Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

v2.4.1.9
EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2015
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE
The following is a summary of the elements used in calculating basic and diluted earnings or loss per common share for the three months ended March 31, 2015 and 2014, respectively (dollars in thousands):
 
Three Months Ended
March 31,
 
2015
 
2014
Net loss
$
(2,771
)
 
$
(2,803
)
Less net loss attributable to noncontrolling interests
2,771

 
2,803

Net income (loss) attributable to National Storage Affiliates Trust
$
—

 
$
—

Weighted average shares outstanding (basic and diluted)
1,000

 
1,000

Earnings (loss) per share (basic and diluted)
$
—

 
$
—


As discussed in Note 3, the Company did not have an ownership interest or share in our operating partnership's profits and losses prior to the completion of the Company's initial public offering. As a result, all of our operating partnership's profits and losses for the three months ended March 31, 2015 and 2014 were allocated to noncontrolling interests.
The following table summarizes the weighted average outstanding equity interests of our operating partnership and DownREIT partnerships for the periods ended March 31, 2015 and 2014. These equity interests are considered potential common shares for purposes of calculating earnings or loss per share as the unitholders may, through the exercise of redemption rights, obtain common shares, subject to various restrictions. After a minimum of one year from the completion of the initial public offering, OP units in our operating partnership are redeemable for cash or, at our option, exchangeable for common shares on a one-for-one basis, subject to certain adjustments. DownREIT OP units are redeemable for cash or, at our option, exchangeable for OP units in our operating partnership on a one-for-one basis, subject to certain adjustments. LTIP units, subordinated performance units, and DownREIT subordinated performance units may also, under certain circumstances, be convertible into or exchangeable for common shares (or other units that are convertible into or exchangeable for common shares). Subordinated performance units are only convertible into OP units, beginning two years following the completion of the initial public offering and then (i) at the holder’s election only upon the achievement of certain performance thresholds relating to the properties to which such subordinated performance units relate or (ii) at our election upon a retirement event of a PRO that holds such subordinated performance units or upon certain qualifying terminations. Certain LTIP units vested upon the completion of the Company's initial public offering and certain LTIP units will vest upon the future acquisition of properties sourced by PROs.
All potential common shares have been excluded from the earnings or loss per share calculations for the periods ended March 31, 2015 and 2014.
 
Three Months Ended
March 31,
 
2015
 
2014
OP units (1)
19,205,125

 
9,262,624

Subordinated performance units (2)
8,886,097

 
4,335,093

LTIP units (3)
2,712,640

 
2,090,160

DownREIT units
 
 
 
DownREIT OP units
1,386,143

 
—

DownREIT subordinated performance units
3,636,089

 
—

Total
35,826,094

 
15,687,877

 
 
 
 
(1) 
Amount for the three months ended March 31, 2014 includes 2,060,711 OP units issued in connection with the contribution of 65 self storage properties on April 1, 2014 by SecurCare Portfolio Holdings, LLC and SecurCare Value Properties, Ltd. (collectively, "NSA Predecessor"), entities whose principal owner is the Company's chairman and chief executive officer. NSA Predecessor does not represent a single legal entity but a combination of these two legal entities under common control. For financial reporting purposes, NSA Predecessor contributions are classified as a reorganization of entities under common control whereby the contributed self storage properties have been recorded in the Company's financial statements at NSA Predecessor's depreciated historical cost basis. 
(2) 
Amount for the three months ended March 31, 2014 includes 1,464,782 subordinated performance units issued in connection with the contribution of 65 self storage properties by NSA Predecessor on April 1, 2014. 
(3) 
Amount includes weighted average LTIP units outstanding of 522,900 and 902,870 for the three months ended March 31, 2015 and 2014, respectively, which only vest upon the future contribution of properties from the PROs.