Company: NSA-PB
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022674
Chunk: 44

Company: National Storage Affiliates Trust
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 44
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 income360 98 262 Gain on sale of self storage properties1,425 61,173 (59,748)Other (expense) income, net(46,874)21,017 (67,891)Income before income taxes 20,639 95,974 (75,335)Income tax expense(1,120)(886)(234)Net income19,519 95,088 (75,569)Net income attributable to noncontrolling interests(6,525)(36,061)29,536 Net income attributable to National Storage Affiliates Trust12,994 59,027 (46,033)Distributions to preferred shareholders(5,114)(5,110)(4)Net income attributable to common shareholders$7,880 $53,917 $(46,037)

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Total Revenue

Our total revenue, including management fees and other revenue, decreased by $7.8 million, or 4.0%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. This decrease was primarily attributable to the contribution of 56 self storage properties to the 2024 Joint Venture and the sale of 42 self storage properties to unaffiliated third parties between January 1, 2024 and March 31, 2025. The decrease in total revenue was also attributable to a decrease in total portfolio average occupancy from 85.2% for the three months ended March 31, 2024 to 83.4% for the three months ended March 31, 2025. Average occupancy is calculated based on the average of the month-end occupancy immediately preceding the period presented and the month-end occupancies included in the respective period presented.

Rental Revenue

Rental revenue decreased by $10.9 million, or 6.0%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. The decrease in rental revenue was primarily attributable to the contribution of 56 self storage properties to the 2024 Joint Venture and the sale of 42 self storage properties to unaffiliated third parties between January 1, 2024 and March 31, 2025. Annualized total portfolio rental revenues (including fees and net of any discounts and uncollectible customer amounts) divided by average occupied square feet ("average annualized rental revenue per occupied square foot")