NSA — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-05

• •the risks associated with our ability to consummate the Mergers with Public Storage and the timing and closing of the Mergers including, among other things, the ability of the Company to obtain equity holder approval required to consummate the Mergers, the satisfaction or waiver of other conditions…

• •the acquisition or disposition of properties and other investments, including those under contract, and the ability of our investments to achieve underwritten return expectations and our ability to execute on our investment pipeline;

• •economic trends and economic recoveries, including the level of housing sales that may impact demand;

• When reviewing our results of operations it is important to consider the timing of acquisition and disposition activity. We acquired one self storage property and disposed of three self storage properties during the three months ended March 31, 2026. During the year ended December 31, 2025, we acqui…

• Property operating expenses decreased by $3.1 million, or 5.6%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The decrease in property operating expenses was primarily attributable to decreases in personnel costs, utilities expense and repairs and main…

Text removed vs the prior filing · source: 10-Q · 2025-11-04

• •the acquisition or disposition of properties, including those under contract, and the ability of our acquisitions to achieve underwritten capitalization rates and our ability to execute on our acquisition pipeline;

• •the integration of the properties managed by our former participating regional operators ("PROs") into our platforms, including into our financial and operational reporting infrastructure and internal control framework;

• When reviewing our results of operations it is important to consider the timing of acquisition and disposition activity and the internalization of our PRO structure. We acquired four self storage properties, two annexes to existing properties and disposed of 12 self storage properties during the nin…

• Property operating expenses increased by $2.6 million, or 5.0%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase in property operating expenses was primarily attributable to increases in marketing, personnel costs, and property tax ex…

• General and administrative expenses decreased by $1.7 million, or 12.6%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. This result was primarily attributable to a decrease in management fees following the internalization of the PRO structure fr…