Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 98

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 98
---
 such as total revenues and net income (loss).

Three Months Ended September 30, 2025 compared to the Three Months Ended September 30, 2024 

As of September 30, 2025, our same store portfolio consisted of 771 self storage properties. Our same store portfolio is defined as those properties owned and operated since the first day of the earliest year presented, excluding any properties sold, expected to be sold or subject to significant changes such as expansions or casualty events which cause the portfolio's year-over-year operating results to no longer be comparable. The following table illustrates the changes in rental revenue, other property-related revenue, and property operating expenses, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 (dollars in thousands):

Three Months Ended September 30,20252024ChangeRental revenueSame store portfolio$164,069 $167,820 $(3,751)Non-same store portfolio5,838 6,647 (809)Total rental revenue169,907 174,467 (4,560)Other property-related revenueSame store portfolio6,181 7,028 (847)Non-same store portfolio278 377 (99)Total other property-related revenue6,459 7,405 (946)Property operating expensesSame store portfolio52,830 50,362 2,468 Non-same store portfolio2,517 2,641 (124)Prior period comparability adjustment(1)— (291)291 Total property operating expenses55,347 52,712 2,635 Net operating incomeSame store portfolio117,420 124,486 (7,066)Non-same store portfolio3,599 4,674 (1,075)Total net operating income$121,019 $129,160 $(8,141)

(1)Certain payroll and related costs associated with the former PRO portfolios were not reflected as property-level expenses in 2024 under the management of the former PROs. Such costs are reflected in property operating expenses in 2025 under our management. For purposes of comparable same store reporting, we have included the specific 2024 expense amounts for the same store portfolio in the relevant periods. This line item is presented in order to reconcile total property operating expenses to previously reported figures.

Rental Revenue

Same store portfolio rental revenues decreased $3.8 million, or 2.2