Company: NSA-PB
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022674
Chunk: 53

Company: National Storage Affiliates Trust
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 53
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 for the three months ended March 31, 2025, driven primarily by decreased lease rates for new tenants.

Other Property-Related Revenue

Same store portfolio other property-related revenue increased $0.3 million, or 4.3%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024.

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Property Operating Expenses

Same store portfolio property operating expenses increased $1.8 million, or 3.7%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. The increase in same store property operating expenses was a result of increases in marketing, repairs and maintenance, and utilities expense, partially offset by decreases in personnel costs during the three months ended March 31, 2025.

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

Three Months Ended March 31,20252024Net income $19,519 $95,088 (Subtract) Add:Management fees and other revenue(12,135)(9,074)General and administrative expenses13,145 15,674 Other 4,476 3,492 Depreciation and amortization48,116 47,331 Interest expense40,475 38,117 Equity in losses of unconsolidated real estate ventures5,739 1,630 Acquisition and integration costs2,445 507 Income tax expense1,120 886 Gain on sale of self storage properties(1,425)(61,173)Non-operating income(360)(98)Net Operating Income $121,115 $132,380 

Our consolidated NOI shown in the table above does not include our proportionate share of NOI for our unconsolidated real estate ventures. For additional information about the 2016 Joint Venture, the 2018 Joint Venture, the 2023 Joint Venture and the 2024 Joint Venture see Note 5 to the condensed consolidated financial statements in Item 1.

EBITDA and Adjusted EBITDA 

We define EBITDA as net income (loss), as determined under GAAP, plus interest expense, loss on early extinguishment of debt, income taxes, depreciation and amortization expense and the Company's share of unconsolidated real estate venture depreciation and amortization. We define Adjusted EBITDA as EBITDA plus acquisition