Company: NSA-PB
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001618563-25-000023
Chunk: 49

Company: National Storage Affiliates Trust
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 1
Chunk 49
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 properties during the six months ended June 30, 2025. During the year ended December 31, 2024, we contributed 56 self storage properties to the 2024 Joint Venture, sold an additional 40 self storage properties and acquired seven self storage properties. As a result of these and other factors, we do not believe that our historical results of operations discussed and analyzed below are comparable or necessarily indicative of our future results of operations or cash flows. 

31

The following discussion and analysis of the results of our operations and financial condition should be read in conjunction with the accompanying condensed consolidated financial statements in Item 1. Certain figures, such as interest rates and other percentages, included in this section have been rounded for ease of presentation. Percentage figures included in this section have not in all cases been calculated on the basis of such rounded figures but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this section may vary slightly from those obtained by performing the same calculations using the figures in our condensed consolidated financial statements or in the associated text. Certain other amounts that appear in this section may similarly not sum due to rounding.

Three Months Ended June 30, 2025 compared to the Three Months Ended June 30, 2024 

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

Three Months Ended June 30,20252024ChangeRental revenue$169,838 $174,369 $(4,531)Other property-related revenue6,774 6,557 217 Management fees and other revenue12,230 9,522 2,708 Total revenue188,842 190,448 (1,606)Property operating expenses55,627 52,201 3,426 General and administrative expenses12,804 16,189 (3,385)Depreciation and amortization47,612 46,710 902 Other4,500 3,375 1,125 Total operating expenses120,543 118,475 2,068 Other (expense) incomeInterest expense(41,269)(37,228)(4,041)Equity in (losses) of unconsolidated real estate ventures(3,945)(4,449)504