Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 100

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 100
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1)— (1,312)1,312 Total property operating expenses166,078 159,607 6,471 Net operating incomeSame store portfolio350,087 371,647 (21,560)Non-same store portfolio13,032 18,618 (5,586)Total net operating income$363,119 $390,265 $(27,146)

(1)Certain payroll and related costs associated with the former PRO portfolios were not reflected as property-level expenses in 2024 under the management of the former PROs. Such costs are reflected in property operating expenses in 2025 under our management. For purposes of comparable same store reporting, we have included the specific 2024 expense amounts for the same store portfolio in the relevant periods. This line item is presented in order to reconcile total property operating expenses to previously reported figures.

Rental Revenue

Same store portfolio rental revenues decreased $14.4 million, or 2.9%, for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. This decrease in same store portfolio rental revenue was driven primarily by a decrease in average occupancy from 86.2% for the nine months ended September 30, 2024 to 84.4% for the nine months ended September 30, 2025. Average annualized same store rental revenue per occupied square foot decreased from $15.78 to $15.68, or 0.6%, for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024.

Other Property-Related Revenue

Same store portfolio other property-related revenue decreased $0.5 million, or 2.7%, for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024.

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Property Operating Expenses

Same store portfolio property operating expenses increased $6.6 million, or 4.4%, for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. The increase in same store property operating expenses was a result of increases in marketing, property tax and utilities expense, partially offset by decreases in personnel costs during the nine months ended September 30, 2025.

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

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