Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 40

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 1
Chunk 40
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)(26,572)Unrealized gains and realized (losses) on interest rate swaps and forward starting swaps included in accumulated other comprehensive income (loss)5,760 Fair value at September 30, 2024$5,348 Fair value at December 31, 2024$22,125 (Gains) and losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss)(8,748)Unrealized and realized losses on interest rate swaps and forward starting swaps included in accumulated other comprehensive income (loss)(10,345)Fair value at September 30, 2025$3,032 As of September 30, 2025 and December 31, 2024, the Company had outstanding interest rate swaps with aggregate current notional amounts of $860.0 million and $1,085.0 million, respectively, designated as cash flow hedges. As of September 30, 2025, the Company's swaps had a weighted average remaining term of approximately 2.5 years.In connection with the issuance of fixed rate unsecured notes in the second quarter of 2023, we entered into $50.0 million of forward starting interest rate swaps on March 16, 2023, and a $25.0 million forward starting interest rate swap on March 24, 2023, locking the interest rate of compounded Secured Overnight Financing Rate ("SOFR") at 3.25% through April 5, 2023. These interest rate swaps have been designated as cash flow hedges. The realized loss of $1.6 million of the compounded SOFR swaps are included in unrealized and realized gains (loss) on derivative instruments in comprehensive income (loss) and will be reclassified into interest expense over 10 years, which is the term of anticipated unsecured fixed rate debt including any replacement debt thereof. Amounts reported in accumulated other comprehensive (loss) income will be reclassified into interest expense as interest payments are made on the anticipated debt.The fair value of these swaps are included in other assets and liabilities in the Company's condensed consolidated balance sheets, and the Company recognizes any changes in the fair value as an adjustment of accumulated other comprehensive income (loss) within equity. If the forward rates at September 30, 2025 remain constant, the Company estimates that during the next 12 months, the Company would reclassify into earnings, as a reduction in interest expense, approximately $3.9 million of