Company: NSA-PB
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001618563-25-000023
Chunk: 88

Company: National Storage Affiliates Trust
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 2
Chunk 88
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 months ended June 30, 2025, as compared to the six months ended June 30, 2024. The decrease in rental revenue was primarily attributable to the contribution of 56 self storage properties to the 2024 Joint Venture and the sale of 50 self storage properties to unaffiliated third parties between January 1, 2024 and June 30, 2025. Average annualized rental revenue per occupied square foot decreased from $15.65, for the six months ended June 30, 2024 to $15.56, or 0.6%, for the six months ended June 30, 2025, driven primarily by decreased contractual lease rates for in-place tenants.

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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 $0.3 million, or 2.0%, for the six months ended June 30, 2025, as compared to the six 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 $5.8 million, or 31.0%, for the six months ended June 30, 2025, compared to the six 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 $3.8 million, or 3.6%, for the six months ended June 30, 2025, compared to the six 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 contribution of 56 self storage properties to the 2024 Joint Venture and the sale of 50 self storage properties to unaffiliated third parties between January 1, 2024 and June 30, 2025.

General and Administrative Expenses 

General and administrative expenses decreased by $5.9 million, or