Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 91

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 91
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 2025.

General and Administrative Expenses 

General and administrative expenses decreased by $7.6 million, or 16.8%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. This result was primarily attributable to a decrease in management fees following the internalization of the PRO structure from $13.6 million for the nine months ended September 30, 2024 to $4.0 million for the nine months ended September 30, 2025.

Depreciation and Amortization 

Depreciation and amortization increased $0.9 million, or 0.6%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. This increase was primarily attributable to an increase in amortization expense related to intangible assets, partially offset by a decrease in self storage property related depreciation.

Other

Other expenses increased $2.6 million, or 24.4%, for the nine months ended September 30, 2025, compared to the nine 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 as part of the internalization of the PRO structure during the year ended December 31, 2024.

Interest Expense 

Interest expense increased $7.4 million, or 6.4%, for the nine months ended September 30, 2025, compared to the nine 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 nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. During the nine months ended September 30,