Company: NSA-PB
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008656
Chunk: 69

Company: National Storage Affiliates Trust
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 69
---
28,956)Non-same store portfolio21,705 71,658 (49,953)Total net operating income$515,757 $594,666 $(78,909)

Rental Revenue

Same store portfolio rental revenues decreased $22.4 million, or 3.2%, for the year ended December 31, 2024, as compared to the year ended December 31, 2023. This decrease in same store portfolio rental revenue was driven primarily by a decrease in average occupancy from 88.7% for the year ended December 31, 2023 to 85.8% for the year ended December 31, 2024. Average annualized same store rental revenue per occupied square foot decreased from $15.71 to $15.68, or 0.2%, for the year ended December 31, 2024, driven primarily by decreased lease rates for new tenants.

Other Property-Related Revenue

Same store portfolio other property-related revenue increased $0.6 million, or 2.5%, for the year ended December 31, 2024, as compared to the year ended December 31, 2023. This increase primarily resulted from an increase in tenant insurance revenue.

Property Operating Expenses

Same store portfolio property operating expenses increased $7.2 million, or 3.7%, for the year ended December 31, 2024, as compared to the year ended December 31, 2023. The increase in same store property operating expenses was a result of increases in marketing, insurance and property tax expense, partially offset by decreases in personnel costs and repairs and maintenance expenses during the year ended December 31, 2024. 

41

The following table presents a reconciliation of net income to NOI for the periods presented (dollars in thousands):

Year Ended December 31,202420232022Net income$183,270 $236,988 $183,765 (Subtract) add:Management fees and other revenue(42,726)(34,411)(27,624)General and administrative expenses57,606 59,281 59,311 Other13,866 11,108 8,537 Depreciation and amortization189,855 221,993 233,158 Interest expense154,260 166,147 110,599 Equity in losses (earnings) of unconsolidated real estate ventures16,075 (7,553)(7