Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 17

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 1
Chunk 17
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,164)(886)(2,050)Net income— — — — — 18,427 — 10,589 29,016 Balances, September 30, 202514,704,845 $341,130 76,940,983 $769 $1,252,488 $(626,122)$4,860 $608,916 $1,582,041 

See notes to condensed consolidated financial statements.9

NATIONAL STORAGE AFFILIATES TRUSTCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(dollars in thousands)(Unaudited)

Nine Months EndedSeptember 30,20252024OPERATING ACTIVITIESNet income $79,493 $157,139 Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization 142,613 141,702 Amortization of debt issuance costs 4,706 5,013 Amortization of debt premium(351)(491)Gain on sale of self storage properties(10,996)(63,841)Other— 323 Equity-based compensation expense 9,329 6,097 Equity in losses of unconsolidated real estate ventures9,221 10,791 Distributions from unconsolidated real estate ventures14,756 17,403 Change in assets and liabilities, net of effects of self storage property acquisitions: Other assets 7,223 1,716 Accounts payable and accrued liabilities 9,447 13,733 Deferred revenue 249 (6,661)Net Cash Provided by Operating Activities 265,690 282,924 INVESTING ACTIVITIESAcquisition of self storage properties(23,770)(25,063)Capital expenditures(24,028)(13,005)Deposits and advances for self storage properties and other acquisitions(122)(98)Expenditures for corporate furniture, equipment and other(461)(1,693)Investment in unconsolidated real estate ventures(12,849)(74,215)Acquisition of intangible assets from our former PROs— (32,741)Other— 908 Net proceeds from sale of self storage properties72,064 616,812 Net Cash Provided by Investing Activities 10,834 470,905 FINANCING ACTIVITIESBorrowings under debt financings486,800