Company: NSA-PB
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022674
Chunk: 72

Company: National Storage Affiliates Trust
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 2
Chunk 72
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 losses from our unconsolidated real estate ventures compared to $1.6 million of losses for the three months ended March 31, 2024. The increase was primarily attributable to the non-cash impact of applying the hypothetical liquidation at book value ("HLBV") method to the 2024 Joint Venture, which allocates income (loss) based on the change in each owners' claim on net assets upon a hypothetical liquidation of the underlying joint venture at book value as of March 31, 2025.

Acquisition and Integration Costs

Acquisition and integration costs increased $1.9 million for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. This increase was primarily attributable to costs related to the internalization of the PRO structure.

Gain on Sale of Self Storage Properties

Gain on sale of self storage properties was $1.4 million, for the three months ended March 31, 2025, compared to $61.2 million for the three months ended March 31, 2024. The gain on sale of self storage properties was primarily attributable to the sale of two self storage properties to third parties during the three months ended March 31, 2025, for net proceeds of $9.8 million. 

Net Income Attributable to Noncontrolling Interests 

Net income attributable to noncontrolling interests was $6.5 million for the three months ended March 31, 2025, compared to $36.1 million for the three months ended March 31, 2024. The decrease was primarily attributable to the decrease in net income driven by larger gains on the sale of self storage properties recognized in the three months ended March 31, 2024.

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Non-GAAP Financial Measures 

FFO and Core FFO 

Funds from operations, or FFO, is a widely used performance measure for real estate companies and is provided here as a supplemental measure of our operating performance. The December 2018 Nareit Funds From Operations White Paper - 2018 Restatement defines FFO as net income (as determined under GAAP), excluding: real estate depreciation and amortization, gains and losses from the sale of certain real estate assets, gains and losses from change in control, mark-to-market changes in value recognized on equity securities, impairment write-downs of certain real estate assets and impairment of investments in entities when it is directly attributable to decreases in the value of depreciable