Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 55

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 1
Chunk 55
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 revenue related to managing and operating the unconsolidated real estate ventures and other revenue from our tenant insurance programs, increased $6.4 million, or 20.9%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. This increase was primarily attributable to an increase in tenant insurance activity upon our acquisition of certain rights related to certain former PROs' tenant insurance-related programs as part of the internalization of the PRO structure during the year ended December 31, 2024 and increased property management fees resulting from the 2023 Joint Venture and the 2024 Joint Venture.

Property Operating Expenses

Property operating expenses increased by $6.5 million, or 4.1%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increase in property operating expenses was primarily attributable to increases in marketing, repairs and maintenance, and property tax expense, partially offset by decreases in property operating expenses resulting from the contribution of 56 self storage properties to the 2024 Joint Venture and the sale of 52 self storage properties to unaffiliated third parties between January 1, 2024 and September 30, 2025.

General and Administrative Expenses 

General and administrative expenses decreased by $7.6 million, or 16.8%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. This result was primarily attributable to a decrease in management fees following the internalization of the PRO structure from $13.6 million for the nine months ended September 30, 2024 to $4.0 million for the nine months ended September 30, 2025.

Depreciation and Amortization 

Depreciation and amortization increased $0.9 million, or 0.6%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. This increase was primarily attributable to an increase in amortization expense related to intangible assets, partially offset by a decrease in self storage property related depreciation.

Other

Other expenses increased $2.6 million, or 24.4%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. This increase was primarily attributable to increases in administrative costs relating to our tenant insurance programs