Company: NSA-PB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048800
Chunk: 51

Company: National Storage Affiliates Trust
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 1
Chunk 51
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 includes revenue related to managing and operating the unconsolidated real estate ventures and other revenue from our tenant insurance programs, increased $0.6 million, or 5.0%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. This increase was primarily attributable to an increase in tenant insurance activity.

Property Operating Expenses

Property operating expenses increased by $2.6 million, or 5.0%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase in property operating expenses was primarily attributable to increases in marketing, personnel costs, and property tax expense, partially offset by decreases in property operating expenses resulting from the sale of 12 self storage properties to unaffiliated third parties between July 1, 2024 and September 30, 2025.

General and Administrative Expenses 

General and administrative expenses decreased by $1.7 million, or 12.6%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. This result was primarily attributable to a decrease in management fees following the internalization of the PRO structure from $3.4 million for the three months ended September 30, 2024 to $1.2 million for the three months ended September 30, 2025.

Depreciation and Amortization 

Depreciation and amortization decreased $0.8 million, or 1.6%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. This decrease was primarily attributable to the sale of 12 self storage properties to unaffiliated third parties between July 1, 2024 and September 30, 2025.

Other

Other expenses increased $0.5 million, or 12.6%, for the three months ended September 30, 2025, compared to the three months ended September 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.

34

Interest Expense 

Interest expense increased $1.0 million, or 2.5%, for the three months ended September 30,