Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 99

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 99
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%, for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024. This decrease in same store portfolio rental revenue was driven primarily by a decrease in average occupancy from 86.5% for the three months ended September 30, 2024 to 85.0% for the three months ended September 30, 2025. Average annualized same store rental revenue per occupied square foot decreased from $15.73 to $15.67, or 0.4%, for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024.

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Other Property-Related Revenue

Same store portfolio other property-related revenue decreased $0.8 million, or 12.1%, for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024.

Property Operating Expenses

Same store portfolio property operating expenses increased $2.5 million, or 4.9%, for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024. The increase in same store property operating expenses was a result of increases in marketing, property tax and utilities expense during the three months ended September 30, 2025.

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

The following table illustrates the changes in rental revenue, other property-related revenue, and property operating expenses, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 (dollars in thousands):

Nine Months Ended September 30,20252024ChangeRental revenueSame store portfolio$488,863 $503,265 $(14,402)Non-same store portfolio20,357 25,953 (5,596)Total rental revenue509,220 529,218 (19,998)Other property-related revenueSame store portfolio19,019 19,554 (535)Non-same store portfolio958 1,100 (142)Total other property-related revenue19,977 20,654 (677)Property operating expensesSame store portfolio157,795 151,172 6,623 Non-same store portfolio8,283 9,747 (1,464)Prior period comparability adjustment(