National Storage Affiliates Trust experienced a challenging second quarter in 2025, with net income decreasing by 4.1% to $31.0 million and diluted EPS rising to $0.19. Core FFO per share declined by 11.3% to $0.55, largely due to a 6.1% decrease in same store net operating income, driven by lower revenues and higher operating expenses. The company noted ongoing softness in storage demand and increased use of concessions impacting results, but also highlighted sequential improvements in contract rate and occupancy.