EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

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 three and nine months ended September 30, 2024 and 2023 (dollars in thousands, except per share amounts):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Earnings per common share - basic and diluted
Numerator
Net income	$	29,771	$	43,064	$	157,139	$	128,932
Net income attributable to noncontrolling interests	(11,070)		(13,827)		(62,349)		(41,290)
Net income attributable to National Storage Affiliates Trust	18,701		29,237		94,790		87,642
Distributions to preferred shareholders	(5,112)		(5,110)		(15,332)		(13,908)
Distributed and undistributed earnings allocated to participating securities	(9)		(13)		(34)		(44)
Net income attributable to common shareholders - basic	13,580		24,114		79,424		73,690
Effect of assumed conversion of dilutive securities	—		13,396		—		40,012
Net income attributable to common shareholders - diluted	$	13,580	$	37,510	$	79,424	$	113,702
Denominator
Weighted average shares outstanding - basic	75,760		87,004		77,047		88,263
Effect of dilutive securities:
Weighted average OP units outstanding	—		38,030		—		38,505
Weighted average DownREIT OP units outstanding	—		2,121		—		2,121
Weighted average LTIP units outstanding	—		61		—		54
Weighted average subordinated performance units and DownREIT subordinated performance unit equivalents	—		18,902		—		18,667
Weighted average shares outstanding - diluted	75,760		146,118		77,047		147,610
Earnings per share - basic	$	0.18	$	0.28	$	1.03	$	0.83
Earnings per share - diluted	$	0.18	$	0.26	$	1.03	$	0.77