Company: NSA-PB
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022674
Chunk: 57

Company: National Storage Affiliates Trust
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 57
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 of 56 self storage properties to the 2024 Joint Venture and the sale of 42 self storage properties to unaffiliated third parties between January 1, 2024 and March 31, 2025.

Investing Activities 

Cash used in investing activities was $9.7 million for the three months ended March 31, 2025 compared to $567.4 million of cash provided by investing activities for the three months ended March 31, 2024. The primary uses of cash for the three months ended March 31, 2025 was for our acquisition of three self storage properties and an annex and expenditures for corporate furniture and equipment, partially offset by the sale of two self storage properties to third parties.

Capital expenditures totaled $5.7 million and $5.4 million during the three months ended March 31, 2025 and 2024, respectively. We generally fund post-acquisition capital additions from cash provided by operating activities.

We categorize our capital expenditures broadly into three primary categories:

•recurring capital expenditures, which represent the portion of capital expenditures that are deemed to replace the consumed portion of acquired capital assets and extend their useful life;

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•value enhancing capital expenditures, which represent the portion of capital expenditures that are made to enhance the revenue and value of an asset from its original purchase condition; and

•acquisitions capital expenditures, which represent the portion of capital expenditures capitalized during the current period that were identified and underwritten prior to a property's acquisition.

A summary of the capital expenditures for these categories, along with a reconciliation of the total for these categories to the capital expenditures reported in the accompanying condensed consolidated statements of cash flows for the three months ended March 31, 2025 and 2024, are presented below (dollars in thousands):

Three Months EndedMarch 31,20252024Recurring capital expenditures$5,272 $2,771 Value enhancing capital expenditures— 1,825 Acquisitions capital expenditures199 903 Total capital expenditures5,471 5,499 Change in accrued capital spending260 (125)Capital expenditures per statement of cash flows$5,731 $5,374 

Financing Activities

Cash used in our financing activities was $106.5 million for the three months ended March 31, 2025 compared to $660.0 million of cash used in financing activities for the three months ended March 31, 2024. Our primary uses of financing cash flows for the three