Company: NSA-PB
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022674
Chunk: 52

Company: National Storage Affiliates Trust
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 52
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 comparable. The following table illustrates the changes in rental revenue, other property-related revenue, and property operating expenses, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 (dollars in thousands):

Three Months Ended March 31,20252024ChangeRental revenueSame store portfolio$162,224 $167,620 $(5,396)Non-same store portfolio7,251 12,762 (5,511)Total rental revenue169,475 180,382 (10,907)Other property-related revenueSame store portfolio6,433 6,167 266 Non-same store portfolio311 525 (214)Total other property-related revenue6,744 6,692 52 Property operating expensesSame store portfolio52,245 50,402 1,843 Non-same store portfolio2,859 4,800 (1,941)Prior period comparability adjustment(1)— (508)508 Total property operating expenses55,104 54,694 410 Net operating incomeSame store portfolio116,412 123,385 (6,973)Non-same store portfolio4,703 8,995 (4,292)Total net operating income$121,115 $132,380 $(11,265)

(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 $5.4 million, or 3.2%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. This decrease in same store portfolio rental revenue was driven primarily by a decrease in average occupancy from 85.8% for the three months ended March 31, 2024 to 83.9% for the three months ended March 31, 2025. Average annualized same store rental revenue per occupied square foot decreased from $15.86 to $15.70, or 1.0%,