Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 69

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 1
Chunk 69
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 flow, cash on hand, secured and unsecured indebtedness, and the issuance of equity and debt securities. 

The availability of credit and its related effect on the overall economy may affect our liquidity and future financing activities, both through changes in interest rates and access to financing. Our ability to access capital on favorable terms as well as to use cash from operations to continue to meet our liquidity needs, all of which are highly uncertain and cannot be predicted, could be affected by various risks and uncertainties. We believe that, as a publicly-traded REIT, we will have access to multiple sources of capital to fund our long-term liquidity requirements, including the incurrence of additional debt and the issuance of debt and additional equity securities. However, we cannot assure you that this will be the case.

Cash Flows

At September 30, 2025, we had $26.3 million in cash and cash equivalents and $1.6 million of restricted cash, a decrease in cash and cash equivalents of $24.1 million and an increase in restricted cash of $1.2 million from December 31, 2024. Restricted cash primarily consists of escrowed funds deposited with financial institutions for real estate taxes, insurance, and other reserves for capital improvements in accordance with our loan agreements. The following discussion relates to changes in cash due to operating, investing, and financing activities, which are presented in our condensed consolidated statements of cash flows included in Item 1 of this report.

Operating Activities

Cash provided by our operating activities was $265.7 million for the nine months ended September 30, 2025 compared to $282.9 million the nine months ended September 30, 2024. Our operating cash flow decreased primarily due to a decrease in rental revenue primarily driven by 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.

Investing Activities 

Cash provided by investing activities was $10.8 million for the nine months ended September 30, 2025 compared to $470.9 million of cash provided by investing activities for the nine months ended September 30, 2024. The primary source of cash for the nine