Company: NSA-PB
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001618563-25-000023
Chunk: 96

Company: National Storage Affiliates Trust
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 2
Chunk 96
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 ended June 30, 2024 (dollars in thousands):

Three Months Ended June 30,20252024ChangeRental revenueSame store portfolio$162,570 $167,825 $(5,255)Non-same store portfolio7,268 6,544 724 Total rental revenue169,838 174,369 (4,531)Other property-related revenueSame store portfolio6,405 6,359 46 Non-same store portfolio369 198 171 Total other property-related revenue6,774 6,557 217 Property operating expensesSame store portfolio52,720 50,407 2,313 Non-same store portfolio2,907 2,307 600 Prior period comparability adjustment(1)— (513)513 Total property operating expenses55,627 52,201 3,426 Net operating incomeSame store portfolio116,255 123,777 (7,522)Non-same store portfolio4,730 4,948 (218)Total net operating income$120,985 $128,725 $(7,740)

(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. This line item is presented in order to reconcile total property operating expenses to previously reported figures.

Rental Revenue

Same store portfolio rental revenues decreased $5.3 million, or 3.1%, for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024. This decrease in same store portfolio rental revenue was driven primarily by a decrease in average occupancy from 86.6% for the three months ended June 30, 2024 to 84.2% for the three months ended June 30, 2025. Average annualized same store rental revenue per occupied square foot decreased from $15.72 to $15.68, or 0.3%, for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024.

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Other Property-Related Revenue

Same store portfolio other property-related revenue was relatively consistent