unconsolidated real estate venture real estate depreciation and amortization

3,830

5,197

11,428

16,126

Gain on sale of self storage properties

(2,814

)

Company's share of unconsolidated real estate venture loss on sale of properties

202

Mark-to-market changes in value on equity securities

142

Distributions to preferred shareholders and unitholders

(3,513

)

(3,515

)

(10,541

)

(9,729

)

FFO attributable to subordinated performance unitholders(1)

(6,852

)

(9,100

)

(21,546

)

(24,855

)

FFO attributable to common shareholders, OP unitholders, and LTIP unitholders

43,440

36,375

120,727

102,933

Add:

Acquisition costs

596

321

1,681

783

Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders

$

44,036

$

36,696

$

122,408

$

103,716

Weighted average shares and units outstanding - FFO and Core FFO:(2)

Weighted average shares outstanding - basic

68,887

59,278

65,643

57,835

Weighted average restricted common shares outstanding

32

27

30

29

Weighted average OP units outstanding

29,559

30,483

29,994

30,217

Weighted average DownREIT OP unit equivalents outstanding

1,925

1,848

1,900

1,848

Weighted average LTIP units outstanding

513

535

555

605

Total weighted average shares and units outstanding - FFO and Core FFO

100,916

92,171

98,122

90,534

FFO per share and unit

$

0.43

$

0.39

$

1.23

$

1.14

Core FFO per share and unit

$

0.44

$

0.40

$

1.25

$

1.15

(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.

Reconciliation of Earnings (Loss) Per Share - Diluted to FFO and Core FFO Per Share and Unit
(in thousands, except per share and unit amounts) (unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2020

2019

2020

2019

Earnings (loss) per share - diluted

$

0.15

$

(0.20

)

$

0.32

$

(0.32

)

Impact of the difference in weighted average number of shares(3)

(0.05

)

0.07

(0.10

)

0.11

Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method(4)

0.08

0.26

0.23

0.62

Add real estate depreciation and amortization

0.28

0.30

0.88

0.85

Add Company's share of unconsolidated real estate venture real estate depreciation and amortization

0.04

0.06

0.12

0.18

Subtract gain on sale of self storage properties

(0.03

)

FFO attributable to subordinated performance unitholders

(0.07

)

(0.10

)

(0.22

)

(0.27

)

FFO per share and unit

0.43

0.39

1.23

1.14

Add acquisition costs

0.01

0.01

0.02

0.01

Core FFO per share and unit

$

0.44

$

0.40

$

1.25

$

1.15

(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).

Net Operating Income
(dollars in thousands) (unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2020

2019

2020

2019

Net income

$

21,411

$

16,514

$

54,961

$

47,187

(Subtract) add:

Management fees and other revenue

(5,901

)

(5,374

)

(17,047

)

(15,383

)

General and administrative expenses

10,818

11,271

32,241

32,464

Other

479

768

1,330

1,511

Depreciation and amortization

28,933

27,598

87,347

77,776

Interest expense

15,262

14,432

46,403

41,590

Equity in (earnings) losses of unconsolidated real estate ventures

(37

)

1,214

251

4,962

Acquisition costs

596

321

1,681

783

Income tax expense

346

223

875

959

Gain on sale of self storage properties

(2,814

)

Non-operating expense

120

8

629

275

Net Operating Income

$

72,027

$

66,975

$

208,671

$

189,310

EBITDA and Adjusted EBITDA
(dollars in thousands) (unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2020

2019

2020

2019

Net income

$

21,411

$

16,514

$

54,961

$

47,187

Add:

Depreciation and amortization

28,933

27,598

87,347

77,776

Company's share of unconsolidated real estate venture depreciation and amortization

3,830

5,197

11,428

16,126

Interest expense

15,262

14,432

46,403

41,590

Income tax expense

346

223

875

959

EBITDA

69,782

63,964

201,014

183,638

Add (subtract):

Acquisition costs

596

321

1,681

783

Gain on sale of self storage properties

(2,814

)

Company's share of unconsolidated real estate venture loss on sale of properties

202

Equity-based compensation expense

1,183

1,153

3,108

3,373

Adjusted EBITDA

$

71,561

$

65,438

$

205,803

$

185,182

Contacts:

National Storage Affiliates Trust
Investor/Media Relations

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