National Storage Affiliates Trust (NSA) reported its financial results for the second quarter and first half of 2025, revealing a total revenue of $188.8 million for the three months ended June 30, 2025, a slight decrease from $190.4 million in the same period of 2024. For the six months ended June 30, 2025, total revenue was $377.2 million, down from $386.6 million year-over-year. The decline in revenue was primarily attributed to a decrease in rental income, which fell to $169.8 million in Q2 2025 from $174.4 million in Q2 2024, reflecting a drop in average occupancy rates from 86.1% to 83.6% during the same period.
The company's net income for the second quarter of 2025 was $30.96 million, compared to $32.28 million in Q2 2024. For the first half of 2025, net income totaled $50.48 million, significantly lower than $127.37 million reported in the first half of 2024. The decrease in net income was influenced by a substantial drop in gains from property sales, which fell from $63.84 million in the prior year to $11 million in 2025. Additionally, NSA's operating expenses increased slightly, totaling $120.5 million in Q2 2025, up from $118.5 million in Q2 2024.
Strategically, NSA has continued to expand its portfolio, acquiring four self-storage properties and two annexes for approximately $24.9 million during the first half of 2025. The company also sold ten self-storage properties for net proceeds of $67.1 million, resulting in a gain of $11 million. As of June 30, 2025, NSA owned 807 self-storage properties across 33 states and Puerto Rico, with a total of approximately 51.6 million rentable square feet.
Operationally, NSA managed to maintain a strong presence in the self-storage market, with a total of 1,067 properties under its management, including those in unconsolidated ventures. The company reported a decrease in average annualized rental revenue per occupied square foot, which fell from $15.65 to $15.56 for the first half of 2025. The company also noted a reduction in general and administrative expenses, which decreased by 18.6% to $25.9 million for the first half of 2025, primarily due to the internalization of its property management structure.
Looking ahead, NSA remains focused on leveraging its operational efficiencies and expanding its portfolio through strategic acquisitions. The company has expressed confidence in its ability to navigate market challenges and capitalize on growth opportunities in the self-storage sector, despite the recent declines in revenue and net income.
About National Storage Affiliates Trust
National Storage Affiliates Trust is a Maryland-based REIT specializing in the ownership, operation, and acquisition of self-storage properties across the U.S. and Puerto Rico. It manages a diversified portfolio of over 1,000 facilities in high-growth markets, leveraging a centralized platform, advanced technology, and strategic acquisitions. The company focuses on maximizing property cash flow, industry consolidation, and long-term growth through partnerships and efficient capital management.
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