Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 56

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 1
Chunk 56
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, due to an increase in related 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.

Interest Expense 

Interest expense increased $7.4 million, or 6.4%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increase in interest expense was primarily attributable to interest rate swaps that matured in August 2024 and February 2025. The maturity of these swaps, which effectively fixed SOFR at a lower rate than the prevailing market rate, resulted in an increase in the amount of debt subject to variable interest rates (excluding variable-rate debt subject to interest rate swaps) outstanding from $186.8 million, as of September 30, 2024, to $404.4 million as of September 30, 2025.

Loss on Early Extinguishment of Debt

Loss on early extinguishment of debt decreased $0.3 million for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. During the nine months ended September 30, 2024, in connection with the early repayment of Term Loan C, we expensed $0.3 million of unamortized debt issuance costs.  

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Equity In Losses Of Unconsolidated Real Estate Ventures

Equity in losses of unconsolidated real estate ventures represents our share of earnings and losses incurred through our 25% ownership interests in the 2024 Joint Venture, the 2023 Joint Venture, the 2018 Joint Venture and the 2016 Joint Venture. During the nine months ended September 30, 2025, we recorded $9.2 million of equity in losses from our unconsolidated real estate ventures compared to $10.8 million of losses for the nine months ended September 30, 2024. The decrease in losses was primarily attributable to a decrease in the non-cash impact of applying the 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 September 30, 2025.

Acquisition and Integration Costs

Acquisition and integration costs increased $3.8 million for the nine months ended