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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 State
Schedule 7 - Same Store Performance Summary By MSA
Schedule 8 - Same Store Operating Data - Trailing Five Quarters
Schedule 9 - Reconciliation of Same Store Data and Net Operating Income to Net Income
Schedule 10 - Selected Financial Information
Glossary



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February 22, 2021
National Storage Affiliates Trust Reports Fourth Quarter and Full Year 2020 Results
GREENWOOD VILLAGE, Colo. - (BUSINESS WIRE) - National Storage Affiliates Trust ("NSA" or the "Company") (NYSE: NSA) today reported the Company’s fourth quarter and full year 2020 results.
Fourth Quarter 2020 Highlights
Reported net income of $24.5 million for the fourth quarter of 2020, an increase of 30.2% compared to the fourth quarter of 2019. Reported diluted earnings per share of $0.18 for the fourth quarter of 2020, primarily relating to the HLBV method for allocating net income among the various classes of equity.
Reported core funds from operations ("Core FFO") of $46.9 million, or $0.46 per share for the fourth quarter of 2020, an increase of 15.0% per share compared to the fourth quarter of 2019.
Reported an increase in same store net operating income ("NOI") of 6.1% for the fourth quarter of 2020 compared to the same period in 2019, driven by a 4.8% increase in same store total revenues partially offset by a 1.6% increase in same store property operating expenses.
Reported same store period-end occupancy of 91.8% as of December 31, 2020, an increase of 460 basis points compared to December 31, 2019.
Settled a portion of the previously announced underwritten public offering completed under forward sale agreements (the "forward offering") by physically delivering 1,850,510 common shares of beneficial interest ("common shares") to the forward purchasers on December 30, 2020 for net proceeds of approximately $60.0 million.
Acquired 33 wholly-owned self storage properties and two expansion projects to existing properties for $260.5 million during the fourth quarter of 2020. Consideration for these acquisitions included the issuance of $20.7 million of OP equity.
Added Blue Sky Self Storage as the Company's tenth Participating Regional Operator ("PRO"), with four properties contributed in December 2020.
Full Year 2020 Highlights
Reported net income of $79.5 million for full year 2020, an increase of 20.4% compared to full year 2019. Reported diluted earnings per share of $0.53 for full year 2020, primarily relating to the HLBV method for allocating net income among the various classes of equity.
Reported Core FFO of $169.3 million, or $1.71 per share for full year 2020, an increase of 11.0% per share compared to full year 2019.
Reported an increase in same store NOI of 2.2% for full year 2020 compared to the same period in 2019, driven by a 1.7% increase in same store total revenues partially offset by a 0.5% increase in same store property operating expenses.
Acquired 77 wholly-owned self storage properties for $543.3 million during full year 2020. Consideration for these acquisitions included the issuance of approximately $37.2 million of OP equity.
Highlights Subsequent to Quarter-End
NSA acquired 13 wholly-owned self storage properties for approximately $84.5 million.

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Tamara Fischer, President and Chief Executive Officer, commented, "We closed out 2020 on a positive note with excellent operating results despite the continued economic stress resulting from the pandemic. Our fourth quarter same store revenues grew by 4.8% year-over-year and same store occupancy numbers remain at record levels. Our acquisition volume also accelerated during the fourth quarter with the addition of over a quarter of a billion dollars of self storage properties to our wholly-owned portfolio. These favorable trends continued into the first quarter, marking a strong start to 2021."

Financial Results
($ in thousands, except per share and unit data)
Three Months Ended December 31,Year Ended December 31,
20202019Growth20202019Growth
Net income$24,517 $18,826 30.2 %$79,478 $66,013 20.4 %
Funds From Operations ("FFO")(1)
$46,184 $36,218 27.5 %$166,911 $139,151 19.9 %
Add back acquisition costs
743 534 39.1 %2,424 1,317 84.1 %
Core FFO(1)
$46,927 $36,752 27.7 %$169,335 $140,468 20.6 %
Earnings (loss) per share - basic$0.21 $0.17 23.5 %$0.53 $(0.15)453.3 %
Earnings (loss) per share - diluted
$0.18 $0.13 38.5 %$0.53 $(0.15)453.3 %
FFO per share and unit(1)
$0.46 $0.39 17.9 %$1.69 $1.53 10.5 %
Core FFO per share and unit(1)
$0.46 $0.40 15.0 %$1.71 $1.54 11.0 %
(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.
Net income increased $5.7 million for the fourth quarter of 2020 and $13.5 million for the year ended December 31, 2020 ("year-to-date") as compared to the same periods in 2019. The increase for the fourth quarter of 2020 resulted primarily from additional NOI generated from the 77 wholly-owned self storage properties acquired during the year ended December 31, 2020 and earnings from the Company's unconsolidated real estate ventures partially offset by increases in depreciation and amortization, interest expense and non-operating expense. The year-to-date increase was the result of additional NOI generated from the 77 wholly-owned self storage properties acquired during 2020 and a decrease in GAAP losses from the Company's unconsolidated real estate ventures partially offset by increases in depreciation and amortization, interest expense, non-operating expense, acquisition costs and a decrease in gains from the sale of self storage properties.
The increases in FFO and Core FFO for the fourth quarter of 2020 and year-to-date were primarily the result of incremental NOI from properties acquired during the year ended December 31, 2020 and decreases in distributions to subordinated performance unitholders.
Same Store Operating Results (500 Stores)
($ in thousands, except per square foot data)
Three Months Ended December 31,Year Ended December 31,
20202019Growth20202019Growth
Total revenues
$88,973 $84,864 4.8 %$342,720 $337,071 1.7 %
Property operating expenses
24,912 24,509 1.6 %101,134 100,588 0.5 %
Net Operating Income (NOI)
$64,061 $60,355 6.1 %$241,586 $236,483 2.2 %
NOI Margin72.0 %71.1 %0.9 %70.5 %70.2 %0.3 %
Average Occupancy
92.1 %88.1 %4.0 %89.6 %88.6 %1.0 %
Average Annualized Rental Revenue Per Occupied Square Foot
$12.26 $12.27 (0.1)%$12.15 $12.12 0.2 %
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Year-over-year same store total revenues increased 4.8% for the fourth quarter of 2020 and increased 1.7% year-to-date as compared to the same periods in 2019. The increase for the fourth quarter of 2020 was driven primarily by a 400 basis point increase in average occupancy partially offset by 0.1% decrease in average annualized rental revenue per occupied square foot. The year-to-date increase in same store total revenue was driven primarily by a 100 basis point increase in average occupancy and a 0.2% increase in average annualized rental revenue per occupied square foot. Markets which generated above portfolio average same store total revenue growth include: Riverside-San Bernardino, Oklahoma City and Phoenix. Markets which generated below portfolio average same store total revenue growth include: Atlanta, Dallas and Los Angeles.
Year-over-year same store property operating expenses increased 1.6% for the fourth quarter of 2020 and 0.5% year-to-date as compared to the same periods in 2019. The increase for the fourth quarter of 2020 primarily resulted from increases in property taxes. The year-to-date increase was driven primarily by an increase in property taxes partially offset by decreases in utilities expenses.
Investment Activity
During the fourth quarter, NSA invested approximately $260.5 million in the acquisition of 33 self storage properties and two expansion projects to existing properties consisting of approximately 2.5 million rentable square feet configured in approximately 16,750 storage units. Total consideration for these acquisitions included approximately $237.5 million of net cash, the issuance of approximately $13.3 million of OP units and $7.4 million of subordinated performance units and the assumption of approximately $2.2 million of other liabilities.
During the fourth quarter of 2020, NSA's 2018 Joint Venture invested in one self storage property for $9.7 million. The self storage property will be operated together with one of the 2018 Joint Venture's existing facilities.
Balance Sheet
On October 22, 2020, the Company's operating partnership issued $150.0 million of 2.99% senior unsecured notes due August 5, 2030 and $100.0 million of 3.09% senior unsecured notes due August 5, 2032 (the "Senior Unsecured Notes") in a private placement to certain institutional investors, completing the offering that was announced August 6, 2020. The Company used the proceeds to repay outstanding amounts on its revolving line of credit and for general corporate purposes.
On December 30, 2020, the Company settled a portion of the previously announced forward offering by physically delivering 1,850,510 common shares to the forward purchasers on December 30, 2020 for net proceeds of approximately $60.0 million. The Company used the proceeds to acquire self storage properties, repay outstanding amounts on its revolving line of credit and for general corporate purposes. As of December 31, 2020, 3,049,490 common shares remained outstanding under the forward sale agreements.
Common Share Dividends
On November 12, 2020, NSA's Board of Trustees increased the Company's quarterly cash dividend by $0.01 to $0.35 per common share, representing a 6.1% increase over the fourth of quarter of 2019. The fourth quarter 2020 dividend was paid on December 31, 2020 to shareholders of record as of December 15, 2020.
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2021 Guidance
The following table outlines NSA's FFO guidance estimates and related assumptions for the year ended December 31, 2021:
Ranges for Full Year 2021
LowHigh
Core FFO per share(1)
$1.81$1.86
Same store operations (560 stores)
Total revenue growth
3.0%4.5%
Property operating expenses growth
3.5%5.0%
NOI growth
2.5%5.0%
General and administrative expenses
General and administrative expenses (excluding equity-based compensation), in millions
$41.0$44.0
Equity-based compensation, in millions$5.5$6.0
Management fees and other revenue, in millions
$22.0$23.0
Core FFO from unconsolidated real estate ventures, in millions
$16.0$17.0
Subordinated performance unit distributions, in millions
$31.0$34.0
Acquisitions of self storage properties, in millions$400.0$650.0

(1) The following table provides a reconciliation of the range of estimated earnings (loss) per share - diluted to estimated Core FFO per share and unit:
Ranges for Full Year 2021
LowHigh
Earnings (loss) per share - diluted$0.59$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
0.180.10
Add real estate depreciation and amortization, including NSA's share of unconsolidated venture real estate depreciation and amortization
1.311.37
FFO attributable to subordinated unitholders
(0.29)(0.32)
Add acquisition costs and NSA's share of unconsolidated real estate venture acquisition costs
0.020.02
Core FFO per share and unit
$1.81$1.86
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 http://ir.nationalstorageaffiliates.com/quarterly-reporting and as exhibit 99.1 to the Company's Form 8-K furnished to the SEC on February 22, 2021.
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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 12:00 pm Eastern Time on Tuesday, February 23, 2021 to discuss its fourth quarter 2020 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.nationalstorageaffiliates.com.
Conference Call and Webcast:
Date/Time: Tuesday, February 23, 2021, 12:00pm ET
Webcast available at: www.nationalstorageaffiliates.com
Domestic (Toll Free US & Canada): 877.407.9711
International: 412.902.1014
Replay:
Domestic (Toll Free US & Canada): 877.660.6853
International: 201.612.7415
Conference ID: 13692161
A replay of the call will be available for one week through Tuesday, March 2, 2021. A replay of the webcast will be available for 30 days on NSA's website at www.nationalstorageaffiliates.com.
Upcoming Industry Conferences
NSA management is scheduled to participate in Citi’s 2021 Virtual Global Property CEO Conference, March 8 – 11, 2021.

About National Storage Affiliates Trust
National Storage Affiliates Trust is a Maryland real estate investment trust focused on the ownership, operation and acquisition of self storage properties located within the top 100 metropolitan statistical areas throughout the United States. As of December 31, 2020, the Company held ownership interests in and operated 821 self storage properties located in 36 states and Puerto Rico with approximately 52.0 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.nationalstorageaffiliates.com. NSA is included in the MSCI US REIT Index (RMS/RMZ), the Russell 2000 Index of Companies and the S&P SmallCap 600 Index.
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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, the debt and lending markets or the general economy; the Company's business and investment strategy; the acquisition of properties, including those under contract and our ability to execute on our acquisition pipeline; the timing of acquisitions under contract; the internalization of retiring participating regional operators ("PROs") into the Company; the negative impacts from the continued spread of COVID-19 on the economy, the self storage industry, the broader financial markets, the Company's financial condition, results of operations and cash flows and the ability of the Company's tenants to pay rent; and the Company's guidance estimates for the year ended December 31, 2021. 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
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National Storage Affiliates Trust
Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Ended December 31,Year Ended December 31,
2020201920202019
REVENUE
Rental revenue$104,266 $92,083 $394,660 $354,859 
Other property-related revenue3,852 3,133 14,524 12,302 
Management fees and other revenue5,991 5,352 23,038 20,735 
Total revenue114,109 100,568 432,222 387,896 
OPERATING EXPENSES
Property operating expenses31,091 27,712 123,486 110,347 
General and administrative expenses11,399 11,566 43,640 44,030 
Depreciation and amortization29,827 27,343 117,174 105,119 
Other(522)40 808 1,551 
Total operating expenses71,795 66,661 285,108 261,047 
OTHER (EXPENSE) INCOME
Interest expense(16,192)(14,874)(62,595)(56,464)
Equity in earnings (losses) of unconsolidated real estate ventures
516 (8)265 (4,970)
Acquisition costs(743)(534)(2,424)(1,317)
Non-operating (expense) income(582)727 (1,211)452 
Gain on sale of self storage properties— — — 2,814 
Other expense(17,001)(14,689)(65,965)(59,485)
Income before income taxes25,313 19,218 81,149 67,364 
Income tax expense(796)(392)(1,671)(1,351)
Net income24,517 18,826 79,478 66,013 
Net income attributable to noncontrolling interests
(6,465)(5,738)(30,869)(62,030)
Net income attributable to National Storage Affiliates Trust18,052 13,088 48,609 3,983 
Distributions to preferred shareholders
(3,275)(3,273)(13,097)(12,390)
Net income (loss) attributable to common shareholders
$14,777 $9,815 $35,512 $(8,407)
Earnings (loss) per share - basic$0.21 $0.17 $0.53 $(0.15)
Earnings (loss) per share - diluted$0.18 $0.13 $0.53 $(0.15)
Weighted average shares outstanding - basic
69,240 59,316 66,547 58,208 
Weighted average shares outstanding - diluted
117,090 114,422 66,607 58,208 

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National Storage Affiliates Trust
Consolidated Balance Sheets
(dollars in thousands, except per share amounts)
(unaudited)
December 31,
20202019
ASSETS
Real estate
Self storage properties$3,639,192 $3,091,719 
Less accumulated depreciation(443,623)(337,822)
Self storage properties, net3,195,569 2,753,897 
Cash and cash equivalents18,723 20,558 
Restricted cash2,978 3,718 
Debt issuance costs, net2,496 3,264 
Investment in unconsolidated real estate ventures202,533 214,061 
Other assets, net68,149 65,441 
Operating lease right-of-use assets23,129 23,306 
Total assets$3,513,577 $3,084,245 
LIABILITIES AND EQUITY
Liabilities
Debt financing$1,916,971 $1,534,047 
Accounts payable and accrued liabilities47,043 37,966 
Interest rate swap liabilities77,918 19,943 
Operating lease liabilities24,756 24,665 
Deferred revenue16,414 15,523 
Total liabilities2,083,102 1,632,144 
Equity
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 8,732,719 and 8,727,119 issued and outstanding at December 31, 2020 and December 31, 2019, respectively, at liquidation preference
218,318 218,178 
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 71,293,117 and 59,659,108 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively
713 597 
Additional paid-in capital1,050,714 905,763 
Distributions in excess of earnings(251,704)(197,075)
Accumulated other comprehensive loss(49,084)(7,833)
Total shareholders' equity968,957 919,630 
Noncontrolling interests461,518 532,471 
Total equity1,430,475 1,452,101 
Total liabilities and equity$3,513,577 $3,084,245 

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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 December 31,Year Ended December 31,
2020201920202019
Net income$24,517 $18,826 $79,478 $66,013 
Add (subtract):
Real estate depreciation and amortization29,474 27,019 115,757 103,835 
Company's share of unconsolidated real estate venture real estate depreciation and amortization
3,869 3,763 15,297 19,889 
Gain on sale of self storage properties
— — — (2,814)
Company's share of unconsolidated real estate venture loss on sale of properties
— — — 202 
Mark-to-market changes in value on equity securities
— (610)142 (610)
Distributions to preferred shareholders and unitholders
(3,514)(3,514)(14,055)(13,243)
FFO attributable to subordinated performance unitholders(1)
(8,162)(9,266)(29,708)(34,121)
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders
46,184 36,218 166,911 139,151 
Add:
Acquisition costs743 534 2,424 1,317 
Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders
$46,927 $36,752 $169,335 $140,468 
Weighted average shares and units outstanding - FFO and Core FFO:(2)
Weighted average shares outstanding - basic69,240 59,316 66,547 58,208 
Weighted average restricted common shares outstanding31 26 30 28 
Weighted average effect of outstanding forward offering agreement(3)
240 — 60 — 
Weighted average OP units outstanding
29,471 30,457 29,863 30,277 
Weighted average DownREIT OP unit equivalents outstanding
1,925 1,848 1,906 1,848 
Weighted average LTIP units outstanding
507 525 543 585 
Total weighted average shares and units outstanding - FFO and Core FFO
101,414 92,172 98,949 90,946 
FFO per share and unit$0.46 $0.39 $1.69 $1.53 
Core FFO per share and unit$0.46 $0.40 $1.71 $1.54 
(1) Amounts represent distributions declared for subordinated performance unitholders and DownREIT subordinated performance unitholders for the periods presented.
(2) 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. Subordinated performance units, DownREIT subordinated performance units and 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). 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.
(3) Represents the dilutive effect of the forward offering from the application of the treasury stock method.
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Supplemental Schedule 1 (continued)
Funds From Operations and Core Funds From Operations
(in thousands, except per share and unit amounts) (unaudited)
Reconciliation of Earnings (Loss) Per Share - Diluted to FFO and Core FFO Per Share and Unit
Three Months Ended December 31,Year Ended December 31,
2020201920202019
Earnings (loss) per share - diluted$0.18 $0.13 $0.53 $(0.15)
Impact of the difference in weighted average number of shares(4)
0.03 0.03 (0.16)0.05 
Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method(5)
— 0.01 0.30 0.69 
Add real estate depreciation and amortization0.29 0.29 1.17 1.14 
Add Company's share of unconsolidated real estate venture real estate depreciation and amortization
0.04 0.04 0.15 0.22 
Subtract gain on sale of self storage properties— — — (0.03)
Subtract mark-to-market changes in value on equity securities
— (0.01)— (0.01)
FFO attributable to subordinated performance unitholders
(0.08)(0.10)(0.30)(0.38)
FFO per share and unit
0.46 0.39 1.69 1.53 
Add acquisition costs
— 0.01 0.02 0.01 
Core FFO per share and unit
$0.46 $0.40 $1.71 $1.54 
(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 only be convertible into OP units (i) after a lock-out period and (ii) upon certain events or conditions. For additional information about the conversion of subordinated performance units and DownREIT subordinated performance units into OP units, see Note 10 to the Company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission. 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 (loss) 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).

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Supplemental Schedule 2
Other Non-GAAP Financial Measurements
(dollars in thousands) (unaudited)
Net Operating Income
Three Months Ended December 31,Year Ended December 31,
2020201920202019
Net income$24,517 $18,826 $79,478 $66,013 
(Subtract) add:
Management fees and other revenue(5,991)(5,352)(23,038)(20,735)
General and administrative expenses11,399 11,566 43,640 44,030 
Other(522)40 808 1,551 
Depreciation and amortization29,827 27,343 117,174 105,119 
Interest expense16,192 14,874 62,595 56,464 
Equity in (earnings) losses of unconsolidated real estate ventures
(516)(265)4,970 
Acquisition costs743 534 2,424 1,317 
Income tax expense796 392 1,671 1,351 
Gain on sale of self storage properties— — — (2,814)
Non-operating expense (income)582 (727)1,211 (452)
Net Operating Income
$77,027 $67,504 $285,698 $256,814 

EBITDA and Adjusted EBITDA
Three Months Ended December 31,Year Ended December 31,
2020201920202019
Net income$24,517 $18,826 $79,478 $66,013 
Add:
Depreciation and amortization29,827 27,343 117,174 105,119 
Company's share of unconsolidated real estate venture depreciation and amortization
3,869 3,763 15,297 19,889 
Interest expense16,192 14,874 62,595 56,464 
Income tax expense796 392 1,671 1,351 
EBITDA
75,201 65,198 276,215 248,836 
Add (subtract):
Acquisition costs743 534 2,424 1,317 
Gain on sale of self storage properties— — — (2,814)
Company's share of unconsolidated real estate venture loss on sale of properties
— — — 202 
Equity-based compensation expense1,170 1,154 4,278 4,527 
Adjusted EBITDA
$77,114 $66,886 $282,917 $252,068 

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Supplemental Schedule 3
Portfolio Summary
As of December 31, 2020
(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
Texas115 48,302 6,822,196 89.2 %Texas119 50,627 7,099,485 89.2 %
California83 49,656 6,228,471 95.4 %California95 56,357 7,021,506 95.1 %
Oregon63 25,204 3,197,270 88.8 %Florida76 46,264 4,997,335 91.3 %
Florida49 31,097 3,275,014 91.6 %Oregon 63 25,204 3,197,270 88.8 %
Georgia46 19,788 2,656,034 91.5 %Georgia57 25,921 3,528,266 91.2 %
North Carolina34 15,748 1,952,920 93.7 %Oklahoma39 17,650 2,431,847 90.4 %
Oklahoma33 15,324 2,124,882 90.3 %Arizona34 18,280 2,121,681 91.0 %
Arizona32 17,277 2,011,851 91.2 %North Carolina34 15,748 1,952,920 93.7 %
Louisiana26 12,326 1,536,257 85.5 %Louisiana26 12,326 1,536,257 85.5 %
Kansas18 5,996 866,430 90.0 %Michigan24 15,614 1,978,748 91.7 %
Colorado 16 6,723 838,476 91.1 %Ohio22 13,041 1,585,914 87.2 %
Indiana16 8,774 1,134,420 93.6 %New Jersey19 12,722 1,498,052 92.5 %
Washington16 5,397 718,013 88.7 %Kansas18 5,996 866,430 90.0 %
Nevada13 6,730 846,537 93.5 %Nevada17 8,347 1,099,319 93.7 %
New Hampshire11 5,039 617,791 92.5 %Colorado16 6,723 838,476 91.1 %
Missouri10 4,515 589,465 77.0 %Indiana16 8,774 1,134,420 93.6 %
Ohio3,649 461,393 90.3 %Washington16 5,397 718,013 88.7 %
Pennsylvania4,317 497,395 92.1 %Alabama15 6,289 936,848 90.0 %
Other(1)
47 23,592 2,899,659 91.0 %Massachusetts12 7,683 888,521 90.3 %
Total
644 309,454 39,274,474 91.1 %New Hampshire11 5,039 617,791 92.5 %
Pennsylvania11 5,955 658,265 91.8 %
Other(2)
81 43,534 5,296,303 87.9 %
Total
821 413,491 52,003,667 90.8 %



(1) Other states and territories in NSA's owned portfolio as of December 31, 2020 include Alabama, Connecticut, Idaho, Illinois, Kentucky, Maryland, Massachusetts, Minnesota, Mississippi, New Jersey, New Mexico, New York, South Carolina, Tennessee, Virginia and Puerto Rico.
(2) Other states and territories in NSA's operated portfolio as of December 31, 2020 include Connecticut, Delaware, Idaho, Illinois, Kentucky, Maryland, Minnesota, Mississippi, Missouri, New Mexico, New York, Rhode Island, South Carolina, Tennessee, Virginia and Puerto Rico.
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Supplemental Schedule 3 (continued)
Portfolio Summary
(dollars in thousands) (unaudited)
2020 Acquisition Activity
Self Storage Properties Acquired
During the Quarter Ended:
Summary of Investment
StoresUnitsRentable Square FeetCash and Acquisition CostsValue of OP EquityOther LiabilitiesTotal
March 31, 20203613,5551,759,019 $214,584 $7,217 $972 $222,773 
June 30, 202042,488277,560 30,198 5,842 207 36,247 
September 30, 202042,084251,300 20,173 3,427 204 23,804 
December 31, 20203316,7492,458,987 237,517 20,747 2,244 260,508 
Total Acquisitions7734,8764,746,866 $502,472 $37,233 $3,627 $543,332 
Unconsolidated Real Estate Ventures (at 100%)(3)
March 31, 2020253239,952 12,108 — 37 12,145 
December 31, 2020(4)
59759,900 9,564 — 116 9,680 
Total Investments(5)
7936,0054,846,718 $524,144 $37,233 $3,780 $565,157 














(3) 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%.
(4) The self storage property acquired by NSA's unconsolidated real estate venture during the quarter ended December 31, 2020 was combined and is being operated together with one of the venture's existing properties.
(5) NSA acquired self storage properties located in Arizona (1), California (2), Colorado (5), Connecticut (1), Florida (3), Georgia (2), Idaho (2), Kansas (2), Maryland (1), Massachusetts (1), Minnesota (1), Missouri (1), New Jersey (1), New York (1), North Carolina (1), Oklahoma (3), Oregon (2), Pennsylvania (2), Tennessee (1), Texas (44) and Washington (2).

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Supplemental Schedule 4
Debt and Equity Capitalization
As of December 31, 2020
(unaudited)
Debt Summary (dollars in thousands)
Effective Interest Rate(1)
Basis of RateMaturity Date2021202220232024202520262027ThereafterTotal
Credit Facility:
Revolving line of credit
1.44%
Variable(2)
January 2024$— $— $— $174,000 $— $— $— $— $174,000 
Term loan - Tranche A
3.74%Swapped To FixedJanuary 2023— — 125,000 — — — — — 125,000 
Term loan - Tranche B
2.91%Swapped To FixedJuly 2024— — — 250,000 — — — — 250,000 
Term loan - Tranche C
2.80%Swapped To FixedJanuary 2025— — — — 225,000 — — — 225,000 
Term loan - Tranche D
3.57%Swapped To FixedJuly 2026— — — — — 175,000 — — 175,000 
Term loan facility - 20232.83%Swapped To FixedJune 2023— — 175,000 — — — — — 175,000 
Term loan facility - 20284.62%Swapped To FixedDecember 2028— — — — — — — 75,000 75,000 
Term loan facility - 20294.27%Swapped To FixedApril 2029— — — — — — — 100,000 100,000 
2029 Senior Unsecured Notes3.98%FixedAugust 2029— — — — — — — 100,000 100,000 
2030 Senior Unsecured Notes2.99%FixedAugust 2030— — — — — — — 150,000 150,000 
2031 Senior Unsecured Notes4.08%FixedAugust 2031— — — — — — — 50,000 50,000 
2032 Senior Unsecured Notes3.09%FixedAugust 2032— — — — — — — 100,000 100,000 
Fixed rate mortgages payable4.26%FixedJuly 2021 - October 20313,521 — 79,577 20,202 — — 84,900 35,414 223,614 
Total Principal/Weighted Average
3.27%5.5 years$3,521 $ $379,577 $444,202 $225,000 $175,000 $84,900 $610,414 $1,922,614 
Unamortized debt issuance costs and debt premium, net
(5,643)
Total Debt
$1,916,971 

Debt Ratios
Covenant
Amount
Net Debt to Annualized Current Quarter Adjusted EBITDAn/a6.2x
Trailing Twelve Month Fixed Charge Coverage Ratio
> 1.5x3.2x
Total Leverage Ratio< 60.0%43.8%
(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) For the $500 million revolving line of credit, the effective interest rate is calculated based on one month LIBOR plus an applicable margin of 1.30% and excludes fees which range from 0.15% to 0.20% for unused borrowings.
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Supplemental Schedule 4 (continued)
Debt and Equity Capitalization
As of December 31, 2020
(unaudited)

Preferred Shares and Units
Outstanding
6.000% Series A cumulative redeemable preferred shares of beneficial interest8,732,719 
6.000% Series A-1 cumulative redeemable preferred units637,382 
Common Shares and Units
OutstandingIf Converted
Common shares of beneficial interest71,263,188 71,263,188 
Restricted common shares29,929 29,929 
Total shares outstanding
71,293,117 71,293,117 
Operating partnership units29,616,809 29,616,809 
DownREIT operating partnership unit equivalents
1,924,918 1,924,918 
Total operating partnership units
31,541,727 31,541,727 
Long-term incentive plan units(3)
481,302 481,302 
Total shares and Class A equivalents outstanding
103,316,146 103,316,146 
Subordinated performance units(4)
9,030,872 11,107,973 
DownREIT subordinated performance unit equivalents(4)
4,337,111 5,334,647 
Total subordinated partnership units
13,367,983 16,442,620 
Total common shares and units outstanding
116,684,129 119,758,766 







(3) Balances exclude 252,894 long-term incentive plan ("LTIP") units which only vest and participate in dividend distributions upon the future contribution of properties from the PROs or the completion of expansion projects.
(4) If converted balance assumes that each subordinated performance unit (including each DownREIT subordinated performance unit) is convertible into OP units, notwithstanding the two-year lock-out period on conversions for certain series of subordinated performance units, and that each subordinated performance unit would on average convert on a hypothetical basis into an estimated 1.23 OP units based on historical financial information for the trailing twelve months ended December 31, 2020. The hypothetical conversions are calculated by dividing the average cash available for distribution, or CAD, per subordinated performance unit by 110% of the CAD per OP unit over the same period. The Company anticipates that as CAD grows over time, the conversion ratio will also grow, including to levels that may exceed these amounts.

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Supplemental Schedule 5
Summarized Information for Unconsolidated Real Estate Ventures
(dollars in thousands) (unaudited)
Combined Balance Sheet Information
 Total Ventures at 100%(1)
December 31, 2020December 31, 2019
ASSETS
Self storage properties, net$1,799,522 $1,835,235 
Other assets24,397 22,413 
Total assets$1,823,919 $1,857,648 
LIABILITIES AND EQUITY
Debt financing$1,000,464 $989,182 
Other liabilities21,612 20,487 
Equity801,843 847,979 
Total liabilities and equity$1,823,919 $1,857,648 

Combined Operating Information
Three Months Ended December 31, 2020Year Ended December 31, 2020
 Total Ventures at 100%(1)
NSA Proportionate Share (Ventures at 25%)(2)
 Total Ventures at 100%(1)
NSA Proportionate Share (Ventures at 25%)(2)
Total revenue$42,916 $10,729 $164,762 $41,191 
Property operating expenses12,078 3,020 49,632 12,408 
Net operating income30,838 7,709 115,130 28,783 
Supervisory, administrative and other expenses
(2,846)(712)(10,935)(2,734)
Depreciation and amortization(15,477)(3,869)(61,188)(15,297)
Interest expense(10,337)(2,584)(41,204)(10,301)
Acquisition and other expenses(169)(42)(969)(242)
Net income$2,009 $502 $834 $209 
Add (subtract):
Equity in earnings adjustments related to amortization of basis differences
14 56 
Company's share of unconsolidated real estate venture real estate depreciation and amortization
3,869 15,297 
Company's share of FFO and Core FFO from unconsolidated real estate ventures
$4,385 $15,562 







(1) 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%.
(2) NSA's proportionate share of its unconsolidated real estate ventures is derived by applying NSA's 25% ownership interest to each line item in the GAAP financial statements of the unconsolidated real estate ventures to calculate NSA's share of that line item. NSA believes this information offers insights into the financial performance of the Company, although the presentation of such information, and its combination with NSA's consolidated results, may not accurately depict the legal and economic implications of holding a noncontrolling interest in the unconsolidated real estate ventures. 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.

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Supplemental Schedule 6
Same Store Performance Summary By State
(dollars in thousands, except per square foot data) (unaudited)
Three Months Ended December 31, 2020 compared to Three Months Ended December 31, 2019
Total RevenueProperty Operating ExpensesNet Operating IncomeNet Operating Income Margin
StateStores4Q 20204Q 2019Growth4Q 20204Q 2019Growth4Q 20204Q 2019Growth4Q 20204Q 2019Growth
California81 $20,205 $19,229 5.1 %$5,208 $5,146 1.2 %$14,997 $14,083 6.5 %74.2 %73.2 %1.0 %
Oregon60 10,547 9,727 8.4 %2,551 2,532 0.8 %7,996 7,195 11.1 %75.8 %74.0 %1.8 %
Texas60 8,065 7,866 2.5 %2,760 2,760 — 5,305 5,106 3.9 %65.8 %64.9 %0.9 %
Florida37 8,844 8,394 5.4 %2,654 2,508 5.8 %6,190 5,886 5.2 %70.0 %70.1 %(0.1)%
Georgia35 4,609 4,611 — 1,358 1,343 1.1 %3,251 3,268 (0.5)%70.5 %70.9 %(0.4)%
North Carolina33 5,140 5,038 2.0 %1,352 1,325 2.0 %3,788 3,713 2.0 %73.7 %73.7 %— 
Oklahoma30 3,849 3,714 3.6 %1,047 1,121 (6.6)%2,802 2,593 8.1 %72.8 %69.8 %3.0 %
Arizona30 5,897 5,453 8.1 %1,573 1,515 3.8 %4,324 3,938 9.8 %73.3 %72.2 %1.1 %
Indiana16 2,632 2,527 4.2 %793 775 2.3 %1,839 1,752 5.0 %69.9 %69.3 %0.6 %
Kansas16 2,264 2,154 5.1 %729 538 35.5 %1,535 1,616 (5.0)%67.8 %75.0 %(7.2)%
Louisiana14 1,883 1,919 (1.9)%604 576 4.9 %1,279 1,343 (4.8)%67.9 %70.0 %(2.1)%
Washington14 1,906 1,796 6.1 %506 492 2.8 %1,400 1,304 7.4 %73.5 %72.6 %0.9 %
Nevada13 2,456 2,327 5.5 %669 655 2.1 %1,787 1,672 6.9 %72.8 %71.9 %0.9 %
Colorado11 1,779 1,723 3.3 %566 595 (4.9)%1,213 1,128 7.5 %68.2 %65.5 %2.7 %
New Hampshire10 1,747 1,581 10.5 %523 534 (2.1)%1,224 1,047 16.9 %70.1 %66.2 %3.9 %
Other(1)
40 7,150 6,805 5.1 %2,019 2,094 (3.6)%5,131 4,711 8.9 %71.8 %69.2 %2.6 %
Total/Weighted Average500 $88,973 $84,864 4.8 %$24,912 $24,509 1.6 %$64,061 $60,355 6.1 %72.0 %71.1 %0.9 %
2019 Same Store Pool(2)
438 $77,682 $74,363 4.5 %$21,853 $21,651 0.9 %$55,829 $52,712 5.9 %71.9 %70.9 %1.0 %
2018 Same Store Pool(3)
373 $65,733 $62,870 4.6 %$18,221 $18,036 1.0 %$47,512 $44,834 6.0 %72.3 %71.3 %1.0 %





(1) Other states and territories in NSA's same store portfolio include Alabama, Illinois, Kentucky, Maryland, Massachusetts, Mississippi, Missouri, New Mexico, Ohio, South Carolina, Virginia and Puerto Rico.
(2) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2019.
(3) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2018.

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Supplemental Schedule 6 (continued)
Same Store Performance Summary By State
(dollars in thousands, except per square foot data) (unaudited)
Three Months Ended December 31, 2020 compared to Three Months Ended December 31, 2019
Rentable Square FeetOccupancy at Period EndAverage OccupancyAverage Annualized Rental Revenue per Occupied Square Foot
StateUnits4Q 20204Q 2019Growth4Q 20204Q 2019Growth4Q 20204Q 2019Growth
California48,064 6,084,752 95.9 %88.7 %7.2 %95.6 %89.3 %6.3 %$13.23 $13.56 (2.4)%
Oregon24,299 3,074,380 88.8 %81.1 %7.7 %90.1 %82.8 %7.3 %14.91 14.97 (0.4)%
Texas24,171 3,420,794 90.1 %88.0 %2.1 %90.6 %88.8 %1.8 %10.05 10.09 (0.4)%
Florida23,629 2,526,624 91.3 %86.2 %5.1 %90.7 %86.9 %3.8 %14.84 14.70 1.0 %
Georgia14,323 1,934,646 91.7 %88.8 %2.9 %91.5 %89.9 %1.6 %10.07 10.27 (1.9)%
North Carolina15,354 1,885,379 93.8 %90.8 %3.0 %94.1 %92.2 %1.9 %11.17 11.18 (0.1)%
Oklahoma13,816 1,902,312 92.1 %87.5 %4.6 %92.2 %88.2 %4.0 %8.55 8.61 (0.7)%
Arizona16,576 1,880,450 91.0 %86.9 %4.1 %91.4 %87.8 %3.6 %13.33 12.87 3.6 %
Indiana8,774 1,134,420 93.6 %89.6 %4.0 %94.3 %90.7 %3.6 %9.60 9.57 0.3 %
Kansas5,697 763,469 89.3 %86.6 %2.7 %90.1 %87.6 %2.5 %12.40 12.12 2.3 %
Louisiana6,312 857,928 85.5 %86.2 %(0.7)%86.0 %86.3 %(0.3)%9.99 10.19 (2.0)%
Washington4,494 578,723 88.0 %80.1 %7.9 %88.9 %81.5 %7.4 %14.54 14.93 (2.6)%
Nevada6,730 846,537 93.5 %89.4 %4.1 %93.2 %90.0 %3.2 %11.83 11.70 1.1 %
Colorado5,035 614,106 90.7 %84.2 %6.5 %91.9 %86.4 %5.5 %12.34 12.67 (2.6)%
New Hampshire4,295 519,991 92.5 %90.3 %2.2 %94.3 %89.9 %4.4 %13.55 13.25 2.3 %
Other(1)
19,031 2,334,434 90.2 %87.0 %3.2 %90.6 %88.1 %2.5 %12.94 12.74 1.6 %
Total/Weighted Average240,600 30,358,945 91.8 %87.2 %4.6 %92.1 %88.1 %4.0 %$12.26 $12.27 (0.1)%
2019 Same Store Pool(2)
210,463 26,932,846 92.0 %87.3 %4.7 %92.2 %88.3 %3.9 %$12.05 $12.11 (0.5)%
2018 Same Store Pool(3)
177,996 22,659,812 92.2 %87.4 %4.8 %92.5 %88.3 %4.2 %$12.10 $12.17 (0.6)%



(1) Other states and territories in NSA's same store portfolio include Alabama, Illinois, Kentucky, Maryland, Massachusetts, Mississippi, Missouri, New Mexico, Ohio, South Carolina, Virginia and Puerto Rico.
(2) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2019.
(3) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2018.
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Supplemental Schedule 6
Same Store Performance Summary By State
(dollars in thousands, except per square foot data) (unaudited)
Year Ended December 31, 2020 compared to Year Ended December 31, 2019
Total RevenueProperty Operating ExpensesNet Operating IncomeNet Operating Income Margin
StateStoresYTD 2020YTD 2019GrowthYTD 2020YTD 2019GrowthYTD 2020YTD 2019GrowthYTD 2020YTD 2019Growth
California81 $77,653 $76,219 1.9 %$20,950 $20,567 1.9 %$56,703 $55,652 1.9 %73.0 %73.0 %— 
Oregon60 39,610 39,213 1.0 %10,281 10,231 0.5 %29,329 28,982 1.2 %74.0 %73.9 %0.1 %
Texas60 31,404 31,057 1.1 %11,324 11,486 (1.4)%20,080 19,571 2.6 %63.9 %63.0 %0.9 %
Florida37 33,790 33,353 1.3 %10,300 10,179 1.2 %23,490 23,174 1.4 %69.5 %69.5 %— %
Georgia35 18,298 18,063 1.3 %5,678 5,737 (1.0)%12,620 12,326 2.4 %69.0 %68.2 %0.8 %
North Carolina33 20,103 19,902 1.0 %5,603 5,667 (1.1)%14,500 14,235 1.9 %72.1 %71.5 %0.6 %
Oklahoma30 15,093 14,739 2.4 %4,483 4,633 (3.2)%10,610 10,106 5.0 %70.3 %68.6 %1.7 %
Arizona30 22,349 21,461 4.1 %6,291 6,140 2.5 %16,058 15,321 4.8 %71.9 %71.4 %0.5 %
Indiana16 10,315 10,152 1.6 %3,232 3,054 5.8 %7,083 7,098 (0.2)%68.7 %69.9 %(1.2)%
Kansas16 8,830 8,445 4.6 %3,084 2,992 3.1 %5,746 5,453 5.4 %65.1 %64.6 %0.5 %
Louisiana14 7,509 7,548 (0.5)%2,531 2,586 (2.1)%4,978 4,962 0.3 %66.3 %65.7 %0.6 %
Washington14 7,288 7,349 (0.8)%2,103 2,005 4.9 %5,185 5,344 (3.0)%71.1 %72.7 %(1.6)%
Nevada13 9,354 9,128 2.5 %2,567 2,565 0.1 %6,787 6,563 3.4 %72.6 %71.9 %0.7 %
Colorado11 6,969 7,020 (0.7)%2,263 2,377 (4.8)%4,706 4,643 1.4 %67.5 %66.1 %1.4 %
New Hampshire10 6,539 6,359 2.8 %2,112 2,098 0.7 %4,427 4,261 3.9 %67.7 %67.0 %0.7 %
Other(1)
40 27,616 27,063 2.0 %8,332 8,271 0.7 %19,284 18,792 2.6 %69.8 %69.4 %0.4 %
Total/Weighted Average500 $342,720 $337,071 1.7 %$101,134 $100,588 0.5 %$241,586 $236,483 2.2 %70.5 %70.2 %0.3 %
2019 Same Store Pool(2)
438 $299,446 $295,428 1.4 %$88,531 $88,191 0.4 %$210,915 $207,237 1.8 %70.4 %70.1 %0.3 %
2018 Same Store Pool(3)
373 $253,301 $250,164 1.3 %$73,778 $73,158 0.8 %$179,523 $177,006 1.4 %70.9 %70.8 %0.1 %






(1) Other states and territories in NSA's same store portfolio include Alabama, Illinois, Kentucky, Maryland, Massachusetts, Mississippi, Missouri, New Mexico, Ohio, South Carolina, Virginia and Puerto Rico.
(2) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2019.
(3) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2018.
19

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Supplemental Schedule 6 (continued)
Same Store Performance Summary By State
(dollars in thousands, except per square foot data) (unaudited)
Year Ended December 31, 2020 compared to Year Ended December 31, 2019
Rentable Square FeetOccupancy at Period EndAverage OccupancyAverage Annualized Rental Revenue per Occupied Square Foot
StateUnitsYTD 2020YTD 2019GrowthYTD 2020YTD 2019GrowthYTD 2020YTD 2019Growth
California48,064 6,084,752 95.9 %88.7 %7.2 %92.0 %90.3 %1.7 %$13.22 $13.27 (0.4)%
Oregon24,299 3,074,380 88.8 %81.1 %7.7 %85.6 %83.9 %1.7 %14.72 14.86 (0.9)%
Texas24,171 3,420,794 90.1 %88.0 %2.1 %89.1 %89.3 %(0.2)%10.00 9.90 1.0 %
Florida23,629 2,526,624 91.3 %86.2 %5.1 %87.6 %87.5 %0.1 %14.69 14.67 0.1 %
Georgia14,323 1,934,646 91.7 %88.8 %2.9 %89.9 %89.4 %0.5 %10.19 10.11 0.8 %
North Carolina15,354 1,885,379 93.8 %90.8 %3.0 %92.4 %92.8 %(0.4)%11.10 10.93 1.6 %
Oklahoma13,816 1,902,312 92.1 %87.5 %4.6 %90.4 %87.5 %2.9 %8.51 8.59 (0.9)%
Arizona16,576 1,880,450 91.0 %86.9 %4.1 %89.3 %87.9 %1.4 %12.95 12.69 2.0 %
Indiana8,774 1,134,420 93.6 %89.6 %4.0 %92.0 %90.4 %1.6 %9.62 9.63 (0.1)%
Kansas5,697 763,469 89.3 %86.6 %2.7 %89.9 %87.1 %2.8 %12.08 11.93 1.3 %
Louisiana6,312 857,928 85.5 %86.2 %(0.7)%85.6 %85.4 %0.2 %10.03 10.10 (0.7)%
Washington4,494 578,723 88.0 %80.1 %7.9 %84.3 %83.7 %0.6 %14.67 14.89 (1.5)%
Nevada6,730 846,537 93.5 %89.4 %4.1 %91.7 %90.7 %1.0 %11.48 11.41 0.6 %
Colorado5,035 614,106 90.7 %84.2 %6.5 %89.1 %88.7 %0.4 %12.44 12.57 (1.0)%
New Hampshire4,295 519,991 92.5 %90.3 %2.2 %92.3 %91.3 %1.0 %13.20 13.22 (0.2)%
Other(1)
19,031 2,334,434 90.2 %87.0 %3.2 %88.9 %88.8 %0.1 %12.74 12.58 1.3 %
Total/Weighted Average240,600 30,358,945 91.8 %87.2 %4.6 %89.6 %88.6 %1.0 %$12.15 $12.12 0.2 %
2019 Same Store Pool(2)
210,463 26,932,846 92.0 %87.3 %4.7 %89.7 %88.8 %0.9 %$11.96 $11.95 0.1 %
2018 Same Store Pool(3)
177,996 22,659,812 92.2 %87.4 %4.8 %89.9 %88.9 %1.0 %$12.01 $12.01 — 




(1) Other states and territories in NSA's same store portfolio include Alabama, Illinois, Kentucky, Maryland, Massachusetts, Mississippi, Missouri, New Mexico, Ohio, South Carolina, Virginia and Puerto Rico.
(2) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2019.
(3) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2018.

20

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Supplemental Schedule 7
Same Store Performance Summary By MSA(1)
(dollars in thousands, except per square foot data) (unaudited)
Three Months Ended December 31, 2020 compared to Three Months Ended December 31, 2019
Total RevenueProperty Operating ExpensesNet Operating IncomeNet Operating Income Margin
MSA(1)
Stores4Q 20204Q 2019Growth4Q 20204Q 2019Growth4Q 20204Q 2019Growth4Q 20204Q 2019Growth
Riverside-San Bernardino-Ontario, CA47 $10,276 $9,742 5.5 %$2,452 $2,414 1.6 %$7,824 $7,328 6.8 %76.1 %75.2 %0.9 %
Portland-Vancouver-Hillsboro, OR-WA47 8,206 7,715 6.4 %2,003 1,987 0.8 %6,203 5,728 8.3 %75.6 %74.2 %1.4 %
Atlanta-Sandy Springs-Roswell, GA26 3,893 3,888 0.1 %1,088 1,071 1.6 %2,805 2,817 (0.4)%72.1 %72.5 %(0.4)%
Phoenix-Mesa-Scottsdale, AZ23 4,775 4,450 7.3 %1,262 1,216 3.8 %3,513 3,234 8.6 %73.6 %72.7 %0.9 %
Oklahoma City, OK17 2,163 2,053 5.4 %619 639 (3.1)%1,544 1,414 9.2 %71.4 %68.9 %2.5 %
Dallas-Fort Worth-Arlington, TX17 2,269 2,274 (0.2)%846 843 0.4 %1,423 1,431 (0.6)%62.7 %62.9 %(0.2)%
Indianapolis-Carmel-Anderson, IN16 2,632 2,527 4.2 %793 775 2.3 %1,839 1,752 5.0 %69.9 %69.3 %0.6 %
Los Angeles-Long Beach-Anaheim, CA14 5,070 4,930 2.8 %1,350 1,352 (0.1)%3,720 3,578 4.0 %73.4 %72.6 %0.8 %
Tulsa, OK13 1,686 1,662 1.4 %427 482 (11.4)%1,259 1,180 6.7 %74.7 %71.0 %3.7 %
North Port-Sarasota-Bradenton, FL13 3,279 3,017 8.7 %954 885 7.8 %2,325 2,132 9.1 %70.9 %70.7 %0.2 %
Las Vegas-Henderson-Paradise, NV12 2,334 2,225 4.9 %635 619 2.6 %1,699 1,606 5.8 %72.8 %72.2 %0.6 %
Kansas City, MO-KS11 1,705 1,587 7.4 %575 467 23.1 %1,130 1,120 0.9 %66.3 %70.6 %(4.3)%
Other MSAs244 40,685 38,794 4.9 %11,908 11,759 1.3 %28,777 27,035 6.4 %70.7 %69.7 %1.0 %
Total/Weighted Average500 $88,973 $84,864 4.8 %$24,912 $24,509 1.6 %$64,061 $60,355 6.1 %72.0 %71.1 %0.9 %
2019 Same Store Pool(2)
438 $77,682 $74,363 4.5 %$21,853 $21,651 0.9 %$55,829 $52,712 5.9 %71.9 %70.9 %1.0 %
2018 Same Store Pool(3)
373 $65,733 $62,870 4.6 %$18,221 $18,036 1.0 %$47,512 $44,834 6.0 %72.3 %71.3 %1.0 %







(1) MSA (Metropolitan Statistical Area) as defined by the United States Census Bureau.
(2) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2019.
(3) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2018.

21

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Supplemental Schedule 7 (continued)
Same Store Performance Summary By MSA(1)
(dollars in thousands, except per square foot data) (unaudited)
Three Months Ended December 31, 2020 compared to Three Months Ended December 31, 2019
Rentable Square FeetOccupancy at Period EndAverage OccupancyAverage Annualized Rental Revenue per Occupied Square Foot
MSA(1)
Units4Q 20204Q 2019Growth4Q 20204Q 2019Growth4Q 20204Q 2019Growth
Riverside-San Bernardino-Ontario, CA24,992 3,360,909 96.8 %89.6 %7.2 %96.7 %89.7 %7.0 %$11.97 $12.30 (2.7)%
Portland-Vancouver-Hillsboro, OR-WA18,205 2,226,419 87.5 %81.2 %6.3 %88.8 %82.8 %6.0 %16.31 16.45 (0.9)%
Atlanta-Sandy Springs-Roswell, GA11,860 1,624,533 92.0 %88.4 %3.6 %91.9 %89.9 %2.0 %10.09 10.33 (2.3)%
Phoenix-Mesa-Scottsdale, AZ13,460 1,514,960 90.4 %86.5 %3.9 %90.7 %87.0 %3.7 %13.47 13.11 2.7 %
Oklahoma City, OK7,699 1,087,642 93.4 %87.8 %5.6 %93.9 %88.4 %5.5 %8.26 8.30 (0.5)%
Dallas-Fort Worth-Arlington, TX6,423 858,292 88.6 %87.4 %1.2 %89.1 %87.8 %1.3 %11.27 11.72 (3.8)%
Indianapolis-Carmel-Anderson, IN8,774 1,134,420 93.6 %89.6 %4.0 %94.3 %90.7 %3.6 %9.60 9.57 0.3 %
Los Angeles-Long Beach-Anaheim, CA9,751 1,063,420 93.8 %86.1 %7.7 %92.6 %86.2 %6.4 %19.65 20.67 (4.9)%
Tulsa, OK6,117 814,670 90.4 %87.2 %3.2 %90.0 %87.8 %2.2 %8.94 9.02 (0.9)%
North Port-Sarasota-Bradenton, FL8,572 838,897 92.1 %84.7 %7.4 %91.0 %85.3 %5.7 %16.48 16.22 1.6 %
Las Vegas-Henderson-Paradise, NV6,547 808,185 93.3 %89.4 %3.9 %93.1 %89.8 %3.3 %11.77 11.78 (0.1)%
Kansas City, MO-KS4,025 551,119 89.1 %84.9 %4.2 %90.7 %86.5 %4.2 %12.82 12.51 2.5 %
Other MSAs114,175 14,475,479 91.3 %87.4 %3.9 %91.7 %88.5 %3.2 %11.84 11.73 0.9 %
Total/Weighted Average240,600 30,358,945 91.8 %87.2 %4.6 %92.1 %88.1 %4.0 %$12.26 $12.27 (0.1)%
2019 Same Store Pool(2)
210,463 26,932,846 92.0 %87.3 %4.7 %92.2 %88.3 %3.9 %$12.05 $12.11 (0.5)%
2018 Same Store Pool(3)
177,996 22,659,812 92.2 %87.4 %4.8 %92.5 %88.3 %4.2 %$12.10 $12.17 (0.6)%








(1) MSA (Metropolitan Statistical Area) as defined by the United States Census Bureau.
(2) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2019.
(3) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2018.


22

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Supplemental Schedule 7
Same Store Performance Summary By MSA(1)
(dollars in thousands, except per square foot data) (unaudited)
Year Ended December 31, 2020 compared to Year Ended December 31, 2019
Total RevenueProperty Operating ExpensesNet Operating IncomeNet Operating Income Margin
MSA(1)
StoresYTD 2020YTD 2019GrowthYTD 2020YTD 2019GrowthYTD 2020YTD 2019GrowthYTD 2020YTD 2019Growth
Riverside-San Bernardino-Ontario, CA47 $39,461 $38,506 2.5 %$9,850 $9,718 1.4 %$29,611 $28,788 2.9 %75.0 %74.8 %0.2 %
Portland-Vancouver-Hillsboro, OR-WA47 31,109 31,185 (0.2)%8,080 8,034 0.6 %23,029 23,151 (0.5)%74.0 %74.2 %(0.2)%
Atlanta-Sandy Springs-Roswell, GA26 15,396 15,197 1.3 %4,551 4,570 (0.4)%10,845 10,627 2.1 %70.4 %69.9 %0.5 %
Phoenix-Mesa-Scottsdale, AZ23 18,172 17,571 3.4 %5,064 4,944 2.4 %13,108 12,627 3.8 %72.1 %71.9 %0.2 %
Oklahoma City, OK17 8,405 8,151 3.1 %2,605 2,667 (2.3)%5,800 5,484 5.8 %69.0 %67.3 %1.7 %
Dallas-Fort Worth-Arlington, TX17 8,970 9,061 (1.0)%3,477 3,518 (1.2)%5,493 5,543 (0.9)%61.2 %61.2 %— 
Indianapolis-Carmel-Anderson, IN16 10,315 10,152 1.6 %3,232 3,054 5.8 %7,083 7,098 (0.2)%68.7 %69.9 %(1.2)%
Los Angeles-Long Beach-Anaheim, CA14 19,605 19,789 (0.9)%5,411 5,345 1.2 %14,194 14,444 (1.7)%72.4 %73.0 %(0.6)%
Tulsa, OK13 6,688 6,588 1.5 %1,877 1,966 (4.5)%4,811 4,622 4.1 %71.9 %70.2 %1.7 %
North Port-Sarasota-Bradenton, FL13 12,327 11,851 4.0 %3,679 3,688 (0.2)%8,648 8,163 5.9 %70.2 %68.9 %1.3 %
Las Vegas-Henderson-Paradise, NV12 8,907 8,742 1.9 %2,434 2,433 — 6,473 6,309 2.6 %72.7 %72.2 %0.5 %
Kansas City, MO-KS11 6,552 6,230 5.2 %2,415 2,419 (0.2)%4,137 3,811 8.6 %63.1 %61.2 %1.9 %
Other MSAs244 156,813 154,048 1.8 %48,459 48,232 0.5 %108,354 105,816 2.4 %69.1 %68.7 %0.4 %
Total/Weighted Average500 $342,720 $337,071 1.7 %$101,134 $100,588 0.5 %$241,586 $236,483 2.2 %70.5 %70.2 %0.3 %
2019 Same Store Pool(2)
438 $299,446 $295,428 1.4 %$88,531 $88,191 0.4 %$210,915 $207,237 1.8 %70.4 %70.1 %0.3 %
2018 Same Store Pool(3)
373 $253,301 $250,164 1.3 %$73,778 $73,158 0.8 %$179,523 $177,006 1.4 %70.9 %70.8 %0.1 %







(1) MSA (Metropolitan Statistical Area) as defined by the United States Census Bureau.
(2) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2019.
(3) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2018.

23

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Supplemental Schedule 7 (continued)
Same Store Performance Summary By MSA(1)
(dollars in thousands, except per square foot data) (unaudited)
Year Ended December 31, 2020 compared to Year Ended December 31, 2019
Rentable Square FeetOccupancy at Period EndAverage OccupancyAverage Annualized Rental Revenue per Occupied Square Foot
MSA(1)
UnitsYTD 2020YTD 2019GrowthYTD 2020YTD 2019GrowthYTD 2020YTD 2019Growth
Riverside-San Bernardino-Ontario, CA24,992 3,360,909 96.8 %89.6 %7.2 %93.2 %90.5 %2.7 %$11.93 $12.05 (1.0)%
Portland-Vancouver-Hillsboro, OR-WA18,205 2,226,419 87.5 %81.2 %6.3 %84.9 %84.1 %0.8 %16.16 16.34 (1.1)%
Atlanta-Sandy Springs-Roswell, GA11,860 1,624,533 92.0 %88.4 %3.6 %89.7 %89.3 %0.4 %10.22 10.15 0.7 %
Phoenix-Mesa-Scottsdale, AZ13,460 1,514,960 90.4 %86.5 %3.9 %88.6 %86.8 %1.8 %13.13 13.01 0.9 %
Oklahoma City, OK7,699 1,087,642 93.4 %87.8 %5.6 %91.7 %87.3 %4.4 %8.18 8.34 (1.9)%
Dallas-Fort Worth-Arlington, TX6,423 858,292 88.6 %87.4 %1.2 %88.4 %87.8 %0.6 %11.42 11.66 (2.1)%
Indianapolis-Carmel-Anderson, IN8,774 1,134,420 93.6 %89.6 %4.0 %92.0 %90.4 %1.6 %9.62 9.63 (0.1)%
Los Angeles-Long Beach-Anaheim, CA9,751 1,063,420 93.8 %86.1 %7.7 %88.8 %88.2 %0.6 %19.83 20.24 (2.0)%
Tulsa, OK6,117 814,670 90.4 %87.2 %3.2 %88.7 %87.9 %0.8 %8.97 8.92 0.6 %
North Port-Sarasota-Bradenton, FL8,572 838,897 92.1 %84.7 %7.4 %87.1 %85.4 %1.7 %16.20 16.07 0.8 %
Las Vegas-Henderson-Paradise, NV6,547 808,185 93.3 %89.4 %3.9 %91.6 %90.5 %1.1 %11.46 11.50 (0.3)%
Kansas City, MO-KS4,025 551,119 89.1 %84.9 %4.2 %89.8 %86.1 %3.7 %12.38 12.33 0.4 %
Other MSAs114,175 14,475,479 91.3 %87.4 %3.9 %89.5 %89.3 %0.2 %11.71 11.56 1.3 %
Total/Weighted Average240,600 30,358,945 91.8 %87.2 %4.6 %89.6 %88.6 %1.0 %$12.15 $12.12 0.2 %
2019 Same Store Pool(2)
210,463 26,932,846 92.0 %87.3 %4.7 %89.7 %88.8 %0.9 %$11.96 $11.95 0.1 %
2018 Same Store Pool(3)
177,996 22,659,812 92.2 %87.4 %4.8 %89.9 %88.9 %1.0 %$12.01 $12.01 — 








(1) MSA (Metropolitan Statistical Area) as defined by the United States Census Bureau.
(2) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2019.
(3) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2018.


24

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Supplemental Schedule 8
Same Store Operating Data (500 Stores) - Trailing Five Quarters
(dollars in thousands, except per square foot data) (unaudited)
4Q 20203Q 20202Q 20201Q 20204Q 2019YTD 2020YTD 2019
Revenue
Rental revenue$85,813 $83,020 $80,141 $81,609 $82,059 $330,583 $325,755 
Other property-related revenue3,160 3,210 2,860 2,907 2,805 12,137 11,316 
Total revenue88,973 86,230 83,001 84,516 84,864 342,720 337,071 
Property operating expenses
Store payroll and related costs7,707 7,549 7,538 8,176 7,771 30,970 31,091 
Property tax expense6,760 7,124 7,081 6,894 6,220 27,859 26,881 
Utilities expense2,139 2,692 2,160 2,337 2,258 9,328 9,752 
Repairs & maintenance expense2,118 1,996 1,891 2,022 2,011 8,027 8,166 
Marketing expense1,690 1,765 1,796 1,660 1,633 6,911 6,763 
Insurance expense788 820 810 803 783 3,221 3,089 
Other property operating expenses3,710 3,758 3,504 3,846 3,833 14,818 14,846 
Total property operating expenses24,912 25,704 24,780 25,738 24,509 101,134 100,588 
Net operating income$64,061 $60,526 $58,221 $58,778 $60,355 $241,586 $236,483 
Net operating income margin72.0 %70.2 %70.1 %69.5 %71.1 %70.5 %70.2 %
Occupancy at period end91.8 %91.9 %89.8 %87.1 %87.2 %91.8 %87.2 %
Average occupancy92.1 %91.1 %88.1 %87.2 %88.1 %89.6 %88.6 %
Average annualized rental revenue per occupied square foot
$12.26 $12.02 $11.99 $12.34 $12.27 $12.15 $12.12 

25

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Supplemental Schedule 9
Reconciliation of Same Store Data and Net Operating Income to Net Income
(dollars in thousands) (unaudited)
4Q 20203Q 20202Q 20201Q 20204Q 2019YTD 2020YTD 2019
Rental revenue
Same store portfolio
$85,813 $83,020 $80,141 $81,609 $82,059 $330,583 $325,755 
Non-same store portfolio
18,453 16,670 15,161 13,793 10,024 64,077 29,104 
Total rental revenue
104,266 99,690 95,302 95,402 92,083 394,660 354,859 
Other property-related revenue
Same store portfolio
3,160 3,210 2,860 2,907 2,805 12,137 11,316 
Non-same store portfolio
692 673 558 464 328 2,387 986 
Total other property-related revenue
3,852 3,883 3,418 3,371 3,133 14,524 12,302 
Property operating expenses
Same store portfolio
24,912 25,704 24,780 25,738 24,509 101,134 100,588 
Non-same store portfolio
6,179 5,842 5,477 4,854 3,203 22,352 9,759 
Total property operating expenses
31,091 31,546 30,257 30,592 27,712 123,486 110,347 
Net operating income77,027 72,027 68,463 68,181 67,504 285,698 256,814 
Management fees and other revenue5,991 5,901 5,697 5,449 5,352 23,038 20,735 
General and administrative expenses(11,399)(10,818)(10,329)(11,094)(11,566)(43,640)(44,030)
Depreciation and amortization(29,827)(28,933)(29,309)(29,105)(27,343)(117,174)(105,119)
Other522 (479)(462)(389)(40)(808)(1,551)
Interest expense(16,192)(15,262)(15,513)(15,628)(14,874)(62,595)(56,464)
Equity in earnings (losses) of unconsolidated real estate ventures
516 37 52 (340)(8)265 (4,970)
Acquisition costs(743)(596)(252)(833)(534)(2,424)(1,317)
Non-operating (expense) income(582)(120)(317)(192)727 (1,211)452 
Gain on sale of self storage properties— — — — — — 2,814 
Income tax expense(796)(346)(243)(286)(392)(1,671)(1,351)
Net Income$24,517 $21,411 $17,787 $15,763 $18,826 $79,478 $66,013 

26

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Supplemental Schedule 10
Selected Financial Information
(dollars in thousands, except per square foot data) (unaudited)
Three Months Ended December 31,Year Ended December 31,
2020201920202019
Average Annualized Rental Revenue Per Occupied Square Foot
Same store
$12.26 $12.27 $12.15 $12.12 
Total consolidated portfolio
12.26 12.28 12.12 12.11 
Average Occupancy
Same store
92.1 %88.1 %89.6 %88.6 %
Total consolidated portfolio
91.6 %87.7 %89.3 %88.4 %
Total Consolidated Portfolio Capital Expenditures
Recurring capital expenditures
$1,131 $1,935 $6,057 $8,708 
Value enhancing capital expenditures943 1,034 4,026 4,420 
Acquisitions capital expenditures
1,113 1,758 6,064 8,305 
Total consolidated portfolio capital expenditures$3,187 $4,727 $16,147 $21,433 
Property Operating Expenses Detail
Store payroll and related costs$9,473 $8,721 $37,294 $34,083 
Property tax expense8,618 7,031 34,317 29,180 
Utilities expense2,631 2,544 11,390 10,684 
Repairs & maintenance expense2,604 2,297 9,659 9,014 
Marketing expense2,100 1,851 8,501 7,428 
Insurance expense1,074 931 4,279 3,553 
Other property operating expenses4,591 4,337 18,046 16,405 
Property operating expenses on the Company's statements of operations
$31,091 $27,712 $123,486 $110,347 
General and Administrative Expenses Detail
Supervisory and administrative expenses$3,917 $5,157 $16,432 $19,982 
Equity-based compensation expense1,170 1,154 4,278 4,527 
Other general and administrative expenses6,312 5,255 22,930 19,521 
General and administrative expenses on the Company's statements of operations
$11,399 $11,566 $43,640 $44,030 


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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.
2016 JOINT VENTURE: NSA's 2016 Joint Venture was formed in 2016 with a major state pension fund advised by Heitman Capital Management LLC. NSA's ownership in the 2016 Joint Venture is 25% and NSA earns customary fees for managing and operating the 2016 Joint Venture properties. In connection with the 2016 Joint Venture’s acquisition of an initial portfolio of self storage properties, NSA separately acquired the property management platform related to the initial portfolio, including a property management company, and related intellectual property, including the iStorage brand, under which NSA's management platform operates the 2016 Joint Venture.
2018 JOINT VENTURE: NSA's 2018 Joint Venture was formed in 2018 with an affiliate of Heitman America Real Estate REIT LLC to acquire a portfolio of over 100 self storage properties. NSA's ownership in the 2018 Joint Venture is 25% and NSA earns customary fees for managing and operating the 2018 Joint Venture properties. The 2018 Joint Venture properties are operated by NSA’s management platform under NSA’s iStorage and SecurCare brands.
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, organizational and offering expenses, equity-based compensation expense, losses on sale of properties and impairment of long-lived assets, minus gains on sale of properties and debt forgiveness, and after adjustments for unconsolidated partnerships and joint ventures. 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:
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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;
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, which the Company refers to as the White Paper, 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 items to record unconsolidated partnerships and joint ventures on the same basis. 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 subordinated performance units, DownREIT subordinated performance units, preferred shares and preferred 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, organizational and offering costs, gains on debt forgiveness, gains (losses) on early extinguishment of debt, 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: In accordance with GAAP, the Company allocates income (loss) utilizing the hypothetical liquidation at book value ("HLBV") method, in which the Company allocates
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income or loss based on the change in each unitholders’ claim on the net assets of the Company's operating partnership at period end after adjusting for any distributions or contributions made during such period. The Company uses this method because of the difference between the distribution rights and priorities set forth in the operating partnership's Agreement of Limited Partnership and what is reflected by the underlying percentage ownership interests of the unitholders.
The HLBV method is a balance sheet-focused approach to income (loss) allocation. A calculation is prepared at each balance sheet date to determine the amount that unitholders would receive if the operating partnership were to liquidate all of its assets (at GAAP net book value) and distribute the resulting proceeds to its creditors and unitholders based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is used to derive each unitholder's share of the income (loss) for the period. Due to the stated liquidation priorities and because the HLBV method incorporates non-cash items such as depreciation expense, in any given period, income or loss may be allocated disproportionately to unitholders as compared to their respective ownership percentage in the operating partnership, and net income (loss) attributable to National Storage Affiliates Trust could be more or less net income than actual cash distributions received and more or less income or loss than what may be received in the event of an actual liquidation. Additionally, the HLBV method could result in net income (or net loss) attributable to National Storage Affiliates Trust during a period when the Company reports consolidated net loss (or net income), or net income (or net loss) attributable to National Storage Affiliates Trust in excess of the Company's consolidated net income (or net loss). The computations of basic and diluted earnings (loss) per share may be materially affected by these disproportionate income (loss) allocations, resulting in volatile fluctuations of basic and diluted earnings (loss) per share. Readers and investors are cautioned not to place undue reliance on NSA's income (loss) allocations or earnings (loss) per share without considering the effects described above, including the effect that depreciation and amortization have on income (loss), net book value and the application of the HLBV method.
LONG-TERM INCENTIVE PLAN UNITS: Long-term incentive plan units, or LTIP units, are a special class of partnership interest in NSA's operating partnership that allow the holder to participate in the ordinary and liquidating distributions received by holders of the operating partnership units (subject to the achievement of specified levels of profitability by our operating partnership or the achievement of certain events). Upon vesting, and after achieving parity with operating partnership units, vested LTIP units may be converted into an equal number of operating partnership units, and thereafter have all the rights of operating partnership units, including redemption rights.
NET DEBT TO ANNUALIZED CURRENT QUARTER ADJUSTED EBITDA: NSA calculates net debt to Adjusted EBITDA as total debt (inclusive of $5.6 million of fair value of debt adjustments and $11.2 million of debt issuance costs) less cash and cash equivalents, 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.
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 and the Company's PROs 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
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substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues and net loss.
NET OPERATING INCOME MARGIN: The ratio of NOI divided by total rental and other property-related revenue.
NON-SAME STORE PORTFOLIO: Non-same store portfolio comprises those properties that do not meet the Same Store portfolio property definition. 
OCCUPANCY AT PERIOD END:  Represents total occupied rentable square feet divided by total rentable square feet at period end.
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 limited partnership 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", are NSA's experienced regional self storage operators with local operational focus and expertise. As of December 31, 2020, the Company had ten PROs: Northwest Self Storage, Optivest Properties, Guardian Storage Centers, Move It Self Storage, Storage Solutions, Hide-Away, Personal Mini, Southern Self Storage, Moove In Self Storage and Blue Sky Self Storage. On March 31, 2020, NSA closed on the merger and internalization of the management platform of SecurCare Self Storage, which prior to the merger and internalization was the Company’s largest PRO.
RENTABLE SQUARE FEET: Rentable square feet includes all enclosed self storage units but excludes commercial, residential, and covered parking space.
RESTRICTED COMMON SHARES: Restricted common shares are common shares that are subject to restrictions on transferability subject to vesting and such other restrictions. Generally, a participant granted restricted common shares has all of the rights of a shareholder, including, without limitation, the right to vote and the right to receive dividends on the restricted common shares. Holders of restricted common shares are prohibited from selling such shares until they vest.
SAME STORE PORTFOLIO: NSA's same store portfolio is defined as those properties owned and operated since the first day of the earliest year presented, excluding 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, are Class B common units of limited partner interest in the Company's operating partnership. SP units, which are linked to the performance of specific contributed portfolios, are intended to incentivize the Company's PROs to drive operating performance and support the sustainability of the operating cash flow generated by the contributed self storage properties that the PROs continue to manage on NSA's behalf. Because subordinated performance unit holders receive distributions only after portfolio-specific minimum performance thresholds are satisfied, the Company believes SP units play a key role in aligning the interests of the Company's PROs with NSA and the Company's shareholders. The DownREIT partnerships also issue units of limited partner interest that are 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.
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Equity Research Coverage
BMO Capital MarketsCapital One Securities, Inc.Citi Investment Research
Juan SanabriaNeil MalkinMichael Bilerman / Smedes Rose
312.845.4704571.633.8191212.816.1383 / 212.816.6243
Evercore ISIJefferies LLCKeyBanc Capital Markets
Samir Khanal / Steve SakwaJonathan PetersenTodd Thomas / Jordan Sadler
212.888.3796 / 212.446.9462212.284.1705917.368.2286 / 917.368.2280
Morgan StanleyStifelTruist Securities
Ronald KamdemStephen Manaker / Kevin SteinKi Bin Kim
212.296.8319212.271.3716 / 212.271.3718212.303.4124
Wells Fargo Securities, LLC
Todd Stender / Philip Defelice
562.637.1371 / 443.263.6442
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