NSA · As filed with the SEC

National Storage Affiliates Trust cash flow statement, by quarter

The statement as National Storage Affiliates Trust presents it in its 10-Q and 10-K: its own lines, labels and order. Tables over time lines up standardized figures across every filing.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS · USD thousands

USD thousands	Q1 2026 3 months ended Mar 31, 2026	Q4 2025^† 3 months ended Dec 31, 2025	Q3 2025^† 3 months ended Sep 30, 2025	Q2 2025^† 3 months ended Jun 30, 2025	Q1 2025 3 months ended Mar 31, 2025	Q4 2024^† 3 months ended Dec 31, 2024	Q3 2024^† 3 months ended Sep 30, 2024	Q2 2024^† 3 months ended Jun 30, 2024
OPERATING ACTIVITIES
Net income	27,681	36,781^†	29,016^†	30,958^†	19,519	26,131^†	29,771^†	32,280^†
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	46,140	46,707^†	46,885^†	47,612^†	48,116	48,153^†	47,661^†	46,710^†
Amortization of debt issuance costs	1,646	1,646^†	1,619^†	1,612^†	1,475	1,474^†	1,595^†	1,709^†
Amortization of debt premium	(116)	(119)^†	(118)^†	(117)^†	(116)	(119)^†	(118)^†	(118)^†
Gain on sale of self storage properties	(6,458)	(5,297)^†	0^†	(9,571)^†	(1,425)	0^†	0^†	(2,668)^†
Other	—	0^†	—	—	—	0^†	323^†	0^†
Equity-based compensation expense	2,420	2,865^†	3,112^†	3,138^†	3,079	2,213^†	1,911^†	2,331^†
Equity in (earnings) losses of unconsolidated real estate ventures	(1,155)	(1,894)^†	(463)^†	3,945^†	5,739	5,284^†	4,712^†	4,449^†
Distributions from unconsolidated real estate ventures	6,242	5,500^†	5,103^†	4,790^†	4,863	5,904^†	6,267^†	5,657^†
Change in assets and liabilities, net of effects of self storage property acquisitions:
Other assets	5,246	402^†	2,230^†	(4,634)^†	9,627	425^†	(733)^†	(10,561)^†
Accounts payable and accrued liabilities	5,101	(13,356)^†	13,056^†	1,858^†	(5,467)	(8,412)^†	14,967^†	4,447^†
Deferred revenue	—	—	—	—	—	—	(649)^†	—
Deferred revenue	693	(424)^†	(252)^†	285^†	216	(912)^†	(649)^†	(1,020)^†
Net Cash Provided by Operating Activities	87,440	72,811^†	100,188^†	79,876^†	85,626	80,141^†	105,707^†	83,216^†
INVESTING ACTIVITIES
Acquisition of self storage properties	(10,368)	0^†	0^†	(11,336)^†	(12,434)	(39,514)^†	0^†	(25,063)^†
Capital expenditures	(10,499)	(14,659)^†	(12,180)^†	(6,117)^†	(5,731)	(5,646)^†	(3,921)^†	(3,710)^†
Deposits and advances for self storage properties and other acquisitions	(489)	(50)^†	0^†	49^†	(171)	(100)^†	1,397^†	(1,495)^†
Expenditures for corporate furniture, equipment and other	(103)	(100)^†	(151)^†	(221)^†	(89)	(230)^†	(1,326)^†	(137)^†
Acquisition of intangible assets from our former PROs	—	0^†	—	—	—	0^†	(32,741)^†	0^†
Other	—	0^†	—	—	—	0^†	—	—
Investment in unconsolidated real estate ventures	(575)	0^†	(8,346)^†	(4,503)^†	0	0^†	(38,066)^†	(375)^†
Net proceeds from sale of self storage properties	20,596	23,830^†	5,962^†	57,350^†	8,752	0^†	0^†	8,035^†
Net Cash Used In Investing Activities	(1,438)	9,021^†	(14,715)^†	35,222^†	(9,673)	(45,490)^†	(73,749)^†	(22,745)^†
FINANCING ACTIVITIES
Borrowings under debt financings	158,500	149,000^†	172,800^†	180,000^†	134,000	171,000^†	680,000^†	179,000^†
Redemption of OP equity	—	—	—	—	—	—	0^†	(9,123)^†
Redemption of OP units	(9,757)	(4,672)^†	(3,137)^†	(125)^†	0	0^†	0^†	(9,123)^†
Repurchase of common shares	—	0^†	0^†	0^†	0	0^†	0^†	(71,667)^†
Principal payments under debt financings	(147,568)	(148,058)^†	(172,850)^†	(202,443)^†	(157,033)	(150,853)^†	(615,719)^†	(99,563)^†
Payment of dividends to common shareholders	(43,968)	(43,892)^†	(43,805)^†	(43,638)^†	(43,574)	(43,480)^†	(42,608)^†	(41,979)^†
Payment of dividends to preferred shareholders	(5,153)	(5,117)^†	(5,117)^†	(5,114)^†	(5,114)	(5,113)^†	(5,112)^†	(5,110)^†
Distributions to noncontrolling interests	(33,102)	(33,236)^†	(33,443)^†	(33,668)^†	(33,709)	(33,742)^†	(34,232)^†	(32,831)^†
Debt issuance costs	(159)	(85)^†	0^†	(2,330)^†	(528)	(8)^†	(2,901)^†	(700)^†
Equity offering costs	(64)	0^†	0^†	(10)^†	(573)	(127)^†	0^†	(539)^†
Net Cash Used In Financing Activities	(81,271)	(86,060)^†	(85,552)^†	(107,328)^†	(106,531)	(62,323)^†	(20,572)^†	(82,512)^†
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	4,731	(4,228)^†	(79)^†	7,770^†	(30,578)	(27,672)^†	11,386^†	(22,041)^†
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	23,638	27,866	27,945	20,175	50,753	78,425	67,039	89,080
End of period	28,369	23,638	27,866	27,945	20,175	50,753	78,425	67,039
Supplemental Cash Flow Information
Cash paid for interest	36,781	39,786^†	38,201^†	41,041^†	37,268	39,069^†	31,450^†	41,290^†
Issuance of OP units and subordinated performance units	—	—	—	—	—	—	0^†	0^†
Issuance of Series B preferred shares	—	—	—	—	—	—	0^†	0^†
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Other net liabilities assumed	29	0^†	0^†	57^†	60	122^†	0^†	174^†
Issuance of OP units for acquisition of intangible assets from our former PROs	—	0^†	—	—	—	0^†	—	—
Change in accrued capital spending	952	1,506^†	(2,755)^†	(82)^†	260	1,425^†	(35)^†	(308)^†

† Derived: worked out from the filings, not stated in them. A fourth quarter is the 10-K year less the nine months in the third-quarter 10-Q; a quarter of cash flows is year to date less the prior year to date.

As filed on EDGAR · Not affiliated with the U.S. SEC · Not investment advice. Each column links to its filing.