Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 90

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 90
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 primarily attributable to a decrease in total portfolio average occupancy from 85.8% for the nine months ended September 30, 2024 to 83.8% for the nine months ended September 30, 2025 and the contribution of 56 self storage properties to the 2024 Joint Venture and the sale of 52 self storage properties to unaffiliated third parties between January 1, 2024 and September 30, 2025. Average annualized rental revenue per occupied square foot decreased from $15.64, for the nine months ended September 30, 2024 to $15.61, or 0.2%, for the nine months ended September 30, 2025, driven primarily by decreased contractual lease rates for in-place tenants.

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Other Property-Related Revenue

Other property-related revenue represents ancillary income from our self storage properties, such as tenant insurance-related access fees and sales of storage supplies. Other property-related revenue decreased by $0.7 million, or 3.3%, for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024.

Management Fees and Other Revenue

Management fees and other revenue, which includes revenue related to managing and operating the unconsolidated real estate ventures and other revenue from our tenant insurance programs, increased $6.4 million, or 20.9%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. This increase was primarily attributable to an increase in tenant insurance activity upon our acquisition of certain rights related to certain former PROs' tenant insurance-related programs as part of the internalization of the PRO structure during the year ended December 31, 2024 and increased property management fees resulting from the 2023 Joint Venture and the 2024 Joint Venture.

Property Operating Expenses

Property operating expenses increased by $6.5 million, or 4.1%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increase in property operating expenses was primarily attributable to increases in marketing, repairs and maintenance, and property tax expense, partially offset by decreases in property operating expenses resulting from the contribution of 56 self storage properties to the 2024 Joint Venture and the sale of 52 self storage properties to unaffiliated third parties between January 1, 2024 and September 30,