Company: NSA-PB
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001618563-25-000023
Chunk: 4

Company: National Storage Affiliates Trust
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 1A
Chunk 4
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ITEM 1A. Risk Factors

For a discussion of our potential risks and uncertainties, see the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Form 10-K") filed with the SEC under the heading Item 1A. "Risk Factors" beginning on page 12, which is accessible on the SEC's website at www.sec.gov.

With the exception of the risk factor set forth below, which updates and supplements the risk factors disclosed in our 2024 Form 10-K, there have been no material changes to the risk factors disclosed in our 2024 Form 10-K. 

Recent tariff actions by the U.S and other countries may have an adverse effect on our business, financial condition and results of operations.

The current U.S. administration has recently implemented tariffs on imports from a broad set of countries, including Canada, Mexico, European Union member states, Japan and China creating significant uncertainty about the future relationship between the United States and other countries with respect to these tariffs. In response to these tariffs, global trading partners have or are likely to impose their own tariffs. These developments, or the perception that any of them could occur, have resulted in significant financial market volatility and may continue to have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Further effects of these tariffs cannot be predicted with certainty. Continued uncertainty surrounding trade policies and the potential for further tariff increases or the imposition of new tariffs may lead to a continuation or worsening of the impact of the tariffs on the financial markets. These trade actions and the widespread uncertainty and international tensions resulting therefrom may have a material adverse effect on our business, results of operations, ability to access capital, and financial condition and on the market price of our common stock.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Equity Securities

During the three months ended June 30, 2025, the Company, in its capacity as general partner of its operating partnership, caused the operating partnership to issue 108,506 common shares to satisfy redemption requests from certain limited partners.

Following a specified lock up period after the date of issuance, the OP units issued by the operating partnership may be redeemed from time to time by holders for a cash amount per OP unit equal to the market value of an equivalent number of common shares. The Company has the right