Company: NSA-PB
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001618563-25-000023
Chunk: 100

Company: National Storage Affiliates Trust
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 2
Chunk 100
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 analytical tool. Some of these limitations are:

•EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements, for capital expenditures, contractual commitments or working capital needs;

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•EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debts;

•although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements;

•Adjusted EBITDA excludes equity-based compensation expense, which is and will remain a key element of our overall long-term incentive compensation package, although we exclude it as an expense when evaluating our ongoing operating performance for a particular period;

•EBITDA and Adjusted EBITDA do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; and

•other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do, limiting their usefulness as comparative measures.

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). EBITDA and Adjusted EBITDA 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).

The following table presents a reconciliation of net income to EBITDA and Adjusted EBITDA for the periods presented (dollars in thousands):

Three Months Ended June 30,Six Months Ended June 30,2025202420252024Net income $30,958 $32,280 $50,477 $127,368 Add (subtract):Depreciation and amortization47,612 46,710 95,728 94,041 Company's share of unconsolidated real estate venture depreciation and amortization5,217 5,141 10,628 9,693 Interest expense41,269 37,228 81,744 75,345 Income tax expense120 541 1,240 1,427 EBITDA125,176 121,900 239,817 307,874 Add (subtract):Acquisition costs457 480 860 987 Effect of hypothetical liquidation