National Storage Affiliates | 10-Q: FY2025 Q3 Revenue: USD 188.7 M

Revenue: As of FY2025 Q3, the actual value is USD 188.7 M.

EPS: As of FY2025 Q3, the actual value is USD 0.17, missing the estimate of USD 0.1733.

EBIT: As of FY2025 Q3, the actual value is USD 111.46 M.

Segment Revenue

• Rental Revenue: $169.9 million for the three months ended September 30, 2025, compared to $174.5 million for the same period in 2024. For the nine months ended September 30, 2025, rental revenue was $509.2 million, compared to $529.2 million in 2024.
• Other Property-Related Revenue: $6.5 million for the three months ended September 30, 2025, compared to $7.4 million in 2024. For the nine months ended September 30, 2025, other property-related revenue was $20.0 million, compared to $20.7 million in 2024.
• Management Fees and Other Revenue: $12.3 million for the three months ended September 30, 2025, compared to $11.7 million in 2024. For the nine months ended September 30, 2025, management fees and other revenue were $36.7 million, compared to $30.3 million in 2024.

Operational Metrics

• Net Income: $29.0 million for the three months ended September 30, 2025, compared to $29.8 million in 2024. For the nine months ended September 30, 2025, net income was $79.5 million, compared to $157.1 million in 2024.
• Operating Expenses: Total operating expenses were $117.8 million for the three months ended September 30, 2025, compared to $117.1 million in 2024. For the nine months ended September 30, 2025, operating expenses were $359.2 million, compared to $356.8 million in 2024.

Cash Flow

• Net Cash Provided by Operating Activities: $265.7 million for the nine months ended September 30, 2025, compared to $282.9 million in 2024.
• Net Cash Provided by Investing Activities: $10.8 million for the nine months ended September 30, 2025, compared to $470.9 million in 2024.
• Net Cash Used in Financing Activities: -$299.4 million for the nine months ended September 30, 2025, compared to -$763.1 million in 2024.

Unique Metrics

• Same Store Portfolio: Rental revenue for the same store portfolio decreased by $3.8 million, or 2.2%, for the three months ended September 30, 2025, compared to the same period in 2024.

Future Outlook and Strategy

• Core Business Focus: The company aims to continue focusing on owning properties in high-quality sub-markets with strong and stable cash flows, leveraging barriers to entry such as zoning restrictions and high construction costs.
• Non-Core Business: The company seeks to partner with institutional investors to acquire attractive portfolios using a promoted return structure, considering the 75% third-party interest in its unconsolidated real estate ventures as a potential acquisition opportunity.