Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 20

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 1
Chunk 20
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 for a fair presentation of the condensed consolidated financial statements have been included. The Company's results of operations for the quarterly and year to date periods are not necessarily indicative of the results to be expected for the full year or any other future period.

12

Correction of Immaterial ErrorIn connection with preparing its financial statements as of and for the year ended December 31, 2024, the Company identified an immaterial error in its presentation of the effect of changes in ownership for consolidated entities, including the effect of such changes resulting from the internalization of the PRO structure and the redemption of OP units, on Additional Paid-in Capital, Accumulated Other Comprehensive Income (Loss) attributable to Common Shares, and Noncontrolling Interests, as presented on its Condensed Consolidated Statements of Changes in Equity and on its Condensed Consolidated Balance Sheets, as of and for the three months ended September 30, 2024, in the financial statements included in the Quarterly Report on Form 10-Q filed with the SEC on October 31, 2024. The Company has corrected the immaterial error in the accompanying Condensed Consolidated Statements of Changes in Equity for the three months ended September 30, 2024. The correction of the immaterial error resulted in a $112.1 million increase to Total Shareholders’ Equity (consisting of an increase in Additional Paid-in Capital of $125.6 million and a decrease in Accumulated Other Comprehensive Income of $13.5 million) and a corresponding $112.1 million decrease to Noncontrolling Interests. This correction had no impact on Total Equity in the Consolidated Statements of Changes in Equity, the Consolidated Statements of Cash Flows or Net Income for any interim or annual periods. Based on the Company's analysis considering Staff Accounting Bulletin ("SAB") No. 99 "Materiality," the Company determined that this error was immaterial to the previously issued consolidated financial statements.Principles of ConsolidationThe Company's financial statements include the accounts of its operating partnership and its controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation of entities. When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity ("VIE"), and if the Company is deemed to be the primary beneficiary, in accordance with authoritative guidance issued on the consolidation of VIEs. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether the general partner