National Storage Affiliates completes internalization of PRO structure; pays $32.6M cash and issues 1.5M OP units

National Storage Affiliates Trust

Closed internalization of participating regional operator (PRO) structure on July 1, 2024.
Paid $32.6 million cash and issued 1,548,866 Class A OP units to PROs for management contracts, IP, and tenant insurance.
Converted 11,906,167 subordinated performance units into 17,984,787 Class A OP and DownREIT OP units; also repurchased 194,888 sub units for cash.
Consideration for management contracts based on 4x normalized annual EBITDA from each PRO's managed portfolio (12 months ended Dec 2023).
Transition of majority of operations expected over 12 months post-closing; new temporary management agreements with some PROs.

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