Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 52

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 1
Chunk 52
---
2025, compared to the three months ended September 30, 2024. The increase in interest expense was primarily attributable to interest rate swaps that matured in August 2024 and February 2025. The maturity of these swaps, which effectively fixed SOFR at a lower rate than the prevailing market rate, resulted in an increase in the amount of debt subject to variable interest rates (excluding variable-rate debt subject to interest rate swaps) outstanding from $186.8 million, as of September 30, 2024, to $404.4 million as of September 30, 2025. 

Loss on Early Extinguishment of Debt

Loss on early extinguishment of debt decreased $0.3 million for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. During the three months ended September 30, 2024, in connection with the early repayment of Term Loan C, we expensed $0.3 million of unamortized debt issuance costs.

Equity In Earnings (Losses) Of Unconsolidated Real Estate Ventures

Equity in earnings (losses) of unconsolidated real estate ventures represents our share of earnings and losses incurred through our 25% ownership interests in the 2024 Joint Venture, the 2023 Joint Venture, the 2018 Joint Venture and the 2016 Joint Venture. During the three months ended September 30, 2025, we recorded $0.5 million of equity in earnings from our unconsolidated real estate ventures compared to $4.7 million of losses for the three months ended September 30, 2024. The increase was primarily attributable to a decrease in the non-cash impact of applying the HLBV method to the 2024 Joint Venture, which allocates income (loss) based on the change in each owners' claim on net assets upon a hypothetical liquidation of the underlying joint venture at book value as of September 30, 2025.

Acquisition and Integration Costs

Acquisition and integration costs increased $0.3 million for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. This increase was primarily attributable to equity-based compensation costs related to the internalization of the PRO structure.

Net Income Attributable to Noncontrolling Interests 

Net income attributable to noncontrolling interests was $10.6 million for the three