Company: NSA-PB
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022674
Chunk: 38

Company: National Storage Affiliates Trust
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 38
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 expenses. NOI excludes management fees and other revenue, general and administrative expenses, depreciation and amortization, interest expense, loss on early extinguishment of debt, equity in losses (earnings) of unconsolidated real estate ventures, acquisition costs, non-operating (income) expense, gain on sale of self storage properties or income tax expense. The following table is a reconciliation of our reportable segment revenue to total revenue for the three months ended March 31, 2025 and 2024 (dollars in thousands):Three Months Ended March 31,20252024Reportable segment revenueRental revenue$169,475 $180,382 Other property-related revenue6,744 6,692 Total reportable segment revenue176,219 187,074 Management fees and other revenue12,135 9,074 Total Revenue$188,354 $196,148 The following table is a reconciliation of our reported income before income taxes to our net operating income for the three months ended March 31, 2025 and 2024 (dollars in thousands):Three Months Ended March 31,20252024Income before income taxes$20,639 $95,974 All OtherManagement fees and other revenue(12,135)(9,074)General and administrative expenses13,145 15,674 Depreciation and amortization48,116 47,331 Other4,476 3,492 Interest expense40,475 38,117 Equity in losses of unconsolidated real estate ventures5,739 1,630 Acquisition and integration costs2,445 507 Non-operating income(360)(98)Gain on sale of self storage properties(1,425)(61,173)Net operating income$121,115 $132,380 

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ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

We make forward-looking statements in this report that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may," or similar expressions, we intend to identify forward-looking statements. 

The forward-looking statements contained in this report reflect our current views about future