Latest news with #JointVenture
Zawya
4 days ago
- Business
- Zawya
Hotel101 signs joint venture partnership agreement with Horizon Group to develop 10,000 keys in Saudi Arabia
Saudi Arabia – Hotel101 Global (Hotel101) is pleased to announce the signing of a Joint Venture Partnership Agreement with Horizon Group (Horizon) as the main partner for Hotel101's expansion into the Kingdom of Saudi Arabia with a vision to introduce the fast-growing Hotel101 Brand and develop up to ten thousand (10,000) rooms which is expected to translate to about US$2.5 Billion (Php137.5 Billion) in project value. An initial five (5) locations for Hotel101 Projects have been identified, the first of which is intended to be located in Medina, followed by Riyadh, Jeddah, Abha and Alula. Hotel101's global "one room" hotel chain is poised to disrupt the tourism industry by oWering identical, standardized hotel rooms globally. In standardization, Hotel101 sees a global opportunity in the hospitality space that brings unbeatable eWiciency, especially for the value segment so customers know exactly what to expect wherever they may be in the world. Hotel101's asset-light 'condotel' business model is designed to scale eWiciently while maximizing value for both unit owners and guests. The partnership unites Hotel 101's high-eWiciency HappyRoom concept and condo-hotel funding model with Horizon's deeply rooted market expertise and expert connections in the region. ' We are inspired by the leaders of Saudi Arabia and their sheer determination and will power to make things happen, as such, we are confident in the plans they have laid out for the region and we believe the Hotel101 concept will be able to make a significant contribution in terms of room keys to complement the 2030 Vision for the Kingdom, and to form part of our global vision of 1 million Hotel101 rooms worldwide,' said Hotel101 Global Founder Edgar 'Injap' Sia II. ' We feel very fortunate to have found the right local partners to rapidly expand the Hotel101 brand in the Kingdom of Saudi Arabia, which is one of the 25 countries we have identified for the initial expansion of Hotel101. We see tremendous opportunities in the Kingdom of Saudi Arabia given the high growth in tourism both domestic and international. We believe Saudi Arabia will be one of the most exciting markets for Hotel101 globally, ' said Hotel101 CEO Hannah Yulo-Luccini. ' With Hotel 101's rapid-build model and Horizon's local know-how, we will add 10,000 quality, aLordable rooms across the Kingdom—supporting Vision 2030, creating Saudi jobs, and expanding options for pilgrims, tourists, and business travelers alike.' said Horizon Group CEO Abdulrahman Sharbatly. Hotel101 recognizes the strategic opportunities presented by the Saudi market and its Vision 2030 plan. Hotel101 is committed to rolling out a standardized and predictable Hotel oWering on average 500 rooms per site which can cater to the evolving and growing demands of the Saudi market. In 2023, Saudi Arabia welcomed 27 million international tourists and 79 million domestic tourists breaching the 100 million visitor mark. A total spend of USD 67 billion showcased the robust tourism sector of Saudi Arabia. This is in line with the target of reaching over 150m tourists by 2030. This provides substantial opportunities in support services and infrastructure in areas such as Hotels, Shopping, F&B and transportation. About Horizon Group Horizon Group is a Saudi-headquartered investment company led by the brothers Khaled and Abdulrahman Sharbatly, and Wael Daqal, with a focus on partnering and investing in Vision 2030 industries with international market leaders. Horizon has many partnerships and aWiliations such as Alnahla Group and SAMACO, and is a market leader in its industry with a preference and focused on Hospitality and Manufacturing.
Zawya
23-05-2025
- Business
- Zawya
NMDC LTS and Chaoda announce potential collaboration to explore establishment of valve facility in UAE to support the regional energy sector
MoU for a potential Joint Venture announced at Make it in the Emirates (MIITE) which is taking place between 19 to 22 May 2025 in Abu Dhabi. MoU forms part of the MIITE mandate to drive industrial growth in the UAE. Abu Dhabi, UAE: NMDC LTS, a business vertical of NMDC Group, a global leader in engineering, procurement, construction (EPC), and marine dredging (Abu Dhabi Securities Exchange: NMDC), has announced the establishment of a Joint Venture with Chaoda at the Make it in the Emirates forum to establish a facility in the UAE that will assemble, fabricate, and distribute valves to be used in the energy sector. Headquartered in China, Chaoda is a leading manufacturer and supplier specializing in the design, production, and distribution of valves and related components for the energy industry, specifically oil & gas, petrochemicals, power generation, and other industrial applications. As part of the MoU, NMDC LTS and Chaoda will evaluate a Joint Venture to setup in UAE including equipment and staffing for the assembly operations across distinct product lines. NMDC LTS along with NMDC Energy will leverage relationships with key players in the energy sector and tap into its capabilities across logistics to ensure the success of the collaboration. More broadly, the partnership forms part of the MIITE mandate to drive industrial growth in the UAE. Peter Marvin, Chief Technical & Resource Pool Officer at NMDC LTS, added: 'This potential partnership reflects our ongoing commitment to localizing supply chains and boosting technical capabilities within the UAE and regionally. Integrating Chaoda's manufacturing expertise with our deep sector knowledge will help establish a reliable, locally operated source for critical components in the energy sector that supports both operational efficiency and the UAE's broader industrialization agenda.' At MIITE, NMDC Group is showing how its work serves as a catalyst in propelling the development of Abu Dhabi and how the Group bolsters the UAE's efforts to further shape its modern landscape and stimulate the local economy. The Group is announcing several strategic partnerships, and will also provide updates on its projects, particularly its work internationally where the Group has an active pipeline of activities in Saudi Arabia, Oman, Taiwan, and Vietnam, alongside its work in the UAE.
Yahoo
12-03-2025
- Business
- Yahoo
Transformational U.S. Uranium Transaction Snow Lake Energy Acquires the Advanced Pine Ridge Uranium Project in Wyoming Through a Strategic Partnership with Global Uranium and Enrichment Limited
Winnipeg, Manitoba--(Newsfile Corp. - March 12, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a uranium exploration and development company, is pleased to announce that it has entered into a 50/50 joint venture (the "Joint Venture") with Global Uranium and Enrichment Limited ("GUE") (ASX: GUE), to acquire 100% of the Pine Ridge Uranium Project ("Pine Ridge") in the Powder River Basin in Wyoming, United States. In addition, Snow Lake will become a cornerstone investor in GUE though the acquisition of a 19.99% interest in GUE by participating in GUE's proposed AUD$9 million capital raise. This acquisition and investment positions Snow Lake at the forefront of the uranium supply chain, securing exposure to significant and large uranium JORC 20121 resources in the United States, while also gaining access to next-generation uranium enrichment technology. For more information on GUE, their uranium asset portfolio, and the scope of their JORC 2012 mineral resource base, please refer to their website.2 Following its recent capital raisings totaling ~USD$37 million, Snow Lake is fully funded to make its contributions to the Joint Venture, and to make its strategic investment in GUE. Investment and Acquisition Highlights Premier U.S. Uranium Asset - Pine Ridge: Pine Ridge is located in Wyoming's Powder River Basin, and is an advanced In-Situ Recovery (ISR) uranium project primed for rapid development Pine Ridge is a uranium project of potential significant scale with a large JORC 2012 exploration target. For more information on this exploration target see GUE's ASX Announcement dated March 12, 2025 Pine Ridge is surrounded by global-scale uranium projects held by UEC and Cameco, including Cameco's Smith Ranch Uranium Mill, which is located just 15km away, with a licensed capacity of 5.5M lbs U3O8 (see Figure 1) Joint Venture management team has significant uranium exploration, development and permitting experience in the Powder River Basin in Wyoming Drilling is expected to commence immediately after acquisition as part of an accelerated work program to advance Pine Ridge Wyoming is the leading uranium-producing region in the United States, supported by a favourable regulatory environment and streamlined permitting processes Key terms of the acquisition of Pine Ridge, and the Joint Venture between Snow Lake and GUE, are set out in Schedule A (below) Cornerstone Investment: Snow Lake will acquire a strategic 19.99% stake in GUE by participating in GUE's proposed $9M AUD capital raise Board Representation: Snow Lake CEO, Frank Wheatley, will join the Board of Directors of GUE as a Non-Executive Director, ensuring strategic alignment Broader GUE Uranium Portfolio Exposure: Snow Lake's investment in GUE also provides indirect exposure to multiple premier uranium assets currently held by GUE, including: Tallahassee Uranium Project (Colorado, USA): With a large JORC 2012 Mineral Resource. For more information on the resource, please refer to GUE's website3. Ubaryon Investment: GUE holds a cornerstone position in Ubaryon, a pioneering Australian company developing next-generation uranium enrichment technology4 CEO Remarks "We are thrilled to make the acquisition of the Pine Ridge Uranium Project together with Global Uranium and Enrichment Limited, and to make the investment in GUE to become their cornerstone investor" said Frank Wheatley, CEO of Snow Lake. "The Powder River Basin in Wyoming is one of the preeminent uranium producing regions in the United States and this acquisition provides Snow Lake with a robust and strategic foothold in the United States. With global focus turning to nuclear energy to address energy security concerns, coupled with the United States administration's policies favoring domestic energy security and advanced nuclear technology, we see this acquisition and investment as a transformative opportunity to expand our uranium footprint and create value for our shareholders. We are especially pleased with the exploration and development team GUE has assembled, with extensive background in both uranium exploration and operating in Wyoming, and we look forward to working closely with GUE and their team to rapidly advance the Pine Ridge Project, which we believe holds the potential to create substantial value for Snow Lake shareholders." Figure 1: Location of Pine Ridge Uranium Project in Wyoming, U.S. To view an enhanced version of this graphic, please visit: About Global Uranium and Enrichment Limited Global Uranium and Enrichment Limited (GUE) is an Australian public listed company providing unique exposure to not only uranium exploration and development, but to the uranium enrichment space. Amid a nuclear energy renaissance, GUE is developing a portfolio of advanced, high grade uranium assets in prolific uranium districts in the United States and Canada, and has established a cornerstone position in Ubaryon Pty Ltd, an Australian uranium enrichment technology company. For more information on GUE, please refer to their website5. GUE Uranium Asset Portfolio: Pine Ridge Uranium Project (Wyoming, U.S.): Located in the premier U.S. uranium mining region with a substantial JORC 2012 exploration target. More than 1,200 holes having been drilled on Pine Ridge, which have identified over 140 miles of redox fronts with potential to define a substantial In-Situ Recovery uranium resource base Tallahassee Uranium Project (Colorado, U.S.): Located in Colorado's Tallahassee Creek Uranium District containing a substantial JORC 2012 resource Athabasca Basin Projects (Saskatchewan, Canada): Portfolio of six high-grade exploration assets in the Athabasca Basin, home to the world's largest and highest-grade uranium mines. Portfolio includes the Newnham Lake Project with grades of up to 1,953ppm U3O8 from historic drilling, and the Middle Lake Project with boulder-trains grades of up to 16.9% U3O86 Ubaryon Investment (Australia): Cornerstone position in Ubaryon Pty Ltd, an Australian uranium enrichment technology company Maybell Uranium Project (Colorado, U.S.): High grade JORC 2012 exploration target established at the project. Historical production of 5.3 million pounds of U3O8 (average grade 1,300ppm) Rattler Uranium Project (Utah, U.S.): Located within La Sal Uranium District, Utah, 85km north of White Mesa Uranium/Vanadium mill, the only operating conventional uranium mill in the USA GUE Management GUE's Operational Staff includes Andrew Ferrier, Tim Brown, and Jim Viellenave. These three individuals have more than 80 years of exploration, development, and operating experience in mining and mineral processing, much of which is in uranium. Among the major projects worked on was the development, resource expansion, and full permitting for construction and operation of the Reno Creek ISR uranium project in Wyoming. Reno Creek is a very similar project to Pine Ridge and is located approximately 30 miles away. Snow Lake Resources Ltd. Snow Lake Resources Ltd., d/b/a Snow Lake Energy, is a Canadian mineral exploration company listed on Nasdaq:LITM, with a global portfolio of clean energy mineral projects comprised of three uranium projects and two hard rock lithium projects. The Engo Valley Uranium Project is an exploration stage project located in the Skeleton Coast of Namibia, the Black Lake Uranium Project is an exploration stage project located in the Athabasca Basin, Saskatchewan, and the Buffalo Uranium Project is an exploration stage project in Wyoming, United States. The Shatford Lake Project is an exploration stage project located adjacent to the Tanco lithium, cesium and tantalum mine in Southern Manitoba, and the Snow Lake Lithium™ Project is an exploration stage project located in the Snow Lake region of Northern Manitoba. Learn more at Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including without limitation statements with regard to Snow Lake Resources Ltd. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will," "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Snow Lake Resources Ltd.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Some of these risks and uncertainties are described more fully in the section titled "Risk Factors" in our registration statements and annual reports filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Snow Lake Resources Ltd. undertakes no duty to update such information except as required under applicable law. Contact and InformationFrank Wheatley, CEO Investor RelationsInvestors:ir@ Follow us on Social MediaTwitter: Schedule A Key Terms of Material Agreements Purchase and Sale Agreement - Pine Ridge Uranium Project PARTIES Stakeholder Energy, LLC (Seller), Powder River Basin LLC (Buyer)The Buyer is owned 50% by Usuran Resources Inc, a wholly owned subsidiary of Global Uranium and Enrichment Limited (GUE), and 50% by Snow Lake Exploration (US) Ltd., a wholly owned subsidiary of Snow Lake Resources Ltd. ACQUISITION The Seller agrees to sell, and the Buyer agrees to purchase, the Pine Ridge Uranium Project held by the Seller (Acquisition).The Pine Ridge Uranium Project will be transferred to the Buyer upon payment of the Third Instalment. CONSIDERATION In consideration for Acquisition, the Buyer is to: (a) pay the Seller a total of US$22,500,000 cash, to be paid in three equal installments of US$7,500,000, payable as follows: (i) US$7,500,000 to be paid at closing (Closing) of the Acquisition contemplated by the Purchase and Sale Agreement (Acquisition Agreement) (First Instalment); (ii) US$7,500,000 to be paid on or before one-year from the date of Closing (Second Instalment); and (iii) US$7,500,000 to be paid on or before two years from the date of Closing (Third Instalment) Unless the Parties otherwise agree, the Closing shall occur on or before April 22, 2025. ROYALTY The Buyer shall pay the Seller a production royalty based on an applicable royalty percentage (which will be calculated by a Net Smelter Returns variable between 3.5% and 6%, dependent on U3O8 Realized Price) from uranium, vanadium and related minerals produced and sold or deemed sold by Buyer from any additional property or property interests acquired by the Buyer, or its affiliates or permitted assigns, within twenty (20) years after the effective date of March 11, 2025. PRE-CLOSING CONDITIONS Closing of the Acquisition will be subject to standard closing conditions, including the Buyer and GUE obtaining all necessary shareholder, third-party, and regulatory approvals necessary to complete the transaction contemplated by the Acquisition Agreement (together, the Conditions). EXPENDITURE REQUIREMENT The Buyer shall expend a minimum of US$10,000,000 in exploration and development costs by the three-year anniversary of the Closing. RIGHTS DURING TERM The Seller grants to the Buyer the sole and exclusive right to enter upon and use the Mining Claims and the properties covered by the Underlying Agreements, and to grant such rights to its affiliates and permitted assigns, for the purpose and with the sole and exclusive right and privilege of prospecting, exploring for and developing uranium, vanadium and related minerals. DEFAULT AND TERMINATION (a) Default: the Buyer's failure to abide by the terms of the Acquisition Agreement, including its obligation to make full payment when due and without demand, constitutes a default. Upon the Buyer's default, the Seller may give the Buyer notice requiring the Buyer to satisfy the obligations within a period of twenty (20) business days from the date of the notice. (b) Termination: the Acquisition Agreement may be terminated as follows: (i) at the Buyer's sole discretion at any time prior to the payment of the Third Instalment and delivery of the transaction documents to the Buyer by the escrow agent; (ii) upon notice by the Seller to the Buyer if the Conditions have not been satisfied and have not been waived by the Seller by May 15, 2025; (iv) upon notice by the Buyer to the Seller if the Conditions have not been satisfied and have not been waived by Seller by May 15, 2025; (v) at the Seller's sole discretion, upon the Buyer's default; or (vi) at the Buyer's sole direction, upon the Seller's default. (c) Effect of Termination: if such termination occurs prior to the Closing as a result of a default by the Buyer, the Buyer shall be obligated to pay to the Seller, as liquidated damages and not a penalty, a single break fee in the amount of US$500,000. GOVERNING LAW The Acquisition Agreement is to be governed by, and construed in accordance with, the laws of the State of Wyoming, other than its rules as to conflicts of laws which would result in the imposition of the laws of some other jurisdiction. OTHER TERMS The Acquisition Agreement otherwise contains provisions considered standard for an agreement of its nature (including exclusivity, representations and warranties and confidentiality provisions). Joint Venture Agreement PARTIES Usuran Resources, Inc (a wholly owned subsidiary of Global Uranium and Enrichment Limited) (Usuran)Snow Lake Exploration (US) Ltd (a wholly owned subsidiary of Snow Lake Resources Ltd (Snow Lake) JOINT VENTURE The parties will have an initial interest in Powder River Basin LLC (JVCo) as follows: (a) Snow Lake - 50%; and(b) Usuran - 50%.As their initial contributions, each party has contributed to the JVCo US$3,750,000 in order for the JVCo to pay the First Installment to the Seller. In connection with the JVCo's payment and performance obligations under the Acquisition Agreement, each of the parties acknowledges its obligation to contribute the following to the JVCo: (i) cash in the amount of US$5,250,000 prior to the first anniversary of the Closing under the Acquisition Agreement (of which US$750,000 shall be contributed at least 3 business days before the closing date of the Acquisition Agreement), (ii) cash in the amount of US$5,250,000 prior to the second anniversary of the Closing under the Acquisition Agreement, and (iii) cash in the amount of $2,000,000 prior to the third anniversary of the Closing under the Acquisition Agreement. MANAGEMENT COMMITTEE AND MANAGER The parties will establish a committee (Management Committee) consisting of four representatives, of which two representatives shall be appointed by Usuran and two representatives shall be appointed by Snow JVCo will be managed by one Manager. The initial manager shall be Usuran. DILUTION Dilution due to DefaultIf a party (the Delinquent Member) has not contributed all or any portion of any additional capital contribution that such party is or was required to contribute (the Default Amount), then the other party (the Non-Defaulting Member) may elect to exercise its rights after the occurrence of the the Non-Defaulting Member elects to proceed as follows, the payment by the Non-Defaulting Member of the Default Amount shall be treated as a capital contribution by the Non-Defaulting Member to the JVCo on behalf of the Delinquent Member. In such case, the Interest of the Delinquent Member shall be reduced by an amount (expressed as a percentage) equal to: (i) the Default Dilution Multiple; multiplied by the Default Amount; divided by (ii) the aggregate Contributed Capital of all parties (determined after taking into account the contribution of the Default Amount). The Interest of the Non-Defaulting Member shall be increased by the reduction in the Interest of the Delinquent Member. The foregoing adjustments shall be effective as of the date of the Dilution Multiple means: (a) during the period prior to an affirmative vote of the Management Committee to undertake mining on any portion of the JVCo's properties (Affirmative Mining Decision), 1.5, and (b) during the period from and after an Affirmative Mining Decision, due to non-contribution If a party (the Non-Contributing Member) delivers a notice to the Management Committee (Non-Contribution Notice), within twenty (20) days after the final vote adopting a Program and Budget, the Interest of each party shall be adjusted, effective as of the beginning of the period covered by the Program and Budget, to equal a fraction, expressed as a percentage: (a) the numerator of which equals: (i) the contributed capital of the party as of the beginning of the period covered by the Program and Budget; plus (ii) the amount, if any, that the party has agreed to contribute to the Program and Budget; plus (iii) if the party is the member which has or is deemed to have elected to contribute its proportionate amount to the Program and Budget in accordance with its Interest (Contributing Member), the amount of the Excess Contribution (being all or any portion of the underfunded amount by the Non-Contributing Member), if any, that the Contributing Member has agreed to contribute to the Program and Budget with respect to the Underfunded Amount, multiplied by the Non-Contribution Dilution Multiple; and (b) the denominator of which equals the sum of the amounts calculated under item (i) above for all parties. Non-Contribution Dilution Multiple means (a) during the period prior to an Affirmative Mining Decision, 1.0, and (b) during the period from and after an Affirmative Mining Decision, 1.5. NON-COMPETE COVENANT If a party voluntarily resigns or relinquishes its interest, the party and its affiliates may not directly or indirectly acquire any interest in property within the Area of Interest (as that term is defined in JVA) for a period 24 months from the date of the resignation of relinquishment. TERMINATION The JVCo will be terminated upon:(a) the unanimous agreement of the parties to dissolve the JVCo; or(a) upon completion of the distribution of the assets of the JVCo. TRANSFER ON INSOLVENCY In a party becomes the subject of an insolvency event (Insolvent Party), the Insolvent Party must notify the other party of its insolvency and transfer its entire interest in the JVCo, free of any encumbrances, to the other party as soon as reasonably practicable in exchange for payment of an amount equal to the fair market value of the transferred interest minus any fees and expenses incurred in the appraisal of the fair market value. GOVERNING LAW The JVA is to be governed by, and interpreted in accordance with, the laws of the State of Delaware, except for its rules as to conflicts of laws that would apply the laws of another state. OTHER TERMS The JVA otherwise contains provisions considered standard for an agreement of its nature (including programs and budgets, distributions and confidentiality provisions). _________________________1 The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("the JORC Code") 2012 edition.2 Refer to GUE's ASX announcement dated 9 November 2021 for the JORC details of the Athabasca Projects and other historical information. GUE confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement of 9 November 2021. To view the source version of this press release, please visit Sign in to access your portfolio
Yahoo
26-02-2025
- Business
- Yahoo
National Storage Affiliates Trust Reports Fourth Quarter and Full Year 2024 Results
GREENWOOD VILLAGE, Colo., February 26, 2025--(BUSINESS WIRE)--National Storage Affiliates Trust ("NSA" or the "Company") (NYSE: NSA) today reported the Company's fourth quarter and full year 2024 results. Fourth Quarter 2024 Highlights Reported net income of $26.1 million for the fourth quarter of 2024, a decrease of 75.8% compared to the fourth quarter of 2023. Reported diluted earnings per share of $0.15 for the fourth quarter of 2024 compared to $0.72 for the fourth quarter of 2023. Reported core funds from operations ("Core FFO") of $81.2 million, or $0.60 per share for the fourth quarter of 2024, a decrease of 11.8% per share compared to the fourth quarter of 2023. Reported a decrease in same store net operating income ("NOI") of 7.5% for the fourth quarter of 2024 compared to the same period in 2023, driven by a 4.3% decrease in same store total revenues and a 4.7% increase in same store property operating expenses. Reported same store period-end occupancy of 84.4% as of December 31, 2024, a decrease of 140 basis points compared to December 31, 2023. Acquired four wholly-owned self storage properties for approximately $39.6 million during the fourth quarter of 2024. Entered into a new sales agreement for an At the Market ("ATM") program authorizing, but not obligating, the sale of up to $400.0 million of NSA's common shares of beneficial interest ("common shares") from time to time. Full Year 2024 Highlights Reported net income of $183.3 million for full year 2024, a decrease of 22.7% compared to full year 2023. Reported diluted earnings per share of $1.18 for full year 2024 compared to $1.48 for full year 2023. Reported Core FFO of $308.7 million, or $2.44 per share for full year 2024, a decrease of 9.3% per share compared to full year 2023. Reported a decrease in same store NOI of 5.5% for full year 2024 compared to full year 2023, driven by a 3.0% decrease in same store total revenues and a 3.7% increase in same store property operating expenses. Acquired seven wholly-owned self storage properties for approximately $64.9 million and 18 self storage properties through the Company's unconsolidated real estate ventures for approximately $147.9 million during full year 2024. Completed the sales of 40 wholly-owned self storage properties to unaffiliated third parties for net proceeds of approximately $273.1 million and contributed 56 wholly-owned self storage properties to a joint venture between a subsidiary of NSA and a subsidiary of Heitman Capital Management, LLC (the "2024 Joint Venture") for approximately $346.5 million during full year 2024. Repurchased 7,400,322 common shares for approximately $275.2 million under the previously announced share repurchase program. Completed the internalization of the Company's participating regional operator ("PRO") structure. As a result, the Company purchased the PROs' management contracts, and in some cases, their brand names, related intellectual property and certain rights related to the PROs' tenant insurance programs. David Cramer, President and Chief Executive Officer, commented, "Same store results were in line with our expectations for the fourth quarter as we were pleased to finish the heavy lifting from the internalization of our PRO structure. Core FFO per share came in at the high end of our expectations due primarily to lower-than-expected general and administrative expenses, better-than-expected contributions from our unconsolidated real estate ventures, and favorable property and tenant insurance outcomes." Mr. Cramer further commented, "We were focused throughout 2024 positioning NSA to realize outsized benefits as market fundamentals improve. While there is uncertainty in the macro environment for 2025, we have no near term debt maturities, and we remain focused on executing operationally and realizing the expected accretion that we've previously highlighted from the internalization of our PRO structure." Financial Results ($ in thousands, except per share and unit data) Three Months Ended December 31, Year Ended December 31, 2024 2023 Change 2024 2023 Change Net income $ 26,131 $ 108,056 (75.8 )% $ 183,270 $ 236,988 (22.7 )% Funds From Operations ("FFO")(1) $ 79,746 $ 83,369 (4.3 )% $ 304,123 $ 341,528 (11.0 )% Add back acquisition costs 328 235 39.6 % 1,602 1,659 (3.4 )% Add integration and executive severance costs(2) 1,137 — — % 2,671 — — % Subtract casualty-related recoveries(3) — — — % — (522 ) — % Add loss on early extinguishment of debt — — — % 323 758 (57.4 )% Core FFO(1) $ 81,211 $ 83,604 (2.9 )% $ 308,719 $ 343,423 (10.1 )% Earnings per share - basic $ 0.15 $ 0.77 (80.5 )% $ 1.18 $ 1.58 (25.3 )% Earnings per share - diluted $ 0.15 $ 0.72 (79.2 )% $ 1.18 $ 1.48 (20.3 )% FFO per share and unit(1) $ 0.59 $ 0.68 (13.2 )% $ 2.40 $ 2.67 (10.1 )% Core FFO per share and unit(1) $ 0.60 $ 0.68 (11.8 )% $ 2.44 $ 2.69 (9.3 )% (1) Non-GAAP financial measures, including FFO, Core FFO and NOI, are defined in the Glossary in the supplemental financial information and, where appropriate, reconciliations of these measures and other non-GAAP financial measures to their most directly comparable GAAP measures are included in the Schedules to this press release and in the supplemental financial information. (2) Integration costs relate to expenses incurred as a part of the internalization of the PRO structure. Executive severance costs are recorded within the line items "General and administrative expenses" and "Non-operating (expense) income" in our consolidated statements of operations. (3) Casualty-related recoveries in 2023 relate to casualty-related expenses incurred during 2022 and are recorded in the line item "Other" within operating expenses in our consolidated statements of operations. Net income decreased $81.9 million for the fourth quarter of 2024 and by $53.7 million for the year ended December 31, 2024 ("year-to-date") as compared to the same periods in 2023. These decreases were primarily driven by a decrease in NOI, resulting from: (i) the sale of 32 self storage properties to an unaffiliated third party in December 2023, (ii) the contribution of 56 self storage properties to the 2024 Joint Venture, in the first quarter of 2024, and (iii) the sale of 40 self storage properties to unaffiliated third parties in the year ended December 31, 2024. Additionally, the decrease in net income for the fourth quarter of 2024 was impacted by a gain on sale of self storage properties in the fourth quarter of 2023. The decreases in net income for the fourth quarter and year-to-date were partially offset by decreases in depreciation expense of $5.8 million and $32.1 million, respectively, and interest expense of $6.1 million and $11.9 million, respectively. The decreases in FFO and Core FFO for the fourth quarter of 2024 and year-to-date were the result of a decrease in NOI of 16.0% and 13.3%, respectively, which were partially offset by a decrease in interest expense of 13.4% and 7.2%, respectively, as compared to the same periods in 2023. The decrease in FFO and Core FFO per share and unit for the fourth quarter of 2024 and year-to-date was largely driven by a decrease in same store NOI, partially offset by decreased management fees paid to former PROs, reflected within general and administrative expenses, following the internalization of the PRO structure. Same Store Operating Results (776 Stores) ($ in thousands, except per square foot data) Three Months Ended December 31, Year Ended December 31, 2024 2023 Change 2024 2023 Change Total revenues $ 170,687 $ 178,314 (4.3 )% $ 693,548 $ 715,296 (3.0 )% Property operating expenses 49,837 47,614 4.7 % 199,496 192,288 3.7 % Net Operating Income (NOI) $ 120,850 $ 130,700 (7.5 )% $ 494,052 $ 523,008 (5.5 )% NOI Margin 70.8 % 73.3 % (2.5 )% 71.2 % 73.1 % (1.9 )% Average Occupancy 85.2 % 87.0 % (1.8 )% 85.8 % 88.7 % (2.9 )% Average Annualized Rental Revenue Per Occupied Square Foot $ 15.56 $ 15.96 (2.5 )% $ 15.68 $ 15.71 (0.2 )% Year-over-year same store total revenues decreased 4.3% for the fourth quarter of 2024 and 3.0% year-to-date as compared to the same periods in 2023. The decrease for the fourth quarter was driven primarily by a 180 basis point decrease in average occupancy and a 2.5% decrease in average annualized rental revenue per occupied square foot. The year-to-date same store total revenue decrease was driven primarily by a 290 basis point decrease in average occupancy and a 0.2% decrease in average annualized rental revenue per occupied square foot. Markets which generated above portfolio average same store total revenue growth include: San Juan, Wichita and Portland. Markets which generated below portfolio average same store total revenue growth include: Riverside-San Bernardino, Atlanta and Phoenix. Year-over-year same store property operating expenses increased 4.7% for the fourth quarter of 2024 and 3.7% year-to-date as compared to the same periods in 2023. The increases were primarily driven by increases in marketing, insurance, and property tax expense, partially offset by decreases in personnel costs and repairs and maintenance expenses. Investment Activity During the fourth quarter, NSA invested $39.6 million in the acquisition of four wholly-owned self storage properties consisting of approximately 263,000 rentable square feet configured in approximately 2,100 storage units. Total consideration for these acquisitions included approximately $39.5 million of net cash and the assumption of approximately $0.1 million of other liabilities. Balance Sheet For the full year 2024, NSA repurchased 7,400,322 common shares for approximately $275.2 million, under a previously announced share repurchase plan, under which no common shares remain available for repurchase. On November 14, 2024, NSA approved a new share repurchase program authorizing, but not obligating, the repurchase of up to $350.0 million of its common shares from time to time. NSA expects to acquire the common shares through open market or privately negotiated transactions. The timing and amount of repurchase transactions, if any, will be determined by NSA's management based on its evaluation of market conditions, share price, legal requirements and other factors. On November 19, 2024, NSA and its operating partnership, NSA OP, LP, entered into a sales agreement with certain sales agents, forward sellers and forward purchasers pursuant to which NSA may sell from time to time up to $400.0 million of its common shares in sales deemed to be "at the market offerings." The timing and amount of these offerings, if any, will be determined by NSA's management based on its evaluation of market conditions, share price, legal requirements and other factors. As of February 24, 2025, NSA has no debt maturities in 2025 and approximately $512.5 million of available capacity on its $950.0 million revolving line of credit. Common Share Dividends On November 14, 2024, NSA's Board of Trustees declared a quarterly cash dividend of $0.57 per common share. The fourth quarter 2024 dividend was paid on December 31, 2024 to shareholders of record as of December 13, 2024. For full year 2024, NSA's Board of Trustees declared cash dividends of $2.25 per common share. 2025 Guidance The following table outlines NSA's Core FFO per share guidance estimates and related assumptions for the year ended December 31, 2025. Ranges for Full Year 2025 Actual Results for Full Year 2024 Low High Core FFO per share(1) $2.30 $2.38 $2.44 Same store operations(2) Total revenue growth (1.25)% 1.25% (3.0)% Property operating expenses growth 3.0% 4.0% 3.7% NOI growth (2.8)% 0.0% (5.5)% General and administrative expenses General and administrative expenses (excluding equity-based compensation), in millions $45.5 $47.5 $49.7 Equity-based compensation, in millions $8.0 $8.5 $7.9 Management fees and other revenue, in millions $49.5 $51.5 $42.7 Core FFO from unconsolidated real estate ventures, in millions $21.5 $23.5 $24.2 Acquisitions - consolidated and joint venture (at share), in millions(3) $100.0 $300.0 $101.8 Dispositions - consolidated and joint venture (at share), in millions(3) $100.0 $300.0 $273.1 Ranges for Full Year 2025 Low High Earnings per share - diluted $0.64 $0.70 Impact of the difference in weighted average number of shares and GAAP accounting for noncontrolling interests, two-class method and treasury stock method (0.14) (0.19) Add real estate depreciation and amortization 1.47 1.50 Add (subtract) equity in losses (earnings) of unconsolidated real estate ventures 0.13 0.14 Add NSA's share of FFO of unconsolidated real estate ventures 0.16 0.17 Add acquisition costs and NSA's share of unconsolidated real estate venture acquisition costs 0.01 0.02 Add integration and executive severance costs 0.03 0.04 Core FFO per share and unit $2.30 $2.38 (1) The table above provides a reconciliation of the range of estimated earnings per share - diluted to estimated Core FFO per share and unit. (2) 2025 guidance reflects NSA's 2025 same store pool comprising 771 stores. 2024 actual results reflect NSA's 2024 same store pool comprising 776 stores. (3) NSA's actual results for full year 2024 exclude the contribution of wholly-owned self storage properties into the 2024 Joint Venture for approximately $346.5 million. Supplemental Financial Information The full text of this earnings release and supplemental financial information, including certain financial information referenced in this release, are available on NSA's website at and as exhibit 99.1 to the Company's Form 8-K furnished to the SEC on February 26, 2025. Non-GAAP Financial Measures & Glossary This press release contains certain non-GAAP financial measures. These non-GAAP measures are presented because NSA's management believes these measures help investors understand NSA's business, performance and ability to earn and distribute cash to its shareholders by providing perspectives not immediately apparent from net income (loss). These measures are also frequently used by securities analysts, investors and other interested parties. The presentations of FFO, Core FFO and NOI in this press release are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, NSA's method of calculating these measures may be different from methods used by other companies, and, accordingly, may not be comparable to similar measures as calculated by other companies that do not use the same methodology as NSA. These measures, and other words and phrases used herein, are defined in the Glossary in the supplemental financial information and, where appropriate, reconciliations of these measures and other non-GAAP financial measures to their most directly comparable GAAP measures are included in the Schedules to this press release and in the supplemental financial information. Quarterly Teleconference and Webcast The Company will host a conference call at 1:00 pm Eastern Time on Thursday, February 27, 2025 to discuss its fourth quarter 2024 financial results. At the conclusion of the call, management will accept questions from certified financial analysts. All other participants are encouraged to listen to a webcast of the call by accessing the link found on the Company's website at Conference Call and Webcast: Date/Time: Thursday, February 27, 2025, 1:00 pm ET Webcast available at: Domestic (Toll Free US & Canada): 877.407.9711 International: 412.902.1014 A replay of the webcast will be available for 30 days on NSA's website at Upcoming Industry Conference NSA management is scheduled to participate in Citi's 2025 Global Property CEO Conference on March 3 - 5, 2025 in Hollywood, Florida. About National Storage Affiliates Trust National Storage Affiliates Trust is a real estate investment trust headquartered in Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. As of December 31, 2024, the Company held ownership interests in and operated 1,074 self storage properties, located in 42 states and Puerto Rico with approximately 70.2 million rentable square feet. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States. For more information, please visit the Company's website at NSA is included in the MSCI US REIT Index (RMS/RMZ), the Russell 1000 Index of Companies and the S&P MidCap 400 Index. NOTE REGARDING FORWARD LOOKING STATEMENTS Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. These forward-looking statements include information about possible or assumed future results of the Company's business, financial condition, liquidity, results of operations, plans and objectives. Changes in any circumstances may cause the Company's actual results to differ significantly from those expressed in any forward-looking statement. When used in this release, the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: market trends in the Company's industry, interest rates, inflation, the debt and lending markets or the general economy; the Company's business and investment strategy; the acquisition of properties, including those under contract and the Company's ability to execute on its acquisition pipeline; the timing of acquisitions under contract; the Company's ability to realize the benefits from the internalization of the PRO structure; and the Company's guidance estimates for the year ended December 31, 2025. For a further list and description of such risks and uncertainties, see the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission, and the other documents filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. National Storage Affiliates Trust Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 REVENUE Rental revenue $ 171,029 $ 198,693 $ 700,247 $ 793,966 Other property-related revenue 6,708 7,502 27,362 29,686 Management fees and other revenue 12,381 9,217 42,726 34,411 Total revenue 190,118 215,412 770,335 858,063 OPERATING EXPENSES Property operating expenses 52,245 56,828 211,852 228,986 General and administrative expenses 12,629 14,956 57,606 59,281 Depreciation and amortization 48,153 53,988 189,855 221,993 Other 3,356 2,577 13,866 11,108 Total operating expenses 116,383 128,349 473,179 521,368 OTHER (EXPENSE) INCOME Interest expense (39,340 ) (45,441 ) (154,260 ) (166,147 ) Loss on early extinguishment of debt — — (323 ) (758 ) Equity in (losses) earnings of unconsolidated real estate ventures (5,284 ) 2,084 (16,075 ) 7,553 Acquisition and integration costs (1,465 ) (235 ) (3,616 ) (1,659 ) Non-operating (expense) income (38 ) (590 ) 314 (1,016 ) Gain on sale of self storage properties — 63,910 63,841 63,910 Other (expense) income, net (46,127 ) 19,728 (110,119 ) (98,117 ) Income before income taxes 27,608 106,791 187,037 238,578 Income tax (expense) benefit (1,477 ) 1,265 (3,767 ) (1,590 ) Net income 26,131 108,056 183,270 236,988 Net income attributable to noncontrolling interests (9,403 ) (39,031 ) (71,752 ) (80,319 ) Net income attributable to National Storage Affiliates Trust 16,728 69,025 111,518 156,669 Distributions to preferred shareholders (5,113 ) (5,110 ) (20,445 ) (19,019 ) Net income attributable to common shareholders $ 11,615 $ 63,915 $ 91,073 $ 137,650 Earnings per share - basic $ 0.15 $ 0.77 $ 1.18 $ 1.58 Earnings per share - diluted $ 0.15 $ 0.72 $ 1.18 $ 1.48 Weighted average shares outstanding - basic 76,240 82,642 76,844 86,846 Weighted average shares outstanding - diluted 76,240 141,319 76,844 146,023 National Storage Affiliates Trust Consolidated Balance Sheets (dollars in thousands, except per share amounts) (unaudited) December 31, December 31, 2024 2023 ASSETS Real estate Self storage properties $ 5,864,134 $ 5,792,174 Less accumulated depreciation (1,051,638 ) (874,359 ) Self storage properties, net 4,812,496 4,917,815 Cash and cash equivalents 50,408 64,980 Restricted cash 345 22,713 Debt issuance costs, net 5,632 8,442 Investment in unconsolidated real estate ventures 246,193 211,361 Other assets, net 218,482 134,002 Assets held for sale, net — 550,199 Operating lease right-of-use assets 20,906 22,299 Total assets $ 5,354,462 $ 5,931,811 LIABILITIES AND EQUITY Liabilities Debt financing $ 3,449,087 $ 3,658,205 Accounts payable and accrued liabilities 98,657 92,766 Interest rate swap liabilities 471 3,450 Operating lease liabilities 22,888 24,195 Deferred revenue 20,012 27,354 Total liabilities 3,591,115 3,805,970 Equity Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 14,695,458 and 14,685,716 issued (in series) and outstanding at December 31, 2024 and December 31, 2023, respectively, at liquidation preference 340,895 340,651 Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 76,344,661 and 82,285,995 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively 763 823 Additional paid-in capital 1,249,426 1,509,563 Distributions in excess of earnings (530,652 ) (449,907 ) Accumulated other comprehensive income 15,548 21,058 Total shareholders' equity 1,075,980 1,422,188 Noncontrolling interests 687,367 703,653 Total equity 1,763,347 2,125,841 Total liabilities and equity $ 5,354,462 $ 5,931,811 Reconciliation of Net Income to FFO and Core FFO (in thousands, except per share and unit amounts) (unaudited) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Net income $ 26,131 $ 108,056 $ 183,270 $ 236,988 Add (subtract): Real estate depreciation and amortization 47,770 53,659 188,358 220,737 Equity in losses (earnings) of unconsolidated real estate ventures 5,284 (2,084 ) 16,075 (7,553 ) Company's share of FFO in unconsolidated real estate ventures 6,129 6,095 24,156 24,636 Gain on sale of self storage properties — (63,910 ) (63,841 ) (63,910 ) Distributions to preferred shareholders and unitholders (5,568 ) (5,572 ) (22,273 ) (20,330 ) FFO attributable to subordinated performance units(1) — (12,875 ) (21,622 ) (49,040 ) FFO attributable to common shareholders, OP unitholders, and LTIP unitholders 79,746 83,369 304,123 341,528 Add (subtract): Acquisition costs 328 235 1,602 1,659 Integration and executive severance costs(2) 1,137 — 2,671 — Casualty-related recoveries(3) — — — (522 ) Loss on early extinguishment of debt — — 323 758 Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders $ 81,211 $ 83,604 $ 308,719 $ 343,423 Weighted average shares and units outstanding - FFO and Core FFO:(4) Weighted average shares outstanding - basic 76,240 82,642 76,844 86,846 Weighted average restricted common shares outstanding 19 23 20 25 Weighted average OP units outstanding 52,260 37,701 45,110 38,302 Weighted average DownREIT OP unit equivalents outstanding 5,769 2,120 3,955 2,120 Weighted average LTIP units outstanding 706 577 684 553 Total weighted average shares and units outstanding - FFO and Core FFO 134,994 123,063 126,613 127,846 FFO per share and unit $ 0.59 $ 0.68 $ 2.40 $ 2.67 Core FFO per share and unit $ 0.60 $ 0.68 $ 2.44 $ 2.69 (1) Amounts represent distributions declared for subordinated performance unitholders and DownREIT subordinated performance unitholders for the periods presented. (2) Integration costs relate to expenses incurred as a part of the internalization of the PRO structure. Executive severance costs are recorded within the line items "General and administrative expenses" and "Non-operating (expense) income" in our consolidated statements of operations. (3) Casualty-related recoveries in 2023 relate to casualty-related expenses incurred during 2022 and are recorded in the line item "Other" within operating expenses in our consolidated statements of operations. (4) NSA combines OP units and DownREIT OP units with common shares because, after the applicable lock-out periods, OP units in the Company's operating partnership are redeemable for cash or, at NSA's option, exchangeable for common shares on a one-for-one basis and DownREIT OP units are also redeemable for cash or, at NSA's option, exchangeable for OP units in the Company's operating partnership on a one-for-one basis, subject to certain adjustments in each case. LTIP 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). All subordinated performance units and DownREIT subordinated performance units were converted into OP units on July 1, 2024, in connection with the internalization of the PRO structure. See footnote(5) for additional discussion of subordinated performance units, DownREIT subordinated performance units, and LTIP units in the calculation of FFO and Core FFO per share and unit. Reconciliation of Earnings Per Share - Diluted to FFO and Core FFO Per Share and Unit (in thousands, except per share and unit amounts) (unaudited) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Earnings per share - diluted $ 0.15 $ 0.72 $ 1.18 $ 1.48 Impact of the difference in weighted average number of shares(5) (0.07 ) 0.11 (0.46 ) 0.23 Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method(6) 0.07 — 0.55 — Add real estate depreciation and amortization 0.35 0.44 1.49 1.73 Add (subtract) equity in losses (earnings) of unconsolidated real estate ventures 0.04 (0.02 ) 0.12 (0.06 ) Add Company's share of FFO in unconsolidated real estate ventures 0.05 0.05 0.19 0.19 Subtract gain on sale of self storage properties — (0.52 ) (0.50 ) (0.52 ) FFO attributable to subordinated performance unitholders — (0.10 ) (0.17 ) (0.38 ) FFO per share and unit 0.59 0.68 2.40 2.67 Add acquisition costs — — 0.02 0.01 Add integration and executive severance costs 0.01 — 0.02 — Add loss on early extinguishment of debt — — — 0.01 Core FFO per share and unit $ 0.60 $ 0.68 $ 2.44 $ 2.69 (5) Adjustment accounts for the difference between the weighted average number of shares used to calculate diluted earnings per share and the weighted average number of shares used to calculate FFO and Core FFO per share and unit. Diluted earnings per share is calculated using the two-class method for the company's restricted common shares and the treasury stock method for certain unvested LTIP units, and assumes the conversion of vested LTIP units into OP units on a one-for-one basis and the hypothetical conversion of subordinated performance units, and DownREIT subordinated performance units into OP units, even though such units may have only been convertible into OP units (i) after a lock-out period and (ii) upon certain events or conditions. All outstanding subordinated performance units and DownREIT subordinated performance units were converted into OP units on July 1, 2024, in connection with the internalization of the PRO structure. The computation of weighted average shares and units for FFO and Core FFO per share and unit includes all restricted common shares and LTIP units that participate in distributions and excludes all subordinated performance units and DownREIT subordinated performance units because their effect has been accounted for through the allocation of FFO to the related unitholders based on distributions declared. (6) Represents the effect of adjusting the numerator to consolidated net income prior to GAAP allocations for noncontrolling interests, after deducting preferred share and unit distributions, and before the application of the two-class method and treasury stock method, as described in footnote(5). Net Operating Income (dollars in thousands) (unaudited) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Net income $ 26,131 $ 108,056 $ 183,270 $ 236,988 (Subtract) add: Management fees and other revenue (12,381 ) (9,217 ) (42,726 ) (34,411 ) General and administrative expenses 12,629 14,956 57,606 59,281 Other 3,356 2,577 13,866 11,108 Depreciation and amortization 48,153 53,988 189,855 221,993 Interest expense 39,340 45,441 154,260 166,147 Equity in losses (earnings) of unconsolidated real estate ventures 5,284 (2,084 ) 16,075 (7,553 ) Loss on early extinguishment of debt — — 323 758 Acquisition and integration costs 1,465 235 3,616 1,659 Income tax expense (benefit) 1,477 (1,265 ) 3,767 1,590 Gain on sale of self storage properties — (63,910 ) (63,841 ) (63,910 ) Non-operating expense (income) 38 590 (314 ) 1,016 Net Operating Income $ 125,492 $ 149,367 $ 515,757 $ 594,666 EBITDA and Adjusted EBITDA (dollars in thousands) (unaudited) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Net income $ 26,131 $ 108,056 $ 183,270 $ 236,988 Add: Depreciation and amortization 48,153 53,988 189,855 221,993 Company's share of unconsolidated real estate venture depreciation and amortization 5,609 4,011 20,719 17,083 Interest expense 39,340 45,441 154,260 166,147 Income tax expense (benefit) 1,477 (1,265 ) 3,767 1,590 Loss on early extinguishment of debt — — 323 758 EBITDA 120,710 210,231 552,194 644,559 Add (subtract): Acquisition costs 328 235 1,602 1,659 Effect of hypothetical liquidation at book value (HLBV) accounting for unconsolidated 2024 Joint Venture(1) 5,804 — 19,511 — Gain on sale of self storage properties — (63,910 ) (63,841 ) (63,910 ) Integration and executive severance costs, excluding equity-based compensation(2) 779 — 1,879 — Casualty-related recoveries(3) — — — (522 ) Equity-based compensation expense(4) 2,213 1,651 8,310 6,679 Adjusted EBITDA $ 129,834 $ 148,207 $ 519,655 $ 588,465 (1) Reflects the non-cash impact of applying HLBV to the 2024 Joint Venture, which allocates GAAP income (loss) on a hypothetical liquidation of the underlying joint venture at book value as of the reporting date. (2) Integration costs relate to expenses incurred as a part of the internalization of the PRO structure. Executive severance costs are recorded within the line items "General and administrative expenses" and "Non-operating (expense) income" in our consolidated statements of operations. (3) Casualty-related recoveries in 2023 relate to casualty-related expenses incurred during 2022 and are recorded in the line item "Other" within operating expenses in our consolidated statements of operations. (4) Equity-based compensation expense is a non-cash item recorded within general and administrative expenses and acquisition and integration costs in our consolidated statements of operations. Of the total amounts shown, for the three months and year ended December 31, 2024, $0.4 million relates to the internalization of our PRO structure and is included in acquisition and integration costs. View source version on Contacts National Storage Affiliates Trust Investor/Media Relations George Hoglund, CFAVice President - Investor Relations720.630.2160ghoglund@
Associated Press
25-02-2025
- Business
- Associated Press
CGX Energy Provides Update on Corentyne Block License
Joint Venture has Responded to Communication from the Government of Guyana Regarding the Joint Venture's License Toronto, Ontario--(Newsfile Corp. - February 24, 2025) - CGX Energy Inc. (TSXV: OYL) ('CGX') announced today that it and Frontera Energy Corporation (TSX: FEC) ('Frontera'), joint venture partners (the 'Joint Venture') in the Petroleum Prospecting License for the Corentyne block offshore Guyana (the 'License'), have provided a response (the 'Response Letter') to the recent letter received from the Government of Guyana (the 'Government'), as described further in the joint press release dated February 10, 2024 (the 'Letter'). Pursuant to the Response Letter, the Joint Venture has advised the Government that, among other things, despite the Government's contradictory positions, the License and the Joint Venture's Petroleum Agreement with the Government in respect of the Corentyne block (as amended, the 'Petroleum Agreement') remain valid and in force. Additionally, in the Response Letter, the Joint Venture has contested the Government's purported termination of the License, including the grounds for such termination, as further described in the Letter. The Joint Venture remains firmly of the view that its interests in, and the License for, the Corentyne block remain in place and in good standing and the Petroleum Agreement has not been terminated. Notwithstanding the foregoing, the Joint Venture continues to assess all legal options available to it to assert its rights in respect of the License and the Petroleum Agreement. The Joint Venture looks forward to expeditiously resolving this matter and continuing its multi-year efforts and investments to realize value for the people of Guyana and its shareholders from the Corentyne block. About CGX CGX is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in Berbice, Guyana. NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Cautionary Note Concerning Forward-Looking Statements: This press release contains forward-looking information within the meaning of Canadian securities laws. Forward-looking information relates to activities, events or developments that CGX believes, expects or anticipates will or may occur in the future. Forward-looking information in this press release includes, without limitation, statements relating to the Joint Venture's continuing efforts and investments in the Corentyne block and the significant prospective resources discovered therein. All information other than historical fact is forward-looking information. Forward-looking information reflects the current expectations, assumptions and beliefs of CGX based on information currently available to it and considers the experience of CGX and its perception of historical trends. Although CGX believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be placed on such information. Forward-looking information is subject to a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to CGX and the Joint Venture, including the ability of the Joint Venture to reach an agreement with the Government of Guyana. No assurance can be given that such an agreement will be reached. The actual results of the Joint Venture may differ materially from those expressed or implied by the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on CGX. CGX's management's discussion and analysis for the year ended December 31, 2023, and quarter ended September 30, 2024, and other documents CGX files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available without charge by referring to CGX's profile on SEDAR+ at All forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, CGX disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
