Company: NSA-PB
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001618563-25-000023
Chunk: 86

Company: National Storage Affiliates Trust
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 2
Chunk 86
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9 million of equity in losses from our unconsolidated real estate ventures compared to $4.4 million of losses for the three months ended June 30, 2024. The decrease 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 June 30, 2025.

Acquisition and Integration Costs

Acquisition and integration costs increased $1.6 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. This increase was primarily attributable to costs related to the internalization of the PRO structure.

Gain on Sale of Self Storage Properties

Gain on sale of self storage properties was $9.6 million, for the three months ended June 30, 2025, compared to $2.7 million for the three months ended June 30, 2024. The gain on sale of self storage properties was primarily attributable to the sale of eight self storage properties to third parties during the three months ended June 30, 2025, for net proceeds of $57.4 million. 

Net Income Attributable to Noncontrolling Interests 

Net income attributable to noncontrolling interests was $11.5 million for the three months ended June 30, 2025, compared to $15.2 million for the three months ended June 30, 2024. 

Six Months Ended June 30, 2025 compared to the Six Months Ended June 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 six months ended June 30, 2025 compared to the six months ended June 30, 2024 (dollars in thousands):

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Six Months Ended June 30,20252024ChangeRental revenue$339,313 $354,751 $(15,438)Other property-related revenue13,518 13,249 269 Management fees and other revenue24,365 18,596 5,769 Total revenue377,196 386,596 (9,400)Property operating expenses110,731 106,895 3,836 General and administrative expenses25,949