Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 86

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 86
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 was attributable to a decrease in total portfolio average occupancy from 86.0% for the three months ended September 30, 2024, to 84.5% for the three months ended September 30, 2025 and to the sale of 12 self storage properties to unaffiliated third parties between July 1, 2024 and September 30, 2025. Annualized total portfolio rental revenues (including fees and net of any discounts and uncollectible customer amounts) divided by average occupied square feet ("average annualized rental revenue per occupied square foot") increased from $15.57, for the three months ended September 30, 2024 to $15.59, or 0.1%, for the three months ended September 30, 2025.

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 $0.9 million, or 12.8%, for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024.

Management Fees and Other Revenue

Management fees and other revenue, which includes revenue related to managing and operating the unconsolidated real estate ventures and other revenue from our tenant insurance programs, increased $0.6 million, or 5.0%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. This increase was primarily attributable to an increase in tenant insurance activity.

Property Operating Expenses

Property operating expenses increased by $2.6 million, or 5.0%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase in property operating expenses was primarily attributable to increases in marketing, personnel costs, and property tax expense, partially offset by decreases in property operating expenses resulting from the sale of 12 self storage properties to unaffiliated third parties between July 1, 2024 and September 30, 2025.

General and Administrative Expenses 

General and administrative expenses decreased by $1.7 million, or 12.6%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. This result was primarily attributable to a decrease in management fees following the internalization of the PRO structure from