Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Jun. 04, 2015 | |
Entity [Abstract] | ||
Entity Registrant Name | NATIONAL STORAGE AFFILIATES TRUST | |
Entity Central Index Key | 1618563 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 23,000,000 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Real estate | ||
Self storage properties | $879,631 | $838,941 |
Less accumulated depreciation | -45,961 | -39,614 |
Self storage properties, net | 833,670 | 799,327 |
Cash and cash equivalents | 8,328 | 9,009 |
Restricted cash | 2,446 | 2,120 |
Debt issuance costs, net | 5,755 | 6,346 |
Other assets, net | 14,239 | 15,944 |
Total assets | 864,438 | 832,746 |
Liabilities | ||
Debt financing | 618,290 | 597,691 |
Accounts payable and accrued liabilities | 13,752 | 10,012 |
Distributions payable | 0 | 6,763 |
Deferred revenue | 4,606 | 4,176 |
Total liabilities | 636,648 | 618,642 |
Commitments and contingencies (Note 10) | ||
Equity | ||
Common shares of beneficial interest, par value $0.01 per share. 1,000 shares authorized; 1,000 shares issued and outstanding | 0 | 0 |
Retained earnings | 0 | 0 |
Total shareholder's equity | 0 | 0 |
Noncontrolling interests | 227,790 | 214,104 |
Total equity | 227,790 | 214,104 |
Total liabilities and equity | $864,438 | $832,746 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common shares of beneficial interest, par value (in dollars per share) | $0.01 | $0.01 |
Common shares of beneficial interest, authorized (in shares) | 1,000 | 1,000 |
Common shares of beneficial interest, issued (in shares) | 1,000 | 1,000 |
Common shares of beneficial interest, outstanding (in shares) | 1,000 | 1,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
REVENUE | ||
Rental revenue | $27,418 | $12,856 |
Other property-related revenue | 873 | 305 |
Total revenue | 28,291 | 13,161 |
OPERATING EXPENSES | ||
Property operating expenses | 9,842 | 4,922 |
General and administrative expenses | 3,613 | 1,338 |
Depreciation and amortization | 9,877 | 3,837 |
Total operating expenses | 23,332 | 10,097 |
Income from operations | 4,959 | 3,064 |
OTHER INCOME (EXPENSE) | ||
Interest expense | -6,982 | -5,446 |
Acquisition costs | -599 | -182 |
Organizational and offering expenses | -58 | -235 |
Non-operating expense | -91 | -4 |
Other income (expense) | -7,730 | -5,867 |
Net loss | -2,771 | -2,803 |
Less net loss attributable to noncontrolling interests | 2,771 | 2,803 |
Net income (loss) attributable to National Storage Affiliates Trust | $0 | $0 |
Earnings (loss) per share (basic and diluted) (in dollars per share) | $0 | $0 |
Weighted average shares outstanding (basic and diluted) (in shares) | 1,000 | 1,000 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net loss | ($2,771) | ($2,803) |
Other comprehensive income (loss) | ||
Unrealized loss on derivative contracts | -1,166 | 0 |
Reclassification of other comprehensive loss to interest expense | 385 | 0 |
Comprehensive loss | -3,552 | -2,803 |
Comprehensive loss attributable to noncontrolling interests | 3,552 | 2,803 |
Comprehensive loss attributable to National Storage Affiliates Trust | $0 | $0 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $) | Total | Common Shares [Member] | Retained Earnings [Member] | Noncontrolling Interests [Member] |
In Thousands, except Share data, unless otherwise specified | ||||
Balance at Dec. 31, 2014 | $214,104 | $0 | $0 | $214,104 |
Balance (in shares) at Dec. 31, 2014 | 1,000 | 1,000 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
OP Equity Issuances in business combinations, OP units and subordinated performance units | 8,954 | 8,954 | ||
Noncontrolling interests in acquired subsidiaries | 6,770 | 6,770 | ||
Equity-based compensation expense | 638 | 638 | ||
Issuance of LTIP units for acquisition expenses | 366 | 366 | ||
Reduction in receivables from partners of OP | 510 | 510 | ||
Other comprehensive loss | -781 | -781 | ||
Net loss | -2,771 | -2,771 | ||
Balance at Mar. 31, 2015 | $227,790 | $0 | $0 | $227,790 |
Balance (in shares) at Mar. 31, 2015 | 1,000 | 1,000 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | ($2,771) | ($2,803) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 9,877 | 3,837 |
Amortization of debt issuance costs | 990 | 407 |
Amortization of debt discount and premium, net | -353 | 912 |
Unrealized loss on fair value of derivatives | 126 | 6 |
LTIP units issued for acquisition expenses | 366 | 0 |
Equity-based compensation expense | 638 | 342 |
Change in assets and liabilities, net of effects of business combinations: | ||
Restricted cash | -100 | -488 |
Other assets | -559 | -527 |
Accounts payable and accrued liabilities | 1,147 | 100 |
Deferred revenue | 287 | 160 |
Net Cash Provided by Operating Activities | 9,648 | 1,946 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisition of self storage properties | -6,991 | -1,850 |
Capital expenditures | -1,020 | -464 |
Notes receivable from PROs | 0 | -4,831 |
Deposits and advances for self storage property acquisitions | -381 | 0 |
Expenditures for corporate furniture and equipment | -33 | -24 |
Increase in restricted cash designated for capital expenditures | -24 | -107 |
Net Cash Used in Investing Activities | -8,449 | -7,276 |
Proceeds from: | ||
Borrowings under debt financings | 21,000 | 5,000 |
Issuance of OP units | 0 | 431 |
OP unit subscriptions | 500 | 0 |
Collection of receivables from issuance of OP equity | 372 | 0 |
Principal payments under debt financings | -16,489 | -501 |
Distributions to partners of OP | -6,288 | -1,648 |
NSA Predecessor distributions and other | 0 | -429 |
Payments for: | ||
Debt issuance costs | -584 | -131 |
Deferred offering costs | -391 | -64 |
Net Cash (Used In) Provided by Financing Activities | -1,880 | 2,658 |
Decrease in Cash and Cash Equivalents | -681 | -2,672 |
CASH AND CASH EQUIVALENTS | ||
Beginning of period | 9,009 | 11,196 |
End of period | 8,328 | 8,524 |
Supplemental Cash Flow Information | ||
Cash paid for interest | 6,241 | 4,492 |
Consideration exchanged in business combinations: | ||
Issuance of OP units and subordinated performance units | 8,954 | 0 |
Assumption of mortgages payable | 16,442 | 0 |
Note payable to related party to settle assumed mortgages | 4,054 | 0 |
Other net liabilities assumed | 70 | 5 |
Notes receivable settled upon acquisition of properties | 1,778 | 50 |
Fair value of noncontrolling interests in acquired subsidiaries | 6,770 | 0 |
Issuance of OP units for settlement of subscription liability | 0 | 5,863 |
Settlement of acquisition receivables from distributions | 141 | 0 |
Increase in lender participation liability and related discount | $0 | $770 |
ORGANIZATION_AND_NATURE_OF_OPE
ORGANIZATION AND NATURE OF OPERATIONS | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND NATURE OF OPERATIONS | ORGANIZATION AND NATURE OF OPERATIONS |
National Storage Affiliates Trust was organized in the state of Maryland on May 16, 2013 and is a fully integrated, self-administered and self-managed real estate investment trust focused on the self storage sector. As used herein, "NSA," the "Company," "we," "our," and "us" refers to National Storage Affiliates Trust and its consolidated subsidiaries, except where the context indicates otherwise. The Company intends to elect and qualify as a real estate investment trust ("REIT") for U.S. federal income tax purposes commencing with its taxable year ending December 31, 2015. | |
Through our controlling interest as the sole general partner of NSA OP, LP (our "operating partnership"), a Delaware limited partnership formed on February 13, 2013, we are focused on the ownership, operation, and acquisition of self storage properties in the United States. Pursuant to the Agreement of Limited Partnership (as amended, the "LP Agreement") of our operating partnership, our operating partnership is authorized to issue Class A Units ("OP units"), different series of Class B Units ("subordinated performance units"), and Long-Term Incentive Plan Units ("LTIP units"). We also own certain of our self storage properties through other consolidated limited partnership subsidiaries of our operating partnership, which we refer to as "DownREIT partnerships." The DownREIT partnerships issue equity ownership interests that are intended to be economically equivalent to our OP units ("DownREIT OP units") and subordinated performance units ("DownREIT subordinated performance units"). | |
As of March 31, 2015, the Company was 100% owned by National Storage Affiliates Holdings, LLC ("Holdings"), an entity formed on February 13, 2013. The only assets of Holdings, as of March 31, 2015, were 126,400 OP units and 1,000 shares of the Company's common shares of beneficial interest, $0.01 par value per share ("common shares"). Immediately prior to the completion of our initial public offering on April 28, 2015, we redeemed the 1,000 common shares held by Holdings for no consideration. | |
Subsequent to March 31, 2015, the Company completed an initial public offering of 23,000,000 common shares, which included common shares issued pursuant to the exercise of the underwriters' option to purchase additional shares, and received net proceeds of approximately $273 million after deducting the underwriting discount and expenses of the initial public offering. In connection with the completion of the initial public offering, the Company also completed the formation transactions. These transactions are discussed further in Note 12. | |
The Company owned 225 self storage properties in 13 states with approximately 12.4 million rentable square feet in approximately 100,000 storage units as of March 31, 2015. These properties are managed with local operational focus and expertise by five participating regional operators ("PROs"). These PROs are SecurCare Self Storage, Inc. and its controlled affiliates ("SecurCare"), Kevin Howard Real Estate Inc., d/b/a Northwest Self Storage and its controlled affiliates ("Northwest"), Optivest Properties LLC and its controlled affiliates ("Optivest"), Guardian Storage Centers LLC and its controlled affiliates ("Guardian"), and Move It Self Storage and its controlled affiliates ("Move It"). |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Basis of Presentation | |
The accompanying condensed consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("GAAP") and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") regarding interim financial reporting. Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the consolidated financial statements have been included. | |
Principles of Consolidation | |
The Company's financial statements include the accounts of our operating partnership and its controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation of entities. | |
When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity ("VIE"), and if the Company is deemed to be the primary beneficiary, in accordance with authoritative guidance issued on the consolidation of VIEs. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether the general partner controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates (i) entities that are VIEs and of which the Company is deemed to be the primary beneficiary, and (ii) entities that are non-VIEs which the Company controls and which limited partners lack both substantive participating rights and the ability to dissolve or remove the Company without cause. | |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. ASU 2014-09 is effective for the Company on January 1, 2017, and early application is not permitted. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |
In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, which modifies the current consolidation guidance. The Company is required to adopt ASU 2015-02 for annual and interim financial statements issued for the year ending December 31, 2016. Upon adoption by the Company, ASU 2015-02 permits the use of either the modified retrospective or cumulative effect transition method. The Company is currently evaluating the impact of the provisions of ASU 2015-02 on its consolidation policies as well as the transition method to be used to implement ASU 2015-02. | |
In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest, which requires the presentation of debt issuance costs as a direct deduction from the carrying amount of the related debt liabilities. The Company does not expect ASU 2015-03 to have a material impact on the Company's results from operations, however, adoption will result in the elimination of debt issuance costs as an asset and a corresponding reduction in the carrying amount of the Company's debt financings applied retrospectively to all periods. The Company is required to adopt this ASU for annual and interim financial statements issued for the year ending December 31, 2016. Early adoption is permitted. |
NONCONTROLLING_INTERESTS
NONCONTROLLING INTERESTS | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Noncontrolling Interest [Abstract] | ||||||
NONCONTROLLING INTERESTS | NONCONTROLLING INTERESTS | |||||
All of the limited partner equity interests in our operating partnership are reflected as noncontrolling interests. Noncontrolling interests also include ownership interests in DownREIT partnerships held by entities other than our operating partnership. While the Company controls our operating partnership and manages the daily operations of our operating partnership's business, the Company did not have an ownership interest or share in our operating partnership's profits and losses prior to the completion of the Company's initial public offering. NSA's parent, Holdings, owned 126,400 OP units, which represented a less than 1% limited partner ownership interest in our operating partnership as of March 31, 2015 and December 31, 2014. | ||||||
As of March 31, 2015 and December 31, 2014, outstanding equity interests of our operating partnership and DownREIT partnerships consisted of the following: | ||||||
March 31, | December 31, | |||||
2015 | 2014 | |||||
OP units | 19,235,556 | 18,817,088 | ||||
Subordinated performance units | 8,886,097 | 8,447,679 | ||||
LTIP units | 2,724,540 | 2,689,780 | ||||
DownREIT units | ||||||
DownREIT OP units | 1,415,349 | 1,275,979 | ||||
DownREIT subordinated performance units | 3,688,205 | 3,009,884 | ||||
Total | 35,949,747 | 34,240,410 | ||||
SELF_STORAGE_PROPERTIES
SELF STORAGE PROPERTIES | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Real Estate [Abstract] | ||||||||
SELF STORAGE PROPERTIES | SELF STORAGE PROPERTIES | |||||||
Self storage properties are summarized as follows (dollars in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Land | $ | 241,714 | $ | 236,691 | ||||
Buildings and improvements | 635,879 | 600,284 | ||||||
Furniture and equipment | 2,038 | 1,966 | ||||||
Total self storage properties | 879,631 | 838,941 | ||||||
Less accumulated depreciation | (45,961 | ) | (39,614 | ) | ||||
Self storage properties, net | $ | 833,670 | $ | 799,327 | ||||
SELF_STORAGE_PROPERTY_ACQUISIT
SELF STORAGE PROPERTY ACQUISITIONS | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||||
SELF STORAGE PROPERTY ACQUISITIONS | SELF STORAGE PROPERTY ACQUISITIONS | |||||||||||||||||||||||||
The Company acquired six self storage properties from our PROs with an estimated fair value of $41.0 million during the three months ended March 31, 2015. These self storage property acquisitions were accounted for as business combinations whereby the Company recognized the estimated fair value of the acquired assets and assumed liabilities on the respective dates of such acquisitions. The Company allocated the total purchase price to the estimated fair value of tangible and intangible assets acquired, and liabilities assumed. A portion of the purchase price was allocated to identifiable intangible assets consisting of customer in-place leases which were recorded at estimated fair value of $1.2 million. | ||||||||||||||||||||||||||
The following table summarizes the consideration for the business combinations completed by the Company during the three months ended March 31, 2015 (dollars in thousands): | ||||||||||||||||||||||||||
Summary of Consideration | ||||||||||||||||||||||||||
Number of Properties | Liabilities Assumed | |||||||||||||||||||||||||
Cash | Value of OP Equity (1) | Settlement of Note Receivable | Mortgages | Other | Total | |||||||||||||||||||||
6 | $ | 6,991 | $ | 8,954 | $ | 1,778 | $ | 16,442 | $ | 70 | $ | 34,235 | (2) | |||||||||||||
(1) | Value of OP equity represents the fair value of OP units and subordinated performance units. | |||||||||||||||||||||||||
(2) | Excludes the fair value of noncontrolling interests associated with self storage properties acquired in DownREIT partnerships which amounted to $6.8 million for the three months ended March 31, 2015. We estimate the portion of the fair value of the net assets owned by noncontrolling interests based on the fair value of the real estate and debt assumed. | |||||||||||||||||||||||||
Three of the six self storage properties acquired during the three months ended March 31, 2015 are subject to non-cancelable leasehold interest agreements that are classified as operating leases. These lease agreements expire between 2034 and 2051, inclusive of extension options that we anticipate exercising. | ||||||||||||||||||||||||||
The results of operations for these business combinations are included in our statements of operations beginning on the respective closing date for each acquisition. For the three months ended March 31, 2015, the accompanying statement of operations includes aggregate revenue of $1.2 million and operating income of $0.7 million related to the six self storage properties acquired. Acquisition costs in the accompanying statements of operations include consulting fees, transaction expenses, and other costs to complete the business combinations shown above, which amounted to $0.6 million for the three months ended March 31, 2015. | ||||||||||||||||||||||||||
Self Storage Properties Under Contract | ||||||||||||||||||||||||||
As of March 31, 2015, the Company was under contract to acquire an additional 21 self storage properties, as discussed further in Note 12. | ||||||||||||||||||||||||||
Pro Forma Financial Information | ||||||||||||||||||||||||||
The pro forma financial information set forth below reflects adjustments to the historical data of the Company to give effect to the acquisitions and related financing activities for (i) each of the 21 self storage properties discussed in Note 12 that were acquired in April and May 2015, as if each had occurred on January 1, 2014, and (ii) each of the six self storage properties discussed above that were acquired in January 2015, as if each had occurred on January 1, 2014 (five of the six properties acquired during the three months ended March 31, 2015 were acquired on January 1, 2015 and are therefore included in the historical results for the entirety of the three months ended March 31, 2015). The pro forma information presented below does not purport to represent what the actual results of operations would have been for the periods indicated, nor does it purport to represent the Company's future results of operations. The following table summarizes on a pro forma basis the results of operations for the three months ended March 31, 2015 and 2014 (dollars in thousands, except per share amounts): | ||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||
Pro forma revenue: | ||||||||||||||||||||||||||
Historical results | $ | 28,291 | $ | 13,161 | ||||||||||||||||||||||
April-May 2015 Acquisitions | 2,821 | 2,586 | ||||||||||||||||||||||||
January 2015 Acquisitions (excluding those in historical results) | 86 | 1,217 | ||||||||||||||||||||||||
Total | $ | 31,198 | $ | 16,964 | ||||||||||||||||||||||
Pro forma net income (loss): (1) | ||||||||||||||||||||||||||
Historical results | $ | (2,771 | ) | $ | (2,803 | ) | ||||||||||||||||||||
April-May 2015 Acquisitions | 888 | (563 | ) | |||||||||||||||||||||||
January 2015 Acquisitions (excluding those in historical results) | 891 | (839 | ) | |||||||||||||||||||||||
Total | $ | (992 | ) | $ | (4,205 | ) | ||||||||||||||||||||
Earnings (loss) per share: | ||||||||||||||||||||||||||
Basic and diluted—as reported | $ | — | $ | — | ||||||||||||||||||||||
Basic and diluted—pro forma | $ | — | $ | — | ||||||||||||||||||||||
(1) | Significant assumptions and adjustments in preparation of the pro forma information include the following: (i) for the cash portion of the purchase price, the Company assumed borrowings under the Company's revolving line of credit with interest computed based on the effective interest rate of 2.78% as of March 31, 2015; (ii) for assumed debt financing directly associated with the acquisition of specific self storage properties, interest was computed for the entirety of the periods presented using the effective interest rates under such financings; and (iii) for acquisition costs of $0.6 million incurred during the three months ended March 31, 2015, pro forma adjustments give effect to these costs as if they were incurred on January 1, 2014. |
OTHER_ASSETS
OTHER ASSETS | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
OTHER ASSETS | OTHER ASSETS | |||||||
Other assets consist of the following (dollars in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Customer in-place leases, net of accumulated amortization of $8,820 and $5,469, respectively | $ | 5,384 | $ | 7,700 | ||||
Receivables: | ||||||||
Trade, net | 709 | 979 | ||||||
PROs and other affiliates | 208 | 416 | ||||||
Note receivable from PRO | — | 1,778 | ||||||
Property acquisition deposits | 1,151 | 770 | ||||||
Prepaid expenses and other | 1,788 | 1,017 | ||||||
Corporate furniture and equipment, net | 209 | 198 | ||||||
Deferred offering costs | 4,790 | 3,086 | ||||||
Total | $ | 14,239 | $ | 15,944 | ||||
DEBT_FINANCING
DEBT FINANCING | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Debt Disclosure [Abstract] | ||||||||||
DEBT FINANCING | DEBT FINANCING | |||||||||
The Company's debt is summarized as follows (dollars in thousands): | ||||||||||
Interest | March 31, | December 31, | ||||||||
Rate (1) | 2015 | 2014 | ||||||||
Credit Facility: | ||||||||||
Revolving line of credit | 2.78% | $ | 182,217 | $ | 166,217 | |||||
Term loan | 3.65% | 144,558 | 144,558 | |||||||
Unsecured term loan | 5.18% | 50,000 | 50,000 | |||||||
Related Party Note | 3.30% | 4,054 | — | |||||||
Fixed rate mortgages payable | 4.07% | 153,961 | 153,416 | |||||||
Variable rate mortgages payable | 4.69% | 83,500 | 83,500 | |||||||
Total | $ | 618,290 | $ | 597,691 | ||||||
(1) | Represents the effective interest rate as of March 31, 2015. Effective interest rate incorporates the stated rate plus the impact of interest rate swaps and discount and premium amortization, if applicable. For the revolving line of credit, the effective interest rate also includes fees for unused borrowings. | |||||||||
Credit Facility | ||||||||||
On April 1, 2014 (as amended in July 2014), the Company entered into a $425.0 million senior secured credit facility (the "credit facility") with a syndicated group of lenders consisting of seven financial institutions. Borrowings under the credit facility are collateralized by first priority security interests in certain self storage properties. The credit facility consists of two components: | ||||||||||
• | A senior secured revolving credit facility (the "revolving line of credit"), which provides for a total borrowing commitment up to $280.4 million, whereby the Company may borrow, repay and re-borrow amounts under the revolving line of credit. The borrowing commitment is subject to a borrowing base calculation, which only includes self storage properties with an occupancy rate of at least 75% on a combined basis. As of March 31, 2015, the borrowing base supported borrowings up to a maximum of $198.7 million under the revolving line of credit. The Company is required to pay a fee which ranges from 0.20% to 0.30% of unused borrowings under the revolving line of credit. As of March 31, 2015, the pricing grid under the revolving line of credit provides for an interest rate equal to one-month London Interbank Offered Rate ("LIBOR") plus 2.50%. The revolving line of credit matures in March 2017 and the Company may elect an extension of the maturity date until March 2018 by paying an extension fee equal to 0.20% of the total borrowing commitment at the time of the extension. | |||||||||
• | A $144.6 million senior secured term loan (the "term loan") which provides that amounts borrowed may be repaid at any time but not re-borrowed. As of March 31, 2015, the pricing grid under the term loan provides for an interest rate equal to one-month LIBOR plus 2.40%. No principal payments are required under the term loan until the maturity date in March 2018. | |||||||||
The credit facility is a full-recourse loan, meaning that the Company's obligations for repayment extend beyond the assets that collateralize the loan. The terms of the credit facility limit the Company's ability to make distributions, incur additional debt, and acquire or sell significant assets. The credit facility requires compliance with certain financial and nonfinancial covenants, including a maximum total leverage ratio, a minimum fixed charge coverage ratio, and minimum net worth. At March 31, 2015, we were in compliance with all such covenants. | ||||||||||
As discussed in Note 12, upon completion of our initial public offering, our secured credit facility became unsecured. In addition, we used a portion of the proceeds received from our initial public offering to pay down $96.3 million of the outstanding balance of the revolving line of credit. | ||||||||||
Unsecured Term Loan | ||||||||||
On April 1, 2014, the Company entered into a senior unsecured term loan (the "unsecured term loan") with a syndicated group of lenders consisting of three financial institutions. The unsecured term loan provides for maximum borrowings of $50.0 million. Under the unsecured term loan, the Company must comply with restrictions on its tangible net worth, as defined in the loan agreement. Amounts borrowed may be repaid but not re-borrowed. The loan originally matured on April 1, 2015 but was extended until October 1, 2015 in exchange for a prescribed fee of $250,000. Payments are limited to interest only, to be paid on a monthly basis. The outstanding principal balance bears interest at one-month LIBOR plus 5.00% or the base rate plus 4.00%. As of March 31, 2015, the Company had borrowed $50.0 million and elected the alternative of an interest rate of one-month LIBOR plus 5.00%. Financial covenants under the unsecured term loan match those contained in the credit facility. There is a mandatory repayment of this loan upon the occurrence of a capital event (such as completion of the Company's initial public offering) as defined in the loan agreement, and following the completion of our initial public offering, we used a portion of the proceeds received to repay the $50.0 million unsecured term loan, as discussed in Note 12. | ||||||||||
Related Party Note | ||||||||||
During the three months ended March 31, 2015, in connection with the acquisition of a self storage property owned in a DownREIT partnership, the Company entered into a bridge loan agreement for $4.1 million payable to principals of the PRO that contributed the property. The note bears interest at a fixed rate of 3.30%, and matures 30 days following the completion of certain administrative matters that will permit the inclusion of the property in the Company's credit facility borrowing base calculation. | ||||||||||
Fixed Rate Mortgages Payable | ||||||||||
Fixed rate mortgages mature at various dates through November 2024, and have effective interest rates that range from 2.20% to 5.15%. Principal and interest are generally payable monthly or in monthly interest-only payments with balloon payments due at maturity. As discussed in Note 12, we assumed fixed rate mortgages with $28.6 million of outstanding principal balances at the time of acquisition in connection with 11 of the properties acquired as part of the formation transactions. | ||||||||||
Variable Rate Mortgages Payable | ||||||||||
Variable rate mortgages mature at various dates through October 2015, and have effective interest rates that range from 2.43% to 9.65%. Principal and interest on this debt is generally payable in monthly interest-only payments with balloon payments due at maturity. As discussed in Note 12, following the completion of our initial public offering, we used a portion of the net proceeds from our initial public offering to repay all $83.5 million of the variable rate mortgages outstanding as of March 31, 2015. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE | |||||||
The following is a summary of the elements used in calculating basic and diluted earnings or loss per common share for the three months ended March 31, 2015 and 2014, respectively (dollars in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Net loss | $ | (2,771 | ) | $ | (2,803 | ) | ||
Less net loss attributable to noncontrolling interests | 2,771 | 2,803 | ||||||
Net income (loss) attributable to National Storage Affiliates Trust | $ | — | $ | — | ||||
Weighted average shares outstanding (basic and diluted) | 1,000 | 1,000 | ||||||
Earnings (loss) per share (basic and diluted) | $ | — | $ | — | ||||
As discussed in Note 3, the Company did not have an ownership interest or share in our operating partnership's profits and losses prior to the completion of the Company's initial public offering. As a result, all of our operating partnership's profits and losses for the three months ended March 31, 2015 and 2014 were allocated to noncontrolling interests. | ||||||||
The following table summarizes the weighted average outstanding equity interests of our operating partnership and DownREIT partnerships for the periods ended March 31, 2015 and 2014. These equity interests are considered potential common shares for purposes of calculating earnings or loss per share as the unitholders may, through the exercise of redemption rights, obtain common shares, subject to various restrictions. After a minimum of one year from the completion of the initial public offering, OP units in our operating partnership are redeemable for cash or, at our option, exchangeable for common shares on a one-for-one basis, subject to certain adjustments. DownREIT OP units are redeemable for cash or, at our option, exchangeable for OP units in our operating partnership on a one-for-one basis, subject to certain adjustments. LTIP units, subordinated performance units, and DownREIT subordinated performance 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). Subordinated performance units are only convertible into OP units, beginning two years following the completion of the initial public offering and then (i) at the holder’s election only upon the achievement of certain performance thresholds relating to the properties to which such subordinated performance units relate or (ii) at our election upon a retirement event of a PRO that holds such subordinated performance units or upon certain qualifying terminations. Certain LTIP units vested upon the completion of the Company's initial public offering and certain LTIP units will vest upon the future acquisition of properties sourced by PROs. | ||||||||
All potential common shares have been excluded from the earnings or loss per share calculations for the periods ended March 31, 2015 and 2014. | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
OP units (1) | 19,205,125 | 9,262,624 | ||||||
Subordinated performance units (2) | 8,886,097 | 4,335,093 | ||||||
LTIP units (3) | 2,712,640 | 2,090,160 | ||||||
DownREIT units | ||||||||
DownREIT OP units | 1,386,143 | — | ||||||
DownREIT subordinated performance units | 3,636,089 | — | ||||||
Total | 35,826,094 | 15,687,877 | ||||||
(1) | Amount for the three months ended March 31, 2014 includes 2,060,711 OP units issued in connection with the contribution of 65 self storage properties on April 1, 2014 by SecurCare Portfolio Holdings, LLC and SecurCare Value Properties, Ltd. (collectively, "NSA Predecessor"), entities whose principal owner is the Company's chairman and chief executive officer. NSA Predecessor does not represent a single legal entity but a combination of these two legal entities under common control. For financial reporting purposes, NSA Predecessor contributions are classified as a reorganization of entities under common control whereby the contributed self storage properties have been recorded in the Company's financial statements at NSA Predecessor's depreciated historical cost basis. | |||||||
(2) | Amount for the three months ended March 31, 2014 includes 1,464,782 subordinated performance units issued in connection with the contribution of 65 self storage properties by NSA Predecessor on April 1, 2014. | |||||||
(3) | Amount includes weighted average LTIP units outstanding of 522,900 and 902,870 for the three months ended March 31, 2015 and 2014, respectively, which only vest upon the future contribution of properties from the PROs. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS |
Supervisory and Administrative Fees | |
The Company has entered into asset management agreements with the PROs to continue providing leasing, operating, supervisory and administrative services related to the self storage properties contributed by and acquired from the PROs. The PROs are the same entities that provided similar services prior to the respective dates that the self storage properties were contributed to or acquired by the Company. The asset management agreements generally provide for fees ranging from 5% to 6% of gross revenue for the managed self storage properties. During the three months ended March 31, 2015 and 2014, the Company incurred $1.6 million and $0.8 million, respectively, for supervisory and administrative fees to the PROs. Such fees are included in general and administrative expenses in the accompanying statements of operations. | |
Affiliate Payroll Services | |
The employees responsible for operation of the self storage properties are employees of the PROs who charge the Company for the costs associated with the respective employees. For the three months ended March 31, 2015 and 2014, the Company incurred $2.9 million and $1.5 million for payroll and related costs reimbursable to these affiliates, respectively. Such costs are included in property operating expenses in the accompanying statements of operations. | |
Affiliate Call Center Services | |
SecurCare, an affiliate of NSA Predecessor, provides centralized call center services to support self storage property operations. For the three months ended March 31, 2015 and 2014, the Company incurred call center charges of $0.2 million and $0.1 million, respectively. Such call center costs are included in property operating expenses in the accompanying statements of operations. The call center utilizes approximately 1,500 square feet in one of the Company's self storage properties acquired from NSA Predecessor for annual rent of approximately $25,000. As discussed in Note 12, on April 1, 2015, the Company acquired the centralized call center from SecurCare for 50,000 OP units. | |
Notes Receivable | |
In connection with the planned acquisition of certain self storage properties, the Company made a bridge loan of approximately $8.0 million to a PRO on July 1, 2014. This loan did not bear interest and was repaid as the related self storage properties were acquired. Through December 31, 2014, 13 of the self storage properties had been acquired and bridge loan advances totaling $6.2 million were applied to offset the acquisition consideration otherwise payable by the Company. As of December 31, 2014, the bridge loan balance of $1.8 million is included in other assets in the accompanying balance sheet. In January 2015, the remaining balance of the bridge loan was applied to offset the acquisition consideration otherwise payable by the Company related to two self storage property acquisitions. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES |
Legal Proceedings | |
The Company is subject to litigation, claims, and assessments that may arise in the ordinary course of its business activities. Such matters include contractual matters, employment related issues, and regulatory proceedings. Although occasional adverse decisions or settlements may occur, the Company believes that the final disposition of such matters will not have a material adverse effect on the Company's financial position, results of operations, or liquidity. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS | |||||||||||
Recurring Fair Value Measurements | ||||||||||||
We sometimes limit our exposure to interest rate fluctuations by entering into interest rate swap or cap agreements. The interest rate swap agreements moderate our exposure to interest rate risk by effectively converting the interest on variable rate debt to a fixed rate. The interest rate cap agreements effectively limit our exposure to interest rate risk by providing a ceiling on the underlying variable interest rate. Our interest rate cap agreements are not material to our financial position and results of operations. | ||||||||||||
We measure our interest rate swap derivatives at fair value on a recurring basis. Information regarding our interest rate swaps measured at fair value, which are classified within Level 2 of the GAAP fair value hierarchy, is presented below (dollars in thousands): | ||||||||||||
Interest Rate Swaps Designated as Cash Flow Hedges | Non-hedge Accounting Interest Rate Swaps | Total | ||||||||||
Fair value at December 31, 2013 | $ | — | $ | 70 | $ | 70 | ||||||
Unrealized losses included in interest expense | — | (6 | ) | (6 | ) | |||||||
Fair value at March 31, 2014 | $ | — | $ | 64 | $ | 64 | ||||||
Fair value at December 31, 2014 | $ | (865 | ) | $ | (207 | ) | $ | (1,072 | ) | |||
Unrealized losses included in interest expense | — | (121 | ) | (121 | ) | |||||||
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | 385 | — | 385 | |||||||||
Unrealized losses included in accumulated other comprehensive loss | (1,166 | ) | — | (1,166 | ) | |||||||
Fair value at March 31, 2015 | $ | (1,646 | ) | $ | (328 | ) | $ | (1,974 | ) | |||
As of March 31, 2015 and December 31, 2014, we had outstanding interest rate swaps with aggregate notional amounts of $125.0 million designated as cash flow hedges. As of March 31, 2015, these swaps had a weighted average remaining term of 3.0 years. The fair value of these swaps designated as hedges are presented within accounts payable and accrued liabilities in our balance sheets, and we recognize any changes in the fair value as an adjustment of accumulated other comprehensive loss within equity to the extent of their effectiveness. If the forward rates at March 31, 2015 remain constant, we estimate that during the next 12 months, we would reclassify into earnings approximately $1.3 million of the unrealized losses in accumulated other comprehensive loss. If market interest rates increase above the 1.42% weighted average fixed rate under these interest rate swaps we will benefit from net cash payments due to us from our counterparty to the interest rate swaps. | ||||||||||||
As of March 31, 2015 and December 31, 2014, we had an interest rate swap with a notional amount of approximately $7.6 million that was not designated as a cash flow hedge. As of March 31, 2015, this swap had a remaining term of 6.9 years. The fair value of this swap is presented within accounts payable and accrued liabilities in our balance sheets, and we recognize any changes in the fair value as an adjustment of interest expense. If market interest rates increase above the 2.28% fixed rate under this interest rate swap we will benefit from net cash payments due to us from our counterparty to the interest rate swap. | ||||||||||||
There were no transfers between levels during the three months ended March 31, 2015 and 2014. For financial assets and liabilities that utilize Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including LIBOR yield curves. The Company uses valuation techniques for Level 2 financial assets and liabilities which include LIBOR yield curves at the reporting date as well as assessing counterparty credit risk. Counterparties to these contracts are highly rated financial institutions. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company's derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and the counterparties. As of March 31, 2015, the Company determined that the effect of credit valuation adjustments on the overall valuation of its derivative positions are not significant to the overall valuation of its derivatives. Therefore, the Company has determined that its derivative valuations are appropriately classified in Level 2 of the fair value hierarchy. | ||||||||||||
Fair Value Disclosures | ||||||||||||
The carrying values of cash and cash equivalents, restricted cash, trade receivables, and accounts payable and accrued liabilities reflected in the balance sheets at March 31, 2015 and December 31, 2014, approximate fair value due to the short term nature of these financial assets and liabilities. The carrying value of variable rate debt financing reflected in the balance sheets at March 31, 2015 and December 31, 2014 approximates fair value as the changes in their associated interest rates reflect the current market and credit risk is similar to when the loans were originally obtained. | ||||||||||||
The fair values of fixed rate mortgages were estimated using the discounted estimated future cash payments to be made on such debt; the discount rates used approximated current market rates for loans, or groups of loans, with similar maturities and credit quality (categorized within Level 2 of the fair value hierarchy). The combined carrying value of our fixed rate mortgages and related party note payable was approximately $158.0 million as of March 31, 2015 with a fair value of approximately $165.7 million. In determining the fair value, the Company estimated weighted average market interest rate of approximately 3.35%, compared to the weighted average contractual interest rate of 5.06%. The combined carrying value of our fixed rate mortgages was approximately $153.4 million as of December 31, 2014 with a fair value of approximately $158.3 million. In determining the fair value as of December 31, 2014, the Company estimated weighted average market interest rate of approximately 3.59%, compared to the weighted average contractual interest rate of 5.11%. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Subsequent Events [Abstract] | ||||||||||||
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS | |||||||||||
Initial Public Offering | ||||||||||||
The Company completed its initial public offering on April 28, 2015, pursuant to which it sold 20,000,000 common shares, at a price of $13.00 per share, with net proceeds to the Company of approximately $236.4 million, after deducting the underwriting discount and expenses of the initial public offering. As part of the offering, the Company granted the underwriters an option to purchase up to 3,000,000 additional common shares within thirty days after the offering. The underwriters exercised their option and, on May 18, 2015, purchased an additional 3,000,000 common shares with net proceeds to the Company of approximately $36.3 million, after deducting the additional underwriting discount and expenses associated with the exercise of this option by the underwriters. | ||||||||||||
The Company contributed the net proceeds from its initial public offering to our operating partnership in exchange for 23,000,000 OP units. Immediately prior to the completion of the initial public offering, the Company redeemed the 1,000 common shares held by Holdings for no consideration. In addition, upon the completion of our initial public offering and formation transactions, we were joined by our sixth PRO, Arizona Mini Storage Management Company d/b/a Storage Solutions and its controlled affiliates ("Storage Solutions"). | ||||||||||||
Use of Proceeds from Initial Public Offering | ||||||||||||
The following table presents a summary of the outstanding indebtedness repaid with the net proceeds from the Company's initial public offering (dollars in thousands): | ||||||||||||
Scheduled Maturity | Effective Rate as of March 31, 2015 (1) | Principal | Prepayment Penalty | Write-off of Debt Issuance Costs | ||||||||
Unsecured term loan | 10/1/15 | 5.18% | $ | 50,000 | $ | — | $ | 219 | ||||
Variable rate mortgages payable: | ||||||||||||
US Bank senior term loan | 6/24/15 | 2.58% | 52,000 | — | 137 | |||||||
US Bank senior term loan | 10/8/15 | 2.43% | 6,500 | — | 16 | |||||||
Mezzanine loan | 6/24/15 | 9.65% | 25,000 | 500 | 42 | |||||||
Total variable rate mortgages payable: | 83,500 | 500 | 195 | |||||||||
Revolving line of credit | 3/31/17 | 2.78% | 96,300 | — | — | |||||||
Total | $ | 229,800 | $ | 500 | $ | 414 | ||||||
(1) | Represents the effective interest rate as of March 31, 2015. Effective interest rate incorporates the stated rate plus the impact of interest rate swaps and discount and premium amortization, if applicable. For the revolving line of credit, the effective interest rate also includes fees for unused borrowings. | |||||||||||
In April and May 2015, following the completion of our initial public offering, the Company acquired 21 self storage properties for an aggregate purchase price of $93.1 million. Consideration for these acquisitions included $41.3 million of cash (which is net of $0.6 million of acquisition deposits applied and cash we expect to deploy in the future as capital expenditures in connection with these acquisitions) and issuance of OP equity of $23.0 million (consisting of 1,420,098 OP units and 345,970 subordinated performance units), and included the assumption of outstanding mortgages with aggregate principal balances of $28.6 million and other liabilities. Of these acquisitions, four were acquired by us from our PROs and 17 were acquired by us from third-party sellers. | ||||||||||||
Changes to Our Credit Facility | ||||||||||||
Upon completion of our initial public offering, our secured credit facility became unsecured. In addition, as a result of the overall reduction in the Company's outstanding indebtedness from debt repayments, the pricing grids for the revolving line of credit and term loan were reduced by 100 basis points to interest rates equal to one-month LIBOR plus 1.60% and one-month LIBOR plus 1.50%, respectively. | ||||||||||||
Following the completion of our initial public offering, the availability of the loans extended under our credit facility is based on the hypothetical value of a borrowing base of our real property and is equal to the lesser of (i) 60% of the aggregate value of such real property less the aggregate outstanding principal amount of all unsecured indebtedness, other than the balance of the credit facility and (ii) the aggregate implied unsecured interest coverage value. Our credit facility contains customary affirmative and negative covenants, including financial covenants that, among other things, cap our total leverage at 60% of our gross asset value, and requires us to have a minimum fixed charge coverage ratio of 1.5 to 1, and requires us to have a minimum net worth (as defined in our credit facility) of approximately $133.3 million plus 75% of the net proceeds of equity issuances. In the event that we fail to satisfy our covenants, we would be in default under our credit facility and may be required to repay such debt with capital from other sources. | ||||||||||||
Share Based Compensation | ||||||||||||
Upon the completion of our initial public offering, 43,350 compensatory LTIP units granted under our 2013 Equity Incentive Plan automatically vested resulting in $0.4 million of compensation expense. | ||||||||||||
Call Center Acquisition | ||||||||||||
Effective on April 1, 2015, in exchange for 50,000 OP units, the Company acquired a centralized call center from SecurCare, a related party. The call center, which provides services to certain self storage properties owned by the Company, was established by SecurCare and will continue to be managed by SecurCare under a business services agreement. Because the Company and Securcare are under common control, the assets acquired and liabilities assumed will be recorded at SecurCare's historical carrying value, which was a nominal amount as of the acquisition date. | ||||||||||||
Distributions | ||||||||||||
On April 11, 2015, the Company declared ordinary distributions for the three months ended March 31, 2015 totaling $7.4 million to OP and subordinated performance unitholders of record on March 31, 2015, and ordinary distributions for the period from April 1, 2015 through April 20, 2015 totaling $1.6 million to OP and subordinated performance unitholders of record on April 20, 2015. Such distributions were paid on April 30, 2015. | ||||||||||||
On June 3, 2015, our board of trustees declared a cash dividend of $0.15 per common share and OP unit to shareholders and operating partnership unitholders of record as of June 30, 2015. Such distributions will be paid on July 15, 2015. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Policy | Basis of Presentation |
The accompanying condensed consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("GAAP") and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") regarding interim financial reporting. Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the consolidated financial statements have been included. | |
Principles of Consolidation, Policy | Principles of Consolidation |
The Company's financial statements include the accounts of our operating partnership and its controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation of entities. | |
Variable Interest Entity, Policy | When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity ("VIE"), and if the Company is deemed to be the primary beneficiary, in accordance with authoritative guidance issued on the consolidation of VIEs. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether the general partner controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates (i) entities that are VIEs and of which the Company is deemed to be the primary beneficiary, and (ii) entities that are non-VIEs which the Company controls and which limited partners lack both substantive participating rights and the ability to dissolve or remove the Company without cause. |
Use of Estimates, Policy | Use of Estimates |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Recent Accounting Pronouncements, Policy | Recent Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. ASU 2014-09 is effective for the Company on January 1, 2017, and early application is not permitted. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |
In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, which modifies the current consolidation guidance. The Company is required to adopt ASU 2015-02 for annual and interim financial statements issued for the year ending December 31, 2016. Upon adoption by the Company, ASU 2015-02 permits the use of either the modified retrospective or cumulative effect transition method. The Company is currently evaluating the impact of the provisions of ASU 2015-02 on its consolidation policies as well as the transition method to be used to implement ASU 2015-02. | |
In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest, which requires the presentation of debt issuance costs as a direct deduction from the carrying amount of the related debt liabilities. The Company does not expect ASU 2015-03 to have a material impact on the Company's results from operations, however, adoption will result in the elimination of debt issuance costs as an asset and a corresponding reduction in the carrying amount of the Company's debt financings applied retrospectively to all periods. The Company is required to adopt this ASU for annual and interim financial statements issued for the year ending December 31, 2016. Early adoption is permitted. |
NONCONTROLLING_INTERESTS_Table
NONCONTROLLING INTERESTS (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Noncontrolling Interest [Abstract] | ||||||
Schedule of outstanding equity interests | As of March 31, 2015 and December 31, 2014, outstanding equity interests of our operating partnership and DownREIT partnerships consisted of the following: | |||||
March 31, | December 31, | |||||
2015 | 2014 | |||||
OP units | 19,235,556 | 18,817,088 | ||||
Subordinated performance units | 8,886,097 | 8,447,679 | ||||
LTIP units | 2,724,540 | 2,689,780 | ||||
DownREIT units | ||||||
DownREIT OP units | 1,415,349 | 1,275,979 | ||||
DownREIT subordinated performance units | 3,688,205 | 3,009,884 | ||||
Total | 35,949,747 | 34,240,410 | ||||
SELF_STORAGE_PROPERTIES_Tables
SELF STORAGE PROPERTIES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Real Estate [Abstract] | ||||||||
Schedule of self storage properties | Self storage properties are summarized as follows (dollars in thousands): | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Land | $ | 241,714 | $ | 236,691 | ||||
Buildings and improvements | 635,879 | 600,284 | ||||||
Furniture and equipment | 2,038 | 1,966 | ||||||
Total self storage properties | 879,631 | 838,941 | ||||||
Less accumulated depreciation | (45,961 | ) | (39,614 | ) | ||||
Self storage properties, net | $ | 833,670 | $ | 799,327 | ||||
SELF_STORAGE_PROPERTY_ACQUISIT1
SELF STORAGE PROPERTY ACQUISITIONS (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||||
Schedule of business combinations | The following table summarizes the consideration for the business combinations completed by the Company during the three months ended March 31, 2015 (dollars in thousands): | |||||||||||||||||||||||||
Summary of Consideration | ||||||||||||||||||||||||||
Number of Properties | Liabilities Assumed | |||||||||||||||||||||||||
Cash | Value of OP Equity (1) | Settlement of Note Receivable | Mortgages | Other | Total | |||||||||||||||||||||
6 | $ | 6,991 | $ | 8,954 | $ | 1,778 | $ | 16,442 | $ | 70 | $ | 34,235 | (2) | |||||||||||||
(1) | Value of OP equity represents the fair value of OP units and subordinated performance units. | |||||||||||||||||||||||||
(2) | Excludes the fair value of noncontrolling interests associated with self storage properties acquired in DownREIT partnerships which amounted to $6.8 million for the three months ended March 31, 2015. We estimate the portion of the fair value of the net assets owned by noncontrolling interests based on the fair value of the real estate and debt assumed. | |||||||||||||||||||||||||
Schedule of pro forma information information | The following table summarizes on a pro forma basis the results of operations for the three months ended March 31, 2015 and 2014 (dollars in thousands, except per share amounts): | |||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||
Pro forma revenue: | ||||||||||||||||||||||||||
Historical results | $ | 28,291 | $ | 13,161 | ||||||||||||||||||||||
April-May 2015 Acquisitions | 2,821 | 2,586 | ||||||||||||||||||||||||
January 2015 Acquisitions (excluding those in historical results) | 86 | 1,217 | ||||||||||||||||||||||||
Total | $ | 31,198 | $ | 16,964 | ||||||||||||||||||||||
Pro forma net income (loss): (1) | ||||||||||||||||||||||||||
Historical results | $ | (2,771 | ) | $ | (2,803 | ) | ||||||||||||||||||||
April-May 2015 Acquisitions | 888 | (563 | ) | |||||||||||||||||||||||
January 2015 Acquisitions (excluding those in historical results) | 891 | (839 | ) | |||||||||||||||||||||||
Total | $ | (992 | ) | $ | (4,205 | ) | ||||||||||||||||||||
Earnings (loss) per share: | ||||||||||||||||||||||||||
Basic and diluted—as reported | $ | — | $ | — | ||||||||||||||||||||||
Basic and diluted—pro forma | $ | — | $ | — | ||||||||||||||||||||||
(1) | Significant assumptions and adjustments in preparation of the pro forma information include the following: (i) for the cash portion of the purchase price, the Company assumed borrowings under the Company's revolving line of credit with interest computed based on the effective interest rate of 2.78% as of March 31, 2015; (ii) for assumed debt financing directly associated with the acquisition of specific self storage properties, interest was computed for the entirety of the periods presented using the effective interest rates under such financings; and (iii) for acquisition costs of $0.6 million incurred during the three months ended March 31, 2015, pro forma adjustments give effect to these costs as if they were incurred on January 1, 2014. |
OTHER_ASSETS_Tables
OTHER ASSETS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Schedule of other assets | Other assets consist of the following (dollars in thousands): | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Customer in-place leases, net of accumulated amortization of $8,820 and $5,469, respectively | $ | 5,384 | $ | 7,700 | ||||
Receivables: | ||||||||
Trade, net | 709 | 979 | ||||||
PROs and other affiliates | 208 | 416 | ||||||
Note receivable from PRO | — | 1,778 | ||||||
Property acquisition deposits | 1,151 | 770 | ||||||
Prepaid expenses and other | 1,788 | 1,017 | ||||||
Corporate furniture and equipment, net | 209 | 198 | ||||||
Deferred offering costs | 4,790 | 3,086 | ||||||
Total | $ | 14,239 | $ | 15,944 | ||||
DEBT_FINANCING_Tables
DEBT FINANCING (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Debt Disclosure [Abstract] | ||||||||||
Schedule of debt | The Company's debt is summarized as follows (dollars in thousands): | |||||||||
Interest | March 31, | December 31, | ||||||||
Rate (1) | 2015 | 2014 | ||||||||
Credit Facility: | ||||||||||
Revolving line of credit | 2.78% | $ | 182,217 | $ | 166,217 | |||||
Term loan | 3.65% | 144,558 | 144,558 | |||||||
Unsecured term loan | 5.18% | 50,000 | 50,000 | |||||||
Related Party Note | 3.30% | 4,054 | — | |||||||
Fixed rate mortgages payable | 4.07% | 153,961 | 153,416 | |||||||
Variable rate mortgages payable | 4.69% | 83,500 | 83,500 | |||||||
Total | $ | 618,290 | $ | 597,691 | ||||||
(1) | Represents the effective interest rate as of March 31, 2015. Effective interest rate incorporates the stated rate plus the impact of interest rate swaps and discount and premium amortization, if applicable. For the revolving line of credit, the effective interest rate also includes fees for unused borrowings. |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Schedule of elements used in calculating basic and diluted earnings per common share | The following is a summary of the elements used in calculating basic and diluted earnings or loss per common share for the three months ended March 31, 2015 and 2014, respectively (dollars in thousands): | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Net loss | $ | (2,771 | ) | $ | (2,803 | ) | ||
Less net loss attributable to noncontrolling interests | 2,771 | 2,803 | ||||||
Net income (loss) attributable to National Storage Affiliates Trust | $ | — | $ | — | ||||
Weighted average shares outstanding (basic and diluted) | 1,000 | 1,000 | ||||||
Earnings (loss) per share (basic and diluted) | $ | — | $ | — | ||||
Schedule of common shares excluded from earnings or loss per share | The following table summarizes the weighted average outstanding equity interests of our operating partnership and DownREIT partnerships for the periods ended March 31, 2015 and 2014. These equity interests are considered potential common shares for purposes of calculating earnings or loss per share as the unitholders may, through the exercise of redemption rights, obtain common shares, subject to various restrictions. After a minimum of one year from the completion of the initial public offering, OP units in our operating partnership are redeemable for cash or, at our option, exchangeable for common shares on a one-for-one basis, subject to certain adjustments. DownREIT OP units are redeemable for cash or, at our option, exchangeable for OP units in our operating partnership on a one-for-one basis, subject to certain adjustments. LTIP units, subordinated performance units, and DownREIT subordinated performance 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). Subordinated performance units are only convertible into OP units, beginning two years following the completion of the initial public offering and then (i) at the holder’s election only upon the achievement of certain performance thresholds relating to the properties to which such subordinated performance units relate or (ii) at our election upon a retirement event of a PRO that holds such subordinated performance units or upon certain qualifying terminations. Certain LTIP units vested upon the completion of the Company's initial public offering and certain LTIP units will vest upon the future acquisition of properties sourced by PROs. | |||||||
All potential common shares have been excluded from the earnings or loss per share calculations for the periods ended March 31, 2015 and 2014. | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
OP units (1) | 19,205,125 | 9,262,624 | ||||||
Subordinated performance units (2) | 8,886,097 | 4,335,093 | ||||||
LTIP units (3) | 2,712,640 | 2,090,160 | ||||||
DownREIT units | ||||||||
DownREIT OP units | 1,386,143 | — | ||||||
DownREIT subordinated performance units | 3,636,089 | — | ||||||
Total | 35,826,094 | 15,687,877 | ||||||
(1) | Amount for the three months ended March 31, 2014 includes 2,060,711 OP units issued in connection with the contribution of 65 self storage properties on April 1, 2014 by SecurCare Portfolio Holdings, LLC and SecurCare Value Properties, Ltd. (collectively, "NSA Predecessor"), entities whose principal owner is the Company's chairman and chief executive officer. NSA Predecessor does not represent a single legal entity but a combination of these two legal entities under common control. For financial reporting purposes, NSA Predecessor contributions are classified as a reorganization of entities under common control whereby the contributed self storage properties have been recorded in the Company's financial statements at NSA Predecessor's depreciated historical cost basis. | |||||||
(2) | Amount for the three months ended March 31, 2014 includes 1,464,782 subordinated performance units issued in connection with the contribution of 65 self storage properties by NSA Predecessor on April 1, 2014. | |||||||
(3) | Amount includes weighted average LTIP units outstanding of 522,900 and 902,870 for the three months ended March 31, 2015 and 2014, respectively, which only vest upon the future contribution of properties from the PROs. |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||
Schedule of interest rate swap derivatives fair value | Information regarding our interest rate swaps measured at fair value, which are classified within Level 2 of the GAAP fair value hierarchy, is presented below (dollars in thousands): | |||||||||||
Interest Rate Swaps Designated as Cash Flow Hedges | Non-hedge Accounting Interest Rate Swaps | Total | ||||||||||
Fair value at December 31, 2013 | $ | — | $ | 70 | $ | 70 | ||||||
Unrealized losses included in interest expense | — | (6 | ) | (6 | ) | |||||||
Fair value at March 31, 2014 | $ | — | $ | 64 | $ | 64 | ||||||
Fair value at December 31, 2014 | $ | (865 | ) | $ | (207 | ) | $ | (1,072 | ) | |||
Unrealized losses included in interest expense | — | (121 | ) | (121 | ) | |||||||
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | 385 | — | 385 | |||||||||
Unrealized losses included in accumulated other comprehensive loss | (1,166 | ) | — | (1,166 | ) | |||||||
Fair value at March 31, 2015 | $ | (1,646 | ) | $ | (328 | ) | $ | (1,974 | ) |
SUBSEQUENT_EVENTS_Tables
SUBSEQUENT EVENTS (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Subsequent Events [Abstract] | ||||||||||||
Summary of indebtedness repaid | The following table presents a summary of the outstanding indebtedness repaid with the net proceeds from the Company's initial public offering (dollars in thousands): | |||||||||||
Scheduled Maturity | Effective Rate as of March 31, 2015 (1) | Principal | Prepayment Penalty | Write-off of Debt Issuance Costs | ||||||||
Unsecured term loan | 10/1/15 | 5.18% | $ | 50,000 | $ | — | $ | 219 | ||||
Variable rate mortgages payable: | ||||||||||||
US Bank senior term loan | 6/24/15 | 2.58% | 52,000 | — | 137 | |||||||
US Bank senior term loan | 10/8/15 | 2.43% | 6,500 | — | 16 | |||||||
Mezzanine loan | 6/24/15 | 9.65% | 25,000 | 500 | 42 | |||||||
Total variable rate mortgages payable: | 83,500 | 500 | 195 | |||||||||
Revolving line of credit | 3/31/17 | 2.78% | 96,300 | — | — | |||||||
Total | $ | 229,800 | $ | 500 | $ | 414 | ||||||
(1) | Represents the effective interest rate as of March 31, 2015. Effective interest rate incorporates the stated rate plus the impact of interest rate swaps and discount and premium amortization, if applicable. For the revolving line of credit, the effective interest rate also includes fees for unused borrowings. |
ORGANIZATION_AND_NATURE_OF_OPE1
ORGANIZATION AND NATURE OF OPERATIONS (Details) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Apr. 28, 2015 | 18-May-15 | Dec. 31, 2014 |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Number of self storage properties owned | 225 | |||
Number of states that self storage properties are owned in | 13 | |||
Rentable square feet in self storage properties | 12,400,000 | |||
Number of storage units owned | 100,000 | |||
Number of participating regional operators | 5 | |||
National Storage Affiliates Holdings LLC [Member] | National Storage Affiliates Trust [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Percentage of NSA owned by NSA Holdings | 100.00% | |||
National Storage Affiliates Holdings LLC [Member] | National Storage Affiliates Trust [Member] | Common Shares [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Shares owned by NSA Holdings (in shares) | 1,000 | |||
National Storage Affiliates Holdings LLC [Member] | NSA OP, LP [Member] | OP units [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Shares owned by NSA Holdings (in shares) | 126,400 | 126,400 | ||
Subsequent Event [Member] | Common Shares [Member] | IPO [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Shares offered including underwriters option | 20,000,000 | |||
Total net proceeds from initial public offering | $236.40 | |||
Subsequent Event [Member] | National Storage Affiliates Holdings LLC [Member] | National Storage Affiliates Trust [Member] | Common Shares [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Shares owned by NSA Holdings (in shares) | 1,000 | |||
Common Shares [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Common share par value (in dollars per share) | 0.01 | |||
Common Shares [Member] | Subsequent Event [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Shares offered including underwriters option | 23,000,000 | |||
Total net proceeds from initial public offering | $273 |
NONCONTROLLING_INTERESTS_Narra
NONCONTROLLING INTERESTS - Narrative (Details) | Mar. 31, 2015 | Dec. 31, 2014 |
NSA OP, LP [Member] | ||
Noncontrolling Interest [Line Items] | ||
Investment in company, percent, less than | 1.00% | 1.00% |
NSA OP, LP [Member] | OP units [Member] | National Storage Affiliates Holdings LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Shares owned by NSA Holdings (in shares) | 126,400 | 126,400 |
NONCONTROLLING_INTERESTS_Equit
NONCONTROLLING INTERESTS - Equity Interests (Details) | Mar. 31, 2015 | Dec. 31, 2014 |
Partnership Subsidiaries [Member] | ||
Noncontrolling Interest [Line Items] | ||
Outstanding equity interest (in shares) | 35,949,747 | 34,240,410 |
OP units [Member] | NSA OP, LP [Member] | ||
Noncontrolling Interest [Line Items] | ||
Outstanding equity interest (in shares) | 19,235,556 | 18,817,088 |
OP units [Member] | DownREIT Partnership [Member] | ||
Noncontrolling Interest [Line Items] | ||
Outstanding equity interest (in shares) | 1,415,349 | 1,275,979 |
Subordinated performance units [Member] | NSA OP, LP [Member] | ||
Noncontrolling Interest [Line Items] | ||
Outstanding equity interest (in shares) | 8,886,097 | 8,447,679 |
Subordinated performance units [Member] | DownREIT Partnership [Member] | ||
Noncontrolling Interest [Line Items] | ||
Outstanding equity interest (in shares) | 3,688,205 | 3,009,884 |
LTIP units [Member] | NSA OP, LP [Member] | ||
Noncontrolling Interest [Line Items] | ||
Outstanding equity interest (in shares) | 2,724,540 | 2,689,780 |
SELF_STORAGE_PROPERTIES_Detail
SELF STORAGE PROPERTIES (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Real Estate [Abstract] | ||
Land | $241,714 | $236,691 |
Buildings and improvements | 635,879 | 600,284 |
Furniture and equipment | 2,038 | 1,966 |
Total self storage properties | 879,631 | 838,941 |
Less accumulated depreciation | -45,961 | -39,614 |
Self storage properties, net | $833,670 | $799,327 |
SELF_STORAGE_PROPERTY_ACQUISIT2
SELF STORAGE PROPERTY ACQUISITIONS - Business Combination Consideration (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | |
Jan. 01, 2015 | Jan. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | |
property | property | property | ||
Business Combinations [Abstract] | ||||
Number of self storage properties acquired | 5 | 6 | 6 | |
Consideration given, cash | $6,991,000 | $1,850,000 | ||
Consideration given, value of OP Equity | 8,954,000 | |||
Consideration given, settlement of note receivable | 1,778,000 | |||
Liabilities assumed, mortgages | 16,442,000 | |||
Liabilities assumed, other | 70,000 | |||
Total consideration given and liabilities assumed | 34,235,000 | |||
Business combination, noncontrolling interest, fair value | $6,800,000 |
SELF_STORAGE_PROPERTY_ACQUISIT3
SELF STORAGE PROPERTY ACQUISITIONS - Pro Forma Information (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Business Combination, Pro Forma Information [Line Items] | ||
Pro forma revenue | $31,198 | $16,964 |
Pro forma net income (loss) | -992 | -4,205 |
Earnings (loss) per common share (in dollars per share) | $0 | $0 |
Pro forma net income (loss) | 599 | 182 |
April - May 2015 Acquisitions [Member] | ||
Business Combination, Pro Forma Information [Line Items] | ||
Pro forma revenue | 2,821 | 2,586 |
Pro forma net income (loss) | 888 | -563 |
January 2015 Acquisitions [Member] | ||
Business Combination, Pro Forma Information [Line Items] | ||
Pro forma revenue | 86 | 1,217 |
Pro forma net income (loss) | 891 | -839 |
Consolidated Entities Excluding Acquirees [Member] | ||
Business Combination, Pro Forma Information [Line Items] | ||
Pro forma revenue | 28,291 | 13,161 |
Pro forma net income (loss) | ($2,771) | ($2,803) |
Earnings (loss) per common share (in dollars per share) | $0 | $0 |
Credit Facility [Member] | Line of Credit [Member] | Revolving line of credit [Member] | ||
Business Combination, Pro Forma Information [Line Items] | ||
Effective interest rate | 2.78% |
SELF_STORAGE_PROPERTY_ACQUISIT4
SELF STORAGE PROPERTY ACQUISITIONS - Narrative (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 2 Months Ended | |
Jan. 01, 2015 | Jan. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | 31-May-15 | |
property | property | property | property | ||
Business Acquisition [Line Items] | |||||
Number of self storage properties acquired | 5 | 6 | 6 | ||
Estimated fair value of acquired self storage properties | $41,000,000 | ||||
Pro forma revenue | 1,200,000 | ||||
Pro forma operating income | 700,000 | ||||
Acquisition costs | 599,000 | 182,000 | |||
Number of properties under contract to acquire | 21 | ||||
Leases, Acquired-in-Place [Member] | |||||
Business Acquisition [Line Items] | |||||
Recognized fair value of identifiable intangible assets | $1,200,000 | ||||
Property Subject to Operating Lease [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of self storage properties acquired | 3 | ||||
Subsequent Event [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of self storage properties acquired | 21 |
OTHER_ASSETS_Details
OTHER ASSETS (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Customer in-place leases, net of accumulated amortization of $8,820 and $5,469, respectively | $5,384 | $7,700 |
Receivables: | ||
Trade, net | 709 | 979 |
PROs and other affiliates | 208 | 416 |
Note receivable from PRO | 0 | 1,778 |
Property acquisition deposits | 1,151 | 770 |
Prepaid expenses and other | 1,788 | 1,017 |
Corporate furniture and equipment, net | 209 | 198 |
Deferred offering costs | 4,790 | 3,086 |
Total | 14,239 | 15,944 |
Customer in-place leases, accumulated amortization | $8,820 | $5,469 |
DEBT_FINANCING_Debt_Summary_De
DEBT FINANCING - Debt Summary (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Debt financing | $618,290 | $597,691 |
Related Party Note [Member] | ||
Debt Instrument [Line Items] | ||
Debt financing | 4,054 | 0 |
Effective interest rate | 3.30% | |
Line of Credit [Member] | Credit Facility [Member] | Revolving line of credit [Member] | ||
Debt Instrument [Line Items] | ||
Debt financing | 182,217 | 166,217 |
Effective interest rate | 2.78% | |
Line of Credit [Member] | Credit Facility [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt financing | 144,558 | 144,558 |
Effective interest rate | 3.65% | |
Loans Payable [Member] | Unsecured Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt financing | 50,000 | 50,000 |
Effective interest rate | 5.18% | |
Mortgages [Member] | Fixed Rate Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Debt financing | 153,961 | 153,416 |
Effective interest rate | 4.07% | |
Mortgages [Member] | Variable Rate Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Debt financing | $83,500 | $83,500 |
Effective interest rate | 4.69% |
DEBT_FINANCING_Narrative_Detai
DEBT FINANCING - Narrative (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 2 Months Ended | 0 Months Ended | 1 Months Ended | |||
Jan. 01, 2015 | Jan. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | 31-May-15 | Apr. 01, 2014 | Jun. 03, 2015 | Jun. 05, 2015 | Dec. 31, 2014 | |
property | property | property | property | financial_institution | |||||
component | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt financing | $618,290,000 | $597,691,000 | |||||||
Number of self storage properties acquired | 5 | 6 | 6 | ||||||
Liabilities assumed, mortgages | 16,442,000 | ||||||||
Repayment of long term debt | 16,489,000 | 501,000 | |||||||
Subsequent Event [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of self storage properties acquired | 21 | ||||||||
Related Party Note [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt financing | 4,054,000 | 0 | |||||||
Effective interest rate | 3.30% | ||||||||
Line of Credit [Member] | Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | 425,000,000 | ||||||||
Number of financial institutions in lender agreement | 7 | ||||||||
Number of lender agreement components | 2 | ||||||||
Line of Credit [Member] | Credit Facility [Member] | Revolving line of credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | 198,700,000 | 280,400,000 | |||||||
Debt financing | 182,217,000 | 166,217,000 | |||||||
Effective interest rate | 2.78% | ||||||||
Borrowing base calculation, minimum occupancy rate of property | 75.00% | ||||||||
Extension fee, percent | 0.20% | ||||||||
Line of Credit [Member] | Credit Facility [Member] | Revolving line of credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Reduced borrowing rate | 2.50% | ||||||||
Line of Credit [Member] | Credit Facility [Member] | Revolving line of credit [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Unused borrowing capacity, percent | 0.20% | ||||||||
Line of Credit [Member] | Credit Facility [Member] | Revolving line of credit [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Unused borrowing capacity, percent | 0.30% | ||||||||
Line of Credit [Member] | Credit Facility [Member] | Revolving line of credit [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayment of line of credit | 96,300,000 | ||||||||
Line of Credit [Member] | Credit Facility [Member] | Revolving line of credit [Member] | Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Reduced borrowing rate | 1.60% | ||||||||
Line of Credit [Member] | Credit Facility [Member] | Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | 144,600,000 | ||||||||
Debt financing | 144,558,000 | 144,558,000 | |||||||
Effective interest rate | 3.65% | ||||||||
Line of Credit [Member] | Credit Facility [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Reduced borrowing rate | 2.40% | ||||||||
Line of Credit [Member] | Credit Facility [Member] | Term Loan [Member] | Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Reduced borrowing rate | 1.50% | ||||||||
Loans Payable [Member] | Unsecured Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt financing | 50,000,000 | 50,000,000 | |||||||
Effective interest rate | 5.18% | ||||||||
Debt Instrument, Face Amount | 50,000,000 | 50,000,000 | |||||||
Debt Instrument, Number Of Lenders | 3 | ||||||||
Maturity date extension fee | 250,000 | ||||||||
Loans Payable [Member] | Unsecured Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Reduced borrowing rate | 5.00% | 5.00% | |||||||
Loans Payable [Member] | Unsecured Term Loan [Member] | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Reduced borrowing rate | 4.00% | ||||||||
Mortgages [Member] | Fixed Rate Mortgages [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt financing | 153,961,000 | 153,416,000 | |||||||
Effective interest rate | 4.07% | ||||||||
Minimum effective interest rate | 2.20% | ||||||||
Maximum effective interest rate | 5.15% | ||||||||
Mortgages [Member] | Fixed Rate Mortgages [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of self storage properties acquired | 11 | ||||||||
Liabilities assumed, mortgages | 28,600,000 | ||||||||
Mortgages [Member] | Variable Rate Mortgages [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt financing | 83,500,000 | 83,500,000 | |||||||
Effective interest rate | 4.69% | ||||||||
Minimum effective interest rate | 2.43% | ||||||||
Maximum effective interest rate | 9.65% | ||||||||
Mortgages [Member] | Variable Rate Mortgages [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayment of long term debt | $83,500,000 |
EARNINGS_PER_SHARE_Basic_and_D
EARNINGS PER SHARE - Basic and Diluted Earnings per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Net loss | ($2,771) | ($2,803) |
Less net loss attributable to noncontrolling interests | 2,771 | 2,803 |
Net income (loss) attributable to National Storage Affiliates Trust | $0 | $0 |
Weighted average shares outstanding (basic and diluted) (in shares) | 1,000 | 1,000 |
Earnings (loss) per share (basic and diluted) (in dollars per share) | $0 | $0 |
EARNINGS_PER_SHARE_Weighted_Av
EARNINGS PER SHARE - Weighted Average Outstanding Equity Interests (Details) | 3 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Apr. 01, 2014 | |
property | |||
Partnership Subsidiaries [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted average outstanding equity interests excluded from computation of earnings (in units) | 35,826,094 | 15,687,877 | |
NSA Predecessor [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of properties contributed to partnership | 65 | ||
Number of entities under common control | 2 | ||
OP units [Member] | NSA OP, LP [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted average outstanding equity interests excluded from computation of earnings (in units) | 19,205,125 | 9,262,624 | |
OP units [Member] | DownREIT Partnership [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted average outstanding equity interests excluded from computation of earnings (in units) | 1,386,143 | 0 | |
OP units [Member] | NSA Predecessor [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted average outstanding equity interests excluded from computation of earnings (in units) | 2,060,711 | ||
Subordinated performance units [Member] | NSA OP, LP [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted average outstanding equity interests excluded from computation of earnings (in units) | 8,886,097 | 4,335,093 | |
Subordinated performance units [Member] | DownREIT Partnership [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted average outstanding equity interests excluded from computation of earnings (in units) | 3,636,089 | 0 | |
Subordinated performance units [Member] | NSA Predecessor [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted average outstanding equity interests excluded from computation of earnings (in units) | 1,464,782 | ||
LTIP units [Member] | NSA OP, LP [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted average outstanding equity interests excluded from computation of earnings (in units) | 2,712,640 | 2,090,160 | |
LTIP units [Member] | Participating Regional Operator [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted average outstanding equity interests excluded from computation of earnings (in units) | 522,900 | 902,870 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 2 Months Ended | 12 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 01, 2015 | Jan. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | 31-May-15 | Dec. 31, 2014 | Apr. 01, 2015 | Jul. 01, 2014 |
property | property | property | property | property | ||||
Related Party Transaction [Line Items] | ||||||||
Property operating expenses | $9,842 | $4,922 | ||||||
General and administrative expenses | 3,613 | 1,338 | ||||||
Note receivable from PRO | 0 | 1,778 | ||||||
Loan receivable settled in self storage property acquisition | 1,778 | |||||||
Number of self storage properties acquired | 5 | 6 | 6 | |||||
Subsequent Event [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of self storage properties acquired | 21 | |||||||
Participating Regional Operator [Member] | Management [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Note receivable from PRO | 8,000 | |||||||
Loan receivable settled in self storage property acquisition | 6,200 | |||||||
Number of self storage properties acquired | 2 | 13 | ||||||
Supervisory and Administrative Fee Agreement [Member] | Participating Regional Operator [Member] | Management [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
General and administrative expenses | 1,600 | 800 | ||||||
Supervisory and Administrative Fee Agreement [Member] | Participating Regional Operator [Member] | Minimum [Member] | Management [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Fee agreement on gross revenue, percent | 5.00% | |||||||
Supervisory and Administrative Fee Agreement [Member] | Participating Regional Operator [Member] | Maximum [Member] | Management [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Fee agreement on gross revenue, percent | 6.00% | |||||||
Payroll Services [Member] | Participating Regional Operator [Member] | Management [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Property operating expenses | 2,900 | 1,500 | ||||||
Call Center Services [Member] | SecuCare Self Storage Inc. [Member] | Affiliated Entity [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Property operating expenses | 200 | 100 | ||||||
Area occupied by related party | 1,500 | |||||||
Annual rent | 25 | |||||||
Call Center [Member] | Call Center Services [Member] | SecuCare Self Storage Inc. [Member] | Affiliated Entity [Member] | Subsequent Event [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Issuance of OP units and subordinated performance units for acquisition of call center | 50,000 | |||||||
Other assets, net [Member] | Participating Regional Operator [Member] | Management [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Note receivable from PRO | $1,800 |
FAIR_VALUE_MEASUREMENTS_Intere
FAIR VALUE MEASUREMENTS - Interest Swap Derivatives (Details) (Interest Rate Swap [Member], Level 2 [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis [Roll Forward] | ||
Fair value at beginning of period | ($1,072) | $70 |
Unrealized losses included in interest expense | -121 | -6 |
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | 385 | |
Unrealized losses included in accumulated other comprehensive loss | -1,166 | |
Fair value of end of period | -1,974 | 64 |
Designated as Hedging Instrument [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis [Roll Forward] | ||
Fair value at beginning of period | -865 | 0 |
Unrealized losses included in interest expense | 0 | 0 |
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | 385 | |
Unrealized losses included in accumulated other comprehensive loss | -1,166 | |
Fair value of end of period | -1,646 | 0 |
Not Designated as Hedging Instrument [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis [Roll Forward] | ||
Fair value at beginning of period | -207 | 70 |
Unrealized losses included in interest expense | -121 | -6 |
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss | 0 | |
Unrealized losses included in accumulated other comprehensive loss | 0 | |
Fair value of end of period | ($328) | $64 |
FAIR_VALUE_MEASUREMENTS_Narrat
FAIR VALUE MEASUREMENTS - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unrealized losses forecasted to be included in earnings transferred from AOCI in the next twelve months | $1,300,000 | |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed rate mortgages, fair value | 158,000,000 | 153,400,000 |
Level 2 [Member] | Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed rate mortgages, fair value | 165,700,000 | 158,300,000 |
Weighted average market interest rate | 3.35% | 3.59% |
Weighted average contractual interest rate | 5.06% | 5.11% |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notional amount | 125,000,000 | 125,000,000 |
Weighted average remaining term | 3 years | |
Weighted average fixed rate | 1.42% | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notional amount | $7,600,000 | $7,600,000 |
Weighted average remaining term | 6 years 10 months 18 days | |
Weighted average fixed rate | 2.28% |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 2 Months Ended | 1 Months Ended | 0 Months Ended | |||||
Jan. 01, 2015 | Jan. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 03, 2015 | 31-May-15 | Jun. 05, 2015 | Apr. 28, 2015 | Apr. 11, 2015 | Apr. 01, 2015 | 18-May-15 | Dec. 31, 2014 | |
property | property | property | property | |||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of self storage properties acquired | 5 | 6 | 6 | |||||||||
Aggregate purchase price | $34,235,000 | |||||||||||
Consideration given, cash | 6,991,000 | 1,850,000 | ||||||||||
Consideration given, value of OP Equity | 8,954,000 | |||||||||||
Liabilities assumed, mortgages | 16,442,000 | |||||||||||
Revolving line of credit [Member] | Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Reduced borrowing rate | 2.50% | |||||||||||
Term Loan [Member] | Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Reduced borrowing rate | 2.40% | |||||||||||
National Storage Affiliates Holdings LLC [Member] | OP units [Member] | NSA OP, LP [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Shares redeemed from NSA Holdings (in shares) | 126,400 | 126,400 | ||||||||||
National Storage Affiliates Holdings LLC [Member] | Common Shares [Member] | National Storage Affiliates Trust [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Shares redeemed from NSA Holdings (in shares) | 1,000 | |||||||||||
Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of self storage properties acquired | 21 | |||||||||||
Cash dividend (in dollars per share) | $0.15 | |||||||||||
Cash dividend (in dollars per unit) | $0.15 | |||||||||||
Subsequent Event [Member] | Credit Facility [Member] | Line of Credit [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt covenant, required real estate property owned, maximum borrowing base, percent | 60.00% | |||||||||||
Debt covenant, maximum total leverage | 60.00% | |||||||||||
Debt covenant, minimum interest coverage ratio | 1.5 | |||||||||||
Debt covenant, required minimum net worth | 133,300,000 | |||||||||||
Debt covenant, required proceeds of equity issuances, percent | 75.00% | |||||||||||
Subsequent Event [Member] | Revolving line of credit [Member] | Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Reduction in pricing grids, basis points reduced | 1.00% | |||||||||||
Reduced borrowing rate | 1.60% | |||||||||||
Subsequent Event [Member] | Term Loan [Member] | Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Reduction in pricing grids, basis points reduced | 1.00% | |||||||||||
Reduced borrowing rate | 1.50% | |||||||||||
Subsequent Event [Member] | April - May 2015 Acquisitions [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of self storage properties acquired | 21 | |||||||||||
Aggregate purchase price | 93,100,000 | |||||||||||
Consideration given, cash | 41,300,000 | |||||||||||
Cash received in acquisition | 600,000 | |||||||||||
Consideration given, value of OP Equity | 23,000,000 | |||||||||||
Liabilities assumed, mortgages | 28,600,000 | |||||||||||
Subsequent Event [Member] | April - May 2015 Acquisitions [Member] | Subordinated performance units [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Equity interest issued (in units) | 345,970 | |||||||||||
Subsequent Event [Member] | April - May 2015 Acquisitions [Member] | OP units [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Equity interest issued (in units) | 1,420,098 | |||||||||||
Subsequent Event [Member] | 2013 Equity Incentive Plan [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Shares vested | 43,350 | |||||||||||
Share based compensation expense | 400,000 | |||||||||||
Subsequent Event [Member] | National Storage Affiliates Holdings LLC [Member] | Common Shares [Member] | National Storage Affiliates Trust [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Shares redeemed from NSA Holdings (in shares) | 1,000 | |||||||||||
Subsequent Event [Member] | Parent Company [Member] | NSA OP, LP [Member] | OP units [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Exchanged net proceeds from initial public offering for equity (in shares) | 23,000,000 | |||||||||||
Subsequent Event [Member] | Participating Regional Operator [Member] | April - May 2015 Acquisitions [Member] | Affiliated Entity [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of self storage properties acquired | 4 | |||||||||||
Subsequent Event [Member] | Unidentified Third Parties [Member] | April - May 2015 Acquisitions [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of self storage properties acquired | 17 | |||||||||||
Subsequent Event [Member] | Dividend declared for three months ended March 31, 2015 [Member] | Class A And B Units [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Declared distributions | 7,400,000 | |||||||||||
Subsequent Event [Member] | Dividend declared for April 1 through April 20, 2015 [Member] | Class A And B Units [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Declared distributions | 1,600,000 | |||||||||||
Subsequent Event [Member] | Call Center [Member] | SecuCare Self Storage Inc. [Member] | Call Center Services [Member] | Affiliated Entity [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Issuance of OP units and subordinated performance units for acquisition of call center | 50,000 | |||||||||||
Common Shares [Member] | Subsequent Event [Member] | IPO [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Shares offered including underwriters option | 20,000,000 | |||||||||||
Share price | 13 | |||||||||||
Total net proceeds from initial public offering | 236,400,000 | |||||||||||
Common Shares [Member] | Subsequent Event [Member] | Over-Allotment Option [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Shares offered including underwriters option | 3,000,000 | |||||||||||
Total net proceeds from initial public offering | $36,300,000 |
SUBSEQUENT_EVENTS_Debt_Details
SUBSEQUENT EVENTS - Debt (Details) (USD $) | 2 Months Ended | |
In Thousands, unless otherwise specified | Jun. 05, 2015 | Mar. 31, 2015 |
Loans Payable [Member] | Unsecured Term Loan [Member] | ||
Extinguishment of Debt [Line Items] | ||
Effective interest rate | 5.18% | |
Mortgages [Member] | US Bank senior term loan [Member] | ||
Extinguishment of Debt [Line Items] | ||
Effective interest rate | 2.58% | |
Mortgages [Member] | US Bank senior term loan [Member] | ||
Extinguishment of Debt [Line Items] | ||
Effective interest rate | 2.43% | |
Mortgages [Member] | Mezzanine loan [Member] | ||
Extinguishment of Debt [Line Items] | ||
Effective interest rate | 9.65% | |
Line of Credit [Member] | Revolving line of credit [Member] | ||
Extinguishment of Debt [Line Items] | ||
Effective interest rate | 2.78% | |
Subsequent Event [Member] | ||
Extinguishment of Debt [Line Items] | ||
Extinguishment of debt, principal | $229,800 | |
Extinguishment of debt, prepayment penalty | 500 | |
Extinguishment of debt, write-off of debt issuance costs | 414 | |
Subsequent Event [Member] | Loans Payable [Member] | Unsecured Term Loan [Member] | ||
Extinguishment of Debt [Line Items] | ||
Extinguishment of debt, principal | 50,000 | |
Extinguishment of debt, write-off of debt issuance costs | 219 | |
Subsequent Event [Member] | Mortgages [Member] | Variable Rate Mortgages [Member] | ||
Extinguishment of Debt [Line Items] | ||
Extinguishment of debt, principal | 83,500 | |
Extinguishment of debt, prepayment penalty | 500 | |
Extinguishment of debt, write-off of debt issuance costs | 195 | |
Subsequent Event [Member] | Mortgages [Member] | US Bank senior term loan [Member] | ||
Extinguishment of Debt [Line Items] | ||
Extinguishment of debt, principal | 52,000 | |
Extinguishment of debt, write-off of debt issuance costs | 137 | |
Subsequent Event [Member] | Mortgages [Member] | US Bank senior term loan [Member] | ||
Extinguishment of Debt [Line Items] | ||
Extinguishment of debt, principal | 6,500 | |
Extinguishment of debt, write-off of debt issuance costs | 16 | |
Subsequent Event [Member] | Mortgages [Member] | Mezzanine loan [Member] | ||
Extinguishment of Debt [Line Items] | ||
Extinguishment of debt, principal | 25,000 | |
Extinguishment of debt, prepayment penalty | 500 | |
Extinguishment of debt, write-off of debt issuance costs | 42 | |
Subsequent Event [Member] | Line of Credit [Member] | Revolving line of credit [Member] | ||
Extinguishment of Debt [Line Items] | ||
Extinguishment of debt, principal | $96,300 |