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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
REVENUE        
Rental revenue $ 169,838 $ 174,369 $ 339,313 $ 354,751
Total revenue 188,842 190,448 377,196 386,596
OPERATING EXPENSES        
Property operating expenses 55,627 52,201 110,731 106,895
General and administrative expenses 12,804 16,189 25,949 31,863
Depreciation and amortization 47,612 46,710 95,728 94,041
Other 4,500 3,375 8,976 6,867
Total operating expenses 120,543 118,475 241,384 239,666
OTHER (EXPENSE) INCOME        
Interest expense (41,269) (37,228) (81,744) (75,345)
Equity in (losses) of unconsolidated real estate ventures (3,945) (4,449) (9,684) (6,079)
Acquisition and integration costs (2,040) (480) (4,485) (987)
Non-operating income 462 337 822 435
Gain on sale of self storage properties 9,571 2,668 10,996 63,841
Other expense, net (37,221) (39,152) (84,095) (18,135)
Income before income taxes 31,078 32,821 51,717 128,795
Income tax expense (120) (541) (1,240) (1,427)
Net income 30,958 32,280 50,477 127,368
Net income attributable to noncontrolling interests (11,487) (15,218) (18,012) (51,279)
Net income attributable to National Storage Affiliates Trust 19,471 17,062 32,465 76,089
Distributions to preferred shareholders (5,114) (5,110) (10,228) (10,220)
Net income attributable to common shareholders $ 14,357 $ 11,952 $ 22,237 $ 65,869
Denominator        
Earnings per share - basic (in dollars per share) $ 0.19 $ 0.16 $ 0.29 $ 0.85
Earnings per share - diluted (in dollars per share) $ 0.19 $ 0.16 $ 0.29 $ 0.85
Weighted average shares outstanding - basic (in shares) 76,474 75,160 76,423 77,698
Weighted average shares outstanding - diluted (in shares) 76,474 75,160 76,423 77,698
Dividends declared per common share (in dollars per share) $ 0.57 $ 0.56 $ 1.14 $ 1.12
Other property-related revenue        
REVENUE        
Revenue $ 6,774 $ 6,557 $ 13,518 $ 13,249
Management fees and other revenue        
REVENUE        
Revenue $ 12,230 $ 9,522 $ 24,365 $ 18,596