Company: NSA-PB
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008656
Chunk: 68

Company: National Storage Affiliates Trust
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 68
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 can vary depending upon accounting methods, the book value of assets, and the impact of our capital structure; and

•We believe NOI helps our investors to meaningfully compare the results of our operating performance from period to period by removing the impact of our capital structure (primarily interest expense on our outstanding indebtedness) and depreciation of the cost basis of our assets from our operating results.

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There are material limitations to using a non-GAAP measure such as NOI, including the difficulty associated with comparing results among more than one company and the inability to analyze certain significant items, including depreciation and interest expense, that directly affect our net income (loss). We compensate for these limitations by considering the economic effect of the excluded expense items independently as well as in connection with our analysis of net income (loss). NOI should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues and net income (loss).

As of December 31, 2024, our same store portfolio consisted of 776 self storage properties. Our same store portfolio is defined as those properties owned and operated since the first day of the earliest year presented, excluding any properties sold, expected to be sold or subject to significant changes such as expansions or casualty events which cause the portfolio's year-over-year operating results to no longer be comparable. The following table illustrates the changes in rental revenue, other property-related revenue, and property operating expenses, for the year ended December 31, 2024 compared to the year ended December 31, 2023 (dollars in thousands):

Year Ended December 31,20242023ChangeRental revenueSame store portfolio$667,808 $690,176 $(22,368)Non-same store portfolio32,439 103,790 (71,351)Total rental revenue700,247 793,966 (93,719)Other property-related revenueSame store portfolio25,740 25,120 620 Non-same store portfolio1,622 4,566 (2,944)Total other property-related revenue27,362 29,686 (2,324)Property operating expensesSame store portfolio199,496 192,288 7,208 Non-same store portfolio12,356 36,698 (24,342)Total property operating expenses211,852 228,986 (17,134)Net operating incomeSame store portfolio494,052 523,008 (