Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 95

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 95
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Weighted average shares and units outstanding - FFO and Core FFO:(3)Weighted average shares outstanding - basic76,746 75,760 76,532 77,047 Weighted average restricted common shares outstanding23 19 23 21 Weighted average OP units outstanding51,833 52,740 52,030 42,709 Weighted average DownREIT OP unit outstanding5,769 5,769 5,769 3,346 Weighted average LTIP units outstanding851 663 887 676 Total weighted average shares and units outstanding - FFO and Core FFO135,222 134,951 135,241 123,799 FFO per share and unit$0.56 $0.61 $1.61 $1.81 Core FFO per share and unit$0.57 $0.62 $1.66 $1.84 (1)Amounts represent distributions declared for subordinated performance unitholders and DownREIT subordinated performance unitholders for the periods presented.(2)Executive severance costs relate to the nine months ended September 30, 2024 and are recorded within the line items "General and administrative expenses" and "Non-operating income" in our consolidated statements of operations. 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 DownREIT 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.

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The following table presents a reconciliation