Company: NSA-PB
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022674
Chunk: 37

Company: National Storage Affiliates Trust
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 37
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 190,966 (1) Carrying value represents the principal balance outstanding

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13. Segments

The Company manages the business as one reportable segment consisting of owning and managing self storage properties located in the United States. The Company collects rental revenue from customers for space rentals and related fees. Although the Company has several operating segments consisting of self storage properties in different geographic markets, these operating segments have been aggregated into one reportable segment based on the similar economic characteristics among all markets. The Company considers factors such as the physical and economic characteristics of its properties and the related operating activities in determining its operating segments. Operating segments that exhibit similar physical and economic characteristics and other operating similarities have been aggregated. The Company has other operating segments, consisting of activities other than owning and managing self storage properties, that are insignificant based on the guidance set forth in ASC 280, and included under the heading "All Other." The Company's chief operating decision maker ("CODM") is its President and Chief Executive Officer. The CODM uses net operating income ("NOI") to assess segment performance and allocate resources. NOI is the key measure used by the CODM to evaluate the economic productivity from owning and managing the Company's self storage properties, as it enables the CODM to evaluate the operating performance of the Company's self storage properties on a consistent and comparable basis from period to period.Reportable segment asset information is not provided to the CODM as the CODM does not use segment asset information to evaluate the business and allocate resources.The following table presents our reportable segment NOI 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 Property operating expensesStore payroll and related costs12,914 13,523 Property tax expense15,917 15,926 Utilities expense5,724 5,422 Repairs & maintenance expense5,003 4,297 Marketing expense5,528 4,799 Insurance expense2,689 2,751 Other property operating expenses7,329 7,976 Total property operating expenses55,104 54,694 Net operating income$121,115 $132,380 

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NOI represents rental revenue plus other property-related revenue, minus property operating