Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 44

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 1
Chunk 44
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4Income before income taxes$29,887 $30,634 $81,604 $159,429 All OtherManagement 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)Net operating income$121,019 $129,160 $363,119 $390,265 

29

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

We make forward-looking statements in this report that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may," or similar expressions, we intend to identify forward-looking statements. 

The forward-looking statements contained in this report reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions, and changes in circumstances that may cause our actual results to differ significantly from those expressed in any forward-looking statement. 

Statements regarding the following subjects, among others, may be forward-looking:

•market trends in our industry, interest rates, inflation, tariff policies, the debt and lending markets or the general economy;

•our business and investment strategy;

•the acquisition or disposition of properties, including those under contract, and the ability of our acquisitions to achieve underwritten capitalization rates and our ability to execute on our acquisition pipeline;

•the timing