Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 67

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 1
Chunk 67
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 and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements;

•Adjusted EBITDA excludes equity-based compensation expense, which is and will remain a key element of our overall long-term incentive compensation package, although we exclude it as an expense when evaluating our ongoing operating performance for a particular period;

•EBITDA and Adjusted EBITDA do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; and

•other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do, limiting their usefulness as comparative measures.

We compensate for these limitations by considering the economic effect of the excluded expense items independently as well as in connection with our analysis of net income (loss). EBITDA and Adjusted EBITDA should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues and net income (loss).

The following table presents a reconciliation of net income to EBITDA and Adjusted EBITDA for the periods presented (dollars 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