Company: NSA-PB
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022674
Chunk: 78

Company: National Storage Affiliates Trust
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 2
Chunk 78
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 Revenue

Same store portfolio rental revenues decreased $5.4 million, or 3.2%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. This decrease in same store portfolio rental revenue was driven primarily by a decrease in average occupancy from 85.8% for the three months ended March 31, 2024 to 83.9% for the three months ended March 31, 2025. Average annualized same store rental revenue per occupied square foot decreased from $15.86 to $15.70, or 1.0%, for the three months ended March 31, 2025, driven primarily by decreased lease rates for new tenants.

Other Property-Related Revenue

Same store portfolio other property-related revenue increased $0.3 million, or 4.3%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024.

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Property Operating Expenses

Same store portfolio property operating expenses increased $1.8 million, or 3.7%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. The increase in same store property operating expenses was a result of increases in marketing, repairs and maintenance, and utilities expense, partially offset by decreases in personnel costs during the three months ended March 31, 2025.

The following table presents a reconciliation of net income to NOI for the periods presented (dollars in thousands):

Three Months Ended March 31,20252024Net income $19,519 $95,088 (Subtract) Add:Management fees and other revenue(12,135)(9,074)General and administrative expenses13,145 15,674 Other 4,476 3,492 Depreciation and amortization48,116 47,331 Interest expense40,475 38,117 Equity in losses of unconsolidated real estate ventures5,739 1,630 Acquisition and integration costs2,445 507 Income tax expense1,120 886 Gain on sale of self storage properties(1,425)(61,173)Non-operating income(360)(98)Net Operating Income $121,115 $132,380 

Our consolidated NOI shown in the table above does not include our proportionate share of NOI for our un