Company: NSA-PB
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001618563-25-000023
Chunk: 19

Company: National Storage Affiliates Trust
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 1
Chunk 19
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A," the "Company," "we," "our," and "us" refers to National Storage Affiliates Trust and its consolidated subsidiaries, except where the context indicates otherwise. The Company has elected and believes that it has qualified to be taxed as a real estate investment trust for U.S. federal income tax purposes ("REIT") commencing with its taxable year ended December 31, 2015.Through its controlling interest as the sole general partner of NSA OP, LP (its "operating partnership"), a Delaware limited partnership formed on February 13, 2013, the Company is focused on the ownership, operation, and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. Pursuant to the operating partnership's Fourth Amended and Restated Agreement of Limited Partnership (the "LP Agreement"), the operating partnership is authorized to issue preferred units, Class A Units ("OP units") and Long-Term Incentive Plan Units ("LTIP units"). The Company also owns certain of its self storage properties through other consolidated subsidiaries of its operating partnership, which the Company refers to as "DownREIT partnerships." The DownREIT partnerships issue equity ownership interests that are intended to be economically equivalent to the Company's OP units ("DownREIT OP units"). The Company owned 807 consolidated self storage properties in 33 states and Puerto Rico with approximately 51.6 million rentable square feet in approximately 406,000 storage units as of June 30, 2025, excluding two properties classified as held for sale, that were sold to a third party in July 2025. These properties are managed with local operational focus and expertise.As of June 30, 2025, the Company also managed through its property management platform an additional portfolio of 260 properties owned by the Company's unconsolidated real estate ventures. These properties contain approximately 18.1 million rentable square feet, configured in approximately 144,000 storage units and located across 24 states. The Company owns a 25% equity interest in each of its unconsolidated real estate ventures.As of June 30, 2025, the Company operated and held ownership interests in 1,067 self storage properties located across 37 states and Puerto Rico with approximately 69.7 million rentable square feet in approximately 550,000 storage units, excluding properties classified as held for sale.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of PresentationThe accompanying condensed consolidated financial