Company: NSA-PB
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022674
Chunk: 23

Company: National Storage Affiliates Trust
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 23
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 the Company did not repurchase any common shares during the three months ended March 31, 2025 and has remaining capacity of approximately $350.3 million.Noncontrolling InterestsAll of the OP equity in the Company's operating partnership not held by the Company are reflected as noncontrolling interests. Noncontrolling interests also include ownership interests in DownREIT partnerships held by entities other than the Company's operating partnership. NSA is the general partner of its operating partnership and is authorized to cause its operating partnership to issue additional partner interests, including preferred units, OP units and LTIP units at such prices and on such other terms as it determines in its sole discretion.As of March 31, 2025 and December 31, 2024, units reflecting noncontrolling interests consisted of the following:March 31, 2025December 31, 2024Series A-1 preferred units1,200,211 1,202,598 OP units52,130,361 52,173,489 LTIP units899,579 794,926 DownREIT unitsDownREIT OP units5,769,214 5,769,214 Total59,999,365 59,940,227 

14

Series A-1 Preferred UnitsThe Series A-1 preferred units rank senior to OP units and subordinated performance units in the Company's operating partnership with respect to distributions and liquidation. The Series A-1 preferred units have a stated value of $25.00 per unit and receive distributions at an annual rate of 6.000%. These distributions are cumulative. The Series A-1 preferred units are redeemable at the option of the holder after the first anniversary of the date of issuance, which redemption obligations may be satisfied at the Company’s option in cash in an amount equal to the market value of an equivalent number of the Series A Preferred Shares or the issuance of the Series A Preferred Shares on a one-for-one basis, subject to adjustments. Generally, the Series A-1 preferred units become 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 March 31, 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 DownRE