Company: NSA-PB
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001618563-25-000023
Chunk: 107

Company: National Storage Affiliates Trust
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 2
Chunk 107
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 2030 and $50.0 million of 6.73% senior unsecured notes due October 5, 2033 in a private placement to certain institutional investors.

September 2028, September 2031 and 2034 Senior Unsecured Notes

On September 5, 2024, our operating partnership issued $75.0 million of 5.40% senior unsecured notes due September 5, 2028, $125.0 million of 5.55% senior unsecured notes due September 5, 2031, and $150.0 million of 5.74% senior unsecured notes due September 5, 2034 in a private placement to certain institutional investors.

46

Debt, Issuer and Preferred Shares Ratings

On March 17, 2025, Kroll Bond Rating Agency, LLC ("KBRA") downgraded the operating partnership's issuer and senior notes credit ratings to BBB from BBB+ and revised the outlook to stable from negative. KBRA also downgraded the credit ratings for the Company's Series A Preferred Shares and Series B Preferred Shares to BBB- from BBB.

Equity Transactions

Issuance of Common Shares

During the six months ended June 30, 2025, after receiving notices of redemption from certain OP unitholders, we elected to issue 202,167 common shares to such holders in exchange for 202,167 OP units in satisfaction of the operating partnership's redemption obligations.

Issuance and Redemption of OP Equity

During the six months ended June 30, 2025, we issued 144,238 OP units upon the conversion of an equivalent number of LTIP units, redeemed 3,664 OP units for cash, and redeemed 2,387 Series A-1 preferred units for an equivalent number of Series A Preferred Shares. 

Dividends and Distributions

During the six months ended June 30, 2025, the Company paid $87.2 million of distributions to common shareholders, $10.2 million of distributions to preferred shareholders and distributed $67.4 million to noncontrolling interests.

On May 15, 2025, our board of trustees declared a cash dividend and distribution, respectively, of $0.57 per common share and OP unit to shareholders and OP unitholders of record as of June 13, 2025. On May 15, 2025, our board of trustees also declared cash distributions of $0.375 per Series A Preferred Share