Company: NSA-PB
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001618563-25-000023
Chunk: 38

Company: National Storage Affiliates Trust
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 1
Chunk 38
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 income that was allocated to such units.For the three months ended June 30, 2025 and 2024, potential common shares totaling 58.0 million and 58.0 million, respectively, related to OP units, DownREIT OP units and vested LTIP units have been excluded from the calculation of diluted earnings per share as they are not dilutive to earnings per share. For the six months ended June 30, 2025 and 2024, potential common shares totaling 58.0 million and 58.0 million, respectively, related to OP units, DownREIT OP units and vested LTIP units have been excluded from the calculation of diluted earnings per share as they are not dilutive to earnings per share.Participating securities, which consist of unvested restricted common shares, receive dividends equal to those received by common shares. The effect of participating securities for the periods presented above is calculated using the two-class method of allocating distributed and undistributed earnings.

10. RELATED PARTY TRANSACTIONS

Effective July 1, 2024, in connection with the internalization of its PRO structure, the Company purchased the PROs' management contracts. As of June 30, 2025, the majority of operations have transitioned to the Company.Supervisory and Administrative FeesDuring the three months ended June 30, 2024, the Company incurred $5.1 million for supervisory and administrative fees to its former PROs pursuant to their respective management contracts and during the six months ended June 30, 2024, the Company incurred $10.2 million for supervisory and administrative fees to its former PROs pursuant to their respective management contracts. In connection with the internalization of the PRO structure, the Company entered into new asset management agreements with certain of its former PROs to continue to provide leasing, operating, supervisory and administrative services for certain self storage properties on a transitionary basis. These new asset management agreements generally provided for fees ranging from 5% to 6% of gross revenue for such managed self storage properties. Under the current asset management agreements with former PROs, during the three months ended June 30, 2025, the Company incurred $1.4 million for supervisory and administrative fees and during the six months ended June 30, 2025, the Company incurred $2.8 million for supervisory and administrative fees. Supervisory and administrative fees are included in general and administrative expenses in the accompanying condensed consolidated statements of operations.

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