Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 54

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 1
Chunk 54
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$79,458 $(43,911)

Total Revenue

Our total revenue, including management fees and other revenue, decreased by $14.3 million, or 2.5%, for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. This decrease was primarily attributable to a decrease in total portfolio average occupancy from 85.8% for the nine months ended September 30, 2024 to 83.8% for the nine months ended September 30, 2025. The decrease in total revenue was also attributable to the contribution of 56 self storage properties to the 2024 Joint Venture and the sale of 52 self storage properties to unaffiliated third parties between January 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 $20.0 million, or 3.8%, for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. The decrease in rental revenue was primarily attributable to a decrease in total portfolio average occupancy from 85.8% for the nine months ended September 30, 2024 to 83.8% for the nine months ended September 30, 2025 and the contribution of 56 self storage properties to the 2024 Joint Venture and the sale of 52 self storage properties to unaffiliated third parties between January 1, 2024 and September 30, 2025. Average annualized rental revenue per occupied square foot decreased from $15.64, for the nine months ended September 30, 2024 to $15.61, or 0.2%, for the nine months ended September 30, 2025, driven primarily by decreased contractual lease rates for in-place tenants.

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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 $0.7 million, or 3.3%, for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024.

Management Fees and Other Revenue

Management fees and other revenue, which includes