Company: NSA-PB
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001618563-25-000023
Chunk: 65

Company: National Storage Affiliates Trust
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 1
Chunk 65
---
 June 30, 2024 to 84.1% for the six months ended June 30, 2025. Average annualized same store rental revenue per occupied square foot decreased from $15.79 to $15.68, or 0.7%, for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, driven primarily by decreased lease rates for new tenants.

Other Property-Related Revenue

Same store portfolio other property-related revenue increased $0.3 million, or 2.5%, for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024.

41

Property Operating Expenses

Same store portfolio property operating expenses increased $4.2 million, or 4.1%, for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. The increase in same store property operating expenses was a result of increases in marketing, repairs and maintenance and property tax expense, partially offset by decreases in personnel costs during the six months ended June 30, 2025.

The following table presents a reconciliation of net income to NOI for the periods presented (dollars in thousands):

Three Months Ended June 30,Six Months Ended June 30,2025202420252024Net income $30,958 $32,280 $50,477 $127,368 (Subtract) Add:Management fees and other revenue(12,230)(9,522)(24,365)(18,596)General and administrative expenses12,804 16,189 25,949 31,863 Depreciation and amortization47,612 46,710 95,728 94,041 Other4,500 3,375 8,976 6,867 Interest expense41,269 37,228 81,744 75,345 Equity in losses of unconsolidated real estate ventures3,945 4,449 9,684 6,079 Acquisition and integration costs2,040 480 4,485 987 Non-operating income(462)(337)(822)(435)Gain on sale of self storage properties(9,571)(2,668)(10,996)(63,841)Income tax expense120 541 1,240 1,427 Net Operating Income $