EX-99.1 2 ex991-q12025erss.htm EX-99.1 Document

nsa-q12025editablereportco.jpg

image0a93.jpg
Table of Contents
Page
Earnings Release
Consolidated Statements of Operations
Consolidated Balance Sheets
Schedule 1 - Funds From Operations and Core Funds From Operations
Schedule 2 - Other Non-GAAP Financial Measurements
Schedule 3 - Portfolio Summary
Schedule 4 - Debt and Equity Capitalization
Schedule 5 - Summarized Information for Unconsolidated Real Estate Ventures
Schedule 6 - Same Store Performance Summary By MSA
Schedule 7 - Same Store Operating Data - Trailing Five Quarters
Schedule 8 - Reconciliation of Same Store Data and Net Operating Income to Net Income
Schedule 9 - Selected Financial Information
Glossary


image0a93.jpg
May 5, 2025
National Storage Affiliates Trust Reports First Quarter 2025 Results
GREENWOOD VILLAGE, Colo. - (BUSINESS WIRE) - National Storage Affiliates Trust ("NSA" or the "Company") (NYSE: NSA) today reported the Company’s first quarter 2025 results.
First Quarter 2025 Highlights
•Reported net income of $19.5 million for the first quarter of 2025, a decrease of 79.5% compared to the first quarter of 2024. Reported diluted earnings per share of $0.10 for the first quarter of 2025 compared to $0.65 for the first quarter of 2024.
•Reported core funds from operations ("Core FFO") of $73.4 million, or $0.54 per share for the first quarter of 2025, a decrease of 10.0% per share compared to the first quarter of 2024.
•Reported a decrease in same store net operating income ("NOI") of 5.7% for the first quarter of 2025 compared to the same period in 2024, driven by a 3.0% decrease in same store total revenues and a 3.7% increase in same store property operating expenses.
•Reported same store period-end occupancy of 83.6% as of March 31, 2025, a decrease of 240 basis points compared to March 31, 2024.
•Acquired three wholly-owned self storage properties for approximately $13.5 million during the first quarter of 2025.

David Cramer, President and Chief Executive Officer, commented, "Our first quarter results were in-line with our expectations. We're encouraged with the sequential improvement in the pace of year-over-year same store revenue and NOI growth from the fourth quarter, implying that the troughs in same store growth are now behind us. Although occupancy levels remain muted, street rates and in-place contract rents have grown sequentially every month of this year through April, providing momentum into the spring leasing season."
Mr. Cramer further commented, "Despite increased economic uncertainty, we remain positive on the medium-term outlook for the self storage sector, and NSA specifically."


1
image0a93.jpg
Financial Results
($ in thousands, except per share and unit data)
Three Months Ended March 31,
20252024Change
Net income$19,519 $95,088 (79.5)%
Funds From Operations ("FFO")(1)
$70,978 $71,896 (1.3)%
Add acquisition costs
403 507 (20.5)%
Add integration costs(2)
2,042 — — %
Core FFO(1)
$73,423 $72,403 1.4 %
Earnings per share - basic$0.10 $0.67 (85.1)%
Earnings per share - diluted
$0.10 $0.65 (84.6)%
FFO per share and unit(1)
$0.52 $0.60 (13.3)%
Core FFO per share and unit(1)
$0.54 $0.60 (10.0)%
(1)
Non-GAAP financial measures, including FFO, Core FFO and NOI, are defined in the Glossary in the supplemental financial information and, where appropriate, reconciliations of these measures and other non-GAAP financial measures to their most directly comparable GAAP measures are included in the Schedules to this press release and in the supplemental financial information.
(2)Integration costs relate to expenses incurred as a part of the internalization of the PRO structure.
Net income decreased $75.6 million for the first quarter of 2025 as compared to the same period in 2024. This decrease was primarily due to larger gains on the sale of self storage properties recognized in the first quarter of 2024. Additionally, the decrease was a result of lower NOI, driven by property dispositions and negative same store NOI growth. These impacts were partially offset by a $3.1 million increase in management fees and other revenue and a $2.5 million decrease in general and administrative expenses compared to the same period in 2024.
The decrease in FFO and Core FFO per share and unit for the first quarter of 2025 was primarily driven by a decrease in same store NOI and an increase in interest expense. These impacts were partially offset by decreased management fees paid to former PROs, reflected within general and administrative expenses, following the internalization of the PRO structure.
Same Store Operating Results (771 Stores)
($ in thousands, except per square foot data)
Three Months Ended March 31,
20252024Change
Total revenues
$168,657$173,787(3.0)%
Property operating expenses
52,24550,4023.7 %
Net Operating Income (NOI)
$116,412$123,385(5.7)%
NOI Margin69.0 %71.0 %(2.0)%
Average Occupancy
83.9 %85.8 %(1.9)%
Average Annualized Rental Revenue Per Occupied Square Foot
$15.70$15.86(1.0)%
Year-over-year same store total revenue decreased 3.0% for the first quarter of 2025 as compared to the same period in 2024. The decrease for the first quarter was driven primarily by a 190 basis point decrease in average occupancy and a 1.0% decrease in average annualized rental revenue per occupied square foot. Markets which generated above portfolio average same store total revenue growth include: Portland, Houston and San Juan, PR. Markets which generated below portfolio average same store total revenue growth include: Riverside-San Bernardino, Atlanta and Sarasota.
2
image0a93.jpg
Year-over-year same store property operating expenses increased 3.7% for the first quarter of 2025 as compared to the same period in 2024. The increase was primarily driven by increases in marketing, repairs and maintenance, and utilities expense, partially offset by decreases in personnel costs.
Investment Activity
During the first quarter, NSA invested $13.5 million in the acquisition of three wholly-owned self storage properties consisting of approximately 107,000 rentable square feet configured in approximately 1,000 storage units.
Balance Sheet
As of March 31, 2025, NSA has no debt maturities in the next 12 months and approximately $522.5 million of available capacity on its $950.0 million revolving line of credit.
Common Share Dividends
On February 13, 2025, NSA's Board of Trustees declared a quarterly cash dividend of $0.57 per common share. The first quarter 2025 dividend was paid on March 31, 2025 to shareholders of record as of March 14, 2025.
3
image0a93.jpg
2025 Guidance
NSA reaffirms its previously provided Core FFO guidance estimates and related assumptions for the year ended December 31, 2025:
Ranges for Full Year 2025Actual Results for Full Year 2024
LowHigh
Core FFO per share(1)
$2.30$2.38$2.44
Same store operations(2)
Total revenue growth
(1.25)%1.25%(3.0)%
Property operating expenses growth
3.0%4.0%3.7%
NOI growth
(2.8)%0.0%(5.5)%
General and administrative expenses
General and administrative expenses (excluding equity-based compensation), in millions
$45.5$47.5$49.7
Equity-based compensation, in millions$8.0$8.5$7.9
Management fees and other revenue, in millions
$49.5$51.5$42.7
Core FFO from unconsolidated real estate ventures, in millions
$21.5$23.5$24.2
Acquisitions - consolidated and joint venture (at share), in millions(3)
$100.0$300.0$101.8
Dispositions - consolidated and joint venture (at share), in millions(3)
$100.0$300.0$273.1
Ranges for
Full Year 2025
LowHigh
Earnings per share - diluted$0.63$0.69
Impact of the difference in weighted average number of shares and GAAP accounting for noncontrolling interests, two-class method and treasury stock method
(0.14)(0.19)
Add real estate depreciation and amortization
1.471.50
Add (subtract) equity in losses (earnings) of unconsolidated real estate ventures0.130.14
Add NSA's share of FFO of unconsolidated real estate ventures0.160.17
Add acquisition costs and NSA's share of unconsolidated real estate venture acquisition costs
0.010.02
Add integration costs
0.040.05
Core FFO per share and unit
$2.30$2.38
(1)
The table above provides a reconciliation of the range of estimated earnings per share - diluted to estimated Core FFO per share and unit.
(2)2025 guidance reflects NSA's 2025 same store pool comprising 771 stores. 2024 actual results reflect NSA's 2024 same store pool comprising 776 stores.
(3)NSA's actual results for full year 2024 exclude the contribution of wholly-owned self storage properties into the 2024 Joint Venture for approximately $346.5 million.
Supplemental Financial Information
The full text of this earnings release and supplemental financial information, including certain financial information referenced in this release, are available on NSA's website at www.nsastorage.com and as exhibit 99.1 to the Company's Form 8-K furnished to the SEC on May 5, 2025.
4
image0a93.jpg
Non-GAAP Financial Measures & Glossary
This press release contains certain non-GAAP financial measures. These non-GAAP measures are presented because NSA's management believes these measures help investors understand NSA's business, performance and ability to earn and distribute cash to its shareholders by providing perspectives not immediately apparent from net income (loss). These measures are also frequently used by securities analysts, investors and other interested parties. The presentations of FFO, Core FFO and NOI in this press release are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, NSA's method of calculating these measures may be different from methods used by other companies, and, accordingly, may not be comparable to similar measures as calculated by other companies that do not use the same methodology as NSA. These measures, and other words and phrases used herein, are defined in the Glossary in the supplemental financial information and, where appropriate, reconciliations of these measures and other non-GAAP financial measures to their most directly comparable GAAP measures are included in the Schedules to this press release and in the supplemental financial information.
Quarterly Teleconference and Webcast
The Company will host a conference call at 1:00 pm Eastern Time on Tuesday, May 6, 2025 to discuss its first quarter 2025 financial results. At the conclusion of the call, management will accept questions from certified financial analysts. All other participants are encouraged to listen to a webcast of the call by accessing the link found on the Company's website at www.nsastorage.com.
Conference Call and Webcast:
Date/Time: Tuesday, May 6, 2025, 1:00 pm ET
Webcast available at: www.nsastorage.com.
Domestic (Toll Free US & Canada): 877.407.9711
International: 412.902.1014
A replay of the webcast will be available for 30 days on NSA's website at www.nsastorage.com.
Upcoming Industry Conference
NSA management is scheduled to participate in Nareit's REITweek 2025 Conference on June 2-5, 2025 in New York City, New York.

About National Storage Affiliates Trust
National Storage Affiliates Trust is a real estate investment trust headquartered in Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. As of March 31, 2025, the Company held ownership interests in and operated 1,075 self storage properties, located in 41 states and Puerto Rico with approximately 70.2 million rentable square feet. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States. For more information, please visit the Company’s website at www.nsastorage.com. NSA is included in the MSCI US REIT Index (RMS/RMZ), the Russell 1000 Index of Companies and the S&P MidCap 400 Index.
5
image0a93.jpg
NOTE REGARDING FORWARD LOOKING STATEMENTS
Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. These forward-looking statements include information about possible or assumed future results of the Company's business, financial condition, liquidity, results of operations, plans and objectives. Changes in any circumstances may cause the Company's actual results to differ significantly from those expressed in any forward-looking statement. When used in this release, the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: market trends in the Company's industry, interest rates, inflation, the debt and lending markets or the general economy; the Company's business and investment strategy; the acquisition and disposition of properties, including those under contract and the Company's ability to execute on its acquisition pipeline; the timing of acquisitions under contract; the Company's ability to realize the benefits from the internalization of the PRO structure; and the Company's guidance estimates for the year ended December 31, 2025. For a further list and description of such risks and uncertainties, see the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission, and the other documents filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contact:
National Storage Affiliates Trust
Investor/Media Relations
George Hoglund, CFA
Vice President - Investor Relations
720.630.2160
ghoglund@nsareit.net
6
image0a93.jpg
National Storage Affiliates Trust
Consolidated Statements of Operations
(in thousands, except per share amounts) (unaudited)
Three Months Ended March 31,
20252024
REVENUE
Rental revenue$169,475 $180,382 
Other property-related revenue6,744 6,692 
Management fees and other revenue12,135 9,074 
Total revenue188,354 196,148 
OPERATING EXPENSES
Property operating expenses55,104 54,694 
General and administrative expenses13,145 15,674 
Depreciation and amortization48,116 47,331 
Other4,476 3,492 
Total operating expenses120,841 121,191 
OTHER (EXPENSE) INCOME
Interest expense(40,475)(38,117)
Equity in (losses) of unconsolidated real estate ventures
(5,739)(1,630)
Acquisition and integration costs(2,445)(507)
Non-operating income360 98 
Gain on sale of self storage properties1,425 61,173 
Other (expense) income, net(46,874)21,017 
Income before income taxes20,639 95,974 
Income tax expense(1,120)(886)
Net income19,519 95,088 
Net income attributable to noncontrolling interests
(6,525)(36,061)
Net income attributable to National Storage Affiliates Trust12,994 59,027 
Distributions to preferred shareholders
(5,114)(5,110)
Net income attributable to common shareholders
$7,880 $53,917 
Earnings per share - basic$0.10 $0.67 
Earnings per share - diluted$0.10 $0.65 
Weighted average shares outstanding - basic
76,372 80,236 
Weighted average shares outstanding - diluted
76,372 138,148 
7
image0a93.jpg
National Storage Affiliates Trust
Consolidated Balance Sheets
(dollars in thousands, except per share amounts)
(unaudited)
March 31,December 31,
20252024
ASSETS
Real estate
Self storage properties$5,873,499 $5,864,134 
Less accumulated depreciation(1,095,918)(1,051,638)
Self storage properties, net4,777,581 4,812,496 
Cash and cash equivalents19,266 50,408 
Restricted cash909 345 
Debt issuance costs, net4,921 5,632 
Investment in unconsolidated real estate ventures235,591 246,193 
Other assets, net196,079 218,482 
Operating lease right-of-use assets20,657 20,906 
Total assets$5,255,004 $5,354,462 
LIABILITIES AND EQUITY
Liabilities
Debt financing$3,426,666 $3,449,087 
Accounts payable and accrued liabilities92,016 98,657 
Interest rate swap liabilities1,196 471 
Operating lease liabilities22,662 22,888 
Deferred revenue20,272 20,012 
Total liabilities3,562,812 3,591,115 
Equity
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 14,697,845 and 14,695,458 issued (in series) and outstanding at March 31, 2025 and December 31, 2024, respectively, at liquidation preference
340,955 340,895 
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 76,450,466 and 76,344,661 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively
764 763 
Additional paid-in capital1,249,291 1,249,426 
Distributions in excess of earnings(566,346)(530,652)
Accumulated other comprehensive income9,315 15,548 
Total shareholders' equity1,033,979 1,075,980 
Noncontrolling interests658,213 687,367 
Total equity1,692,192 1,763,347 
Total liabilities and equity$5,255,004 $5,354,462 
8
image0a93.jpg
Supplemental Schedule 1
Funds From Operations and Core Funds From Operations
(in thousands, except per share and unit amounts) (unaudited)
Reconciliation of Net Income to FFO and Core FFO
Three Months Ended March 31,
20252024
Net income$19,519 $95,088 
Add (subtract):
Real estate depreciation and amortization47,661 46,964 
Equity in losses of unconsolidated real estate ventures5,739 1,630 
Company's share of FFO in unconsolidated real estate ventures5,052 5,685 
Gain on sale of self storage properties(1,425)(61,173)
Distributions to preferred shareholders and unitholders(5,568)(5,568)
FFO attributable to subordinated performance units(1)
— (10,730)
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders
70,978 71,896 
Add (subtract):
Acquisition costs403 507 
Integration costs(2)
2,042 — 
Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders
$73,423 $72,403 
Weighted average shares and units outstanding - FFO and Core FFO:(3)
Weighted average shares outstanding - basic76,372 80,236 
Weighted average restricted common shares outstanding21 22 
Weighted average OP units outstanding
52,147 37,633 
Weighted average DownREIT OP unit equivalents outstanding
5,769 2,120 
Weighted average LTIP units outstanding
925 693 
Total weighted average shares and units outstanding - FFO and Core FFO
135,234 120,704 
FFO per share and unit$0.52 $0.60 
Core FFO per share and unit$0.54 $0.60 
(1)Amounts represent distributions declared for subordinated performance unitholders and DownREIT subordinated performance unitholders for the periods presented.
(2)Integration costs relate to expenses incurred as a part of the internalization of the PRO structure.
(3)
NSA combines OP units and DownREIT OP units with common shares because, after the applicable lock-out periods, OP units in the Company's operating partnership are redeemable for cash or, at NSA's option, exchangeable for common shares on a one-for-one basis and DownREIT OP units are also redeemable for cash or, at NSA's option, exchangeable for OP units in the Company's operating partnership on a one-for-one basis, subject to certain adjustments in each case. LTIP units may also, under certain circumstances, be convertible into or exchangeable for common shares (or other units that are convertible into or exchangeable for common shares). All subordinated performance units and DownREIT subordinated performance units were converted into OP units on July 1, 2024, in connection with the internalization of the PRO structure. See footnote(4) for additional discussion of subordinated performance units, DownREIT subordinated performance units, and LTIP units in the calculation of FFO and Core FFO per share and unit.
9
image0a93.jpg
Supplemental Schedule 1 (continued)
Funds From Operations and Core Funds From Operations
(in thousands, except per share and unit amounts) (unaudited)
Reconciliation of Earnings Per Share - Diluted to FFO and Core FFO Per Share and Unit
Three Months Ended March 31,
20252024
Earnings per share - diluted$0.10 $0.65 
Impact of the difference in weighted average number of shares(4)
(0.04)0.10 
Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method(5)
0.04 — 
Add real estate depreciation and amortization0.35 0.39 
Add equity in losses of unconsolidated real estate ventures0.04 0.01 
Add Company's share of FFO in unconsolidated real estate ventures0.04 0.05 
Subtract gain on sale of self storage properties(0.01)(0.51)
FFO attributable to subordinated performance unitholders— (0.09)
FFO per share and unit
0.52 0.60 
Add acquisition costs
— — 
Add integration costs0.02 — 
Core FFO per share and unit
$0.54 $0.60 






(4)
Adjustment accounts for the difference between the weighted average number of shares used to calculate diluted earnings per share and the weighted average number of shares used to calculate FFO and Core FFO per share and unit. Diluted earnings per share is calculated using the two-class method for the company's restricted common shares and the treasury stock method for certain unvested LTIP units, and assumes the conversion of vested LTIP units into OP units on a one-for-one basis and the hypothetical conversion of subordinated performance units, and DownREIT subordinated performance units into OP units, even though such units may have only been convertible into OP units (i) after a lock-out period and (ii) upon certain events or conditions. All outstanding subordinated performance units and DownREIT subordinated performance units were converted into OP units on July 1, 2024, in connection with the internalization of the PRO structure. The computation of weighted average shares and units for FFO and Core FFO per share and unit includes all restricted common shares and LTIP units that participate in distributions and excludes all subordinated performance units and DownREIT subordinated performance units because their effect has been accounted for through the allocation of FFO to the related unitholders based on distributions declared.
(5)
Represents the effect of adjusting the numerator to consolidated net income prior to GAAP allocations for noncontrolling interests, after deducting preferred share and unit distributions, and before the application of the two-class method and treasury stock method, as described in footnote(4).
10
image0a93.jpg
Supplemental Schedule 2
Other Non-GAAP Financial Measurements
(dollars in thousands) (unaudited)
Net Operating Income
Three Months Ended March 31,
20252024
Net income$19,519 $95,088 
(Subtract) add:
Management fees and other revenue(12,135)(9,074)
General and administrative expenses13,145 15,674 
Other 4,476 3,492 
Depreciation and amortization48,116 47,331 
Interest expense40,475 38,117 
Equity in losses of unconsolidated real estate ventures
5,739 1,630 
Acquisition and integration costs2,445 507 
Income tax expense1,120 886 
Gain on sale of self storage properties(1,425)(61,173)
Non-operating income(360)(98)
Net Operating Income
$121,115 $132,380 
EBITDA and Adjusted EBITDA
Three Months Ended March 31,
20252024
Net income$19,519 $95,088 
Add:
Depreciation and amortization48,116 47,331 
Company's share of unconsolidated real estate venture depreciation and amortization
5,411 4,552 
Interest expense40,475 38,117 
Income tax expense1,120 886 
EBITDA
114,641 185,974 
Add (subtract):
Acquisition costs403 507 
Effect of hypothetical liquidation at book value (HLBV) accounting for unconsolidated 2024 Joint Venture(1)
5,381 2,764 
Gain on sale of self storage properties(1,425)(61,173)
Integration costs, excluding equity-based compensation(2)
930 — 
Equity-based compensation expense(3)
3,079 1,855 
Adjusted EBITDA
$123,009 $129,927 
(1)
Reflects the non-cash impact of applying HLBV to the 2024 Joint Venture, which allocates GAAP income (loss) on a hypothetical liquidation of the underlying joint venture at book value as of the reporting date.
(2)Integration costs relate to expenses incurred as a part of the internalization of the PRO structure.
(3)
Equity-based compensation expense is a non-cash item recorded within general and administrative expenses and acquisition and integration costs in our consolidated statements of operations. For the three months ended March 31, 2025, $1.1 million relates to the internalization of the PRO structure and is included in acquisition and integration costs.
11
image0a93.jpg
Supplemental Schedule 3
Portfolio Summary
As of March 31, 2025
(dollars in thousands) (unaudited)
Wholly-Owned Store Data by State (Consolidated)Total Operated Store Data by State (Consolidated & Unconsolidated)
State/TerritoriesStores UnitsRentable Square FeetOccupancy at Period EndState/TerritoriesStores UnitsRentable Square FeetOccupancy at Period End
Texas175 80,772 11,252,111 83.0 %Texas202 97,872 13,363,929 83.2 %
California86 51,356 6,465,503 83.1 %Florida105 60,435 6,819,197 83.3 %
Florida78 45,396 5,102,513 82.4 %California98 58,003 7,244,637 83.3 %
Oregon70 29,262 3,661,629 87.2 %Georgia72 33,540 4,607,504 79.9 %
Georgia50 21,962 3,020,367 78.9 %Oregon70 29,262 3,661,629 87.2 %
North Carolina35 17,270 2,160,512 87.4 %Oklahoma52 22,409 3,269,385 79.2 %
Arizona34 18,884 2,174,975 79.8 %Arizona36 19,893 2,285,105 79.3 %
Oklahoma33 15,298 2,139,681 81.5 %North Carolina35 17,270 2,160,512 87.4 %
Louisiana25 11,454 1,388,585 78.4 %Ohio27 14,887 1,853,114 83.6 %
Pennsylvania22 10,439 1,296,020 82.9 %Michigan25 15,940 2,018,798 86.4 %
Colorado22 9,480 1,195,764 83.9 %Pennsylvania25 12,073 1,456,490 83.2 %
Washington19 6,637 871,889 85.4 %Alabama25 11,820 1,758,700 78.1 %
Puerto Rico15 12,851 1,379,097 89.6 %Louisiana25 11,454 1,388,585 78.4 %
Nevada15 7,564 963,047 88.7 %Colorado22 9,480 1,195,764 83.9 %
New Hampshire15 7,160 890,295 86.9 %Kansas22 8,427 1,120,967 86.0 %
Kansas15 5,577 721,918 84.9 %New Jersey20 13,512 1,603,307 84.5 %
Indiana12 6,530 827,524 79.7 %Tennessee20 10,244 1,309,929 84.3 %
New Mexico12 5,775 750,307 82.7 %Indiana19 9,821 1,286,329 80.3 %
Alabama11 6,034 909,280 73.6 %Nevada19 9,451 1,247,515 86.3 %
Other(1)
72 39,986 5,028,755 83.0 %Washington19 6,637 871,889 85.4 %
Total
816 409,687 52,199,772 83.1 %Puerto Rico15 12,851 1,379,097 89.6 %
Massachusetts15 11,058 1,209,811 85.1 %
New Hampshire15 7,160 890,295 86.9 %
New Mexico12 5,775 750,307 82.7 %
Minnesota12 5,725 732,345 83.9 %
Illinois10 6,760 727,618 84.1 %
Other(2)
58 31,289 3,995,595 83.5 %
Total1,075 553,048 70,208,353 83.3 %
(1)
Other states in NSA's owned portfolio as of March 31, 2025 include Arkansas, Connecticut, Idaho, Illinois, Iowa, Kentucky, Maryland, Massachusetts, Minnesota, Missouri, Montana, New Jersey, New York, Ohio, South Carolina, Tennessee, Virginia, Wisconsin and Wyoming.
(2)
Other states in NSA's operated portfolio as of March 31, 2025 include Arkansas, Connecticut, Delaware, Idaho, Iowa, Kentucky, Maryland, Mississippi, Missouri, Montana, New York, Rhode Island, South Carolina, Virginia, Wisconsin and Wyoming.
12
image0a93.jpg
Supplemental Schedule 3 (continued)
Portfolio Summary
(dollars in thousands) (unaudited)
2025 Acquisition Activity
Self Storage Properties Acquired
During the Quarter Ended:(3)
Summary of Investment
StoresUnitsRentable Square FeetCash and Acquisition CostsValue of EquityOtherTotal
March 31, 202531,031107,041 $12,434 $— $1,060 $13,494 


2024 Disposition & Divestiture Activity
Dispositions Closed During the Quarter Ended:(4)
StoresUnitsRentable Square FeetNet Proceeds
Self Storage Properties sold to 3rd Parties
March 31, 2025239482,270 $9,752 


















(3)
NSA through its wholly-owned portfolio acquired self storage properties located in Kansas (1) and New Mexico (2).
(4)
NSA disposed of self storage properties are located in Florida (1) and Utah (1).
13
image0a93.jpg
Supplemental Schedule 4
Debt and Equity CapitalizationBBB Rated
As of March 31, 2025(with Stable Outlook)
(unaudited)by Kroll Bond Rating Agency
Debt Summary (dollars in thousands)
Effective Interest Rate(1)
Basis of RateMaturity Date2025202620272028202920302031ThereafterTotal
Credit Facility:
Revolving line of credit(2)
5.71%
Variable(3)
January 2027$— $— $420,800 $— $— $— $— $— $420,800 
Term loan - Tranche D3.96%Swapped To FixedJuly 2026— 275,000 — — — — — — 275,000 
Term loan - Tranche E4.89%
Swapped To Fixed(3)
March 2027— — 130,000 — — — — — 130,000 
Term loan facility - 20284.62%Swapped To FixedDecember 2028— — — 75,000 — — — — 75,000 
Term loan facility - April 20294.27%Swapped To FixedApril 2029— — — — 100,000 — — — 100,000 
Term loan facility - June 20295.37%Swapped To FixedJune 2029— — — — 285,000 — — — 285,000 
May 2026 Senior Unsecured Notes2.16%FixedMay 2026— 35,000 — — — — — — 35,000 
October 2026 Senior Unsecured Notes6.46%FixedOctober 2026— 65,000 — — — — — — 65,000 
July 2028 Senior Unsecured Notes5.75%FixedJuly 2028— — — 120,000 — — — — 120,000 
September 2028 Senior Unsecured Notes5.40%FixedSeptember 2028— — — 75,000 — — — — 75,000 
October 2028 Senior Unsecured Notes6.55%FixedOctober 2028— — — 100,000 — — — — 100,000 
2029 Senior Unsecured Notes3.98%FixedAugust 2029— — — — 100,000 — — — 100,000 
August 2030 Senior Unsecured Notes2.99%FixedAugust 2030— — — — — 150,000 — — 150,000 
October 2030 Senior Unsecured Notes6.66%FixedOctober 2030— — — — — 35,000 — — 35,000 
November 2030 Senior Unsecured Notes2.72%FixedNovember 2030— — — — — 75,000 — — 75,000 
May 2031 Senior Unsecured Notes3.00%FixedMay 2031— — — — — — 90,000 — 90,000 
August 2031 Senior Unsecured Notes4.08%FixedAugust 2031— — — — — — 50,000 — 50,000 
September 2031 Senior Unsecured Notes5.55%FixedSeptember 2031— — — — — — 125,000 — 125,000 
November 2031 Senior Unsecured Notes2.81%FixedNovember 2031— — — — — — 175,000 — 175,000 
August 2032 Senior Unsecured Notes3.09%FixedAugust 2032— — — — — — — 100,000 100,000 
November 2032 Senior Unsecured Notes5.06%FixedNovember 2032— — — — — — — 200,000 200,000 
May 2033 Senior Unsecured Notes3.10%FixedMay 2033— — — — — — — 55,000 55,000 
October 2033 Senior Unsecured Notes6.73%FixedOctober 2033— — — — — — — 50,000 50,000 
November 2033 Senior Unsecured Notes2.96%FixedNovember 2033— — — — — — — 125,000 125,000 
2034 Senior Unsecured Notes5.74%FixedSeptember 2034— — — — — — — 150,000 150,000 
2036 Senior Unsecured Notes3.06%FixedNovember 2036— — — — — — — 75,000 75,000 
Fixed rate mortgages payable3.54%FixedAugust 2027 - October 2031— — 84,900 88,000 — — 27,360 — 200,260 
Total Principal/Weighted Average
4.54%4.7 years$— $375,000 $635,700 $458,000 $485,000 $260,000 $467,360 $755,000 $3,436,060 
Weighted average effective interest rate of maturing debt—%4.22%5.33%5.11%4.86%3.41%3.80%4.36%
Unamortized debt issuance costs and debt premium, net
(9,394)
Total Debt
$3,426,666 
(1)
Effective interest rate incorporates the stated rate plus the impact of interest rate cash flow hedges and discount and premium amortization, if applicable.
(2)
NSA may, at its election, extend the maturity date of the revolving line of credit to January 2028, subject to meeting customary conditions and payment of an extension fee.
(3)
For the $950 million revolving line of credit, the effective interest rate is calculated based on Daily Simple SOFR plus an applicable margin of 1.30% and a SOFR Index Adjustment of 0.10%, and excludes fees which range from 0.15% to 0.20% for unused borrowings. $125.0 million of the Tranche E term loan is subject to interest rate swaps, the maturity of which extends through the Tranche E maturity.
14
image0a93.jpg
Supplemental Schedule 4 (continued)
Debt and Equity Capitalization
As of March 31, 2025
(unaudited)
Debt Ratios
Covenant
Amount
Net Debt to Annualized Current Quarter Adjusted EBITDAn/a6.9x
Trailing Twelve Month Fixed Charge Coverage Ratio
> 1.5x2.7x
Total Leverage Ratio< 60.0%45.1%
Preferred Shares and Units
Outstanding
6.000% Series A cumulative redeemable preferred shares of beneficial interest9,029,717 
6.000% Series B cumulative redeemable preferred shares of beneficial interest4,608,445 
Preferred shares of beneficial interest(5)
13,638,162 
6.000% Series A-1 cumulative redeemable preferred units1,200,211 
Common Shares and Units
Outstanding
Common shares of beneficial interest76,424,288 
Restricted common shares26,178 
Total shares outstanding
76,450,466 
Operating partnership units52,130,361 
DownREIT operating partnership unit equivalents
5,769,214 
Total operating partnership units
57,899,575 
Long-term incentive plan units899,579 
Total common shares and units outstanding
135,249,620 







(5)
The Company's balance sheet at March 31, 2025 reflects 14,697,845 preferred shares of beneficial interest, which includes 5,668,128 Series B Preferred Shares issued and outstanding. We have reflected 13,638,162 preferred shares herein, which corresponds to the $341.0 million liquidation preference reflected on the balance sheet at March 31, 2025. As part of a 2023 property acquisition of 15 properties from one of the Company's former participating regional operators (the "Contributor"), the Company recorded a $26.1 million promissory note receivable from the Contributor, and the Contributor used the loan proceeds to acquire $26.1 million of OP equity. The promissory note bears interest at a rate equivalent to the dividends paid on 1,059,683 Series B Preferred Shares. As a result of these agreements, in accordance with GAAP, the $26.1 million promissory note receivable, interest income on the promissory note receivable, $26.1 million of Series B Preferred Shares value, and dividends on such Series B Preferred Shares have been offset for presentation purposes in the accompanying consolidated balance sheets and consolidated statements of operations.
15
image0a93.jpg
Supplemental Schedule 5
Summarized Information for Unconsolidated Real Estate Ventures
(dollars in thousands) (unaudited)
Real Estate Venture Balance Sheet Data as of March 31, 2025
Number of Stores at March 31,
Occupancy at Period End
Real Estate Ventures
Carrying Value of NSA's Investment(1)
Gross Book Value of Real Estate AssetsOutstanding Debt20252024Total Rentable Square Feet
1Q 2025
1Q 2024
2016 Joint Venture$98,270 $928,898 $358,255 81815,689,776 85.6 %85.2 %
2018 Joint Venture94,310 1,283,662 646,122 1041047,856,001 84.5 %85.5 %
2023 Joint Venture36,928 147,093 — 18—1,236,559 70.9 %— 
2024 Joint Venture6,083 343,493 209,081 56563,226,245 84.2 %85.7 %
Total$235,591 $2,703,146 $1,213,458 25924118,008,581 83.9 %85.5 %
Combined Operating Information(2)
Three Months Ended March 31, 2025
2016 Joint Venture2018 Joint Venture2023 Joint Venture2024 Joint VentureTotal
Total revenue$22,323 $27,628 $2,452 $9,221 $61,624 
Property operating expenses7,626 9,386 1,124 4,280 22,416 
Net operating income14,697 18,242 1,328 4,941 39,208 
Supervisory, administrative and other expenses
(1,622)(1,704)(234)(481)(4,041)
Depreciation and amortization(5,603)(10,200)(1,924)(3,917)(21,644)
Interest expense(3,267)(7,144)— (3,234)(13,645)
Acquisition and other expenses(42)(100)(8)— (150)
Net income (loss)$4,163 $(906)$(838)$(2,691)$(272)
Add (subtract):
Unconsolidated real estate venture depreciation and amortization
5,603 10,200 1,924 3,917 21,644 
FFO and Core FFO for unconsolidated real estate ventures
$9,766 $9,294 $1,086 $1,226 $21,372 















(1)NSA's investment in its unconsolidated real estate ventures are recorded under the equity method of accounting. Under the equity method, NSA’s investments in unconsolidated real estate ventures are stated at cost and adjusted for NSA’s share of net earnings or losses and reduced by distributions.
(2)Values represent entire unconsolidated real estate ventures at 100%, not NSA's proportionate share. NSA's ownership in each of the unconsolidated real estate ventures is 25%. The operating agreements of the unconsolidated real estate ventures provide for the distribution of net cash flow to the unconsolidated real estate ventures' investors no less than monthly, generally in proportion to the investors’ respective ownership interests, subject to a promoted distribution to NSA upon the achievement of certain performance benchmarks by the non-NSA investor.
16
image0a93.jpg
Supplemental Schedule 6
Same Store Performance Summary By MSA(1)
(dollars in thousands, except per square foot data) (unaudited)
Three Months Ended March 31, 2025 compared to Three Months Ended March 31, 2024
Total RevenueProperty Operating ExpensesNet Operating IncomeNet Operating Income Margin
MSA(1)
Stores1Q 20251Q 2024Change1Q 20251Q 2024Change1Q 20251Q 2024Change1Q 20251Q 2024Change
Portland-Vancouver-Hillsboro, OR-WA54 $11,272 $11,102 1.5 %$3,242 $3,047 6.4 %$8,030 $8,055 (0.3)%71.2 %72.6 %(1.4)%
Riverside-San Bernardino-Ontario, CA49 13,042 13,732 (5.0)%3,085 3,214 (4.0)%9,957 10,518 (5.3)%76.3 %76.6 %(0.3)%
Houston-Pasadena-The Woodlands, TX37 8,311 8,136 2.2 %3,086 2,818 9.5 %5,225 5,318 (1.7)%62.9 %65.4 %(2.5)%
Atlanta-Sandy Springs-Roswell, GA30 5,438 6,098 (10.8)%1,819 1,653 10.0 %3,619 4,445 (18.6)%66.6 %72.9 %(6.3)%
Dallas-Fort Worth-Arlington, TX28 4,906 5,154 (4.8)%1,924 1,964 (2.0)%2,982 3,190 (6.5)%60.8 %61.9 %(1.1)%
Phoenix-Mesa-Chandler, AZ26 5,695 6,011 (5.3)%1,448 1,608 (10.0)%4,247 4,403 (3.5)%74.6 %73.2 %1.4 %
McAllen-Edinburg-Mission, TX21 4,512 4,692 (3.8)%1,141 1,217 (6.2)%3,371 3,475 (3.0)%74.7 %74.1 %0.6 %
Oklahoma City, OK20 3,231 3,294 (1.9)%961 903 6.4 %2,270 2,391 (5.1)%70.3 %72.6 %(2.3)%
Brownsville-Harlingen, TX16 2,837 2,891 (1.9)%784 741 5.8 %2,053 2,150 (4.5)%72.4 %74.4 %(2.0)%
San Antonio-New Braunfels, TX15 2,720 2,794 (2.6)%1,095 1,131 (3.2)%1,625 1,663 (2.3)%59.7 %59.5 %0.2 %
North Port-Bradenton-Sarasota, FL15 4,264 4,635 (8.0)%1,342 1,428 (6.0)%2,922 3,207 (8.9)%68.5 %69.2 %(0.7)%
San Juan-Bayamón-Caguas, PR15 9,616 9,546 0.7 %1,915 1,814 5.6 %7,701 7,732 (0.4)%80.1 %81.0 %(0.9)%
Los Angeles-Long Beach-Anaheim, CA14 5,685 6,002 (5.3)%1,451 1,398 3.8 %4,234 4,604 (8.0)%74.5 %76.7 %(2.2)%
Colorado Springs, CO14 2,059 2,104 (2.1)%826 680 21.5 %1,233 1,424 (13.4)%59.9 %67.7 %(7.8)%
Orlando-Kissimmee-Sanford, FL14 3,183 3,380 (5.8)%928 1,097 (15.4)%2,255 2,283 (1.2)%70.8 %67.5 %3.3 %
Tulsa, OK13 1,993 2,079 (4.1)%601 627 (4.1)%1,392 1,452 (4.1)%69.8 %69.8 %— %
Las Vegas-Henderson-North Las Vegas, NV13 2,845 2,934 (3.0)%723 768 (5.9)%2,122 2,166 (2.0)%74.6 %73.8 %0.8 %
Shreveport-Bossier City, LA12 1,501 1,583 (5.2)%559 514 8.8 %942 1,069 (11.9)%62.8 %67.5 %(4.7)%
Austin-Round Rock-San Marcos, TX12 3,267 3,328 (1.8)%1,138 1,141 (0.3)%2,129 2,187 (2.7)%65.2 %65.7 %(0.5)%
Wichita, KS12 1,761 1,754 0.4 %750 584 28.4 %1,011 1,170 (13.6)%57.4 %66.7 %(9.3)%
Bend, OR10 1,972 2,002 (1.5)%527 518 1.7 %1,445 1,484 (2.6)%73.3 %74.1 %(0.8)%
Other MSAs331 68,547 70,536 (2.8)%22,900 21,537 6.3 %45,647 48,999 (6.8)%66.6 %69.5 %(2.9)%
Total/Weighted Average771 $168,657 $173,787 (3.0)%$52,245 $50,402 3.7 %$116,412 $123,385 (5.7)%69.0 %71.0 %(2.0)%
2024 Same Store Pool(2)
744 $163,171 $168,262 (3.0)%$50,360 $48,424 4.0 %$112,811 $119,838 (5.9)%69.1 %71.2 %(2.1)%
2023 Same Store Pool(3)
695 $152,535 $157,434 (3.1)%$46,552 $44,816 3.9 %$105,983 $112,618 (5.9)%69.5 %71.5 %(2.0)%
(1)MSA (Metropolitan Statistical Area) as defined by the United States Census Bureau.
(2)Represents the subset of properties included in the 2025 same store pool that were in NSA's same store pool reported in 2024.
(3)Represents the subset of properties included in the 2025 same store pool that were in NSA's same store pool reported in 2023.
17
image0a93.jpg
Supplemental Schedule 6 (continued)
Same Store Performance Summary By MSA(1)
(dollars in thousands, except per square foot data) (unaudited)
Three Months Ended March 31, 2025 compared to Three Months Ended March 31, 2024
Rentable Square FeetOccupancy at Period EndAverage OccupancyAverage Annualized Rental Revenue per Occupied Square Foot
MSA(1)
Units1Q 20251Q 2024Change1Q 20251Q 2024Change1Q 20251Q 2024Change
Portland-Vancouver-Hillsboro, OR-WA22,067 2,677,879 87.7 %87.2 %0.5 %87.3 %85.2 %2.1 %$18.68 $18.91 (1.2)%
Riverside-San Bernardino-Ontario, CA27,156 3,688,295 84.3 %86.4 %(2.1)%85.0 %86.2 %(1.2)%16.04 16.45 (2.5)%
Houston-Pasadena-The Woodlands, TX18,424 2,763,916 85.4 %88.6 %(3.2)%86.3 %88.7 %(2.4)%13.33 12.72 4.8 %
Atlanta-Sandy Springs-Roswell, GA14,224 1,990,529 79.1 %81.3 %(2.2)%79.3 %81.2 %(1.9)%13.23 14.58 (9.3)%
Dallas-Fort Worth-Arlington, TX12,844 1,672,455 79.3 %84.3 %(5.0)%79.3 %84.5 %(5.2)%14.13 14.19 (0.4)%
Phoenix-Mesa-Chandler, AZ15,241 1,705,535 80.5 %83.5 %(3.0)%81.4 %83.8 %(2.4)%15.81 16.27 (2.8)%
McAllen-Edinburg-Mission, TX9,845 1,462,368 87.3 %90.3 %(3.0)%87.5 %89.9 %(2.4)%13.47 13.72 (1.8)%
Oklahoma City, OK9,186 1,327,727 81.5 %86.7 %(5.2)%81.8 %86.5 %(4.7)%11.43 11.02 3.7 %
Brownsville-Harlingen, TX6,569 943,771 87.1 %90.5 %(3.4)%87.0 %90.7 %(3.7)%13.21 13.31 (0.8)%
San Antonio-New Braunfels, TX6,474 828,815 81.0 %83.8 %(2.8)%81.3 %82.6 %(1.3)%15.40 15.61 (1.3)%
North Port-Bradenton-Sarasota, FL9,406 959,937 86.8 %84.5 %2.3 %88.4 %84.4 %4.0 %19.43 22.04 (11.8)%
San Juan-Bayamón-Caguas, PR12,851 1,379,097 89.6 %92.0 %(2.4)%90.0 %92.4 %(2.4)%30.10 28.86 4.3 %
Los Angeles-Long Beach-Anaheim, CA9,759 1,063,489 83.4 %86.9 %(3.5)%84.2 %86.7 %(2.5)%24.69 24.85 (0.6)%
Colorado Springs, CO5,640 707,834 82.2 %84.5 %(2.3)%81.3 %83.7 %(2.4)%13.70 13.68 0.1 %
Orlando-Kissimmee-Sanford, FL8,064 950,035 82.3 %90.3 %(8.0)%83.6 %90.6 %(7.0)%15.28 14.72 3.8 %
Tulsa, OK6,112 811,954 81.4 %86.2 %(4.8)%82.3 %85.5 %(3.2)%11.35 11.41 (0.5)%
Las Vegas-Henderson-North Las Vegas, NV7,080 881,005 89.0 %87.3 %1.7 %87.9 %87.0 %0.9 %14.13 14.70 (3.9)%
Shreveport-Bossier City, LA5,102 669,571 79.8 %84.1 %(4.3)%79.5 %85.2 %(5.7)%10.69 10.53 1.5 %
Austin-Round Rock-San Marcos, TX6,854 917,194 81.5 %84.4 %(2.9)%81.8 %84.8 %(3.0)%16.80 16.85 (0.3)%
Wichita, KS4,198 586,926 85.0 %87.7 %(2.7)%84.6 %87.7 %(3.1)%13.20 12.87 2.6 %
Bend, OR3,936 570,274 87.4 %87.4 %— %85.9 %85.3 %0.6 %15.56 15.95 (2.4)%
Other MSAs164,703 20,688,612 83.2 %85.3 %(2.1)%83.4 %85.0 %(1.6)%15.29 15.49 (1.3)%
Total/Weighted Average385,735 49,247,218 83.6 %86.0 %(2.4)%83.9 %85.8 %(1.9)%$15.70 $15.86 (1.0)%
2024 Same Store Pool(2)
371,296 47,530,914 83.7 %86.1 %(2.4)%83.9 %85.9 %(2.0)%$15.74 $15.91 (1.1)%
2023 Same Store Pool(3)
344,616 44,228,275 83.7 %86.2 %(2.5)%84.0 %86.0 %(2.0)%$15.80 $15.97 (1.1)%
(1)MSA (Metropolitan Statistical Area) as defined by the United States Census Bureau.
(2)Represents the subset of properties included in the 2025 same store pool that were in NSA's same store pool reported in 2024.
(3)Represents the subset of properties included in the 2025 same store pool that were in NSA's same store pool reported in 2023.
18
image0a93.jpg
Supplemental Schedule 7
Same Store Operating Data (771 Stores) - Trailing Five Quarters
(dollars in thousands, except per square foot data) (unaudited)
1Q 20254Q 20243Q 20242Q 20241Q 2024
Revenue
Rental revenue$162,224 $164,207 $167,820 $167,825 $167,620 
Other property-related revenue6,433 6,380 7,028 6,359 6,167 
Total revenue168,657 170,587 174,848 174,184 173,787 
Property operating expenses
Store payroll and related costs12,182 12,076 12,103 12,834 12,958 
Property tax expense15,116 14,630 14,338 13,987 14,432 
Utilities expense5,470 4,844 5,699 4,558 4,896 
Repairs & maintenance expense4,771 3,557 3,674 4,049 3,988 
Marketing expense5,224 4,436 4,446 4,709 4,362 
Insurance expense2,489 2,645 2,557 2,659 2,483 
Other property operating expenses6,993 7,492 7,545 7,611 7,283 
Total property operating expenses52,245 49,680 50,362 50,407 50,402 
Net operating income$116,412 $120,907 $124,486 $123,777 $123,385 
Net operating income margin69.0 %70.9 %71.2 %71.1 %71.0 %
Occupancy at period end83.6 %84.7 %85.9 %87.2 %86.0 %
Average occupancy83.9 %85.5 %86.5 %86.6 %85.8 %
Average annualized rental revenue (includes fees and net of any discounts and uncollectible customer amounts) per occupied square foot$15.70 $15.60 $15.73 $15.72 $15.86 
Average annual contract storage rent per square foot
In-place customers$14.64 $14.50 $14.68 $14.72 $14.94 
Move-ins$9.89 $9.08 $9.60 $10.17 $10.30 
Move-outs$13.22 $13.39 $13.65 $13.68 $14.20 
19
image0a93.jpg
Supplemental Schedule 8
Reconciliation of Same Store Data and Net Operating Income to Net Income
(dollars in thousands) (unaudited)
1Q 20254Q 20243Q 20242Q 20241Q 2024
Rental revenue
Same store portfolio
$162,224 $164,207 $167,820 $167,825 $167,620 
Non-same store portfolio
7,251 6,822 6,647 6,544 12,762 
Total rental revenue
169,475 171,029 174,467 174,369 180,382 
Other property-related revenue
Same store portfolio
6,433 6,380 7,028 6,359 6,167 
Non-same store portfolio
311 328 377 198 525 
Total other property-related revenue
6,744 6,708 7,405 6,557 6,692 
Property operating expenses
Same store portfolio
52,245 49,680 50,362 50,407 50,402 
Non-same store portfolio
2,859 2,696 2,641 2,307 4,800 
    Prior period comparability adjustment(1)
— (131)(291)(513)(508)
Total property operating expenses
55,104 52,245 52,712 52,201 54,694 
Net operating income121,115 125,492 129,160 128,725 132,380 
Management fees and other revenue12,135 12,381 11,749 9,522 9,074 
General and administrative expenses(13,145)(12,629)(13,114)(16,189)(15,674)
Depreciation and amortization(48,116)(48,153)(47,661)(46,710)(47,331)
Other(4,476)(3,356)(3,643)(3,375)(3,492)
Interest expense(40,475)(39,340)(39,575)(37,228)(38,117)
Loss on early extinguishment of debt— — (323)— — 
Equity in (losses) of unconsolidated real estate ventures(5,739)(5,284)(4,712)(4,449)(1,630)
Acquisition and integration costs(2,445)(1,465)(1,164)(480)(507)
Non-operating income (expense)360 (38)(83)337 98 
Gain on sale of self storage properties1,425 — — 2,668 61,173 
Income tax expense(1,120)(1,477)(863)(541)(886)
Net Income$19,519 $26,131 $29,771 $32,280 $95,088 
(1)Certain payroll and related costs associated with the former PRO portfolios were not reflected as property-level expenses in 2024 under the management of the former PROs. Such costs are reflected in property operating expenses in 2025 under our management. For purposes of comparable same store reporting, we have included the specific 2024 expense amounts for the same store portfolio in the relevant periods. This line item is presented in order to reconcile total property operating expenses to previously reported figures.
20
image0a93.jpg
Supplemental Schedule 9
Selected Financial Information
(dollars in thousands, except per square foot data) (unaudited)
Three Months Ended March 31,
20252024
Average Annualized Rental Revenue Per Occupied Square Foot
Same store
$15.70 $15.86 
Total consolidated portfolio
15.58 15.70 
Average Occupancy
Same store
83.9 %85.8 %
Total consolidated portfolio
83.4 %85.2 %
Total Consolidated Portfolio Capital Expenditures
Recurring capital expenditures
$5,272 $2,771 
Value enhancing capital expenditures— 1,825 
Acquisitions capital expenditures
199 903 
Total consolidated portfolio capital expenditures$5,471 $5,499 
Property Operating Expenses Detail
Store payroll and related costs$12,914 $13,523 
Property tax expense15,917 15,926 
Utilities expense5,724 5,422 
Repairs & maintenance expense5,003 4,297 
Marketing expense5,528 4,799 
Insurance expense2,689 2,751 
Other property operating expenses7,329 7,976 
Property operating expenses on the Company's statements of operations
$55,104 $54,694 
General and Administrative Expenses Detail
Supervisory and administrative expenses$1,441 $5,073 
Equity-based compensation expense1,967 1,855 
Other general and administrative expenses9,737 8,746 
General and administrative expenses on the Company's statements of operations
$13,145 $15,674 


21
image0a93.jpg
Glossary
This Earnings Release and Supplemental Financial Information includes certain financial and operating measures used by NSA management that are not calculated in accordance with accounting principles generally accepted in the United States, or GAAP. NSA's definitions and calculations of these non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other real estate companies and, accordingly, may not be comparable. These non-GAAP financial and operating measures should not be considered an alternative to GAAP net income or any other GAAP measurement of performance and should not be considered an alternative measure of liquidity.
AVERAGE ANNUALIZED RENTAL REVENUE PER OCCUPIED SQUARE FOOT: Average annualized rental revenue per occupied square foot is computed by dividing annualized rental revenue (including fees and net of any discounts and uncollectible customer amounts) by average occupied square feet.
AVERAGE OCCUPANCY: Average occupancy is calculated based on the average of the month-end occupancy immediately preceding the period presented and the month-end occupancies included in the respective period presented.
CAPITAL EXPENDITURES DEFINITIONS
ACQUISITIONS CAPITAL EXPENDITURES: Acquisitions capital expenditures represents the portion of capital expenditures capitalized during the current period that were identified and underwritten prior to a property's acquisition.
RECURRING CAPITAL EXPENDITURES: Recurring capital expenditures represents the portion of capital expenditures that are deemed to replace the consumed portion of acquired capital assets and extend their useful lives.
VALUE ENHANCING CAPITAL EXPENDITURES: Value enhancing capital expenditures represents the portion of capital expenditures that are made to enhance the revenue and value of an asset from its original purchase condition.
EBITDA: NSA defines EBITDA as net income (loss), as determined under GAAP, plus interest expense, loss on early extinguishment of debt, income taxes, depreciation and amortization expense and the Company's share of unconsolidated real estate venture depreciation and amortization. NSA defines ADJUSTED EBITDA as EBITDA plus acquisition costs, integration costs, executive severance costs, equity-based compensation expense, losses on sale of properties, impairment of long-lived assets and casualty-related expenses, losses and recoveries, minus gains on sale of properties and debt forgiveness, and after adjustments for unconsolidated partnerships and joint ventures, including the removal of the non-cash effect of applying hypothetical liquidation at book value (HLBV) for purposes of allocating GAAP net income (loss) for the 2024 Joint Venture. These further adjustments eliminate the impact of items that the Company does not consider indicative of its core operating performance. In evaluating EBITDA and Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. NSA's presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items.
NSA presents EBITDA and Adjusted EBITDA because the Company believes they assist investors and analysts in comparing the Company's performance across reporting periods on a consistent basis by excluding items that the Company does not believe are indicative of its core operating performance. EBITDA and Adjusted EBITDA have limitations as an analytical tool. Some of these limitations are:
•EBITDA and Adjusted EBITDA do not reflect the Company's cash expenditures, or future requirements, for capital expenditures, contractual commitments or working capital needs;
•EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on the Company's debts;
•although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements;
•Adjusted EBITDA excludes equity-based compensation expense, which is and will remain a key element of the Company's overall long-term incentive compensation package, although the Company excludes it as an expense when evaluating its ongoing operating performance for a particular period;
22
image0a93.jpg
•EBITDA and Adjusted EBITDA do not reflect the impact of certain cash charges resulting from matters the Company considers not to be indicative of its ongoing operations; and
•other companies in NSA's industry may calculate EBITDA and Adjusted EBITDA differently than NSA does, limiting their usefulness as comparative measures.
NSA compensates for these limitations by considering the economic effect of the excluded expense items independently as well as in connection with the Company's analysis of net income (loss). EBITDA and Adjusted EBITDA should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues and net income (loss).
FUNDS FROM OPERATIONS: Funds from operations, or FFO, is a widely used performance measure for real estate companies and is provided here as a supplemental measure of the Company's operating performance. The December 2018 Nareit Funds From Operations White Paper - 2018 Restatement defines FFO as net income (as determined under GAAP), excluding: real estate depreciation and amortization, gains and losses from the sale of certain real estate assets, gains and losses from change in control, mark-to-market changes in value recognized on equity securities, impairment write-downs of certain real estate assets and impairment of investments in entities when it is directly attributable to decreases in the value of depreciable real estate held by the entity, and after adjusting equity in earnings (losses) to reflect the Company's share of FFO in unconsolidated real estate ventures. Distributions declared on subordinated performance units and DownREIT subordinated performance units represent NSA's allocation of FFO to noncontrolling interests held by subordinated performance unitholders and DownREIT subordinated performance unitholders. For purposes of calculating FFO attributable to common shareholders, OP unitholders, and LTIP unitholders, NSA excludes distributions declared on preferred shares and preferred units, and, prior to the internalization of the PRO structure, subordinated performance units and DownREIT subordinated performance units. NSA defines CORE FFO as FFO, as further adjusted to eliminate the impact of certain items that the Company does not consider indicative of its core operating performance. These further adjustments consist of acquisition costs, integration costs, executive severance costs, gains on debt forgiveness, gains (losses) on early extinguishment of debt, casualty-related expenses, losses and related recoveries, and after adjustments for unconsolidated partnerships and joint ventures.
Management uses FFO and Core FFO as key performance indicators in evaluating the operations of NSA's properties. Given the nature of NSA's business as a real estate owner and operator, the Company considers FFO and Core FFO as key supplemental measures of its operating performance that are not specifically defined by GAAP. NSA believes that FFO and Core FFO are useful to management and investors as a starting point in measuring the Company's operational performance because FFO and Core FFO exclude various items included in net income (loss) that do not relate to or are not indicative of the Company's operating performance such as gains (or losses) from sales of self storage properties and depreciation, which can make periodic and peer analyses of operating performance more difficult. NSA's computation of FFO and Core FFO may not be comparable to FFO reported by other REITs or real estate companies.
FFO and Core FFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues, operating income and net income (loss). FFO and Core FFO do not represent cash generated from operating activities determined in accordance with GAAP and are not a measure of liquidity or an indicator of NSA's ability to make cash distributions. NSA believes that to further understand the Company's performance, FFO and Core FFO should be compared with the Company's reported net income (loss) and considered in addition to cash flows computed in accordance with GAAP, as presented in the Company's consolidated financial statements.
HYPOTHETICAL LIQUIDATION AT BOOK VALUE METHOD OF UNCONSOLIDATED REAL ESTATE VENTURE: Subject to achieving certain performance benchmarks by the non-NSA investor, the distribution rights and priorities set forth in the 2024 Joint Venture agreement may differ from what is reflected by the underlying percentage ownership interest of the venture. Accordingly, NSA allocates GAAP income (loss) for its 2024 Joint Venture utilizing the hypothetical liquidation at book value ("HLBV") method, in which NSA allocates income or loss based on the change in each owners' claim on the net assets of the venture at period end assuming the liquidation of the underlying book value of the venture after adjusting for any distributions or contributions made during such period.
NET DEBT TO ANNUALIZED CURRENT QUARTER ADJUSTED EBITDA: NSA calculates net debt to Adjusted EBITDA as debt financing less cash and cash equivalents (both as reflected on the consolidated balance sheet), divided by annualized current quarter Adjusted EBITDA.
NET OPERATING INCOME:  Net operating income, or NOI, represents rental revenue plus other property-related revenue less property operating expenses. NOI is not a measure of performance calculated in accordance with GAAP.
23
image0a93.jpg
NSA believes NOI is useful to investors in evaluating the Company's operating performance because:
•NOI is one of the primary measures used by NSA's management to evaluate the economic productivity of the Company's properties, including the Company's ability to lease its properties, increase pricing and occupancy and control the Company's property operating expenses;
•NOI is widely used in the real estate industry and the self storage industry to measure the performance and value of real estate assets without regard to various items included in net income that do not relate to or are not indicative of operating performance, such as depreciation and amortization, which can vary depending upon accounting methods, the book value of assets, and the impact of NSA's capital structure; and
•NSA believes NOI helps the Company's investors to meaningfully compare the results of its operating performance from period to period by removing the impact of the Company's capital structure (primarily interest expense on the Company's outstanding indebtedness) and depreciation of the cost basis of NSA's assets from its operating results.
There are material limitations to using a non-GAAP measure such as NOI, including the difficulty associated with comparing results among more than one company and the inability to analyze certain significant items, including depreciation and interest expense, that directly affect the Company's net income (loss). NSA compensates for these limitations by considering the economic effect of the excluded expense items independently as well as in connection with the Company's analysis of net income (loss). NOI should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues and net income (loss).
NON-SAME STORE PORTFOLIO: Non-same store portfolio comprises those properties that do not meet the Same Store portfolio property definition. 
OPERATING PARTNERSHIP UNITS:  Operating partnership units, or OP Units, are Class A common units of limited partner interest in the Company's operating partnership which are economically equivalent to NSA's common shares. NSA also owns certain of the Company's self storage properties through other consolidated subsidiaries of the Company's operating partnership, which the Company refers to as "DownREIT partnerships." The DownREIT partnerships issue certain units of limited partner or limited liability company interest that are intended to be economically equivalent to the Company's OP units, which the Company defines as DOWNREIT OPERATING PARTNERSHIP UNIT EQUIVALENTS, or DownREIT OP units.
PROs: Participating regional operators, or "PROs", were NSA's experienced regional self storage operators with local operational focus and expertise. Effective July 1, 2024, in connection with the internalization of its PRO structure, the Company purchased the PROs' management contracts. As of March 31, 2025, the majority of operations have transitioned to the Company.
RENTABLE SQUARE FEET: Rentable square feet includes all enclosed self storage units but excludes commercial, residential, and covered parking space.
SAME STORE PORTFOLIO: NSA's same store portfolio is defined as those properties owned and operated on a stabilized basis since the first day of the earliest year presented. The Company considers a property to be stabilized once it has achieved an occupancy rate that is representative of similar properties in the applicable market. NSA excludes any properties sold, expected to be sold or subject to significant changes such as expansions or casualty events which cause the portfolio's year-over-year operating results to no longer be comparable.
SUBORDINATED PERFORMANCE UNITS:  Subordinated performance units, or SP Units, were Class B common units of limited partner interest in the Company's operating partnership. SP units, which were linked to the performance of specific contributed portfolios, were intended to incentivize the Company's former PROs to drive operating performance and support the sustainability of the operating cash flow generated by the contributed self storage properties that the PROs continued to manage on NSA's behalf. Because subordinated performance unit holders received distributions only after portfolio-specific minimum performance thresholds were satisfied, the Company believed SP units played a key role in aligning the interests of the Company's former PROs with NSA and the Company's shareholders. The DownREIT partnerships also issued units of limited partner interest that were intended to be economically equivalent to the Company's SP units, which the Company defines as DOWNREIT SUBORDINATED PERFORMANCE UNIT EQUIVALENTS, or DownREIT SP units. Effective July 1, 2024, in connection with the internalization of the PRO structure, all 11,906,167 outstanding subordinated performance units and DownREIT subordinated performance units were converted into an aggregate of 17,984,787 OP units and DownREIT OP units.
24
image0a93.jpg
Equity Research Coverage
BarclaysBMO Capital MarketsBofA Global Research
Brendan LynchJuan SanabriaSamir Khanal
212.526.9428312.845.4074646.855.1497
Citi Investment ResearchDeutsche BankEvercore ISI
Eric WolfeOmotayo OkusanyaSteve Sakwa
212.816.2640212.250.9284212.446.9462
Green StreetJefferiesKeyBanc Capital Markets
Spenser GlimcherJonathan PetersenTodd Thomas
949.640.8780212.284.1705917.368.2286
Mizuho SecuritiesMorgan StanleyRW Baird
Ravi VaidyaRonald KamdemWes Golladay
212.282.4347212.296.8319216.737.7510
Truist SecuritiesUBSWells Fargo
Ki Bin KimMichael GoldsmithEric Luebchow
212.303.4124212.713.2951312.630.2386
Wolfe Research
Keegan Carl
646.582.9251


nsa-q12025propertymap.jpg
25