Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 43

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 1
Chunk 43
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 181,872 529,197 549,872 Property operating expensesStore payroll and related costs13,012 12,487 39,133 38,975 Property tax expense15,983 15,042 47,818 45,475 Utilities expense6,450 5,990 17,418 16,220 Repairs & maintenance expense3,854 3,835 13,565 12,359 Marketing expense5,986 4,715 18,376 14,432 Insurance expense2,488 2,732 7,682 8,311 Other property operating expenses7,574 7,911 22,086 23,835 Total property operating expenses55,347 52,712 166,078 159,607 Net operating income$121,019 $129,160 $363,119 $390,265 NOI represents rental revenue plus other property-related revenue, minus property operating expenses. NOI excludes management fees and other revenue, general and administrative expenses, depreciation and amortization, interest expense, loss on early extinguishment of debt, equity in losses (earnings) of unconsolidated real estate ventures, acquisition costs, non-operating (income) expense, gain on sale of self storage properties or income tax expense. The following table is a reconciliation of our reportable segment revenue to total revenue for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands):Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Reportable segment revenueRental revenue$169,907 $174,467 $509,220 $529,218 Other property-related revenue6,459 7,405 19,977 20,654 Total reportable segment revenue176,366 181,872 529,197 549,872 Management fees and other revenue12,336 11,749 36,701 30,345 Total Revenue$188,702 $193,621 $565,898 $580,217 

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The following table is a reconciliation of our reported income before income taxes to our net operating income for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands):Three Months EndedSeptember 30,Nine Months EndedSeptember 30,202520242025202