Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 88

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 88
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 our 25% ownership interests in the 2024 Joint Venture, the 2023 Joint Venture, the 2018 Joint Venture and the 2016 Joint Venture. During the three months ended September 30, 2025, we recorded $0.5 million of equity in earnings from our unconsolidated real estate ventures compared to $4.7 million of losses for the three months ended September 30, 2024. The increase 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 $0.3 million for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. This increase was primarily attributable to equity-based compensation costs related to the internalization of the PRO structure.

Net Income Attributable to Noncontrolling Interests 

Net income attributable to noncontrolling interests was $10.6 million for the three months ended September 30, 2025, compared to $11.1 million for the three months ended September 30, 2024. 

Nine Months Ended September 30, 2025 compared to the Nine Months Ended September 30, 2024 

The following table illustrates the changes in rental revenue, other property-related revenue, management fees and other revenue, property operating expenses, and other expenses for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 (dollars in thousands):

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Nine Months Ended September 30,20252024ChangeRental revenue$509,220 $529,218 $(19,998)Other property-related revenue19,977 20,654 (677)Management fees and other revenue36,701 30,345 6,356 Total revenue565,898 580,217 (14,319)Property operating expenses166,078 159,607 6,471 General and administrative expenses37,409 44,977 (7,568)Depreciation and amortization142,613 141,702 911 Other13,077 10,510 2,567 Total operating expenses359,