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National Storage Affiliates Trust Reports First Quarter 2022 Results


National Storage Affiliates Trust ("NSA" or the "Company") (NYSE: NSA) today reported the Company's first quarter 2022 results.

First Quarter 2022 Highlights

Highlights Subsequent to Quarter-End

Tamara Fischer, President and Chief Executive Officer, commented, "First quarter results confirmed that the favorable performance trends experienced in 2021 are continuing into 2022. Rental demand remains robust, supply remains muted, and we are benefiting from continued strength in rate growth to both new and in-place tenants. The combination of these factors drove the fourth consecutive quarter of NOI growth north of 20%, resulting in 39% core FFO per share growth. Based on this strong performance and favorable April trends, we are pleased to be able to raise our same store NOI growth and core FFO per share guidance for 2022."

Financial Results

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

Three Months Ended March 31,

 

 

2022

 

 

2021

 

Growth

Net income

$

44,786

 

$

27,635

 

62.1

%

 

 

 

 

 

 

Funds From Operations ("FFO")(1)

$

86,856

 

$

50,907

 

70.6

%

Add back acquisition costs

 

553

 

 

292

 

89.4

%

Core FFO(1)

$

87,409

 

$

51,199

 

70.7

%

 

 

 

 

 

 

Earnings (loss) per share - basic

$

0.24

 

$

0.24

 

?

 

Earnings (loss) per share - diluted

$

0.24

 

$

0.19

 

26.3

%

 

 

 

 

 

 

FFO per share and unit(1)

$

0.67

 

$

0.49

 

36.7

%

Core FFO per share and unit(1)

$

0.68

 

$

0.49

 

38.8

%

(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 $17.2 million for the first quarter of 2022 as compared to the same period in 2021. This increase resulted primarily from additional NOI generated from the 206 self storage properties acquired between April 1, 2021 and December 31, 2021, 12 self storage properties acquired during the three months ended March 31, 2022, same store NOI growth of 22.2% in the first quarter of 2022 compared to the same period 2021 and increases in equity in earnings from the Company's unconsolidated real estate ventures, partially offset by increases in depreciation and amortization, interest expense and general and administrative expenses.

The increase in FFO and Core FFO for the first quarter of 2022 was primarily the result of incremental NOI from properties acquired between April 1, 2021 and March 31, 2022 and same store NOI growth, partially offset by an increase in subordinated performance unit distributions.

Same Store Operating Results (631 Stores)

($ in thousands, except per square foot data)

Three Months Ended March 31,

 

 

2022

 

 

 

2021

 

 

Growth

Total revenues

$

132,619

 

 

$

113,727

 

 

16.6

%

Property operating expenses

 

34,317

 

 

 

33,284

 

 

3.1

%

Net Operating Income (NOI)

$

98,302

 

 

$

80,443

 

 

22.2

%

NOI Margin

 

74.1

%

 

 

70.7

%

 

3.4

%

 

 

 

 

 

 

Average Occupancy

 

94.7

%

 

 

92.2

%

 

2.5

%

Average Annualized Rental Revenue Per Occupied Square Foot

$

14.10

 

 

$

12.43

 

 

13.4

%

Year-over-year same store total revenues increased 16.6% for the first quarter of 2022 as compared to the same period in 2021. The increase was driven primarily by a 250 basis point increase in average occupancy and a 13.4% increase in average annualized rental revenue per occupied square foot. Markets which generated above portfolio average same store total revenue growth for the first quarter of 2022 include: Riverside-San Bernardino, Atlanta and Sarasota. Markets which generated below portfolio average same store total revenue growth for the first quarter of 2022 include: Kansas City, Tulsa, and Los Angeles.

Year-over-year same store property operating expenses increased 3.1% for the first quarter of 2022. The increase primarily resulted from increases in property tax expense and utilities.

Investment Activity

During the first quarter, NSA invested $92.9 million in the acquisition of 12 self storage properties consisting of approximately 0.7 million rentable square feet configured in approximately 5,000 storage units. Total consideration for these acquisitions included approximately $76.0 million of net cash, $8.9 million of 6.000% Series A-1 cumulative redeemable preferred units, $5.6 million of OP units, $2.1 million of subordinated performance units and the assumption of approximately $0.3 million of other liabilities.

Balance Sheet

On January 28, 2022, the operating partnership issued $125.0 million of 2.96% senior unsecured notes due November 30, 2033 in a private placement to certain institutional investors. The Company used the proceeds to repay outstanding amounts on its revolving line of credit and for general corporate purposes.

On April 11, 2022, Kroll Bond Rating Agency upgraded the issuer credit rating of the Company's operating partnership to BBB+ with a Stable Outlook from BBB with a Positive Outlook.

Common Share Dividends

On February 24, 2022, NSA's Board of Trustees declared a quarterly cash dividend of $0.50 per common share, representing a 43% increase from the first quarter 2021. The first quarter 2022 dividend was paid on March 31, 2022 to shareholders of record as of March 15, 2022.

2022 Guidance

The following table outlines NSA's updated and prior FFO guidance estimates and related assumptions for the year ended December 31, 2022:

 

Current Ranges for
Full Year 2022

 

Prior Ranges for
Full Year 2022

 

Actual Results for Full Year 2021

 

Low

 

High

 

Low

 

High

 

Core FFO per share(1)

$

2.80

 

 

$

2.85

 

 

$

2.68

 

 

$

2.74

 

 

$

2.26

 

 

 

 

 

 

 

 

 

 

 

Same store operations(2)

 

 

 

 

 

 

 

 

 

Total revenue growth

 

11.0

%

 

 

13.0

%

 

 

8.0

%

 

 

9.5

%

 

 

15.1

%

Property operating expenses growth

 

5.0

%

 

 

6.25

%

 

 

5.25

%

 

 

6.5

%

 

 

4.0

%

NOI growth

 

14.0

%

 

 

16.0

%

 

 

9.0

%

 

 

11.0

%

 

 

19.8

%

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

 

 

 

 

 

 

 

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

$

52.0

 

 

$

54.0

 

 

$

51.0

 

 

$

53.0

 

 

$

45.5

 

Equity-based compensation, in millions

$

6.5

 

 

$

7.0

 

 

$

6.5

 

 

$

7.0

 

 

$

5.5

 

 

 

 

 

 

 

 

 

 

 

Management fees and other revenue, in millions

$

27.0

 

 

$

29.0

 

 

$

26.0

 

 

$

28.0

 

 

$

24.4

 

Core FFO from unconsolidated real estate ventures, in millions

$

24.0

 

 

$

25.0

 

 

$

22.0

 

 

$

23.0

 

 

$

20.7

 

 

 

 

 

 

 

 

 

 

 

Subordinated performance unit distributions, in millions

$

58.0

 

 

$

61.0

 

 

$

52.0

 

 

$

55.0

 

 

$

49.8

 

 

 

 

 

 

 

 

 

 

 

Acquisitions of self storage properties, in millions

$

400.0

 

 

$

600.0

 

 

$

400.0

 

 

$

600.0

 

 

$

2,175.0

 

 

Current Ranges for
Full Year 2022

 

Prior Ranges for
Full Year 2022

 

Low

 

High

 

Low

 

High

Earnings (loss) per share - diluted

$

1.28

 

 

$

1.38

 

 

$

1.12

 

 

$

1.22

 

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

 

0.16

 

 

 

0.02

 

 

 

0.19

 

 

 

0.07

 

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

 

1.80

 

 

 

1.90

 

 

 

1.76

 

 

 

1.86

 

FFO attributable to subordinated unitholders

 

(0.45

)

 

 

(0.47

)

 

 

(0.40

)

 

 

(0.43

)

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

 

0.01

 

 

 

0.02

 

 

 

0.01

 

 

 

0.02

 

Core FFO per share and unit

$

2.80

 

 

$

2.85

 

 

$

2.68

 

 

$

2.74

 

(1)

 

The table above provides a reconciliation of the range of estimated earnings (loss) per share - diluted to estimated Core FFO per share and unit.

(2)

 

2022 guidance reflects NSA's 2022 same store pool comprising 631 stores. 2021 actual results reflect NSA's 2021 same store pool comprising 560 stores.

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 May 4, 2022.

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 11:00 am Eastern Time on Thursday, May 5, 2022 to discuss its first quarter 2022 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: Thursday, May 5, 2022, 11:00am 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 Thursday, May 12, 2022. A replay of the webcast will be available for 30 days on NSA's website at www.nationalstorageaffiliates.com.

Upcoming Industry Conference

NSA management is scheduled to participate in BMO's 2022 Real Estate Summit in New York, New York on May 12, 2022 and in Nareit's REITweek 2022 Investor Conference, June 7-9, 2022 in New York, New York.

About National Storage Affiliates Trust

National Storage Affiliates Trust is a real estate investment trust headquartered in Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. As of March 31, 2022, the Company held ownership interests in and operated 1,061 self storage properties located in 42 states and Puerto Rico with approximately 68.4 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 MidCap 400 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 the Company's ability to execute on its acquisition pipeline; the timing of acquisitions under contract; the internalization of retiring participating regional operators ("PROs") into the Company; negative impacts from the COVID-19 pandemic 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, 2022. 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 March 31,

 

 

2022

 

 

 

2021

 

REVENUE

 

 

 

Rental revenue

$

174,469

 

 

$

113,127

 

Other property-related revenue

 

6,166

 

 

 

4,137

 

Management fees and other revenue

 

6,549

 

 

 

5,728

 

Total revenue

 

187,184

 

 

 

122,992

 

OPERATING EXPENSES

 

 

 

Property operating expenses

 

49,358

 

 

 

34,604

 

General and administrative expenses

 

13,966

 

 

 

11,238

 

Depreciation and amortization

 

58,072

 

 

 

32,424

 

Other

 

470

 

 

 

397

 

Total operating expenses

 

121,866

 

 

 

78,663

 

OTHER (EXPENSE) INCOME

 

 

 

Interest expense

 

(22,647

)

 

 

(16,792

)

Equity in earnings of unconsolidated real estate ventures

 

1,494

 

 

 

759

 

Acquisition costs

 

(553

)

 

 

(292

)

Non-operating expense

 

(112

)

 

 

(173

)

Gain on sale of self storage properties

 

2,134

 

 

 

?

 

Other expense

 

(19,684

)

 

 

(16,498

)

Income before income taxes

 

45,634

 

 

 

27,831

 

Income tax expense

 

(848

)

 

 

(196

)

Net income

 

44,786

 

 

 

27,635

 

Net income attributable to noncontrolling interests

 

(19,558

)

 

 

(6,797

)

Net income attributable to National Storage Affiliates Trust

 

25,228

 

 

 

20,838

 

Distributions to preferred shareholders

 

(3,279

)

 

 

(3,275

)

Net income attributable to common shareholders

$

21,949

 

 

$

17,563

 

 

 

 

 

Earnings (loss) per share - basic

$

0.24

 

 

$

0.24

 

Earnings (loss) per share - diluted

$

0.24

 

 

$

0.19

 

 

 

 

 

Weighted average shares outstanding - basic

 

91,323

 

 

 

71,794

 

Weighted average shares outstanding - diluted

 

91,323

 

 

123,187

 

National Storage Affiliates Trust

Consolidated Balance Sheets

(dollars in thousands, except per share amounts)

(unaudited)

 

 

 

 

 

March 31,

 

December 31,

 

 

2022

 

 

 

2021

 

ASSETS

 

 

 

Real estate

 

 

 

Self storage properties

$

5,892,406

 

 

$

5,798,188

 

Less accumulated depreciation

 

(624,368

)

 

 

(578,717

)

Self storage properties, net

 

5,268,038

 

 

 

5,219,471

 

Cash and cash equivalents

 

26,616

 

 

 

25,013

 

Restricted cash

 

2,531

 

 

 

2,862

 

Debt issuance costs, net

 

2,121

 

 

 

2,433

 

Investment in unconsolidated real estate ventures

 

184,547

 

 

 

188,187

 

Other assets, net

 

115,607

 

 

 

102,417

 

Operating lease right-of-use assets

 

21,951

 

 

 

22,211

 

Total assets

$

5,621,411

 

 

$

5,562,594

 

LIABILITIES AND EQUITY

 

 

 

Liabilities

 

 

 

Debt financing

$

2,999,751

 

 

$

2,940,931

 

Accounts payable and accrued liabilities

 

60,678

 

 

 

59,262

 

Interest rate swap liabilities

 

3,821

 

 

 

33,757

 

Operating lease liabilities

 

23,751

 

 

 

23,981

 

Deferred revenue

 

23,366

 

 

 

22,208

 

Total liabilities

 

3,111,367

 

 

 

3,080,139

 

Equity

 

 

 

Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 8,744,935 and 8,736,719 issued and outstanding at March 31, 2022 and December 31, 2021, respectively, at liquidation preference

 

218,623

 

 

 

218,418

 

Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 91,461,720 and 91,198,929 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively

 

915

 

 

 

912

 

Additional paid-in capital

 

1,830,732

 

 

 

1,866,773

 

Distributions in excess of earnings

 

(315,024

)

 

 

(291,263

)

Accumulated other comprehensive income (loss)

 

11,734

 

 

 

(19,611

)

Total shareholders' equity

 

1,746,980

 

 

 

1,775,229

 

Noncontrolling interests

 

763,064

 

 

 

707,226

 

Total equity

 

2,510,044

 

 

 

2,482,455

 

Total liabilities and equity

$

5,621,411

 

 

$

5,562,594

 

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

 

 

 

 

 

Three Months Ended March 31,

 

 

2022

 

 

 

2021

 

Net income

$

44,786

 

 

$

27,635

 

Add (subtract):

 

 

 

Real estate depreciation and amortization

 

57,759

 

 

 

32,070

 

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

 

3,846

 

 

 

3,881

 

Gain on sale of self storage properties

 

(2,134

)

 

 

?

 

Distributions to preferred shareholders and unitholders

 

(3,552

)

 

 

(3,517

)

FFO attributable to subordinated performance unitholders(1)

 

(13,849

)

 

 

(9,162

)

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

 

86,856

 

 

 

50,907

 

Add:

 

 

 

Acquisition costs

 

553

 

 

 

292

 

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

$

87,409

 

 

$

51,199

 

 

 

 

 

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

 

 

 

Weighted average shares outstanding - basic

 

91,323

 

 

 

71,794

 

Weighted average restricted common shares outstanding

 

28

 

 

 

25

 

Weighted average effect of forward offering agreement(3)

 

?

 

 

 

399

 

Weighted average OP units outstanding

 

35,351

 

 

 

29,751

 

Weighted average DownREIT OP unit equivalents outstanding

 

1,925

 

 

 

1,925

 

Weighted average LTIP units outstanding

 

603

 

 

 

585

 

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

 

129,230

 

 

 

104,479

 

 

 

 

 

FFO per share and unit

$

0.67

 

 

$

0.49

 

Core FFO per share and unit

$

0.68

 

 

$

0.49

 

(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(4) 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.

(3)

 

Represents the dilutive effect of the forward offering from the application of the treasury stock method.

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 March 31,

 

 

2022

 

 

 

2021

 

Earnings (loss) per share - diluted

$

0.24

 

 

$

0.19

 

Impact of the difference in weighted average number of shares(4)

 

(0.07

)

 

 

0.04

 

Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method(5)

 

0.15

 

 

 

?

 

Add real estate depreciation and amortization

 

0.45

 

 

 

0.31

 

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

 

0.03

 

 

 

0.04

 

Subtract gain on sale of self storage properties

 

(0.02

)

 

 

?

 

FFO attributable to subordinated performance unitholders

 

(0.11

)

 

 

(0.09

)

FFO per share and unit

 

0.67

 

 

 

0.49

 

Add acquisition costs

 

0.01

 

 

 

?

 

Core FFO per share and unit

$

0.68

 

 

$

0.49

 

(4)

 

 

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.

(5)

 

 

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(4).

Net Operating Income

(dollars in thousands) (unaudited)

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2022

 

 

 

2021

 

Net income

$

44,786

 

 

$

27,635

 

(Subtract) add:

 

 

 

Management fees and other revenue

 

(6,549

)

 

 

(5,728

)

General and administrative expenses

 

13,966

 

 

 

11,238

 

Other

 

470

 

 

 

397

 

Depreciation and amortization

 

58,072

 

 

 

32,424

 

Interest expense

 

22,647

 

 

 

16,792

 

Equity in earnings of unconsolidated real estate ventures

 

(1,494

)

 

 

(759

)

Acquisition costs

 

553

 

 

 

292

 

Income tax expense

 

848

 

 

 

196

 

Gain on sale of self storage properties

 

(2,134

)

 

 

?

 

Non-operating expense

 

112

 

 

 

173

 

Net Operating Income

$

131,277

 

 

$

82,660

 

EBITDA and Adjusted EBITDA

(dollars in thousands) (unaudited)

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2022

 

 

 

2021

Net income

$

44,786

 

 

$

27,635

Add:

 

 

 

Depreciation and amortization

 

58,072

 

 

 

32,424

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

 

3,846

 

 

 

3,881

Interest expense

 

22,647

 

 

 

16,792

Income tax expense

 

848

 

 

 

196

EBITDA

 

130,199

 

 

 

80,928

Add (subtract):

 

 

 

Acquisition costs

 

553

 

 

 

292

Gain on sale of self storage properties

 

(2,134

)

 

 

?

Equity-based compensation expense

 

1,544

 

 

 

1,286

Adjusted EBITDA

$

130,162

 

 

$

82,506

 


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