Company: NSA-PB
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001618563-25-000023
Chunk: 69

Company: National Storage Affiliates Trust
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 1
Chunk 69
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 effect on the overall economy may affect our liquidity and future financing activities, both through changes in interest rates and access to financing. Our ability to access capital on favorable terms as well as to use cash from operations to continue to meet our liquidity needs, all of which are highly uncertain and cannot be predicted, could be affected by various risks and uncertainties. We believe that, as a publicly-traded REIT, we will have access to multiple sources of capital to fund our long-term liquidity requirements, including the incurrence of additional debt and the issuance of debt and additional equity securities. However, we cannot assure you that this will be the case.

Cash Flows

At June 30, 2025, we had $26.1 million in cash and cash equivalents and $1.8 million of restricted cash, a decrease in cash and cash equivalents of $24.3 million and an increase in restricted cash of $1.5 million from December 31, 2024. Restricted cash primarily consists of escrowed funds deposited with financial institutions resulting from property sales for which we elected to purchase replacement property in accordance with Section 1031 of the Code, and for real estate taxes, insurance, and other reserves for capital improvements in accordance with our loan agreements. The following discussion relates to changes in cash due to operating, investing, and financing activities, which are presented in our condensed consolidated statements of cash flows included in Item 1 of this report.

Operating Activities

Cash provided by our operating activities was $165.5 million for the six months ended June 30, 2025 compared to $177.2 million the six months ended June 30, 2024. Our operating cash flow decreased primarily due to a decrease in rental revenue primarily driven by the contribution of 56 self storage properties to the 2024 Joint Venture and the sale of 50 self storage properties to unaffiliated third parties between January 1, 2024 and June 30, 2025.

Investing Activities 

Cash provided by investing activities was $25.5 million for the six months ended June 30, 2025 compared to $544.7 million of cash provided by investing activities for the six months ended June 30, 2024. The primary source of cash for the six months ended June 30, 2025 was the $66.1 million of proceeds from the sale of ten self storage properties to third parties, partially offset by our acquisition of four self storage properties and two properties that are considered annexes to existing