Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 103

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 103
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 in thousands):

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Net income $29,016 $29,771 $79,493 $157,139 Add (subtract):Depreciation and amortization46,885 47,661 142,613 141,702 Company's share of unconsolidated real estate venture depreciation and amortization5,193 5,418 15,821 15,110 Interest expense40,549 39,575 122,293 114,920 Income tax expense871 863 2,111 2,290 Loss on early extinguishment of debt— 323 — 323 EBITDA122,514 123,611 362,331 431,484 Add (subtract):Acquisition costs302 287 1,162 1,274 Effect of hypothetical liquidation at book value (HLBV) accounting for unconsolidated 2024 Joint Venture(1)(30)5,458 9,518 13,707 Gain on sale of self storage properties— — (10,996)(63,841)Integration and executive severance costs, excluding equity-based compensation(2)— 877 1,388 1,100 Equity-based compensation expense(3)3,112 1,911 9,329 6,097 Adjusted EBITDA $125,898 $132,144 $372,732 $389,821 

(1)Reflects the non-cash impact of applying HLBV to the 2024 Joint Venture, which allocates GAAP income (loss) on a hypothetical liquidation of the underlying joint venture at book value as of the reporting date.(2)Executive severance costs relate to the nine months ended September 30, 2024 and are recorded within the line items "General and administrative expenses" and "Non-operating income" in our consolidated statements of operations. Integration costs relate to expenses incurred as a part of the internalization of the PRO structure.(3)Equity-based compensation expense is a non-cash item recorded within general and administrative expenses and acquisition and integration costs in our consolidated statements of operations. For the three and nine months ended September 30, 2025, $1.1 million and $3.4 million, respectively, relates to the internalization of the PRO structure and is included in acquisition and