Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 50

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 1
Chunk 50
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 shareholders(5,117)(5,112)(5)Net income attributable to common shareholders$13,310 $13,589 $(279)

33

Total Revenue

Our total revenue, including management fees and other revenue, decreased by $4.9 million, or 2.5%, for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024. This decrease in total revenue was attributable to a decrease in total portfolio average occupancy from 86.0% for the three months ended September 30, 2024 to 84.5% for the three months ended September 30, 2025 and to the sale of 12 self storage properties to unaffiliated third parties between July 1, 2024 and September 30, 2025. Average occupancy is calculated based on the average of the month-end occupancy immediately preceding the period presented and the month-end occupancies included in the respective period presented.

Rental Revenue

Rental revenue decreased by $4.6 million, or 2.6%, for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024. The decrease in rental revenue was attributable to a decrease in total portfolio average occupancy from 86.0% for the three months ended September 30, 2024, to 84.5% for the three months ended September 30, 2025 and to the sale of 12 self storage properties to unaffiliated third parties between July 1, 2024 and September 30, 2025. Annualized total portfolio rental revenues (including fees and net of any discounts and uncollectible customer amounts) divided by average occupied square feet ("average annualized rental revenue per occupied square foot") increased from $15.57, for the three months ended September 30, 2024 to $15.59, or 0.1%, for the three months ended September 30, 2025.

Other Property-Related Revenue

Other property-related revenue represents ancillary income from our self storage properties, such as tenant insurance-related access fees and sales of storage supplies. Other property-related revenue decreased by $0.9 million, or 12.8%, for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024.

Management Fees and Other Revenue

Management fees and other revenue, which