Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 31

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 1
Chunk 31
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.As of September 30, 2025, the 2023 Joint Venture owned and operated 21 self storage properties containing approximately 1.4 million rentable square feet, configured in approximately 9,000 storage units and located across five states.2018 Joint VentureAs of September 30, 2025, the Company's unconsolidated real estate venture, formed in September 2018 with an affiliate of Heitman America Real Estate REIT LLC (the "2018 Joint Venture"), in which the Company has a 25% ownership interest, owned and operated 104 self storage properties containing approximately 7.9 million rentable square feet, configured in approximately 65,000 storage units and located across 17 states.2016 Joint VentureAs of September 30, 2025, the Company's unconsolidated real estate venture, formed in September 2016 with a state pension fund advised by Heitman Capital Management LLC (the "2016 Joint Venture"), in which the Company has a 25% ownership interest, owned and operated 81 properties containing approximately 5.7 million rentable square feet, configured in approximately 47,000 storage units and located across 13 states.The following table presents the combined condensed financial position of the Company's unconsolidated real estate ventures as of September 30, 2025 and December 31, 2024 (dollars in thousands):September 30, 2025December 31, 2024ASSETSSelf storage properties$2,758,743 $2,700,632 Less accumulated depreciation(505,615)(445,006)Self storage properties, net2,253,128 2,255,626 Other assets41,552 43,513 Total assets$2,294,680 $2,299,139 LIABILITIES AND EQUITYDebt financing$1,214,036 $1,213,169 Other liabilities36,922 37,206 Equity1,043,722 1,048,764 Total liabilities and equity$2,294,680 $2,299,139 

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The following tables present the combined condensed operating information of the Company's unconsolidated real estate ventures for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands):Three Months Ended September 30,20252024Total revenue$62,875