National Storage Affiliates Trust
NYSE:NSA
Income Statement
Earnings Waterfall
National Storage Affiliates Trust
Income Statement
National Storage Affiliates Trust
| Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | Mar-2024 | Jun-2024 | Sep-2024 | Dec-2024 | Mar-2025 | Jun-2025 | Sep-2025 | Dec-2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Expense |
21
|
22
|
24
|
25
|
25
|
23
|
21
|
19
|
20
|
22
|
24
|
27
|
29
|
32
|
34
|
36
|
39
|
40
|
43
|
46
|
50
|
54
|
56
|
59
|
60
|
61
|
63
|
64
|
66
|
68
|
72
|
78
|
85
|
96
|
111
|
126
|
141
|
155
|
166
|
166
|
164
|
160
|
154
|
157
|
161
|
162
|
0
|
|
| Revenue |
54
N/A
|
63
+17%
|
77
+23%
|
92
+20%
|
108
+17%
|
122
+14%
|
134
+9%
|
145
+8%
|
161
+11%
|
178
+11%
|
199
+12%
|
221
+11%
|
238
+8%
|
254
+7%
|
268
+6%
|
283
+6%
|
298
+5%
|
315
+6%
|
331
+5%
|
345
+4%
|
361
+5%
|
377
+4%
|
388
+3%
|
402
+4%
|
411
+2%
|
419
+2%
|
432
+3%
|
451
+4%
|
485
+8%
|
526
+9%
|
586
+11%
|
650
+11%
|
711
+9%
|
766
+8%
|
802
+5%
|
822
+3%
|
839
+2%
|
851
+1%
|
858
+1%
|
846
-1%
|
821
-3%
|
796
-3%
|
770
-3%
|
763
-1%
|
761
0%
|
756
-1%
|
753
0%
|
|
| Operating Income | ||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses |
(42)
|
(50)
|
(60)
|
(73)
|
(86)
|
(95)
|
(102)
|
(108)
|
(116)
|
(126)
|
(141)
|
(158)
|
(170)
|
(181)
|
(190)
|
(199)
|
(210)
|
(220)
|
(229)
|
(236)
|
(244)
|
(255)
|
(261)
|
(271)
|
(277)
|
(280)
|
(285)
|
(293)
|
(308)
|
(328)
|
(367)
|
(411)
|
(451)
|
(495)
|
(512)
|
(518)
|
(524)
|
(521)
|
(522)
|
(515)
|
(502)
|
(485)
|
(473)
|
(473)
|
(475)
|
(476)
|
(474)
|
|
| Selling, General & Administrative |
(26)
|
(31)
|
(36)
|
(43)
|
(50)
|
(57)
|
(62)
|
(66)
|
(71)
|
(78)
|
(86)
|
(96)
|
(103)
|
(109)
|
(115)
|
(121)
|
(128)
|
(134)
|
(140)
|
(144)
|
(149)
|
(154)
|
(156)
|
(160)
|
(163)
|
(164)
|
(167)
|
(171)
|
(180)
|
(190)
|
(206)
|
(224)
|
(243)
|
(260)
|
(270)
|
(278)
|
(282)
|
(285)
|
(288)
|
(287)
|
(284)
|
(276)
|
(269)
|
(267)
|
(267)
|
(268)
|
(269)
|
|
| Depreciation & Amortization |
(15)
|
(19)
|
(24)
|
(30)
|
(35)
|
(39)
|
(41)
|
(42)
|
(45)
|
(49)
|
(55)
|
(63)
|
(68)
|
(72)
|
(75)
|
(78)
|
(82)
|
(86)
|
(89)
|
(92)
|
(96)
|
(101)
|
(105)
|
(110)
|
(113)
|
(115)
|
(117)
|
(120)
|
(127)
|
(137)
|
(158)
|
(184)
|
(206)
|
(226)
|
(233)
|
(231)
|
(229)
|
(226)
|
(222)
|
(214)
|
(204)
|
(196)
|
(190)
|
(191)
|
(192)
|
(191)
|
(189)
|
|
| Other Operating Expenses |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(3)
|
(3)
|
(3)
|
(9)
|
(9)
|
(9)
|
(12)
|
(10)
|
(12)
|
(14)
|
(14)
|
(13)
|
(14)
|
(15)
|
(16)
|
(16)
|
(16)
|
|
| Operating Income |
12
N/A
|
13
+4%
|
17
+34%
|
19
+11%
|
22
+16%
|
27
+24%
|
32
+16%
|
38
+20%
|
45
+19%
|
52
+15%
|
58
+11%
|
62
+8%
|
68
+9%
|
73
+8%
|
79
+7%
|
84
+7%
|
89
+5%
|
95
+7%
|
102
+7%
|
109
+7%
|
117
+7%
|
122
+4%
|
127
+4%
|
131
+3%
|
134
+2%
|
139
+4%
|
147
+6%
|
158
+8%
|
177
+12%
|
198
+12%
|
218
+10%
|
239
+10%
|
259
+8%
|
271
+5%
|
290
+7%
|
304
+5%
|
315
+4%
|
330
+5%
|
336
+2%
|
331
-2%
|
319
-4%
|
310
-3%
|
297
-4%
|
290
-3%
|
286
-1%
|
280
-2%
|
279
-1%
|
|
| Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Income Expense |
(21)
|
(22)
|
(24)
|
(25)
|
(25)
|
(23)
|
(21)
|
(19)
|
(20)
|
(22)
|
(26)
|
(29)
|
(32)
|
(36)
|
(36)
|
(38)
|
(39)
|
(40)
|
(44)
|
(50)
|
(55)
|
(60)
|
(61)
|
(62)
|
(62)
|
(62)
|
(62)
|
(62)
|
(63)
|
(64)
|
(67)
|
(72)
|
(78)
|
(88)
|
(103)
|
(118)
|
(133)
|
(148)
|
(159)
|
(162)
|
(166)
|
(169)
|
(170)
|
(177)
|
(180)
|
(176)
|
(170)
|
|
| Non-Reccuring Items |
(7)
|
(10)
|
(10)
|
(11)
|
(7)
|
(6)
|
(6)
|
(6)
|
(7)
|
(5)
|
(7)
|
(6)
|
(4)
|
(2)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(3)
|
(3)
|
(3)
|
(4)
|
(3)
|
(2)
|
(2)
|
(1)
|
(2)
|
(3)
|
(4)
|
(6)
|
(7)
|
(7)
|
(7)
|
|
| Gain/Loss on Disposition of Assets |
1
|
1
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
6
|
6
|
6
|
6
|
0
|
0
|
0
|
(0)
|
3
|
3
|
3
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
2
|
2
|
2
|
5
|
3
|
3
|
3
|
64
|
125
|
128
|
128
|
64
|
4
|
11
|
11
|
16
|
|
| Total Other Income |
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
3
|
0
|
0
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
(0)
|
0
|
1
|
1
|
1
|
1
|
|
| Pre-Tax Income |
(15)
N/A
|
(19)
-25%
|
(16)
+12%
|
(16)
+0%
|
(10)
+38%
|
(3)
+71%
|
5
N/A
|
12
+150%
|
18
+48%
|
24
+32%
|
25
+4%
|
28
+9%
|
37
+36%
|
41
+9%
|
47
+16%
|
52
+10%
|
49
-5%
|
55
+12%
|
57
+4%
|
58
+2%
|
63
+8%
|
63
-1%
|
67
+7%
|
70
+4%
|
70
+0%
|
75
+7%
|
81
+8%
|
93
+15%
|
111
+20%
|
131
+17%
|
149
+14%
|
166
+12%
|
179
+8%
|
180
+1%
|
188
+5%
|
184
-2%
|
181
-2%
|
183
+1%
|
239
+30%
|
293
+23%
|
280
-5%
|
266
-5%
|
187
-30%
|
112
-40%
|
110
-2%
|
109
-1%
|
119
+9%
|
|
| Net Income | ||||||||||||||||||||||||||||||||||||||||||||||||
| Tax Provision |
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
0
|
0
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(4)
|
(5)
|
(5)
|
(5)
|
(4)
|
(2)
|
(1)
|
(1)
|
(1)
|
(4)
|
(4)
|
(4)
|
(4)
|
(3)
|
|
| Income from Continuing Operations |
(15)
|
(19)
|
(16)
|
(16)
|
(10)
|
(3)
|
5
|
12
|
18
|
24
|
25
|
27
|
37
|
40
|
46
|
51
|
48
|
54
|
56
|
57
|
62
|
62
|
66
|
69
|
69
|
74
|
79
|
91
|
109
|
129
|
147
|
164
|
177
|
176
|
184
|
179
|
176
|
179
|
237
|
292
|
278
|
265
|
183
|
108
|
106
|
106
|
116
|
|
| Income to Minority Interest |
15
|
19
|
16
|
16
|
14
|
11
|
8
|
2
|
0
|
(10)
|
(7)
|
(11)
|
(25)
|
(27)
|
(43)
|
(38)
|
(32)
|
(34)
|
(42)
|
(46)
|
(64)
|
(77)
|
(62)
|
(66)
|
(48)
|
(30)
|
(31)
|
(29)
|
(28)
|
(31)
|
(42)
|
(54)
|
(71)
|
(78)
|
(80)
|
(72)
|
(65)
|
(60)
|
(80)
|
(105)
|
(104)
|
(101)
|
(72)
|
(42)
|
(38)
|
(38)
|
(42)
|
|
| Net Income (Common) |
0
N/A
|
0
N/A
|
0
N/A
|
0
N/A
|
3
N/A
|
8
+126%
|
12
+59%
|
15
+18%
|
19
+27%
|
14
-24%
|
18
+27%
|
16
-9%
|
11
-31%
|
13
+11%
|
1
-95%
|
8
+1 156%
|
9
+12%
|
9
+6%
|
4
-60%
|
1
-82%
|
(14)
N/A
|
(27)
-103%
|
(8)
+69%
|
(10)
-17%
|
8
N/A
|
31
+274%
|
35
+16%
|
50
+40%
|
68
+37%
|
85
+25%
|
92
+9%
|
96
+5%
|
93
-4%
|
85
-9%
|
90
+7%
|
94
+4%
|
96
+3%
|
102
+6%
|
138
+35%
|
166
+21%
|
154
-7%
|
143
-7%
|
91
-36%
|
45
-51%
|
47
+5%
|
47
-1%
|
53
+13%
|
|
| EPS (Diluted) |
0
N/A
|
0
N/A
|
0
N/A
|
0
N/A
|
0.07
N/A
|
0.14
+100%
|
0.27
+93%
|
0.21
-22%
|
0.25
+19%
|
0.4
+60%
|
0.22
-45%
|
0.37
+68%
|
0.25
-32%
|
0.28
+12%
|
0.01
-96%
|
0.1
+900%
|
0.26
+160%
|
0.15
-42%
|
0.07
-53%
|
0.01
-86%
|
-0.24
N/A
|
-0.47
-96%
|
-0.15
+68%
|
-0.16
-7%
|
0.13
N/A
|
0.44
+238%
|
0.53
+20%
|
0.4
-25%
|
0.52
+30%
|
0.6
+15%
|
0.68
+13%
|
1.05
+54%
|
1.01
-4%
|
0.92
-9%
|
0.99
+8%
|
1.05
+6%
|
1.09
+4%
|
0.69
-37%
|
0.94
+36%
|
1.2
+28%
|
2.04
+70%
|
1.89
-7%
|
1.18
-38%
|
0.59
-50%
|
0.62
+5%
|
0.62
N/A
|
0.7
+13%
|
|