Company: NSA-PB
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001618563-25-000023
Chunk: 51

Company: National Storage Affiliates Trust
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 1
Chunk 51
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 customer amounts) divided by average occupied square feet ("average annualized rental revenue per occupied square foot") decreased from $15.59, for the three months ended June 30, 2024 to $15.56, or 0.2%, for the three months ended June 30, 2025.

Other Property-Related Revenue

Other property-related revenue represents ancillary income from our self storage properties, such as tenant insurance-related access fees and sales of storage supplies. Other property-related revenue increased by $0.2 million, or 3.3%, for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024.

Management Fees and Other Revenue

Management fees and other revenue, which includes revenue related to managing and operating the unconsolidated real estate ventures and other revenue from our tenant insurance programs, increased $2.7 million, or 28.4%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. This increase was primarily attributable to increased property management fees resulting from the 2023 Joint Venture and the 2024 Joint Venture and an increase in tenant insurance activity upon our acquisition of certain rights related to certain former PROs’ tenant insurance-related programs during the year ended December 31, 2024.

Property Operating Expenses

Property operating expenses increased by $3.4 million, or 6.6%, for the three months ended June 30, 2025, compared to the three months ended June 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 sale of 11 self storage properties to unaffiliated third parties between April 1, 2024 and June 30, 2025.

General and Administrative Expenses 

General and administrative expenses decreased by $3.4 million, or 20.9%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. This result was primarily attributable to a decrease in management fees following the internalization of the PRO structure from $5.1 million for the three months ended June 30, 2024 to $1.4 million for the three months ended June 30, 2025.

Depreciation and Amortization 

Depreciation and amort