Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 64

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 1
Chunk 64
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 expenses was a result of increases in marketing, property tax and utilities expense during the three months ended September 30, 2025.

Nine Months Ended September 30, 2025 compared to the Nine Months Ended September 30, 2024 

The following table illustrates the changes in rental revenue, other property-related revenue, and property operating expenses, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 (dollars in thousands):

Nine Months Ended September 30,20252024ChangeRental revenueSame store portfolio$488,863 $503,265 $(14,402)Non-same store portfolio20,357 25,953 (5,596)Total rental revenue509,220 529,218 (19,998)Other property-related revenueSame store portfolio19,019 19,554 (535)Non-same store portfolio958 1,100 (142)Total other property-related revenue19,977 20,654 (677)Property operating expensesSame store portfolio157,795 151,172 6,623 Non-same store portfolio8,283 9,747 (1,464)Prior period comparability adjustment(1)— (1,312)1,312 Total property operating expenses166,078 159,607 6,471 Net operating incomeSame store portfolio350,087 371,647 (21,560)Non-same store portfolio13,032 18,618 (5,586)Total net operating income$363,119 $390,265 $(27,146)

(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 $14.4 million, or 2.9%, for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. This decrease in same store portfolio rental revenue was driven primarily by a decrease in average occupancy from 86.2% for