Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 70

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 1
Chunk 70
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 months ended September 30, 2025 was the $72.1 million of proceeds from the sale of 12 self storage properties to third parties, partially offset by our acquisition of four self storage properties and two properties that are considered annexes to existing properties, investment in our unconsolidated real estate ventures, and expenditures for corporate furniture and equipment.

Capital expenditures totaled $24.0 million and $13.0 million during the nine months ended September 30, 2025 and 2024, respectively. We generally fund post-acquisition capital additions from cash provided by operating activities.

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We categorize our capital expenditures broadly into three primary categories:

•recurring capital expenditures, which represent the portion of capital expenditures that are deemed to replace the consumed portion of acquired capital assets and extend their useful life;

•value enhancing capital expenditures, which represent the portion of capital expenditures that are made to enhance the revenue and value of an asset from its original purchase condition; and

•acquisitions capital expenditures, which represent the portion of capital expenditures capitalized during the current period that were identified and underwritten prior to a property's acquisition.

A summary of the capital expenditures for these categories, along with a reconciliation of the total for these categories to the capital expenditures reported in the accompanying condensed consolidated statements of cash flows for the nine months ended September 30, 2025 and 2024, are presented below (dollars in thousands):

Nine Months Ended September 30,20252024Recurring capital expenditures$15,657 $9,187 Value enhancing capital expenditures9,729 2,675 Acquisitions capital expenditures1,219 1,611 Total capital expenditures26,605 13,473 Change in accrued capital spending(2,577)(468)Capital expenditures per statement of cash flows$24,028 $13,005 

Financing Activities

Cash used in our financing activities was $299.4 million for the nine months ended September 30, 2025 compared to $763.1 million of cash used in financing activities for the nine months ended September 30, 2024. Our primary uses of financing cash flows for the nine months ended September 30, 2025 were for principal payments on existing debt of $532.3 million (which included $530.7 million of principal repayments under the Revolver and $1.6 million of scheduled fixed rate mortgage principal amortization payments), distributions to common shareholders of $131.0 million, distributions to non