Company: NSA-PB
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008656
Chunk: 58

Company: National Storage Affiliates Trust
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 58
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(323)(758)435 Equity in (losses) earnings of unconsolidated real estate ventures(16,075)7,553 (23,628)Acquisition and integration costs(3,616)(1,659)(1,957)Non-operating income (expense)314 (1,016)1,330 Gain on sale of self storage properties63,841 63,910 (69)Other expense, net(110,119)(98,117)(12,002)Income before taxes187,037 238,578 (51,541)Income tax expense(3,767)(1,590)(2,177)Net income183,270 236,988 (53,718)Net income attributable to noncontrolling interests(71,752)(80,319)8,567 Net income attributable to National Storage Affiliates Trust111,518 156,669 (45,151)Distributions to preferred shareholders(20,445)(19,019)(1,426)Net income attributed to common shareholders$91,073 $137,650 $(46,577)

Total Revenue

Our total revenue, including management fees and other revenue, decreased by $87.7 million, or 10.2%, for the year ended December 31, 2024, as compared to the year ended December 31, 2023. This decrease was primarily attributable to (i) the sale of 32 self storage properties to an unaffiliated third party in the three months ended December 31, 2023, (ii) the contribution of 56 self storage properties to the 2024 Joint Venture in the three months ended March 31, 2024, and (iii) the sale of 40 self storage properties to unaffiliated third parties during the year ended December 31, 2024. The decrease in total revenue was also attributable to a decrease in total portfolio average occupancy from 88.0% for the year ended December 31, 2023 to 85.6% for the year ended December 31, 2024. Average occupancy is calculated based on the average of the month-end occupancy immediately preceding the period presented and the month-end occupancies included in the respective period presented.

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Rental Revenue

Rental revenue decreased by $93.7 million, or 11.8%, for the year ended December 31, 2024, as compared to the year