EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of the computation of basic and diluted earnings per common share

The following table sets forth the computation of basic and diluted earnings per common share for the years ended December 31, 2023, 2022 and 2021 (in thousands, except per share amounts):


	Year Ended December 31,
	2023		2022		2021
Earnings per common share - basic and diluted
Numerator
Net income	$	236,988	$	183,765	$	146,935
Net income attributable to noncontrolling interests	(80,319)		(80,028)		(41,682)
Net income attributable to National Storage Affiliates Trust	156,669		103,737		105,253
Distributions to preferred shareholders	(19,019)		(13,425)		(13,104)
Distributed and undistributed earnings allocated to participating securities	(57)		(58)		(57)
Net income attributable to common shareholders - basic	137,593		90,254		92,092
Effect of assumed conversion of dilutive securities	78,196		—		40,231
Net income attributable to common shareholders - diluted	$	215,789	$	90,254	$	132,323

Denominator
Weighted average shares outstanding - basic	86,846		91,239		81,195
Effect of dilutive securities:
Weighted average effect of outstanding forward offering agreement	—		—		100
Weighted average OP units outstanding	38,302		—		30,124
Weighted average DownREIT OP unit equivalents outstanding	2,120		—		1,925
Weighted average LTIP units outstanding	60		—		96
Weighted average subordinated performance units and DownREIT subordinated performance unit equivalents	18,695		—		21,098
Weighted average shares outstanding - diluted	146,023		91,239		134,538

Earnings per share - basic	$	1.58	$	0.99	$	1.13
Earnings per share - diluted	$	1.48	$	0.99	$	0.98
Dividends declared per common share	$	2.23	$	2.15	$	1.59