Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 92

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 92
---
2024, in connection with the early repayment of Term Loan C, we expensed $0.3 million of unamortized debt issuance costs.  

37

Equity In Losses Of Unconsolidated Real Estate Ventures

Equity in losses of unconsolidated real estate ventures represents our share of earnings and losses incurred through our 25% ownership interests in the 2024 Joint Venture, the 2023 Joint Venture, the 2018 Joint Venture and the 2016 Joint Venture. During the nine months ended September 30, 2025, we recorded $9.2 million of equity in losses from our unconsolidated real estate ventures compared to $10.8 million of losses for the nine months ended September 30, 2024. The decrease in losses was primarily attributable to a decrease in the non-cash impact of applying the HLBV method to the 2024 Joint Venture, which allocates income (loss) based on the change in each owners' claim on net assets upon a hypothetical liquidation of the underlying joint venture at book value as of September 30, 2025.

Acquisition and Integration Costs

Acquisition and integration costs increased $3.8 million for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. This increase was primarily attributable to costs related to the internalization of the PRO structure.

Gain on Sale of Self Storage Properties

Gain on sale of self storage properties was $11.0 million, for the nine months ended September 30, 2025, compared to $63.8 million for the nine months ended September 30, 2024. The gain on sale of self storage properties was primarily attributable to the sale of 12 self storage properties to third parties during the nine months ended September 30, 2025, for net proceeds of $73.1 million. 

Net Income Attributable to Noncontrolling Interests 

Net income attributable to noncontrolling interests was $28.6 million for the nine months ended September 30, 2025, compared to $62.3 million for the nine months ended September 30, 2024. The decrease was primarily attributable to the decrease in net income driven by larger gains on the sale of self storage properties recognized in the nine months ended September 30, 2024.

Non-GAAP Financial Measures 

FFO and Core FFO 

Funds from operations, or FFO,