Company: NSA-PB
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022674
Chunk: 27

Company: National Storage Affiliates Trust
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 27
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 of March 31, 2025, the Company's unconsolidated real estate venture, formed in September 2016 with a state pension fund advised by Heitman Capital Management LLC (the "2016 Joint Venture"), in which the Company has a 25% ownership interest, owned and operated 81 properties containing approximately 5.7 million rentable square feet, configured in approximately 47,000 storage units and located across 13 states.The following table presents the combined condensed financial position of the Company's unconsolidated real estate ventures as of March 31, 2025 and December 31, 2024 (dollars in thousands):March 31, 2025December 31, 2024ASSETSSelf storage properties, net$2,703,146 $2,700,632 Less accumulated depreciation(465,102)(445,006)Self storage properties, net2,238,044 2,255,626 Other assets35,884 43,513 Total assets$2,273,928 $2,299,139 LIABILITIES AND EQUITYDebt financing$1,213,458 $1,213,169 Other liabilities32,233 37,206 Equity1,028,237 1,048,764 Total liabilities and equity$2,273,928 $2,299,139 The following tables present the combined condensed operating information of the Company's unconsolidated real estate ventures for the three months ended March 31, 2025 and 2024 (dollars in thousands):Three Months Ended March 31,20252024Total revenue$61,624 $56,096 Property operating expenses(22,416)(17,603)Supervisory, administrative and other expenses(4,041)(3,658)Depreciation and amortization(21,644)(18,206)Interest expense(13,645)(12,100)Acquisition and other expenses(150)(59)Net (loss) income$(272)$4,470 

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 6. ACQUISITIONS AND DISPOSITIONS

AcquisitionsDuring three months ended March 31, 2025, the Company acquired three self storage properties and an annex to an existing property for approximately $13.5 million. All of these acquisitions were acquired by the Company from third parties. The self storage property acquisitions were accounted for as asset acquisitions and accordingly,