Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 101

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 101
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 Months Ended September 30,Nine Months Ended September 30,2025202420252024Net income $29,016 $29,771 $79,493 $157,139 (Subtract) Add:Management fees and other revenue(12,336)(11,749)(36,701)(30,345)General and administrative expenses11,460 13,114 37,409 44,977 Depreciation and amortization46,885 47,661 142,613 141,702 Other4,101 3,643 13,077 10,510 Interest expense40,549 39,575 122,293 114,920 Loss on early extinguishment of debt— 323 — 323 Equity in (earnings) losses of unconsolidated real estate ventures(463)4,712 9,221 10,791 Acquisition and integration costs1,439 1,164 5,924 2,151 Non-operating (income) expense(503)83 (1,325)(352)Gain on sale of self storage properties— — (10,996)(63,841)Income tax expense871 863 2,111 2,290 Net Operating Income $121,019 $129,160 $363,119 $390,265 

Our consolidated NOI shown in the table above does not include our proportionate share of NOI for our unconsolidated real estate ventures. For additional information about the 2016 Joint Venture, the 2018 Joint Venture, the 2023 Joint Venture and the 2024 Joint Venture see Note 5 to the condensed consolidated financial statements in Item 1.

EBITDA and Adjusted EBITDA 

We define EBITDA as net income (loss), as determined under GAAP, plus interest expense, loss on early extinguishment of debt, income taxes, depreciation and amortization expense and the Company's share of unconsolidated real estate venture depreciation and amortization. We define Adjusted EBITDA as EBITDA plus acquisition costs, integration costs, executive severance costs, equity-based compensation expense, losses on sale of properties, impairment of long-lived assets and casualty-related expenses, losses and recoveries, minus gains on sale of properties and debt forgiveness, and after adjustments for unconsolidated partnerships and joint ventures, including the removal of the non-cash effect of applying H