Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 89

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 89
---
177 356,796 2,381 Other (expense) incomeInterest expense(122,293)(114,920)(7,373)Loss on early extinguishment of debt— (323)323 Equity in losses of unconsolidated real estate ventures(9,221)(10,791)1,570 Acquisition and integration costs(5,924)(2,151)(3,773)Non-operating income1,325 352 973 Gain on sale of self storage properties10,996 63,841 (52,845)Other expense, net(125,117)(63,992)(61,125)Income before income taxes 81,604 159,429 (77,825)Income tax expense(2,111)(2,290)179 Net income79,493 157,139 (77,646)Net income attributable to noncontrolling interests(28,601)(62,349)33,748 Net income attributable to National Storage Affiliates Trust50,892 94,790 (43,898)Distributions to preferred shareholders(15,345)(15,332)(13)Net income attributable to common shareholders$35,547 $79,458 $(43,911)

Total Revenue

Our total revenue, including management fees and other revenue, decreased by $14.3 million, or 2.5%, for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. This decrease was primarily attributable to a decrease in total portfolio average occupancy from 85.8% for the nine months ended September 30, 2024 to 83.8% for the nine months ended September 30, 2025. The decrease in total revenue was also attributable to 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. Average occupancy is calculated based on the average of the month-end occupancy immediately preceding the period presented and the month-end occupancies included in the respective period presented.

Rental Revenue

Rental revenue decreased by $20.0 million, or 3.8%, for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. The decrease in rental revenue was