National Storage Affiliates TrustNSA

National Storage Affiliates Trust Segments Disclosure

10-KFiled Feb 26, 20263 min read
Segments
The Company manages the business as one reportable segment consisting of owning and managing self storage properties located in the United States. The Company collects rental revenue from customers for space rentals and related fees. Although the Company has several operating segments consisting of self storage properties in different geographic markets, these operating segments have been aggregated into one reportable segment based on the similar economic characteristics among all markets. The Company considers factors such as the physical and economic characteristics of its properties and the related operating activities in determining its operating segments. Operating segments that exhibit similar physical and economic characteristics and other operating similarities have been aggregated. The company has other operating segments, consisting of activities other than owning and managing self storage properties, that are insignificant based on the guidance set forth in ASC 280, and included under the heading "All Other."
The Company's chief operating decision maker ("CODM") is its President and Chief Executive Officer. The CODM uses net operating income ("NOI") to assess segment performance and allocate resources. NOI is the key measure used by the CODM to evaluate the economic productivity from owning and managing the Company's self storage properties, as it enables the CODM to evaluate the operating performance of the Company's self storage properties on a consistent and comparable basis from period to period.
Reportable segment asset information is not provided to the CODM as the CODM does not use segment asset information to evaluate the business and allocate resources.
The following table presents our reportable segment NOI for the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):
Year Ended December 31,
202520242023
Reportable segment revenue
Rental revenue$678,489 $700,247 $793,966 
Other property-related revenue25,911 27,362 29,686 
Total reportable segment revenue704,400 727,609 823,652 
Property operating expenses
Store payroll and related costs51,294 51,675 58,519 
Property tax expense63,118 60,893 66,315 
Utilities expense22,098 21,288 23,440 
Repairs & maintenance expense17,134 16,044 17,911 
Marketing expense24,695 19,152 18,995 
Insurance expense10,175 11,135 10,633 
Other property operating expenses29,032 31,665 33,173 
Total property operating expenses217,546 211,852 228,986 
Net operating income486,854 515,757 594,666 
NOI represents rental revenue plus other property-related revenue, minus property operating expenses. NOI excludes management fees and other revenue, general and administrative expenses, depreciation and amortization, interest expense, loss on early extinguishment of debt, equity in losses (earnings) of unconsolidated real estate ventures, acquisition costs, non-operating (income) expense, gain on sale of self storage properties or income tax expense.
The following table is a reconciliation of our reportable segment revenue to total revenue for the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):
Year Ended December 31,
202520242023
Reportable segment revenue
Rental revenue$678,489 $700,247 $793,966 
Other property-related revenue25,911 27,362 29,686 
Total reportable segment revenue704,400 727,609 823,652 
Management fees and other revenue48,529 42,726 34,411 
Total Revenue$752,929 $770,335 $858,063 
The following table is a reconciliation of our reported income before income taxes to our net operating income for the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):
Year Ended December 31,
202520242023
Income before income taxes$119,376 $187,037 $238,578 
All Other
Management fees and other revenue(48,529)(42,726)(34,411)
General and administrative expenses51,130 57,606 59,281 
Depreciation and amortization189,320 189,855 221,993 
Other16,291 13,866 11,108 
Interest expense162,445 154,260 166,147 
Loss on early extinguishment of debt— 323 758 
Equity in losses (earnings) of unconsolidated real estate ventures7,327 16,075 (7,553)
Acquisition costs6,721 3,616 1,659 
Non-operating (income) expense(934)(314)1,016 
Gain on sale of self storage properties(16,293)(63,841)(63,910)
Net operating income$486,854 $515,757 $594,666 
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Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 27, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

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