Company: NSA-PB
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022674
Chunk: 75

Company: National Storage Affiliates Trust
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 2
Chunk 75
---
REIT OP units are also redeemable for cash or, at our 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 Note 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.

34

The following table presents a reconciliation of earnings per share - diluted to FFO and Core FFO per share and unit for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31,20252024Earnings per share - diluted$0.10 $0.65 Impact of the difference in weighted average number of shares(1)(0.04)0.10 Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method(2)0.04 — Add real estate depreciation and amortization0.35 0.39 Add equity in losses of unconsolidated real estate ventures0.04 0.01 Add Company's share of FFO in unconsolidated real estate ventures0.04 0.05 Subtract gain on sale of self storage properties(0.01)(0.51)FFO attributable to subordinated performance unitholders— (0.09)FFO per share and unit0.52 0.60 Add acquisition costs— — Add integration costs0.02 — Core FFO per share and unit$0.54 $0.60 (1)Adjustment accounts for the difference between the weighted average number of shares used to calculate diluted earnings per share and the weighted average number of shares used to calculate FFO and Core FFO per share and unit. Diluted earnings per share is calculated using the two-class method for the company's restricted common shares and the treasury stock method for certain unvested LTIP units, and assumes the conversion of vested LTIP units into OP units on a one-for-one basis and the hypothetical conversion of