Company: NSA-PB
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001618563-25-000023
Chunk: 70

Company: National Storage Affiliates Trust
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 1
Chunk 70
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 properties and expenditures for corporate furniture and equipment.

Capital expenditures totaled $11.8 million and $9.1 million during the six months ended June 30, 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 six months ended June 30, 2025 and 2024, are presented below (dollars in thousands):

Six Months Ended June 30,20252024Recurring capital expenditures$8,701 $5,796 Value enhancing capital expenditures1,927 2,172 Acquisitions capital expenditures1,042 1,549 Total capital expenditures11,670 9,517 Change in accrued capital spending178 (433)Capital expenditures per statement of cash flows$11,848 $9,084 

Financing Activities

Cash used in our financing activities was $213.9 million for the six months ended June 30, 2025 compared to $742.5 million of cash used in financing activities for the six months ended June 30, 2024. Our primary uses of financing cash flows for the six months ended June 30, 2025 were for principal payments on existing debt of $359.5 million (which included $358.4 million of principal repayments under the Revolver and $1.1 million of scheduled fixed rate mortgage principal amortization payments), distributions to common shareholders of $87.2 million, distributions to noncontrolling interests of $67.4 million and distributions to preferred shareholders of $10.2 million. Our sources of financing cash flows for the six months ended June 30, 2025 primarily consisted of $314.0 million of borrowings under our Revolver. 

Credit Facility and Term Loan Facilities

As of