Company: NSA-PB
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022674
Chunk: 61

Company: National Storage Affiliates Trust
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 61
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 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.

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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 three months ended March 31, 2025, after receiving notices of redemption from certain OP unitholders, we elected to issue 93,661 common shares to such holders in exchange for 93,661 OP units in satisfaction of the operating partnership's redemption obligations.

Issuance and Redemption of OP Equity

During the three months ended March 31, 2025, we issued 50,533 OP units upon the conversion of an equivalent number of LTIP units and redeemed 2,387 Series A-1 preferred units for an equivalent number of Series A Preferred Shares. 

Dividends and Distributions

During the three months ended March 31, 2025, the Company paid $43.6 million of distributions to common shareholders, $5.1 million of distributions to preferred shareholders and distributed $33.7 million to noncontrolling interests.

On February 13, 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 March 14, 2025. On February 13, 2025, our board of trustees also declared cash distributions of $0.375 per Series A Preferred Share, Series B Preferred Share and Series A-1 preferred unit to shareholders and unitholders of record as of March 14, 2025.

Off-Balance Sheet Arrangements

Except as disclosed in the notes to our financial statements, as of March 31, 2025, we did not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purposes entities, which typically are established for