Company: NSA-PB
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001618563-25-000023
Chunk: 57

Company: National Storage Affiliates Trust
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 1
Chunk 57
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 venture at book value as of June 30, 2025.

36

Acquisition and Integration Costs

Acquisition and integration costs increased $3.5 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. This increase was primarily attributable to costs related to the internalization of the PRO structure.

Gain on Sale of Self Storage Properties

Gain on sale of self storage properties was $11.0 million, for the six months ended June 30, 2025, compared to $63.8 million for the six months ended June 30, 2024. The gain on sale of self storage properties was primarily attributable to the sale of ten self storage properties to third parties during the six months ended June 30, 2025, for net proceeds of $67.1 million. 

Net Income Attributable to Noncontrolling Interests 

Net income attributable to noncontrolling interests was $18.0 million for the six months ended June 30, 2025, compared to $51.3 million for the six months ended June 30, 2024. The decrease was primarily attributable to the decrease in net income driven by larger gains on the sale of self storage properties recognized in the six months ended June 30, 2024.

Non-GAAP Financial Measures 

FFO and Core FFO 

Funds from operations, or FFO, is a widely used performance measure for real estate companies and is provided here as a supplemental measure of our operating performance. The December 2018 Nareit Funds From Operations White Paper - 2018 Restatement defines FFO as net income (as determined under GAAP), excluding: real estate depreciation and amortization, gains and losses from the sale of certain real estate assets, gains and losses from change in control, mark-to-market changes in value recognized on equity securities, impairment write-downs of certain real estate assets and impairment of investments in entities when it is directly attributable to decreases in the value of depreciable real estate held by the entity, and after adjusting equity in earnings (losses) to reflect our share of FFO in unconsolidated real estate ventures. Distributions declared on subordinated performance units and DownREIT subordinated performance units represented our allocation of FFO to noncontrolling interests held by subordinated performance unitholders and DownREIT subordinated performance unitholders. For purposes of calculating FFO attributable to common shareholders, OP unith