Company: NSA-PB
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022674
Chunk: 74

Company: National Storage Affiliates Trust
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 2
Chunk 74
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 with GAAP, as presented in our condensed consolidated financial statements.

33

The following table presents a reconciliation of net income to FFO and Core FFO for the three months ended March 31, 2025 and 2024 (dollars in thousands, except per share and unit amounts):

Three Months Ended March 31,20252024Net income $19,519 $95,088 Add (subtract):Real estate depreciation and amortization47,661 46,964 Equity in losses of unconsolidated real estate ventures5,739 1,630 Company's share of FFO in unconsolidated real estate ventures5,052 5,685 Gain on sale of self storage properties(1,425)(61,173)Distributions to preferred shareholders and unitholders(5,568)(5,568)FFO attributable to subordinated performance units(1)— (10,730)FFO attributable to common shareholders, OP unitholders, and LTIP unitholders70,978 71,896 Add:Acquisition costs403 507 Integration costs(2)2,042 — Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders$73,423 $72,403 Weighted average shares and units outstanding - FFO and Core FFO:(3)Weighted average shares outstanding - basic76,372 80,236 Weighted average restricted common shares outstanding21 22 Weighted average OP units outstanding52,147 37,633 Weighted average DownREIT OP unit outstanding5,769 2,120 Weighted average LTIP units outstanding925 693 Total weighted average shares and units outstanding - FFO and Core FFO135,234 120,704 FFO per share and unit$0.52 $0.60 Core FFO per share and unit$0.54 $0.60 (1)Amounts represent distributions declared for subordinated performance unitholders and DownREIT subordinated performance unitholders for the periods presented.(2)Integration costs relate to expenses incurred as a part of the internalization of the PRO structure.(3)We combine OP units and DownREIT OP units with common shares because, after the applicable lock-out periods, OP units in our operating partnership are redeemable for cash or, at our option, exchangeable for common shares on a one-for-one basis and Down