Company: NSA-PB
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022674
Chunk: 55

Company: National Storage Affiliates Trust
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 55
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 EBITDA and Adjusted EBITDA should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues and net income (loss).

The following table presents a reconciliation of net income to EBITDA and Adjusted EBITDA for the periods presented (dollars in thousands):

Three Months Ended March 31,20252024Net income $19,519 $95,088 Add (subtract):Depreciation and amortization48,116 47,331 Company's share of unconsolidated real estate venture depreciation and amortization5,411 4,552 Interest expense40,475 38,117 Income tax expense1,120 886 EBITDA114,641 185,974 Add (subtract):Acquisition costs403 507 Effect of hypothetical liquidation at book value (HLBV) accounting for unconsolidated 2024 Joint Venture(1)5,381 2,764 Gain on sale of self storage properties(1,425)(61,173)Integration costs, excluding equity-based compensation(2)930 — Equity-based compensation expense(3)3,079 1,855 Adjusted EBITDA $123,009 $129,927 

(1)Reflects the non-cash impact of applying HLBV to the 2024 Joint Venture, which allocates GAAP income (loss) on a hypothetical liquidation of the underlying joint venture at book value as of the reporting date.(2)Integration costs relate to expenses incurred as a part of the internalization of the PRO structure.(3)Equity-based compensation expense is a non-cash item recorded within general and administrative expenses and acquisition and integration costs in our consolidated statements of operations. For the three months ended March 31, 2025, $1.1 million relates to the internalization of the PRO structure and is included in acquisition and integration costs.

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Liquidity and Capital Resources 

Liquidity Overview

Liquidity is the ability to meet present and future financial obligations. Our primary source of liquidity is cash flow from our operations. Additional sources are proceeds from dispositions of self storage properties (including contributions to our joint ventures), equity and debt offerings, debt financings including additional borrowing capacity under the credit facility, and expansion options available under the 2028 Term Loan Facility, the June 2029 Term Loan Facility, and our credit