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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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May 4, 2021
National Storage Affiliates Trust Reports First Quarter 2021 Results
GREENWOOD VILLAGE, Colo. - (BUSINESS WIRE) - National Storage Affiliates Trust ("NSA" or the "Company") (NYSE: NSA) today reported the Company’s first quarter 2021 results.
First Quarter 2021 Highlights
Reported net income of $27.6 million for the first quarter of 2021, an increase of 75.3% compared to the first quarter of 2020. Reported diluted earnings per share of $0.19 for the first quarter of 2021 compared to $0.06 for the first quarter of 2020.
Reported core funds from operations ("Core FFO") of $51.2 million, or $0.49 per share for the first quarter of 2021, an increase of 22.5% per share compared to the first quarter of 2020.
Reported an increase in same store net operating income ("NOI") of 11.5% for the first quarter of 2021 compared to the same period in 2020, driven by an 8.1% increase in same store total revenues partially offset by an increase of 0.6% in same store property operating expenses.
Reported same store period-end occupancy of 93.8% as of March 31, 2021, an increase of 690 basis points compared to March 31, 2020.
Settled the remaining portion of the previously announced underwritten public offering completed under forward sale agreements (the "forward offering") by physically delivering 3,049,490 common shares of beneficial interest ("common shares") to the forward purchasers on March 22, 2021 for net proceeds of approximately $97.3 million.
Acquired 23 wholly-owned self storage properties for $166.0 million during the first quarter of 2021. Consideration for these acquisitions included the issuance of $22.9 million of OP equity.
Highlights Subsequent to Quarter-End
NSA closed approximately $204.1 million of additional wholly-owned self storage property acquisitions.
Entered into an agreement to issue $180.0 million of senior unsecured notes with a weighted average rate of 2.87% and a weighted average maturity of 9.6 years in a private placement to certain institutional investors.
Tamara Fischer, President and Chief Executive Officer, commented, "We are off to an exceptional start in 2021, with first quarter same store NOI growth of 11.5% and over $370 million of acquisitions closed year to date. The self storage sector and our portfolio continue to benefit from a surge in customer demand, which is driving occupancies to all time highs and fueling our revenue management strategies. Further, the acquisition market remains very active and we are realizing the benefits of our unique PRO structure, which essentially provides us with 10 acquisition teams across the country, in addition to our corporate acquisition team. Given the favorable results in the first quarter, and the impressive momentum that we are experiencing thus far in the second quarter, we have raised our same store NOI and core FFO per share guidance for 2021. It’s a great time to be in the self storage business."

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Financial Results
($ in thousands, except per share and unit data)
Three Months Ended March 31,
20212020Growth
Net income$27,635 $15,763 75.3 %
Funds From Operations ("FFO")(1)
$50,907 $36,278 40.3 %
Add back acquisition costs
292 833 (64.9)%
Core FFO(1)
$51,199 $37,111 38.0 %
Earnings (loss) per share - basic$0.24 $0.06 300.0 %
Earnings (loss) per share - diluted
$0.19 $0.06 216.7 %
FFO per share and unit(1)
$0.49 $0.39 25.6 %
Core FFO per share and unit(1)
$0.49 $0.40 22.5 %
(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 $11.9 million for the first quarter of 2021 as compared to the same period in 2020. The increase resulted primarily from additional NOI generated from the 41 self storage properties acquired between April 1, 2020 and December 31, 2020, 23 wholly-owned self storage properties acquired during the first quarter of 2021 and same store NOI growth of 11.5% for the first quarter of 2021 compared to the same period in 2020, partially offset by increases in depreciation and amortization.
The increase in FFO and Core FFO for the first quarter of 2021 was primarily the result of incremental NOI from properties acquired between April 1, 2020 and March 31, 2021 and same store NOI growth.
Same Store Operating Results (560 Stores)
($ in thousands, except per square foot data)
Three Months Ended March 31,
20212020Growth
Total revenues
$101,517 $93,874 8.1 %
Property operating expenses
28,833 28,661 0.6 %
Net Operating Income (NOI)
$72,684 $65,213 11.5 %
NOI Margin71.6 %69.5 %2.1 %
Average Occupancy
92.5 %86.9 %5.6 %
Average Annualized Rental Revenue Per Occupied Square Foot
$12.47 $12.30 1.4 %
Year-over-year same store total revenues increased 8.1% for the first quarter of 2021 as compared to the same period in 2020. The increase was driven primarily by a 560 basis point increase in average occupancy and a 1.4% increase in average annualized rental revenue per occupied square foot. Markets which generated above portfolio average same store total revenue growth include: Portland, Phoenix, Sarasota and Houston. Markets which generated below portfolio average same store total revenue growth include: Atlanta, Dallas, Los Angeles and Tulsa.
Year-over-year same store property operating expenses increased 0.6% for the first quarter of 2021 as compared to the same period in 2020. The increase primarily resulted from increases in property taxes, utilities and repairs and maintenance expense offset by decreases in personnel and marketing expense.
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Investment Activity
During the first quarter, NSA invested approximately $166.0 million in the acquisition of 23 self storage properties consisting of approximately 1.5 million rentable square feet configured in approximately 11,300 storage units. Total consideration for these acquisitions included approximately $141.9 million of net cash, the issuance of approximately $13.6 million of OP units and $9.3 million of subordinated performance units and the assumption of approximately $1.1 million of other liabilities.
Balance Sheet
On March 22, 2021, the Company settled the remaining portion of the previously announced forward offering by physically delivering 3,049,490 common shares to the forward purchasers for net proceeds of approximately $97.3 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.     
During the first quarter, the Company received approximately $25.1 million of net proceeds from the sale of 642,726 common shares under the Company's at the market (“ATM”) program. Subsequent to quarter end, the Company received approximately $53.0 million of net proceeds from the sale of 1,320,000 common shares under the ATM program.
On April 8, 2021, Kroll Bond Rating Agency affirmed the issuer credit rating of the Company's operating partnership at BBB and revised its outlook to Positive from Stable.
On May 3, 2021, the Company's operating partnership entered into an agreement to issue $35.0 million of 2.16% senior unsecured notes due May 4, 2026 (the "2026 Notes"), $90.0 million of 3.00% senior unsecured notes due May 4, 2031 (the "May 2031 Notes") and $55.0 million of 3.10% senior unsecured notes due May 4, 2033 (the "2033 Notes"). The funding of the 2033 Notes is expected to occur on or before May 26, 2021 and the funding of the 2026 Notes and the May 2031 Notes is expected to occur on or before July 26, 2021, subject to customary closing conditions. The Company plans to use the proceeds to repay outstanding amounts on its revolving line of credit and for general corporate purposes.
Common Share Dividends
On February 25, 2021, NSA's Board of Trustees declared a quarterly cash dividend of $0.35 per common share, which was paid on March 31, 2021 to shareholders of record as of March 15, 2021.
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2021 Guidance
The following table outlines NSA's updated and prior FFO guidance estimates and related assumptions for the year ended December 31, 2021:
Current Ranges for
Full Year 2021
Prior Ranges for
Full Year 2021
Actual Results for Full Year 2020
LowHighLowHigh
Core FFO per share(1)
$1.89$1.93$1.81$1.86$1.71
Same store operations
Total revenue growth
5.5%6.5%3.0%4.5%1.7%
Property operating expenses growth
3.5%4.5%3.5%5.0%0.5%
NOI growth
6.0%8.0%2.5%5.0%2.2%
General and administrative expenses
General and administrative expenses (excluding equity-based compensation), in millions
$42.0$44.0$41.0$44.0$39.3
Equity-based compensation, in millions$5.5$6.0$5.5$6.0$4.3
Management fees and other revenue, in millions
$22.0$23.0$22.0$23.0$23.0
Core FFO from unconsolidated real estate ventures, in millions
$17.0$18.0$16.0$17.0$15.6
Subordinated performance unit distributions, in millions
$37.0$39.0$31.0$34.0$29.7
Acquisitions of self storage properties, in millions$500.0$650.0$400.0$650.0$543.3

(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:
Current Ranges for
Full Year 2021
Prior Ranges for
Full Year 2021
LowHighLowHigh
Earnings (loss) per share - diluted$0.75$0.85$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
0.130.030.180.10
Add real estate depreciation and amortization, including NSA's share of unconsolidated venture real estate depreciation and amortization
1.341.391.311.37
FFO attributable to subordinated unitholders
(0.34)(0.36)(0.29)(0.32)
Add acquisition costs and NSA's share of unconsolidated real estate venture acquisition costs
0.010.020.020.02
Core FFO per share and unit
$1.89$1.93$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 May 4, 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 1:00 pm Eastern Time on Wednesday, May 5, 2021 to discuss its first quarter 2021 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: Wednesday, May 5, 2021, 1:00pm 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 Wednesday, May 12, 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 Nareit’s REITweek 2021 Virtual Investor Conference, June 8 – 10, 2021.

About National Storage Affiliates Trust
National Storage Affiliates Trust is a real estate investment trust headquartered in Denver, Colorado, 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 March 31, 2021, the Company held ownership interests in and operated 844 self storage properties located in 36 states and Puerto Rico with approximately 53.5 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 the Company's ability to execute on its 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 March 31,
20212020
REVENUE
Rental revenue$113,127 $95,402 
Other property-related revenue4,137 3,371 
Management fees and other revenue5,728 5,449 
Total revenue122,992 104,222 
OPERATING EXPENSES
Property operating expenses34,604 30,592 
General and administrative expenses11,238 11,094 
Depreciation and amortization32,424 29,105 
Other397 389 
Total operating expenses78,663 71,180 
OTHER (EXPENSE) INCOME
Interest expense(16,792)(15,628)
Equity in earnings (losses) of unconsolidated real estate ventures
759 (340)
Acquisition costs(292)(833)
Non-operating expense(173)(192)
Other expense(16,498)(16,993)
Income before income taxes27,831 16,049 
Income tax expense(196)(286)
Net income27,635 15,763 
Net income attributable to noncontrolling interests
(6,797)(9,115)
Net income attributable to National Storage Affiliates Trust20,838 6,648 
Distributions to preferred shareholders
(3,275)(3,273)
Net income attributable to common shareholders
$17,563 $3,375 
Earnings (loss) per share - basic$0.24 $0.06 
Earnings (loss) per share - diluted$0.19 $0.06 
Weighted average shares outstanding - basic
71,794 59,798 
Weighted average shares outstanding - diluted
123,187 59,798 

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National Storage Affiliates Trust
Consolidated Balance Sheets
(dollars in thousands, except per share amounts)
(unaudited)
March 31,December 31,
20212020
ASSETS
Real estate
Self storage properties$3,807,621 $3,639,192 
Less accumulated depreciation(473,019)(443,623)
Self storage properties, net3,334,602 3,195,569 
Cash and cash equivalents19,513 18,723 
Restricted cash3,297 2,978 
Debt issuance costs, net2,293 2,496 
Investment in unconsolidated real estate ventures199,277 202,533 
Other assets, net69,751 68,149 
Operating lease right-of-use assets22,903 23,129 
Total assets$3,651,636 $3,513,577 
LIABILITIES AND EQUITY
Liabilities
Debt financing$1,932,770 $1,916,971 
Accounts payable and accrued liabilities42,347 47,043 
Interest rate swap liabilities52,044 77,918 
Operating lease liabilities24,569 24,756 
Deferred revenue18,286 16,414 
Total liabilities2,070,016 2,083,102 
Equity
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 8,732,719 and 8,732,719 issued and outstanding at March 31, 2021 and December 31, 2020, respectively, at liquidation preference
218,318 218,318 
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 75,186,127 and 71,293,117 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively
752 713 
Additional paid-in capital1,156,378 1,050,714 
Distributions in excess of earnings(259,155)(251,704)
Accumulated other comprehensive loss(31,642)(49,084)
Total shareholders' equity1,084,651 968,957 
Noncontrolling interests496,969 461,518 
Total equity1,581,620 1,430,475 
Total liabilities and equity$3,651,636 $3,513,577 

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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 March 31,
20212020
Net income$27,635 $15,763 
Add (subtract):
Real estate depreciation and amortization32,070 28,764 
Company's share of unconsolidated real estate venture real estate depreciation and amortization
3,881 3,787 
Mark-to-market changes in value on equity securities
— 142 
Distributions to preferred shareholders and unitholders
(3,517)(3,514)
FFO attributable to subordinated performance unitholders(1)
(9,162)(8,664)
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders
50,907 36,278 
Add:
Acquisition costs292 833 
Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders
$51,199 $37,111 
Weighted average shares and units outstanding - FFO and Core FFO:(2)
Weighted average shares outstanding - basic71,794 59,798 
Weighted average restricted common shares outstanding25 23 
Weighted average effect of forward offering agreement(3)
399 — 
Weighted average OP units outstanding
29,751 30,709 
Weighted average DownREIT OP unit equivalents outstanding
1,925 1,849 
Weighted average LTIP units outstanding
585 617 
Total weighted average shares and units outstanding - FFO and Core FFO
104,479 92,996 
FFO per share and unit$0.49 $0.39 
Core FFO per share and unit$0.49 $0.40 
(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 March 31,
20212020
Earnings (loss) per share - diluted$0.19 $0.06 
Impact of the difference in weighted average number of shares(4)
0.04 (0.02)
Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method(5)
— 0.09 
Add real estate depreciation and amortization0.31 0.31 
Add Company's share of unconsolidated real estate venture real estate depreciation and amortization
0.04 0.04 
FFO attributable to subordinated performance unitholders
(0.09)(0.09)
FFO per share and unit
0.49 0.39 
Add acquisition costs
— 0.01 
Core FFO per share and unit
$0.49 $0.40 
(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 March 31,
20212020
Net income$27,635 $15,763 
(Subtract) add:
Management fees and other revenue(5,728)(5,449)
General and administrative expenses11,238 11,094 
Other397 389 
Depreciation and amortization32,424 29,105 
Interest expense16,792 15,628 
Equity in (earnings) losses of unconsolidated real estate ventures
(759)340 
Acquisition costs292 833 
Income tax expense196 286 
Non-operating expense173 192 
Net Operating Income
$82,660 $68,181 

EBITDA and Adjusted EBITDA
Three Months Ended March 31,
20212020
Net income$27,635 $15,763 
Add:
Depreciation and amortization32,424 29,105 
Company's share of unconsolidated real estate venture depreciation and amortization
3,881 3,787 
Interest expense16,792 15,628 
Income tax expense196 286 
EBITDA
80,928 64,569 
Add (subtract):
Acquisition costs292 833 
Equity-based compensation expense1,286 774 
Adjusted EBITDA
$82,506 $66,176 

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Supplemental Schedule 3
Portfolio Summary
As of March 31, 2021
(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
Texas119 50,121 7,122,541 91.8 %Texas123 52,446 7,399,830 91.8 %
California85 50,410 6,328,005 96.8 %California97 57,051 7,107,718 96.4 %
Oregon64 25,591 3,252,375 91.2 %Florida77 46,415 5,045,215 93.1 %
Florida50 31,287 3,330,424 93.3 %Oregon 64 25,591 3,252,375 91.2 %
Georgia50 21,922 2,959,039 92.7 %Georgia61 28,055 3,831,271 92.5 %
North Carolina34 15,743 1,952,970 95.9 %Oklahoma39 17,615 2,452,847 92.2 %
Arizona33 17,872 2,060,914 94.3 %Arizona35 18,866 2,170,394 94.2 %
Oklahoma33 15,294 2,145,932 91.9 %North Carolina34 15,743 1,952,970 95.9 %
Louisiana26 12,327 1,536,107 87.9 %Louisiana26 12,327 1,536,107 87.9 %
Colorado18 7,813 975,631 93.8 %Michigan24 15,613 1,978,748 92.2 %
Kansas18 6,376 896,800 93.2 %Ohio22 13,043 1,585,864 89.5 %
Indiana16 8,774 1,134,420 95.4 %New Jersey19 12,719 1,497,832 94.2 %
Washington16 5,397 718,013 89.3 %Colorado18 7,813 975,631 93.8 %
Nevada13 6,731 846,571 94.9 %Kansas18 6,376 896,800 93.2 %
New Hampshire13 5,750 714,866 92.8 %Nevada17 8,348 1,099,353 95.4 %
Pennsylvania10 5,006 590,670 90.0 %Indiana16 8,774 1,134,420 95.4 %
Missouri10 4,509 585,315 79.4 %Washington16 5,397 718,013 89.3 %
Ohio3,651 461,393 91.7 %Alabama15 6,284 937,733 91.9 %
Other(1)
51 26,057 3,174,472 92.6 %Massachusetts13 8,209 939,499 89.6 %
Total
667 320,631 40,786,458 93.0 %Pennsylvania13 6,644 751,540 90.7 %
New Hampshire13 5,750 714,866 92.8 %
Other(2)
84 45,462 5,514,828 90.1 %
Total
844 424,541 53,493,854 92.7 %



(1) Other states and territories in NSA's owned portfolio as of March 31, 2021 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 March 31, 2021 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)
2021 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, 2021(3)
2311,3131,510,111 $141,928 $22,897 $1,138 $165,963 



























(3) NSA acquired self storage properties located in Arizona (1), California (2), Colorado (2), Florida (1), Georgia (4), Illinois (2), Massachusetts (1), Minnesota (1), New Hampshire (2), Oregon (1), Pennsylvania (2) and Texas (4).

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Supplemental Schedule 4
Debt and Equity CapitalizationBBB Rated
As of March 31, 2021(with Positive Outlook)
(unaudited)by Kroll Bond Rating Agency
Debt Summary (dollars in thousands)
Effective Interest Rate(1)
Basis of RateMaturity Date2021202220232024202520262027ThereafterTotal
Credit Facility:
Revolving line of credit
1.41%
Variable(2)
January 2024$— $— $— $190,500 $— $— $— $— $190,500 
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 20313,487 — 78,989 20,178 — — 84,900 34,995 222,549 
Total Principal/Weighted Average
3.25%5.3 years$3,487 $ $378,989 $460,678 $225,000 $175,000 $84,900 $609,995 $1,938,049 
Unamortized debt issuance costs and debt premium, net
(5,279)
Total Debt
$1,932,770 

Debt Ratios
Covenant
Amount
Net Debt to Annualized Current Quarter Adjusted EBITDAn/a5.8x
Trailing Twelve Month Fixed Charge Coverage Ratio
> 1.5x3.3x
Total Leverage Ratio< 60.0%42.0%
(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 March 31, 2021
(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 interest75,154,192 75,154,192 
Restricted common shares31,935 31,935 
Total shares outstanding
75,186,127 75,186,127 
Operating partnership units29,921,057 29,921,057 
DownREIT operating partnership unit equivalents
1,924,918 1,924,918 
Total operating partnership units
31,845,975 31,845,975 
Long-term incentive plan units(3)
545,888 545,888 
Total shares and Class A equivalents outstanding
107,577,990 107,577,990 
Subordinated performance units(4)
9,197,259 11,772,492 
DownREIT subordinated performance unit equivalents(4)
4,337,111 5,551,502 
Total subordinated partnership units
13,534,370 17,323,994 
Total common shares and units outstanding
121,112,360 124,901,984 







(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 1.28 OP units based on historical financial information for the trailing twelve months ended March 31, 2021. 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)
March 31, 2021December 31, 2020
ASSETS
Self storage properties, net$1,784,520 $1,799,522 
Other assets24,981 24,397 
Total assets$1,809,501 $1,823,919 
LIABILITIES AND EQUITY
Debt financing$1,000,686 $1,000,464 
Other liabilities20,055 21,612 
Equity788,760 801,843 
Total liabilities and equity$1,809,501 $1,823,919 

Combined Operating Information
Three Months Ended March 31, 2021
 Total Ventures at 100%(1)
NSA Proportionate Share (Ventures at 25%)(2)
Total revenue$43,695 $10,924 
Property operating expenses11,788 2,947 
Net operating income31,907 7,977 
Supervisory, administrative and other expenses
(2,882)(721)
Depreciation and amortization(15,522)(3,881)
Interest expense(10,405)(2,601)
Acquisition and other expenses(121)(30)
Net income$2,977 $744 
Add (subtract):
Equity in earnings adjustments related to amortization of basis differences
15 
Company's share of unconsolidated real estate venture real estate depreciation and amortization
3,881 
Company's share of FFO and Core FFO from unconsolidated real estate ventures
$4,640 







(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 March 31, 2021 compared to Three Months Ended March 31, 2020
Total RevenueProperty Operating ExpensesNet Operating IncomeNet Operating Income Margin
StateStores1Q 20211Q 2020Growth1Q 20211Q 2020Growth1Q 20211Q 2020Growth1Q 20211Q 2020Growth
California81 $20,772 $19,221 8.1 %$5,430 $5,429 — $15,342 $13,792 11.2 %73.9 %71.8 %2.1 %
Texas69 10,097 9,455 6.8 %3,487 3,333 4.6 %6,610 6,122 8.0 %65.5 %64.7 %0.8 %
Oregon61 10,906 9,634 13.2 %2,599 2,564 1.4 %8,307 7,070 17.5 %76.2 %73.4 %2.8 %
Florida45 10,659 9,756 9.3 %2,984 2,968 0.5 %7,675 6,788 13.1 %72.0 %69.6 %2.4 %
Georgia44 6,261 6,051 3.5 %1,966 1,955 0.6 %4,295 4,096 4.9 %68.6 %67.7 %0.9 %
North Carolina33 5,265 5,003 5.2 %1,417 1,445 (1.9)%3,848 3,558 8.2 %73.1 %71.1 %2.0 %
Arizona31 6,191 5,557 11.4 %1,649 1,577 4.6 %4,542 3,980 14.1 %73.4 %71.6 %1.8 %
Oklahoma30 3,932 3,719 5.7 %1,132 1,185 (4.5)%2,800 2,534 10.5 %71.2 %68.1 %3.1 %
Louisiana26 3,782 3,629 4.2 %1,202 1,160 3.6 %2,580 2,469 4.5 %68.2 %68.0 %0.2 %
Indiana16 2,717 2,540 7.0 %845 796 6.2 %1,872 1,744 7.3 %68.9 %68.7 %0.2 %
Kansas16 2,237 2,150 4.0 %830 789 5.2 %1,407 1,361 3.4 %62.9 %63.3 %(0.4)%
Washington14 1,925 1,772 8.6 %518 536 (3.4)%1,407 1,236 13.8 %73.1 %69.8 %3.3 %
Nevada13 2,532 2,344 8.0 %636 659 (3.5)%1,896 1,685 12.5 %74.9 %71.9 %3.0 %
Colorado11 1,801 1,703 5.8 %565 558 1.3 %1,236 1,145 7.9 %68.6 %67.2 %1.4 %
New Hampshire10 1,837 1,636 12.3 %599 567 5.6 %1,238 1,069 15.8 %67.4 %65.3 %2.1 %
Other(1)
60 10,603 9,704 9.3 %2,974 3,140 (5.3)%7,629 6,564 16.2 %72.0 %67.6 %4.4 %
Total/Weighted Average560 $101,517 $93,874 8.1 %$28,833 $28,661 0.6 %$72,684 $65,213 11.5 %71.6 %69.5 %2.1 %
2020 Same Store Pool(2)
496 $90,162 $83,727 7.7 %$25,392 $25,431 (0.2)%$64,770 $58,296 11.1 %71.8 %69.6 %2.2 %
2019 Same Store Pool(3)
434 $78,720 $73,175 7.6 %$22,340 $22,211 0.6 %$56,380 $50,964 10.6 %71.6 %69.6 %2.0 %





(1) Other states and territories in NSA's same store portfolio include Alabama, Idaho, Illinois, Kentucky, Maryland, Massachusetts, Mississippi, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, South Carolina, Virginia and Puerto Rico.
(2) Represents the subset of properties included in the 2021 same store pool that were in NSA's same store pool reported in 2020.
(3) Represents the subset of properties included in the 2021 same store pool that were in NSA's same store pool reported in 2019.

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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 March 31, 2021 compared to Three Months Ended March 31, 2020
Rentable Square FeetOccupancy at Period EndAverage OccupancyAverage Annualized Rental Revenue per Occupied Square Foot
StateUnits1Q 20211Q 2020Growth1Q 20211Q 2020Growth1Q 20211Q 2020Growth
California48,189 6,058,374 97.0 %89.1 %7.9 %96.2 %88.8 %7.4 %$13.56 $13.63 (0.5)%
Texas28,354 4,065,733 93.5 %86.7 %6.8 %91.6 %86.7 %4.9 %10.49 10.38 1.1 %
Oregon24,496 3,105,525 91.2 %80.8 %10.4 %89.6 %80.8 %8.8 %15.36 15.05 2.1 %
Florida26,748 2,941,439 93.7 %86.1 %7.6 %92.7 %86.6 %6.1 %15.02 14.83 1.3 %
Georgia19,018 2,547,209 93.6 %87.0 %6.6 %92.2 %87.4 %4.8 %10.32 10.55 (2.2)%
North Carolina15,354 1,885,429 96.0 %90.7 %5.3 %94.7 %90.5 %4.2 %11.36 11.30 0.5 %
Arizona16,931 1,928,765 94.0 %88.0 %6.0 %92.4 %87.4 %5.0 %13.50 12.84 5.1 %
Oklahoma13,766 1,902,312 93.3 %87.9 %5.4 %92.6 %87.7 %4.9 %8.67 8.65 0.2 %
Louisiana12,327 1,536,107 87.9 %83.7 %4.2 %86.5 %84.0 %2.5 %11.10 10.96 1.3 %
Indiana8,774 1,134,420 95.4 %89.5 %5.9 %94.1 %89.5 %4.6 %9.92 9.76 1.6 %
Kansas5,697 763,469 92.4 %88.8 %3.6 %90.0 %87.5 %2.5 %12.27 12.07 1.7 %
Washington4,494 578,723 89.0 %79.9 %9.1 %88.2 %79.8 %8.4 %14.74 15.08 (2.3)%
Nevada6,731 846,571 94.9 %90.3 %4.6 %94.1 %90.2 %3.9 %12.11 11.72 3.3 %
Colorado5,035 614,106 94.9 %85.0 %9.9 %92.5 %84.6 %7.9 %12.39 12.80 (3.2)%
New Hampshire4,452 542,116 93.9 %90.7 %3.2 %93.9 %90.2 %3.7 %14.06 13.16 6.8 %
Other(1)
28,055 3,495,826 92.9 %86.8 %6.1 %91.5 %87.2 %4.3 %12.75 12.28 3.8 %
Total/Weighted Average268,421 33,946,124 93.8 %86.9 %6.9 %92.5 %86.9 %5.6 %$12.47 $12.30 1.4 %
2020 Same Store Pool(2)
238,521 30,090,257 94.0 %87.1 %6.9 %92.7 %87.1 %5.6 %$12.47 $12.33 1.1 %
2019 Same Store Pool(3)
208,395 26,665,311 94.1 %87.1 %7.0 %92.9 %87.2 %5.7 %$12.26 $12.16 0.8 %




(1) Other states and territories in NSA's same store portfolio include Alabama, Idaho, Illinois, Kentucky, Maryland, Massachusetts, Mississippi, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, South Carolina, Virginia and Puerto Rico.
(2) Represents the subset of properties included in the 2021 same store pool that were in NSA's same store pool reported in 2020.
(3) Represents the subset of properties included in the 2021 same store pool that were in NSA's same store pool reported in 2019.

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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 March 31, 2021 compared to Three Months Ended March 31, 2020
Total RevenueProperty Operating ExpensesNet Operating IncomeNet Operating Income Margin
MSA(1)
Stores1Q 20211Q 2020Growth1Q 20211Q 2020Growth1Q 20211Q 2020Growth1Q 20211Q 2020Growth
Portland-Vancouver-Hillsboro, OR-WA47 $8,360 $7,595 10.1 %$2,014 $2,023 (0.4)%$6,346 $5,572 13.9 %75.9 %73.4 %2.5 %
Riverside-San Bernardino-Ontario, CA46 10,388 9,529 9.0 %2,459 2,458 — 7,929 7,071 12.1 %76.3 %74.2 %2.1 %
Atlanta-Sandy Springs-Roswell, GA30 4,510 4,367 3.3 %1,385 1,408 (1.6)%3,125 2,959 5.6 %69.3 %67.8 %1.5 %
Phoenix-Mesa-Scottsdale, AZ24 5,037 4,574 10.1 %1,335 1,276 4.6 %3,702 3,298 12.2 %73.5 %72.1 %1.4 %
Oklahoma City, OK17 2,201 2,045 7.6 %655 676 (3.1)%1,546 1,369 12.9 %70.2 %66.9 %3.3 %
Dallas-Fort Worth-Arlington, TX16 2,018 1,994 1.2 %798 791 0.9 %1,220 1,203 1.4 %60.5 %60.3 %0.2 %
Indianapolis-Carmel-Anderson, IN16 2,717 2,540 7.0 %845 796 6.2 %1,872 1,744 7.3 %68.9 %68.7 %0.2 %
Los Angeles-Long Beach-Anaheim, CA14 5,196 4,922 5.6 %1,365 1,383 (1.3)%3,831 3,539 8.3 %73.7 %71.9 %1.8 %
North Port-Sarasota-Bradenton, FL13 3,393 3,036 11.8 %937 906 3.4 %2,456 2,130 15.3 %72.4 %70.2 %2.2 %
New Orleans-Metairie, LA13 2,088 1,944 7.4 %608 577 5.4 %1,480 1,367 8.3 %70.9 %70.3 %0.6 %
Tulsa, OK13 1,731 1,674 3.4 %477 509 (6.3)%1,254 1,165 7.6 %72.4 %69.6 %2.8 %
Las Vegas-Henderson-Paradise, NV12 2,408 2,238 7.6 %603 629 (4.1)%1,805 1,609 12.2 %75.0 %71.9 %3.1 %
Houston-The Woodlands-Sugar Land, TX11 1,812 1,644 10.2 %677 620 9.2 %1,135 1,024 10.8 %62.6 %62.3 %0.3 %
Kansas City, MO-KS11 1,690 1,561 8.3 %636 624 1.9 %1,054 937 12.5 %62.4 %60.0 %2.4 %
Other MSAs277 47,968 44,211 8.5 %14,039 13,985 0.4 %33,929 30,226 12.3 %70.7 %68.4 %2.3 %
Total/Weighted Average560 $101,517 $93,874 8.1 %$28,833 $28,661 0.6 %$72,684 $65,213 11.5 %71.6 %69.5 %2.1 %
2020 Same Store Pool(2)
496 $90,162 $83,727 7.7 %$25,392 $25,431 (0.2)%$64,770 $58,296 11.1 %71.8 %69.6 %2.2 %
2019 Same Store Pool(3)
434 $78,720 $73,175 7.6 %$22,340 $22,211 0.6 %$56,380 $50,964 10.6 %71.6 %69.6 %2.0 %







(1) MSA (Metropolitan Statistical Area) as defined by the United States Census Bureau.
(2) Represents the subset of properties included in the 2021 same store pool that were in NSA's same store pool reported in 2020.
(3) Represents the subset of properties included in the 2021 same store pool that were in NSA's same store pool reported in 2019.
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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 March 31, 2021 compared to Three Months Ended March 31, 2020
Rentable Square FeetOccupancy at Period EndAverage OccupancyAverage Annualized Rental Revenue per Occupied Square Foot
MSA(1)
Units1Q 20211Q 2020Growth1Q 20211Q 2020Growth1Q 20211Q 2020Growth
Portland-Vancouver-Hillsboro, OR-WA18,206 2,227,124 89.5 %80.8 %8.7 %88.3 %80.9 %7.4 %$16.71 $16.58 0.8 %
Riverside-San Bernardino-Ontario, CA24,464 3,280,848 98.3 %90.6 %7.7 %97.7 %90.0 %7.7 %12.26 12.23 0.2 %
Atlanta-Sandy Springs-Roswell, GA13,432 1,822,702 93.9 %86.6 %7.3 %92.3 %87.1 %5.2 %10.36 10.67 (2.9)%
Phoenix-Mesa-Scottsdale, AZ13,815 1,563,275