Company: NSA-PB
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001618563-25-000023
Chunk: 54

Company: National Storage Affiliates Trust
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 1
Chunk 54
---
6,079)(3,605)Acquisition and integration costs(4,485)(987)(3,498)Non-operating income822 435 387 Gain on sale of self storage properties10,996 63,841 (52,845)Other expense, net(84,095)(18,135)(65,960)Income before income taxes 51,717 128,795 (77,078)Income tax expense(1,240)(1,427)187 Net income50,477 127,368 (76,891)Net income attributable to noncontrolling interests(18,012)(51,279)33,267 Net income attributable to National Storage Affiliates Trust32,465 76,089 (43,624)Distributions to preferred shareholders(10,228)(10,220)(8)Net income attributable to common shareholders$22,237 $65,869 $(43,632)

Total Revenue

Our total revenue, including management fees and other revenue, decreased by $9.4 million, or 2.4%, for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. This decrease 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. The decrease in total revenue was also attributable to a decrease in total portfolio average occupancy from 85.8% for the six months ended June 30, 2024 to 83.6% for the six months ended June 30, 2025. Average occupancy is calculated based on the average of the month-end occupancy immediately preceding the period presented and the month-end occupancies included in the respective period presented.

Rental Revenue

Rental revenue decreased by $15.4 million, or 4.4%, for the six 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