National Storage Affiliates Trust Reports First Quarter 2023 Results
First Quarter 2023 Highlights
-
Reported net income of
$40.4 million 9.8% compared to the first quarter of 2022. Reported diluted earnings per share of$0.24 $0.24 -
Reported core funds from operations ("Core FFO") of
$85.9 million $0.66 2.9% per share compared to the first quarter of 2022, driven by same store growth and net operating income (“NOI”) contribution from non-same store properties, which was more than offset by elevated interest expense due primarily to higher interest rates. -
Reported an increase in same store NOI of
4.8% for the first quarter of 2023 compared to the same period in 2022, driven by a5.7% increase in same store total revenues partially offset by an increase of8.3% in same store property operating expenses. -
Reported same store period-end occupancy of
89.8% as of March 31, 2023, a decrease of 380 basis points compared to March 31, 2022. -
Acquired 16 wholly-owned self storage properties for approximately
$160.5 million $144.8 million $150.5 million -
Repurchased 1,622,874 of the Company's common shares for approximately
$69.3 million - As previously announced, one of the Company's participating regional operators ("PROs"), Move It Self Storage and its controlled affiliates ("Move It"), retired effective January 1, 2023. As a result of the retirement, on January 1, 2023, management of the Company's 72 properties in the Move It managed portfolio was transferred to NSA and the Move It brand name and related intellectual property were internalized by the Company. In addition, NSA no longer pays supervisory and administrative fees or reimbursements to Move It and all subordinated performance units related to Move It's managed portfolio converted into OP units.
-
As previously announced, the Company increased the total borrowing capacity under the Company's credit facility by
$405.0 million $1.95 5 billion$300.0 million $375.0 million
Highlights Subsequent to Quarter-End
- Kroll Bond Rating Agency affirmed the issuer credit rating of NSA's operating partnership as BBB+ with a Stable Outlook.
-
On April 27, 2023, the operating partnership as issuer, and the Company entered into a note purchase agreement which provides for the private placement of
$120.0 million 5.75% , after taking into account the effect of interest rate swaps. The private placement closed on the same day.
David Cramer, President and Chief Executive Officer, commented, “We began the year with a solid quarter of operating results. We continue to moderate from the record setting levels of 2022, delivering same store revenue growth of
Financial Results
($ in thousands, except per share and unit data) |
Three Months Ended March 31, |
|||||||||
|
2023 |
|
2022 |
|
Growth |
|||||
Net income |
$ |
40,392 |
|
$ |
44,786 |
|
(9.8 |
)% |
||
|
|
|
|
|
|
|||||
Funds From Operations ("FFO")(1) |
$ |
84,266 |
|
|
$ |
86,856 |
|
|
(3.0 |
)% |
Add back acquisition costs |
|
844 |
|
|
|
553 |
|
|
52.6 |
% |
Add loss on early extinguishment of debt |
|
758 |
|
|
|
— |
|
|
— |
% |
Core FFO(1) |
$ |
85,868 |
|
|
$ |
87,409 |
|
|
(1.8 |
)% |
|
|
|
|
|
|
|||||
Earnings (loss) per share - basic |
$ |
0.28 |
|
|
$ |
0.24 |
|
|
16.7 |
% |
Earnings (loss) per share - diluted |
$ |
0.24 |
|
|
$ |
0.24 |
|
|
— |
% |
|
|
|
|
|
|
|||||
FFO per share and unit(1) |
$ |
0.64 |
|
|
$ |
0.67 |
|
|
(4.5 |
)% |
Core FFO per share and unit(1) |
$ |
0.66 |
|
|
$ |
0.68 |
|
|
(2.9 |
)% |
(1) |
Non-GAAP financial measures, including FFO, Core FFO and NOI, are defined in the Glossary in the supplemental financial information and, where appropriate, reconciliations of these measures and other non-GAAP financial measures to their most directly comparable GAAP measures are included in the Schedules to this press release and in the supplemental financial information. |
Net income decreased
The decrease in FFO and Core FFO for the first quarter of 2023 was primarily the result of a decrease in net income of
Same Store Operating Results (834 Stores)
($ in thousands, except per square foot data) |
Three Months Ended March 31, |
|||||||||
|
2023 |
|
2022 |
|
Growth |
|||||
Total revenues |
$ |
183,915 |
|
|
$ |
173,933 |
|
|
5.7 |
% |
Property operating expenses |
|
50,420 |
|
|
|
46,547 |
|
|
8.3 |
% |
Net Operating Income (NOI) |
$ |
133,495 |
|
|
$ |
127,386 |
|
|
4.8 |
% |
NOI Margin |
|
72.6 |
% |
|
|
73.2 |
% |
|
(0.6 |
)% |
|
|
|
|
|
|
|||||
Average Occupancy |
|
89.7 |
% |
|
|
93.5 |
% |
|
(3.8 |
)% |
Average Annualized Rental Revenue Per Occupied Square Foot |
$ |
15.13 |
|
|
$ |
13.74 |
|
|
10.1 |
% |
Year-over-year same store total revenues increased
Year-over-year same store property operating expenses increased
Investment Activity
During the first quarter, NSA invested
Balance Sheet
During the first quarter, NSA repurchased 1,622,874 of the Company's common shares for approximately
Common Share Dividends
On February 22, 2023, NSA's Board of Trustees declared a quarterly cash dividend of
2023 Guidance
NSA reaffirms its previously provided guidance estimates and related assumptions for the year ended December 31, 2023:
|
Current Ranges for Full Year 2023 |
|
Actual Results for Full Year 2022 |
||
|
Low |
|
High |
|
|
Core FFO per share(1) |
|
|
|
|
|
|
|
|
|
|
|
Same store operations(2) |
|
|
|
|
|
Total revenue growth |
|
|
|
|
|
Property operating expenses growth |
|
|
|
|
|
NOI growth |
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
|
|
|
|
|
General and administrative expenses (excluding equity-based compensation), in millions |
|
|
|
|
|
Equity-based compensation, in millions |
|
|
|
|
|
|
|
|
|
|
|
Management fees and other revenue, in millions |
|
|
|
|
|
Core FFO from unconsolidated real estate ventures, in millions |
|
|
|
|
|
|
|
|
|
|
|
Subordinated performance unit distributions, in millions |
|
|
|
|
|
|
|
|
|
|
|
Acquisitions of self storage properties, in millions |
|
|
|
|
|
|
|||
|
Current Ranges for Full Year 2023 |
||
|
Low |
|
High |
Earnings (loss) per share - diluted |
|
|
|
Impact of the difference in weighted average number of shares and GAAP accounting for noncontrolling interests, two-class method and treasury stock method |
0.07 |
|
0.02 |
Add real estate depreciation and amortization, including NSA's share of unconsolidated venture real estate depreciation and amortization |
1.83 |
|
1.91 |
FFO attributable to subordinated unitholders |
(0.38) |
|
(0.41) |
Add loss on early extinguishment of debt |
— |
|
0.01 |
Add acquisition costs and NSA's share of unconsolidated real estate venture acquisition costs |
0.01 |
|
0.02 |
Core FFO per share and unit |
|
|
|
(1) |
The table above provides a reconciliation of the range of estimated earnings (loss) per share - diluted to estimated Core FFO per share and unit. |
|
(2) |
2023 guidance reflects NSA's 2023 same store pool comprising 834 stores. 2022 actual results reflect NSA's 2022 same store pool comprising 628 stores. |
Supplemental Financial Information
The full text of this earnings release and supplemental financial information, including certain financial information referenced in this release, are available on NSA's website at http://ir.nationalstorageaffiliates.com/quarterly-reporting and as exhibit 99.1 to the Company's Form 8-K furnished to the SEC on May 1, 2023.
Non-GAAP Financial Measures & Glossary
This press release contains certain non-GAAP financial measures. These non-GAAP measures are presented because NSA's management believes these measures help investors understand NSA's business, performance and ability to earn and distribute cash to its shareholders by providing perspectives not immediately apparent from net income (loss). These measures are also frequently used by securities analysts, investors and other interested parties. The presentations of FFO, Core FFO and NOI in this press release are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, NSA's method of calculating these measures may be different from methods used by other companies, and, accordingly, may not be comparable to similar measures as calculated by other companies that do not use the same methodology as NSA. These measures, and other words and phrases used herein, are defined in the Glossary in the supplemental financial information and, where appropriate, reconciliations of these measures and other non-GAAP financial measures to their most directly comparable GAAP measures are included in the Schedules to this press release and in the supplemental financial information.
Quarterly Teleconference and Webcast
The Company will host a conference call at 1:00 pm Eastern Time on Tuesday, May 2, 2023 to discuss its first quarter 2023 financial results. At the conclusion of the call, management will accept questions from certified financial analysts. All other participants are encouraged to listen to a webcast of the call by accessing the link found on the Company's website at www.nationalstorageaffiliates.com.
Conference Call and Webcast:
Date/Time: Tuesday, May 2, 2023, 1:00 pm ET
Webcast available at: www.nationalstorageaffiliates.com
Domestic (Toll Free US &
International: 412.902.1014
A replay of the webcast will be available for 30 days on NSA's website at www.nationalstorageaffiliates.com.
Upcoming Industry Conference
NSA management is scheduled to participate in Nareit's REITweek 2023 Conference on June 6 - 8, 2023 in
About National Storage Affiliates Trust
National Storage Affiliates Trust is a real estate investment trust headquartered in
NOTE REGARDING FORWARD LOOKING STATEMENTS
Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. These forward-looking statements include information about possible or assumed future results of the Company's business, financial condition, liquidity, results of operations, plans and objectives. Changes in any circumstances may cause the Company's actual results to differ significantly from those expressed in any forward-looking statement. When used in this release, the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: market trends in the Company's industry, interest rates, inflation, the debt and lending markets or the general economy; the Company's business and investment strategy; the acquisition of properties, including those under contract and the Company's ability to execute on its acquisition pipeline; the timing of acquisitions under contract; the internalization of retiring participating regional operators ("PROs") into the Company; and the Company's guidance estimates for the year ended December 31, 2023. For a further list and description of such risks and uncertainties, see the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission, and the other documents filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
National Storage Affiliates Trust Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) |
|||||||
|
Three Months Ended March 31, |
||||||
|
2023 |
|
2022 |
||||
REVENUE |
|
|
|
||||
Rental revenue |
$ |
194,129 |
|
|
$ |
174,469 |
|
Other property-related revenue |
|
6,807 |
|
|
|
6,166 |
|
Management fees and other revenue |
|
7,057 |
|
|
|
6,549 |
|
Total revenue |
|
207,993 |
|
|
|
187,184 |
|
OPERATING EXPENSES |
|
|
|
||||
Property operating expenses |
|
56,483 |
|
|
|
49,358 |
|
General and administrative expenses |
|
14,821 |
|
|
|
13,966 |
|
Depreciation and amortization |
|
55,458 |
|
|
|
58,072 |
|
Other |
|
1,173 |
|
|
|
470 |
|
Total operating expenses |
|
127,935 |
|
|
|
121,866 |
|
OTHER (EXPENSE) INCOME |
|
|
|
||||
Interest expense |
|
(37,948 |
) |
|
|
(22,647 |
) |
Loss on early extinguishment of debt |
|
(758 |
) |
|
|
— |
|
Equity in earnings of unconsolidated real estate ventures |
|
1,678 |
|
|
|
1,494 |
|
Acquisition costs |
|
(844 |
) |
|
|
(553 |
) |
Non-operating expense |
|
(598 |
) |
|
|
(112 |
) |
Gain on sale of self storage properties |
|
— |
|
|
|
2,134 |
|
Other expense, net |
|
(38,470 |
) |
|
|
(19,684 |
) |
Income before income taxes |
|
41,588 |
|
|
|
45,634 |
|
Income tax expense |
|
(1,196 |
) |
|
|
(848 |
) |
Net income |
|
40,392 |
|
|
|
44,786 |
|
Net income attributable to noncontrolling interests |
|
(11,433 |
) |
|
|
(19,558 |
) |
Net income attributable to National Storage Affiliates Trust |
|
28,959 |
|
|
|
25,228 |
|
Distributions to preferred shareholders |
|
(3,962 |
) |
|
|
(3,279 |
) |
Net income attributable to common shareholders |
$ |
24,997 |
|
|
$ |
21,949 |
|
|
|
|
|
||||
Earnings per share - basic |
$ |
0.28 |
|
|
$ |
0.24 |
|
Earnings per share - diluted |
$ |
0.24 |
|
|
$ |
0.24 |
|
|
|
|
|
||||
Weighted average shares outstanding - basic |
|
89,499 |
|
|
|
91,323 |
|
Weighted average shares outstanding - diluted |
|
148,622 |
|
|
|
91,323 |
|
National Storage Affiliates Trust Consolidated Balance Sheets (dollars in thousands, except per share amounts) (unaudited) |
|||||||
|
March 31, |
|
December 31, |
||||
|
2023 |
|
2022 |
||||
ASSETS |
|
|
|
||||
Real estate |
|
|
|
||||
Self storage properties |
$ |
6,556,603 |
|
|
$ |
6,391,572 |
|
Less accumulated depreciation |
|
(824,647 |
) |
|
|
(772,661 |
) |
Self storage properties, net |
|
5,731,956 |
|
|
|
5,618,911 |
|
Cash and cash equivalents |
|
44,330 |
|
|
|
35,312 |
|
Restricted cash |
|
7,506 |
|
|
|
6,887 |
|
Debt issuance costs, net |
|
10,247 |
|
|
|
1,393 |
|
Investment in unconsolidated real estate ventures |
|
223,139 |
|
|
|
227,441 |
|
Other assets, net |
|
144,666 |
|
|
|
156,228 |
|
Operating lease right-of-use assets |
|
23,581 |
|
|
|
23,835 |
|
Total assets |
$ |
6,185,425 |
|
|
$ |
6,070,007 |
|
LIABILITIES AND EQUITY |
|
|
|
||||
Liabilities |
|
|
|
||||
Debt financing |
$ |
3,643,585 |
|
|
$ |
3,551,179 |
|
Accounts payable and accrued liabilities |
|
78,603 |
|
|
|
80,377 |
|
Interest rate swap liabilities |
|
7,983 |
|
|
|
483 |
|
Operating lease liabilities |
|
25,528 |
|
|
|
25,741 |
|
Deferred revenue |
|
24,652 |
|
|
|
23,213 |
|
Total liabilities |
|
3,780,351 |
|
|
|
3,680,993 |
|
Equity |
|
|
|
||||
Series A Preferred shares of beneficial interest, par value |
|
225,439 |
|
|
|
225,439 |
|
Series B Preferred shares of beneficial interest, par value |
|
115,212 |
|
|
|
— |
|
Common shares of beneficial interest, par value |
|
883 |
|
|
|
898 |
|
Additional paid-in capital |
|
1,689,136 |
|
|
|
1,777,984 |
|
Distributions in excess of earnings |
|
(420,408 |
) |
|
|
(396,650 |
) |
Accumulated other comprehensive income |
|
25,153 |
|
|
|
40,530 |
|
Total shareholders' equity |
|
1,635,415 |
|
|
|
1,648,201 |
|
Noncontrolling interests |
|
769,659 |
|
|
|
740,813 |
|
Total equity |
|
2,405,074 |
|
|
|
2,389,014 |
|
Total liabilities and equity |
$ |
6,185,425 |
|
|
$ |
6,070,007 |
|
Reconciliation of Net Income to FFO and Core FFO (in thousands, except per share and unit amounts) (unaudited) |
|||||||
|
|
|
|
||||
|
Three Months Ended March 31, |
||||||
|
2023 |
|
2022 |
||||
Net income |
$ |
40,392 |
|
|
$ |
44,786 |
|
Add (subtract): |
|
|
|
||||
Real estate depreciation and amortization |
|
55,152 |
|
|
|
57,759 |
|
Company's share of unconsolidated real estate venture real estate depreciation and amortization |
|
4,471 |
|
|
|
3,846 |
|
Gain on sale of self storage properties |
|
— |
|
|
|
(2,134 |
) |
Distributions to preferred shareholders and unitholders |
|
(3,962 |
) |
|
|
(3,552 |
) |
FFO attributable to subordinated performance unitholders(1) |
|
(11,787 |
) |
|
|
(13,849 |
) |
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders |
|
84,266 |
|
|
|
86,856 |
|
Add: |
|
|
|
||||
Acquisition costs |
|
844 |
|
|
|
553 |
|
Loss on early extinguishment of debt |
|
758 |
|
|
|
— |
|
Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders |
$ |
85,868 |
|
|
$ |
87,409 |
|
|
|
|
|
||||
Weighted average shares and units outstanding - FFO and Core FFO:(2) |
|
|
|
||||
Weighted average shares outstanding - basic |
|
89,499 |
|
|
|
91,323 |
|
Weighted average restricted common shares outstanding |
|
25 |
|
|
|
28 |
|
Weighted average OP units outstanding |
|
38,736 |
|
|
|
35,351 |
|
Weighted average DownREIT OP unit equivalents outstanding |
|
2,120 |
|
|
|
1,925 |
|
Weighted average LTIP units outstanding |
|
551 |
|
|
|
603 |
|
Total weighted average shares and units outstanding - FFO and Core FFO |
|
130,931 |
|
|
|
129,230 |
|
|
|
|
|
||||
FFO per share and unit |
$ |
0.64 |
|
|
$ |
0.67 |
|
Core FFO per share and unit |
$ |
0.66 |
|
|
$ |
0.68 |
|
(1) |
Amounts represent distributions declared for subordinated performance unitholders and DownREIT subordinated performance unitholders for the periods presented. |
|
(2) |
NSA combines OP units and DownREIT OP units with common shares because, after the applicable lock-out periods, OP units in the Company's operating partnership are redeemable for cash or, at NSA's option, exchangeable for common shares on a one-for-one basis and DownREIT OP units are also redeemable for cash or, at NSA's option, exchangeable for OP units in the Company's operating partnership on a one-for-one basis, subject to certain adjustments in each case. Subordinated performance units, DownREIT subordinated performance units and LTIP units may also, under certain circumstances, be convertible into or exchangeable for common shares (or other units that are convertible into or exchangeable for common shares). See footnote(3) for additional discussion of subordinated performance units, DownREIT subordinated performance units, and LTIP units in the calculation of FFO and Core FFO per share and unit. |
Reconciliation of Earnings (Loss) Per Share - Diluted to FFO and Core FFO Per Share and Unit (in thousands, except per share and unit amounts) (unaudited) |
|||||||
|
|
|
|
||||
|
Three Months Ended March 31, |
||||||
|
2023 |
|
2022 |
||||
Earnings per share - diluted |
$ |
0.24 |
|
|
$ |
0.24 |
|
Impact of the difference in weighted average number of shares(3) |
|
0.04 |
|
|
|
(0.07 |
) |
Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method(4) |
|
— |
|
|
|
0.15 |
|
Add real estate depreciation and amortization |
|
0.42 |
|
|
|
0.45 |
|
Add Company's share of unconsolidated real estate venture real estate depreciation and amortization |
|
0.03 |
|
|
|
0.03 |
|
Subtract gain on sale of self storage properties |
|
— |
|
|
|
(0.02 |
) |
FFO attributable to subordinated performance unitholders |
|
(0.09 |
) |
|
|
(0.11 |
) |
FFO per share and unit |
|
0.64 |
|
|
|
0.67 |
|
Add acquisition costs |
|
0.01 |
|
|
|
0.01 |
|
Add loss on early extinguishment of debt |
|
0.01 |
|
|
|
— |
|
Core FFO per share and unit |
$ |
0.66 |
|
|
$ |
0.68 |
|
(3) |
Adjustment accounts for the difference between the weighted average number of shares used to calculate diluted earnings per share and the weighted average number of shares used to calculate FFO and Core FFO per share and unit. Diluted earnings per share is calculated using the two-class method for the company's restricted common shares and the treasury stock method for certain unvested LTIP units, and assumes the conversion of vested LTIP units into OP units on a one-for-one basis and the hypothetical conversion of subordinated performance units, and DownREIT subordinated performance units into OP units, even though such units may only be convertible into OP units (i) after a lock-out period and (ii) upon certain events or conditions. For additional information about the conversion of subordinated performance units and DownREIT subordinated performance units into OP units, see Note 10 to the Company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission. The computation of weighted average shares and units for FFO and Core FFO per share and unit includes all restricted common shares and LTIP units that participate in distributions and excludes all subordinated performance units and DownREIT subordinated performance units because their effect has been accounted for through the allocation of FFO to the related unitholders based on distributions declared. |
|
(4) |
Represents the effect of adjusting the numerator to consolidated net income prior to GAAP allocations for noncontrolling interests, after deducting preferred share and unit distributions, and before the application of the two-class method and treasury stock method, as described in footnote(3). |
Net Operating Income (dollars in thousands) (unaudited) |
|||||||
|
|
|
|
||||
|
Three Months Ended March 31, |
||||||
|
2023 |
|
2022 |
||||
Net income |
$ |
40,392 |
|
|
$ |
44,786 |
|
(Subtract) add: |
|
|
|
||||
Management fees and other revenue |
|
(7,057 |
) |
|
|
(6,549 |
) |
General and administrative expenses |
|
14,821 |
|
|
|
13,966 |
|
Other |
|
1,173 |
|
|
|
470 |
|
Depreciation and amortization |
|
55,458 |
|
|
|
58,072 |
|
Interest expense |
|
37,948 |
|
|
|
22,647 |
|
Equity in earnings of unconsolidated real estate ventures |
|
(1,678 |
) |
|
|
(1,494 |
) |
Loss on early extinguishment of debt |
|
758 |
|
|
|
— |
|
Acquisition costs |
|
844 |
|
|
|
553 |
|
Income tax expense |
|
1,196 |
|
|
|
848 |
|
Gain on sale of self storage properties |
|
— |
|
|
|
(2,134 |
) |
Non-operating expense |
|
598 |
|
|
|
112 |
|
Net Operating Income |
$ |
144,453 |
|
|
$ |
131,277 |
|
EBITDA and Adjusted EBITDA (dollars in thousands) (unaudited) |
|||||||
|
|
|
|
||||
|
Three Months Ended March 31, |
||||||
|
2023 |
|
2022 |
||||
Net income |
$ |
40,392 |
|
$ |
44,786 |
|
|
Add: |
|
|
|
||||
Depreciation and amortization |
|
55,458 |
|
|
|
58,072 |
|
Company's share of unconsolidated real estate venture depreciation and amortization |
|
4,471 |
|
|
|
3,846 |
|
Interest expense |
|
37,948 |
|
|
|
22,647 |
|
Income tax expense |
|
1,196 |
|
|
|
848 |
|
Loss on early extinguishment of debt |
|
758 |
|
|
|
— |
|
EBITDA |
|
140,223 |
|
|
|
130,199 |
|
Add (subtract): |
|
|
|
||||
Acquisition costs |
|
844 |
|
|
|
553 |
|
Gain on sale of self storage properties |
|
— |
|
|
|
(2,134 |
) |
Equity-based compensation expense |
|
1,649 |
|
|
|
1,544 |
|
Adjusted EBITDA |
$ |
142,716 |
|
|
$ |
130,162 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230501005585/en/
National Storage Affiliates Trust
Investor/Media Relations
George Hoglund, CFA
Vice President - Investor Relations
720.630.2160
ghoglund@nsareit.net
Source: National Storage Affiliates Trust
