Company: NSA-PB
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022674
Chunk: 46

Company: National Storage Affiliates Trust
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 46
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ization increased $0.8 million, or 1.7%, for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. This increase was primarily attributable to the incremental depreciation expense related to the 10 self storage properties acquired between January 1, 2024 and March 31, 2025.

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Other

Other expenses increased $1.0 million, or 28.2%, for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. This increase was primarily attributable to increases in administrative costs relating to our tenant insurance programs, due to an increase in related activity upon our acquisition of certain rights related to certain former PROs’ tenant insurance-related programs during the year ended December 31, 2024.

Interest Expense 

Interest expense increased $2.4 million, or 6.2%, for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The increase in interest expense was primarily attributable to an increase in the amount of debt subject to variable interest rates (excluding variable-rate debt subject to interest rate swaps) outstanding from $138.0 million, as of March 31, 2024, to $425.8 million as of March 31, 2025. 

Equity In Losses Of Unconsolidated Real Estate Ventures

Equity in losses of unconsolidated real estate ventures represents our share of earnings and losses incurred through our 25% ownership interests in the 2024 Joint Venture, the 2023 Joint Venture, the 2018 Joint Venture and the 2016 Joint Venture. During the three months ended March 31, 2025, we recorded $5.7 million of equity in losses from our unconsolidated real estate ventures compared to $1.6 million of losses for the three months ended March 31, 2024. The increase was primarily attributable to the non-cash impact of applying the hypothetical liquidation at book value ("HLBV") method to the 2024 Joint Venture, which allocates income (loss) based on the change in each owners' claim on net assets upon a hypothetical liquidation of the underlying joint venture at book value as of March 31, 2025.

Acquisition and Integration Costs

Acquisition and integration costs increased $1.9 million for the three months ended March