NSA Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Rental Revenue	678.49	700.25	793.97	748.81	541.55
Property Management Fees	48.53	42.73	34.41	27.62	24.37
Other Revenue	18.58	11.29	37.24	32.88	25.04
Total Revenue	745.6	754.26	865.62	809.31	590.97
Revenue Growth (YoY	-1.15%	-12.86%	6.96%	36.95%	36.64%
Property Expenses	204.27	200.47	215.35	203.77	150.61
Selling, General & Administrative	71.13	72.61	74.58	69.31	57.6
Depreciation & Amortization	189.32	189.86	221.99	233.16	158.31
Other Operating Expenses	16.29	13.87	11.63	2.15	2.85
Total Operating Expenses	481.01	476.8	523.55	508.39	369.37
Operating Income	264.59	277.47	342.07	300.93	221.59
Interest Expense	-162.45	-154.26	-166.15	-110.6	-72.06
Other Non-Operating Income	0.93	0.31	-1.02	-0.95	-0.91
EBT Excluding Unusual Items	103.08	123.52	174.9	189.38	148.63
Gain (Loss) on Sale of Assets	16.29	63.84	63.91	5.47	-
Other Unusual Items	-	-0.32	-0.24	-6.39	-
Pretax Income	119.38	187.04	238.58	188.45	148.63
Income Tax Expense	3.1	3.77	1.59	4.69	1.69
Earnings From Continuing Operations	116.27	183.27	236.99	183.77	146.94
Minority Interest in Earnings	-42.49	-71.75	-80.32	-80.03	-41.68
Net Income	73.78	111.52	156.67	103.74	105.25
Preferred Dividends & Other Adjustments	20.52	20.49	19.08	13.48	13.16
Net Income to Common	53.27	91.03	137.59	90.25	92.09
Net Income Growth	-33.84%	-28.82%	51.02%	-1.44%	116.53%
Basic Shares Outstanding	77	77	87	91	81
Diluted Shares Outstanding	77	77	146	91	135
Shares Change (YoY)	-0.27%	-47.38%	60.04%	-32.18%	101.99%
EPS (Basic)	0.70	1.18	1.58	0.99	1.13
EPS (Diluted)	0.69	1.18	1.48	0.99	0.98
EPS Growth	-41.52%	-20.15%	49.39%	0.58%	85.57%
Dividend Per Share	2.280	2.250	2.230	2.150	1.590
Dividend Growth	1.33%	0.90%	3.72%	35.22%	17.78%
Operating Margin	35.49%	36.79%	39.52%	37.18%	37.50%
Profit Margin	7.14%	12.07%	15.90%	11.15%	15.58%
EBITDA	453.91	467.32	564.06	534.08	379.91
EBITDA Margin	60.88%	61.96%	65.16%	65.99%	64.28%
D&A For Ebitda	189.32	189.86	221.99	233.16	158.31
EBIT	264.59	277.47	342.07	300.93	221.59
EBIT Margin	35.49%	36.79%	39.52%	37.18%	37.50%
Funds From Operations (FFO)	295.01	304.12	341.53	353.89	255.39
FFO Per Share	2.18	2.40	2.67	2.74	2.24
Adjusted Funds From Operations (AFFO)	295.01	304.12	341.53	353.89	255.39
FFO Payout Ratio	59.29%	56.50%	55.90%	55.30%	51.57%
Effective Tax Rate	2.60%	2.01%	0.67%	2.49%	1.14%
Revenue as Reported	752.93	770.34	858.06	801.57	585.67

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

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