Company: NSA-PB
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001618563-25-000023
Chunk: 97

Company: National Storage Affiliates Trust
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 2
Chunk 97
---
 for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024.

Property Operating Expenses

Same store portfolio property operating expenses increased $2.3 million, or 4.6%, for the three months ended June 30, 2025, as compared to the three 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 three months ended June 30, 2025.

Six Months Ended June 30, 2025 compared to the Six Months Ended June 30, 2024 

The following table illustrates the changes in rental revenue, other property-related revenue, and property operating expenses, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 (dollars in thousands):

Six Months Ended June 30,20252024ChangeRental revenueSame store portfolio$324,794 $335,445 $(10,651)Non-same store portfolio14,519 19,306 (4,787)Total rental revenue339,313 354,751 (15,438)Other property-related revenueSame store portfolio12,838 12,526 312 Non-same store portfolio680 723 (43)Total other property-related revenue13,518 13,249 269 Property operating expensesSame store portfolio104,965 100,810 4,155 Non-same store portfolio5,766 7,106 (1,340)Prior period comparability adjustment(1)— (1,021)1,021 Total property operating expenses110,731 106,895 3,836 Net operating incomeSame store portfolio232,667 247,161 (14,494)Non-same store portfolio9,433 13,944 (4,511)Total net operating income$242,100 $261,105 $(19,005)

(1)Certain payroll and related costs associated with the former PRO portfolios were not reflected as property-level expenses in 2024 under the management of the former PROs. Such costs are reflected in property operating expenses in 2025 under our management. For purposes of comparable same store reporting, we have included the specific 2024 expense amounts for the same store portfolio in the relevant periods.