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

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 1
Chunk 10
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,041 1,763,347 Total liabilities and equity$5,142,302 $5,354,462 

See notes to condensed consolidated financial statements.3

NATIONAL STORAGE AFFILIATES TRUSTCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts)(Unaudited)

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024REVENUERental revenue$169,907 $174,467 $509,220 $529,218 Other property-related revenue6,459 7,405 19,977 20,654 Management fees and other revenue12,336 11,749 36,701 30,345 Total revenue188,702 193,621 565,898 580,217 OPERATING EXPENSESProperty operating expenses55,347 52,712 166,078 159,607 General and administrative expenses11,460 13,114 37,409 44,977 Depreciation and amortization46,885 47,661 142,613 141,702 Other4,101 3,643 13,077 10,510 Total operating expenses117,793 117,130 359,177 356,796 OTHER (EXPENSE) INCOMEInterest expense(40,549)(39,575)(122,293)(114,920)Loss on early extinguishment of debt— (323)— (323)Equity in earnings (losses) of unconsolidated real estate ventures463 (4,712)(9,221)(10,791)Acquisition and integration costs(1,439)(1,164)(5,924)(2,151)Non-operating income (expense)503 (83)1,325 352 Gain on sale of self storage properties— — 10,996 63,841 Other expense, net(41,022)(45,857)(125,117)(63,992)Income before income taxes29,887 30,634 81,604 159,429 Income tax expense(871)(863)(2,111)(2,290)Net income29,016 29,771 79,493 157,139 Net income attributable to noncontrolling interests(10,589)(11,070)(28,601)(62,349)Net income attributable to