Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 94

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 94
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 or real estate companies.

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FFO and Core FFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues, operating income and net income (loss). FFO and Core FFO do not represent cash generated from operating activities determined in accordance with GAAP and are not a measure of liquidity or an indicator of our ability to make cash distributions. We believe that to further understand our performance, FFO and Core FFO should be compared with our reported net income (loss) and considered in addition to cash flows computed in accordance with GAAP, as presented in our condensed consolidated financial statements.

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The following table presents a reconciliation of net income to FFO and Core FFO for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands, except per share and unit amounts):

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Net income $29,016 $29,771 $79,493 $157,139 Add (subtract):Real estate depreciation and amortization46,458 47,286 141,256 140,588 Equity in (earnings) losses of unconsolidated real estate ventures(463)4,712 9,221 10,791 Company's share of FFO in unconsolidated real estate ventures5,627 6,164 16,119 18,026 Gain on sale of self storage properties— — (10,996)(63,841)Distributions to preferred shareholders and unitholders(5,568)(5,568)(16,704)(16,704)FFO attributable to subordinated performance units(1)— — — (21,622)FFO attributable to common shareholders, OP unitholders, and LTIP unitholders75,070 82,365 218,389 224,377 Add:Acquisition costs302 287 1,162 1,274 Integration and executive severance costs(2)1,137 907 4,762 1,534 Loss on early extinguishment of debt— 323 — 323 Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders$76,509 $83,882 $224,313 $227,508