Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 65

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 1
Chunk 65
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 the nine months ended September 30, 2024 to 84.4% for the nine months ended September 30, 2025. Average annualized same store rental revenue per occupied square foot decreased from $15.78 to $15.68, or 0.6%, for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024.

Other Property-Related Revenue

Same store portfolio other property-related revenue decreased $0.5 million, or 2.7%, for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024.

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Property Operating Expenses

Same store portfolio property operating expenses increased $6.6 million, or 4.4%, for the nine months ended September 30, 2025, as compared to the nine 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, partially offset by decreases in personnel costs during the nine months ended September 30, 2025.

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

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Net income $29,016 $29,771 $79,493 $157,139 (Subtract) Add:Management fees and other revenue(12,336)(11,749)(36,701)(30,345)General and administrative expenses11,460 13,114 37,409 44,977 Depreciation and amortization46,885 47,661 142,613 141,702 Other4,101 3,643 13,077 10,510 Interest expense40,549 39,575 122,293 114,920 Loss on early extinguishment of debt— 323 — 323 Equity in (earnings) losses of unconsolidated real estate ventures(463)4,712 9,221 10,791 Acquisition and integration costs1,439 1,164 5,924 2,151 Non-operating (income) expense(503)83 (1,325)(352)Gain on sale of self storage properties— — (10,996)(63,841)Income tax expense