CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
12 Months Ended |
Mar. 31, 2013 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
| Net income (loss) |
|
$ (10,481)
|
$ 4,796
|
$ (16,357)
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
| Depreciation and amortization |
|
8,403
|
40,651
|
23,785
|
| Amortization of debt issuance costs |
|
1,291
|
2,714
|
3,282
|
| Amortization of debt discount and premium, net |
|
3,229
|
(1,747)
|
495
|
| Loss on debt extinguishment |
|
0
|
414
|
344
|
| Unrealized loss (gain) on fair value of derivatives |
|
(245)
|
68
|
332
|
| Gain on sale of self storage properties |
|
0
|
0
|
(1,427)
|
| Issuance of subordinated performance units for related party payable |
|
0
|
0
|
2,994
|
| LTIP units issued for acquisition expenses |
|
0
|
1,020
|
1,460
|
| Equity-based compensation expense |
|
1,104
|
3,027
|
1,468
|
| Change in assets and liabilities, net of effects of business combinations: |
|
|
|
|
| Restricted cash |
|
(244)
|
1,076
|
1,051
|
| Other assets |
|
705
|
(680)
|
(271)
|
| Accounts payable and accrued liabilities |
|
2,129
|
269
|
(126)
|
| Deferred revenue |
|
(103)
|
(198)
|
(607)
|
| Net Cash Provided by Operating Activities |
|
5,788
|
51,410
|
16,423
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
| Acquisition of self storage properties |
|
(103,828)
|
(171,822)
|
(217,939)
|
| Capital expenditures |
|
(2,188)
|
(4,072)
|
(3,843)
|
| Note receivable from PROs |
|
0
|
0
|
(12,813)
|
| Deposits and advances for self storage property acquisitions |
|
0
|
(738)
|
(913)
|
| Expenditures for corporate furniture, equipment and other |
|
0
|
(418)
|
(146)
|
| Change in restricted cash designated for capital expenditures |
|
180
|
141
|
662
|
| Proceeds from sale of self storage properties |
|
0
|
0
|
2,993
|
| Cash acquired in reorganization of entities under common control |
|
3,469
|
0
|
0
|
| Net Cash (Used in) Provided By Investing Activities |
|
(102,367)
|
(176,909)
|
(231,999)
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
| Proceeds from issuance of common shares in IPO |
|
0
|
278,070
|
0
|
| Borrowings under debt financings |
|
150,372
|
258,443
|
372,839
|
| Proceeds from issuance of OP units and subordinated performance units |
|
6,281
|
0
|
438
|
| Receipts for OP unit subscriptions |
|
5,863
|
1,015
|
0
|
| Collection of receivables from issuance of OP equity |
|
0
|
774
|
89
|
| Principal payments under debt financings |
|
(48,048)
|
(357,273)
|
(143,970)
|
| Payment of dividends to common shareholders |
|
0
|
(12,429)
|
0
|
| Distributions to noncontrolling interests |
|
(2,192)
|
(37,992)
|
(12,567)
|
| NSA Predecessor distributions and other |
|
(1,641)
|
0
|
34
|
| Change in restricted cash for financing activity |
|
0
|
(167)
|
0
|
| Debt issuance costs |
|
(2,495)
|
(1,848)
|
(1,774)
|
| Equity offering costs |
|
(365)
|
(5,438)
|
(1,700)
|
| Net Cash Provided by (Used In) Financing Activities |
|
107,775
|
123,155
|
213,389
|
| (Decrease) Increase in Cash and Cash Equivalents |
|
11,196
|
(2,344)
|
(2,187)
|
| CASH AND CASH EQUIVALENTS |
|
|
|
|
| Beginning of period |
|
0
|
9,009
|
11,196
|
| End of period |
$ 0
|
11,196
|
6,665
|
9,009
|
| Supplemental Cash Flow Information |
|
|
|
|
| Cash paid for interest |
|
18,933
|
20,206
|
18,771
|
| Consideration exchanged in business combinations: |
|
|
|
|
| Issuance of OP units and subordinated performance units |
|
83,568
|
42,113
|
137,017
|
| Deposits on acquisitions applied to purchase price |
|
0
|
745
|
0
|
| LTIP units vesting upon acquisition of properties |
|
2,918
|
1,402
|
3,652
|
| Assumption of mortgages payable |
|
4,461
|
73,498
|
65,816
|
| Note payable to related party to settle assumed mortgages |
|
0
|
5,342
|
0
|
| Other net liabilities assumed |
|
1,030
|
511
|
2,403
|
| OP units in exchange for receivable from seller |
|
220
|
0
|
5,206
|
| Notes receivable settled upon acquisition of properties |
|
0
|
1,778
|
11,035
|
| Fair value of noncontrolling interests in acquired subsidiaries |
|
0
|
21,137
|
41,297
|
| Issuance of OP units for settlement of subscription liability |
|
0
|
1,416
|
5,863
|
| Settlement of acquisition receivables from distributions |
|
0
|
1,473
|
105
|
| Increase in lender participation liability and related discount |
|
1,971
|
0
|
770
|
| Increase in OP unit subscription liability through reduced distributions |
|
0
|
498
|
0
|
| (Decrease) increase in payables for deferred offering costs |
|
0
|
(1,379)
|
1,418
|
| Settlement of debt issuance costs from borrowings |
|
1,966
|
0
|
3,763
|
| Settlement of offering expenses from IPO proceeds |
|
0
|
20,930
|
0
|
| Contributions by NSA Predecessor in reorganization of entities under common control: |
|
|
|
|
| Self storage properties, net |
|
159,509
|
$ 304,500
|
$ 465,900
|
| Restricted cash |
|
2,567
|
|
|
| Debt issuance costs, net |
|
816
|
|
|
| Other assets, net |
|
795
|
|
|
| Mortgages and notes payable |
|
(163,302)
|
|
|
| Participating mortgage payable |
|
(23,467)
|
|
|
| Accounts payable and other accrued liabilities |
|
(2,920)
|
|
|
| Deferred revenue |
|
(1,242)
|
|
|
| Non-cash liabilities of NSA Predecessor in excess of assets |
|
(27,244)
|
|
|
| NSA Predecessor [Member] |
|
|
|
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
| Net income (loss) |
(1,253)
|
|
|
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
| Depreciation and amortization |
972
|
|
|
|
| Amortization of debt issuance costs |
167
|
|
|
|
| Amortization of debt discount and premium, net |
1,421
|
|
|
|
| Loss on debt extinguishment |
0
|
|
|
|
| Unrealized loss (gain) on fair value of derivatives |
(60)
|
|
|
|
| Gain on sale of self storage properties |
0
|
|
|
|
| Issuance of subordinated performance units for related party payable |
0
|
|
|
|
| LTIP units issued for acquisition expenses |
0
|
|
|
|
| Equity-based compensation expense |
0
|
|
|
|
| Change in assets and liabilities, net of effects of business combinations: |
|
|
|
|
| Restricted cash |
(120)
|
|
|
|
| Other assets |
(205)
|
|
|
|
| Accounts payable and accrued liabilities |
315
|
|
|
|
| Deferred revenue |
109
|
|
|
|
| Net Cash Provided by Operating Activities |
1,346
|
|
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
| Acquisition of self storage properties |
0
|
|
|
|
| Capital expenditures |
(205)
|
|
|
|
| Note receivable from PROs |
0
|
|
|
|
| Deposits and advances for self storage property acquisitions |
0
|
|
|
|
| Expenditures for corporate furniture, equipment and other |
0
|
|
|
|
| Change in restricted cash designated for capital expenditures |
246
|
|
|
|
| Proceeds from sale of self storage properties |
0
|
|
|
|
| Cash acquired in reorganization of entities under common control |
0
|
|
|
|
| Net Cash (Used in) Provided By Investing Activities |
41
|
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
| Proceeds from issuance of common shares in IPO |
0
|
|
|
|
| Borrowings under debt financings |
0
|
|
|
|
| Proceeds from issuance of OP units and subordinated performance units |
0
|
|
|
|
| Receipts for OP unit subscriptions |
0
|
|
|
|
| Collection of receivables from issuance of OP equity |
0
|
|
|
|
| Principal payments under debt financings |
(628)
|
|
|
|
| Payment of dividends to common shareholders |
0
|
|
|
|
| Distributions to noncontrolling interests |
0
|
|
|
|
| NSA Predecessor distributions and other |
0
|
|
|
|
| Change in restricted cash for financing activity |
0
|
|
|
|
| Debt issuance costs |
0
|
|
|
|
| Equity offering costs |
0
|
|
|
|
| Net Cash Provided by (Used In) Financing Activities |
(628)
|
|
|
|
| (Decrease) Increase in Cash and Cash Equivalents |
759
|
|
|
|
| CASH AND CASH EQUIVALENTS |
|
|
|
|
| Beginning of period |
2,769
|
$ 3,528
|
|
|
| End of period |
3,528
|
|
|
|
| Supplemental Cash Flow Information |
|
|
|
|
| Cash paid for interest |
2,604
|
|
|
|
| Consideration exchanged in business combinations: |
|
|
|
|
| Issuance of OP units and subordinated performance units |
0
|
|
|
|
| Deposits on acquisitions applied to purchase price |
0
|
|
|
|
| LTIP units vesting upon acquisition of properties |
0
|
|
|
|
| Assumption of mortgages payable |
0
|
|
|
|
| Note payable to related party to settle assumed mortgages |
0
|
|
|
|
| Other net liabilities assumed |
0
|
|
|
|
| OP units in exchange for receivable from seller |
0
|
|
|
|
| Notes receivable settled upon acquisition of properties |
0
|
|
|
|
| Fair value of noncontrolling interests in acquired subsidiaries |
0
|
|
|
|
| Issuance of OP units for settlement of subscription liability |
0
|
|
|
|
| Settlement of acquisition receivables from distributions |
0
|
|
|
|
| Increase in lender participation liability and related discount |
767
|
|
|
|
| Increase in OP unit subscription liability through reduced distributions |
0
|
|
|
|
| (Decrease) increase in payables for deferred offering costs |
0
|
|
|
|
| Settlement of debt issuance costs from borrowings |
0
|
|
|
|
| Settlement of offering expenses from IPO proceeds |
$ 0
|
|
|
|