Company: NSA-PB
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001618563-25-000023
Chunk: 85

Company: National Storage Affiliates Trust
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 2
Chunk 85
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 for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. This result was primarily attributable to a decrease in management fees following the internalization of the PRO structure from $5.1 million for the three months ended June 30, 2024 to $1.4 million for the three months ended June 30, 2025.

Depreciation and Amortization 

Depreciation and amortization increased $0.9 million, or 1.9%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. This increase was primarily attributable to the incremental depreciation expense related to the 11 self storage properties acquired between April 1, 2024 and June 30, 2025.

Other

Other expenses increased $1.1 million, or 33.3%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. This increase was primarily attributable to increases in administrative costs relating to our tenant insurance programs, due to an increase in related activity upon our acquisition of certain rights related to certain former PROs' tenant insurance-related programs during the year ended December 31, 2024.

Interest Expense 

Interest expense increased $4.0 million, or 10.9%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase in interest expense was primarily attributable to interest rate swaps that matured in August 2024 and February 2025. The maturity of these swaps, which effectively fixed SOFR at a lower rate than the prevailing market rate, resulted in an increase in the amount of debt subject to variable interest rates (excluding variable-rate debt subject to interest rate swaps) outstanding from $222.0 million, as of June 30, 2024, to $403.9 million as of June 30, 2025. 

33

Equity In Losses Of Unconsolidated Real Estate Ventures

Equity in losses of unconsolidated real estate ventures represents our share of earnings and losses incurred through our 25% ownership interests in the 2024 Joint Venture, the 2023 Joint Venture, the 2018 Joint Venture and the 2016 Joint Venture. During the three months ended June 30, 2025, we recorded $3.