Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 85

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 85
---
,712 2,635 General and administrative expenses11,460 13,114 (1,654)Depreciation and amortization46,885 47,661 (776)Other4,101 3,643 458 Total operating expenses117,793 117,130 663 Other (expense) incomeInterest expense(40,549)(39,575)(974)Loss on early extinguishment of debt— (323)323 Equity in earnings (losses) of unconsolidated real estate ventures463 (4,712)5,175 Acquisition and integration costs(1,439)(1,164)(275)Non-operating income (expense)503 (83)586 Other expense, net(41,022)(45,857)4,835 Income before income taxes 29,887 30,634 (747)Income tax expense(871)(863)(8)Net income29,016 29,771 (755)Net income attributable to noncontrolling interests(10,589)(11,070)481 Net income attributable to National Storage Affiliates Trust18,427 18,701 (274)Distributions to preferred shareholders(5,117)(5,112)(5)Net income attributable to common shareholders$13,310 $13,589 $(279)

33

Total Revenue

Our total revenue, including management fees and other revenue, decreased by $4.9 million, or 2.5%, for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024. This decrease in total revenue was attributable to a decrease in total portfolio average occupancy from 86.0% for the three months ended September 30, 2024 to 84.5% for the three months ended September 30, 2025 and to the sale of 12 self storage properties to unaffiliated third parties between July 1, 2024 and September 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 $4.6 million, or 2.6%, for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024. The decrease in rental revenue