Company: NSA-PB
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001618563-25-000023
Chunk: 28

Company: National Storage Affiliates Trust
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 1
Chunk 28
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 redeemable by the Company beginning ten years after the initial issuance of each Series A-1 preferred unit at a stated value of $25.00 per unit, plus accrued but unpaid distributions. The decrease in Series A-1 preferred units outstanding from December 31, 2024 to June 30, 2025 was due to the redemption of 2,387 Series A-1 preferred units for an equivalent number of Series A Preferred Shares.OP Units and DownREIT OP unitsOP units in the Company's operating partnership are redeemable for cash or, at the Company's option, exchangeable for common shares on a one-for-one basis, and DownREIT OP units are redeemable for cash or, at the Company's option, exchangeable for OP units in its operating partnership on a one-for-one basis, subject to certain adjustments in each case. The holders of OP units are generally not entitled to elect redemption until one year after the issuance of the OP units. The holders of DownREIT OP units are generally not entitled to elect redemption until five years after the date of the contributor's initial contribution or such later date as may be agreed to by the contributor and the operating partnership.The decrease in OP units outstanding from December 31, 2024 to June 30, 2025 was due to the redemption of 202,167 OP units for an equal number of common shares and the redemption of 3,664 OP units for cash, partially offset by the conversion of 144,238 LTIP units into an equivalent number of OP units.LTIP UnitsLTIP units are a special class of partnership interest in the Company's operating partnership that allow the holder to participate in the ordinary and liquidating distributions received by holders of the OP units (subject to the achievement of specified levels of profitability by the Company's operating partnership or the achievement of certain events). LTIP units may also, under certain circumstances, be convertible into OP units on a one-for-one basis, which are then exchangeable for common shares as described above.The increase in LTIP units outstanding from December 31, 2024 to June 30, 2025 was due to the issuance of 199,975 compensatory LTIP units to employees and trustees, net of forfeitures. This increase was partially offset by the conversion of 144,238 LTIP units into an equivalent number of OP units.

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4. SELF STORAGE PROPERTIES

Self storage properties are summarized as follows (dollars in thousands):June 30, 2025December