Company: NSA-PB
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008656
Chunk: 66

Company: National Storage Affiliates Trust
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 66
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 in 2023 relate to casualty-related expenses incurred during 2022 and are recorded in the line item "Other" within operating expenses in our condensed consolidated statements of operations.(4)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 our operating partnership on a one-for-one basis, subject to certain adjustments in each case. 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). All subordinated performance units and DownREIT subordinated performance units were converted into OP units on July 1, 2024, in connection with the internalization of the PRO structure. See footnote 1 to the following table 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.

39

The following table presents a reconciliation of earnings per share - diluted to FFO and Core FFO per share and unit for the periods presented:

Year Ended December 31,202420232022Earnings per share - diluted$1.18 $1.48 $0.99 Impact of the difference in weighted average number of shares(1)(0.46)0.23 (0.28)Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method(2)0.55 — 0.62 Add real estate depreciation and amortization1.49 1.73 1.79 Add (subtract) equity in losses (earnings) of unconsolidated real estate ventures0.12 (0.06)(0.06)Add Company's share of FFO in unconsolidated real estate ventures0.19 0.19 0.19 Subtract gain on sale of self storage properties(0.50)(0.52)(0.05)FFO attributable to subordinated performance unitholders(0.17)(0.38)(0.46)FFO per share and unit2.40 2.67 2.74 Add acquisition costs