Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 87

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 87
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 $3.4 million for the three months ended September 30, 2024 to $1.2 million for the three months ended September 30, 2025.

Depreciation and Amortization 

Depreciation and amortization decreased $0.8 million, or 1.6%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. This decrease was primarily attributable to the sale of 12 self storage properties to unaffiliated third parties between July 1, 2024 and September 30, 2025.

Other

Other expenses increased $0.5 million, or 12.6%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. This increase was primarily attributable to increases in administrative costs relating to our tenant insurance programs, due to an increase in related activity upon our acquisition of certain rights related to certain former PROs' tenant insurance-related programs during the year ended December 31, 2024.

34

Interest Expense 

Interest expense increased $1.0 million, or 2.5%, for the three months ended September 30, 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