Company: NSA-PB
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001618563-25-000023
Chunk: 98

Company: National Storage Affiliates Trust
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 2
Chunk 98
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 This line item is presented in order to reconcile total property operating expenses to previously reported figures.

Rental Revenue

Same store portfolio rental revenues decreased $10.7 million, or 3.2%, for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. This decrease in same store portfolio rental revenue was driven primarily by a decrease in average occupancy from 86.2% for the six months ended June 30, 2024 to 84.1% for the six months ended June 30, 2025. Average annualized same store rental revenue per occupied square foot decreased from $15.79 to $15.68, or 0.7%, for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, driven primarily by decreased lease rates for new tenants.

Other Property-Related Revenue

Same store portfolio other property-related revenue increased $0.3 million, or 2.5%, for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024.

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Property Operating Expenses

Same store portfolio property operating expenses increased $4.2 million, or 4.1%, for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. The increase in same store property operating expenses was a result of increases in marketing, repairs and maintenance and property tax expense, partially offset by decreases in personnel costs during the six months ended June 30, 2025.

The following table presents a reconciliation of net income to NOI for the periods presented (dollars in thousands):

Three Months Ended June 30,Six Months Ended June 30,2025202420252024Net income $30,958 $32,280 $50,477 $127,368 (Subtract) Add:Management fees and other revenue(12,230)(9,522)(24,365)(18,596)General and administrative expenses12,804 16,189 25,949 31,863 Depreciation and amortization47,612 46,710 95,728 94,041 Other4,500 3,375 8,976 6,867 Interest expense41,269 37,228 81,744 75,345 Equity in losses of