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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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August 3, 2021
National Storage Affiliates Trust Reports Second Quarter 2021 Results
GREENWOOD VILLAGE, Colo. - (BUSINESS WIRE) - National Storage Affiliates Trust ("NSA" or the "Company") (NYSE: NSA) today reported the Company’s second quarter 2021 results.
Second Quarter 2021 Highlights
Reported net income of $35.7 million for the second quarter of 2021, an increase of 100.6% compared to the second quarter of 2020. Reported diluted earnings per share of $0.25 for the second quarter of 2021 compared to $0.10 for the second quarter of 2020.
Reported core funds from operations ("Core FFO") of $59.7 million, or $0.55 per share for the second quarter of 2021, an increase of 34.1% per share compared to the second quarter of 2020.
Reported an increase in same store net operating income ("NOI") of 21.5% for the second quarter of 2021 compared to the same period in 2020, driven by a 16.3% increase in same store total revenues partially offset by an increase of 4.3% in same store property operating expenses.
Reported same store period-end occupancy of 96.7% as of June 30, 2021, an increase of 720 basis points compared to June 30, 2020.
Received approximately $103.7 million of net proceeds from the sale of 2,390,000 common shares under the Company's at the market (“ATM”) program during the second quarter of 2021.
Issued the previously announced $55.0 million of 3.10% senior unsecured notes due May 4, 2033 in a private placement to certain institutional investors on May 26, 2021.
Acquired 20 wholly-owned self storage properties for $269.4 million during the second quarter of 2021. Consideration for these acquisitions included the issuance of $24.1 million of OP equity.
Highlights Subsequent to Quarter-End
Acquired seven wholly-owned self storage properties for approximately $68.6 million.
Completed an underwritten public offering of 10,120,000 common shares resulting in net proceeds of approximately $497.4 million.
Issued the previously announced $35.0 million of 2.16% senior unsecured notes due May 4, 2026 and $90.0 million of 3.00% senior unsecured notes due May 4, 2031 on July 26, 2021 in a private placement to certain institutional investors.
Entered into an agreement on July 9, 2021 with a single lender for an $88.0 million interest-only secured debt financing that matures in July 2028 and has a fixed interest rate of 2.77%.
Received commitments in July 2021 from a syndicated group of lenders to increase the total borrowing capacity under the Company's credit facility with the addition of a $100.0 million 5.5-year term loan tranche E.
Tamara Fischer, President and Chief Executive Officer, commented, "2021 continues to be an exceptional year for NSA on all fronts, delivering growth in second quarter same store NOI of 21.5% and investing nearly $270 million in the acquisition of 20 self storage properties. Our operational results and outlook for the remainder of 2021 give us the confidence to raise our 2021 guidance for Core FFO per share growth to 24.3% at the midpoint and increase our expected range of total acquisitions to be well over $1.0 billion. We've also taken several steps recently to further strengthen our balance sheet and maintain ample liquidity to fund NSA’s outsized growth."

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Financial Results
($ in thousands, except per share and unit data)
Three Months Ended June 30,Six Months Ended June 30,
20212020Growth20212020Growth
Net income$35,675 $17,787 100.6 %$63,310 $33,550 88.7 %
Funds From Operations ("FFO")(1)
$59,603 $41,009 45.3 %$110,510 $77,287 43.0 %
Add back acquisition costs
118 252 (53.2)%410 1,085 (62.2)%
Core FFO(1)
$59,721 $41,261 44.7 %$110,920 $78,372 41.5 %
Earnings (loss) per share - basic$0.33 $0.10 230.0 %$0.58 $0.16 (262.5)%
Earnings (loss) per share - diluted
$0.25 $0.10 150.0 %$0.44 $0.16 (175.0)%
FFO per share and unit(1)
$0.55 $0.41 34.1 %$1.03 $0.80 28.8 %
Core FFO per share and unit(1)
$0.55 $0.41 34.1 %$1.04 $0.81 28.4 %
(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 $17.9 million for the second quarter of 2021 and $29.8 million for the six months ended June 30, 2021 ("year-to-date") as compared to the same periods in 2020. These increases resulted primarily from additional NOI generated from the 80 self storage properties acquired between July 1, 2020 and June 30, 2021 and same store NOI growth, partially offset by increases in depreciation and amortization.
The increases in FFO and Core FFO for the second quarter of 2021 and year-to-date were primarily the result of incremental NOI from properties acquired between July 1, 2020 and June 30, 2021 and same store NOI growth, partially offset by increases in subordinated performance unit distributions.
Same Store Operating Results (560 Stores)
($ in thousands, except per square foot data)
Three Months Ended June 30,Six Months Ended June 30,
20212020Growth20212020Growth
Total revenues
$107,382 $92,327 16.3 %$208,899 $186,201 12.2 %
Property operating expenses
28,859 27,676 4.3 %57,692 56,337 2.4 %
Net Operating Income (NOI)
$78,523 $64,651 21.5 %$151,207 $129,864 16.4 %
NOI Margin73.1 %70.0 %3.1 %72.4 %69.7 %2.7 %
Average Occupancy
95.4 %87.8 %7.6 %94.0 %87.4 %6.6 %
Average Annualized Rental Revenue Per Occupied Square Foot
$12.78 $11.97 6.8 %$12.62 $12.12 4.1 %
Year-over-year same store total revenues increased 16.3% for the second quarter of 2021 and 12.2% year-to-date as compared to the same periods in 2020. The increase for the second quarter of 2021 was driven primarily by a 760 basis point increase in average occupancy and a 6.8% increase in average annualized rental revenue per occupied square foot. The year-to-date increase was driven primarily by a 660 basis point increase in average occupancy and a 4.1% 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 Las Vegas. Markets which generated below portfolio average same store total revenue growth include: Atlanta, Oklahoma City, Dallas and Tulsa.
Year-over-year same store property operating expenses increased 4.3% for the second quarter of 2021 and 2.4% year-to-date as compared to the same periods in 2020. The increases primarily resulted from increases in
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personnel expense, property taxes and repairs and maintenance expense offset by decreases in marketing expense.
Investment Activity
During the second quarter, NSA invested approximately $269.4 million in the acquisition of 20 self storage properties consisting of approximately 1.7 million rentable square feet configured in approximately 13,700 storage units. Total consideration for these acquisitions included approximately $243.6 million of net cash, the issuance of approximately $9.3 million of OP units and $14.8 million of subordinated performance units and the assumption of approximately $1.7 million of other liabilities.
Balance Sheet
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.
During the second quarter, the Company entered into agreements to increase the aggregate capacity of its ATM program to $400.0 million and received approximately $103.7 million of net proceeds from the sale of 2,390,000 common shares under the ATM program, which included the issuance of common shares prior to the increase in the aggregate capacity of the ATM program. Subsequent to quarter end, the Company received approximately $40.0 million of net proceeds from the sale of 782,000 common shares under the ATM program. The Company used the net proceeds for self storage property acquisitions and to repay borrowings outstanding under its revolving line of credit. As of August 3, 2021, the Company has approximately $308.0 million of capacity remaining under its ATM program.
On May 3, 2021, the Company's operating partnership entered into an agreement to issue $180.0 million of senior unsecured notes, comprised of $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"). On May 26, 2021 the operating partnership issued the 2033 Notes and on July 26, 2021 the operating partnership issued the 2026 Notes and the May 2031 Notes. The Company used the proceeds to repay outstanding amounts on its revolving line of credit and for general corporate purposes.
On July 9, 2021, the Company entered into an agreement with a single lender for an $88.0 million debt financing secured by a first lien on eight of the Company's self storage properties. This interest-only loan matures in July 2028 and has a fixed interest rate of 2.77%. The Company used the proceeds to repay outstanding amounts on its revolving line of credit.
In July 2021, NSA completed an underwritten public offering of 10,120,000 common shares, including 1,320,000 common shares sold upon the exercise in full by the underwriters of their option to purchase additional common shares. The shares were issued at a price of $51.25 per share, resulting in net proceeds of approximately $497.4 million. The Company used or expects to use the proceeds for self storage property acquisitions, general corporate purposes and to repay borrowings outstanding under its revolving line of credit.
NSA received commitments in July 2021 from a syndicated group of lenders to partially exercise the expansion option under its credit facility by adding an additional $100.0 million 5.5-year term loan tranche E. The tranche E term loan is expected to close during the third quarter of 2021 and mature in early 2027. The Company plans to use the proceeds for self storage property acquisitions and for general corporate purposes.
Common Share Dividends
On May 27, 2021, NSA's Board of Trustees declared a quarterly cash dividend of $0.38 per common share, representing a 15.2% increase from the second quarter 2020. The second quarter 2021 dividend was paid on June 30, 2021 to shareholders of record as of June 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)
$2.11$2.14$1.89$1.93$1.71
Same store operations
Total revenue growth
11.75%12.75%5.5%6.5%1.7%
Property operating expenses growth
2.5%3.5%3.5%4.5%0.5%
NOI growth
15.0%17.0%6.0%8.0%2.2%
General and administrative expenses
General and administrative expenses (excluding equity-based compensation), in millions
$45.0$46.0$42.0$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
$24.0$25.0$22.0$23.0$23.0
Core FFO from unconsolidated real estate ventures, in millions
$19.0$20.0$17.0$18.0$15.6
Subordinated performance unit distributions, in millions
$43.0$45.0$37.0$39.0$29.7
Acquisitions of self storage properties, in millions$1,100.0$1,300.0$500.0$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$0.94$1.03$0.75$0.85
Impact of the difference in weighted average number of shares and GAAP accounting for noncontrolling interests, two-class method and treasury stock method
0.150.060.130.03
Add real estate depreciation and amortization, including NSA's share of unconsolidated venture real estate depreciation and amortization
1.391.431.341.39
FFO attributable to subordinated unitholders
(0.38)(0.40)(0.34)(0.36)
Add acquisition costs and NSA's share of unconsolidated real estate venture acquisition costs
0.010.020.010.02
Core FFO per share and unit
$2.11$2.14$1.89$1.93
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 August 3, 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, August 4, 2021 to discuss its second 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, August 4, 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, August 11, 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 the virtual BofA Securities 2021 Global Real Estate Conference, September 21 – 22, 2021 and the virtual Evercore 7th Annual Storage Symposium on September 28, 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 June 30, 2021, the Company held ownership interests in and operated 864 self storage properties located in 36 states and Puerto Rico with approximately 55.2 million rentable square feet. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States. For more information, please visit the Company’s website at www.nationalstorageaffiliates.com. NSA is included in the MSCI US REIT Index (RMS/RMZ), the Russell 2000 Index of Companies and the S&P MidCap 400 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; negative impacts from the COVID-19 pandemic 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 June 30,Six Months Ended June 30,
2021202020212020
REVENUE
Rental revenue$127,310 $95,302 $240,437 $190,704 
Other property-related revenue4,829 3,418 8,966 6,789 
Management fees and other revenue6,107 5,697 11,835 11,146 
Total revenue138,246 104,417 261,238 208,639 
OPERATING EXPENSES
Property operating expenses36,654 30,257 71,258 60,849 
General and administrative expenses12,450 10,329 23,688 21,423 
Depreciation and amortization36,051 29,309 68,475 58,414 
Other310 462 707 851 
Total operating expenses85,465 70,357 164,128 141,537 
OTHER (EXPENSE) INCOME
Interest expense(17,339)(15,513)(34,131)(31,141)
Equity in earnings (losses) of unconsolidated real estate ventures
1,174 52 1,933 (288)
Acquisition costs(118)(252)(410)(1,085)
Non-operating expense(148)(317)(321)(509)
Other expense(16,431)(16,030)(32,929)(33,023)
Income before income taxes36,350 18,030 64,181 34,079 
Income tax expense(675)(243)(871)(529)
Net income35,675 17,787 63,310 33,550 
Net income attributable to noncontrolling interests
(6,957)(7,365)(13,754)(16,480)
Net income attributable to National Storage Affiliates Trust28,718 10,422 49,556 17,070 
Distributions to preferred shareholders
(3,276)(3,274)(6,551)(6,547)
Net income attributable to common shareholders
$25,442 $7,148 $43,005 $10,523 
Earnings (loss) per share - basic$0.33 $0.10 $0.58 $0.16 
Earnings (loss) per share - diluted$0.25 $0.10 $0.44 $0.16 
Weighted average shares outstanding - basic
76,712 68,210 74,267 64,004 
Weighted average shares outstanding - diluted
129,578 68,210 126,396 64,004 

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National Storage Affiliates Trust
Consolidated Balance Sheets
(dollars in thousands, except per share amounts)
(unaudited)
June 30,December 31,
20212020
ASSETS
Real estate
Self storage properties$4,077,016 $3,639,192 
Less accumulated depreciation(504,498)(443,623)
Self storage properties, net3,572,518 3,195,569 
Cash and cash equivalents22,410 18,723 
Restricted cash3,565 2,978 
Debt issuance costs, net2,113 2,496 
Investment in unconsolidated real estate ventures195,567 202,533 
Other assets, net72,399 68,149 
Operating lease right-of-use assets22,674 23,129 
Total assets$3,891,246 $3,513,577 
LIABILITIES AND EQUITY
Liabilities
Debt financing$2,058,573 $1,916,971 
Accounts payable and accrued liabilities48,058 47,043 
Interest rate swap liabilities53,638 77,918 
Operating lease liabilities24,379 24,756 
Deferred revenue19,072 16,414 
Total liabilities2,203,720 2,083,102 
Equity
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 8,736,719 and 8,732,719 issued and outstanding at June 30, 2021 and December 31, 2020, respectively, at liquidation preference
218,418 218,318 
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 77,708,831 and 71,293,117 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively
777 713 
Additional paid-in capital1,244,269 1,050,714 
Distributions in excess of earnings(263,117)(251,704)
Accumulated other comprehensive loss(33,046)(49,084)
Total shareholders' equity1,167,301 968,957 
Noncontrolling interests520,225 461,518 
Total equity1,687,526 1,430,475 
Total liabilities and equity$3,891,246 $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 June 30,Six Months Ended June 30,
2021202020212020
Net income$35,675 $17,787 $63,310 $33,550 
Add (subtract):
Real estate depreciation and amortization35,698 28,955 67,768 57,719 
Company's share of unconsolidated real estate venture real estate depreciation and amortization
3,840 3,811 7,721 7,598 
Mark-to-market changes in value on equity securities
— — — 142 
Distributions to preferred shareholders and unitholders
(3,517)(3,514)(7,034)(7,028)
FFO attributable to subordinated performance unitholders(1)
(12,093)(6,030)(21,255)(14,694)
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders
59,603 41,009 110,510 77,287 
Add:
Acquisition costs118 252 410 1,085 
Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders
$59,721 $41,261 $110,920 $78,372 
Weighted average shares and units outstanding - FFO and Core FFO:(2)
Weighted average shares outstanding - basic76,712 68,210 74,267 64,004 
Weighted average restricted common shares outstanding33 34 29 29 
Weighted average effect of forward offering agreement(3)
— — 199 — 
Weighted average OP units outstanding
29,963 29,720 29,858 30,215 
Weighted average DownREIT OP unit equivalents outstanding
1,925 1,925 1,925 1,887 
Weighted average LTIP units outstanding
536 534 561 576 
Total weighted average shares and units outstanding - FFO and Core FFO
109,169 100,423 106,839 96,711 
FFO per share and unit$0.55 $0.41 $1.03 $0.80 
Core FFO per share and unit$0.55 $0.41 $1.04 $0.81 
(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 June 30,Six Months Ended June 30,
2021202020212020
Earnings (loss) per share - diluted$0.25 $0.10 $0.44 $0.16 
Impact of the difference in weighted average number of shares(4)
0.04 (0.03)0.09 (0.06)
Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method(5)
— 0.07 — 0.17 
Add real estate depreciation and amortization0.33 0.29 0.63 0.60 
Add Company's share of unconsolidated real estate venture real estate depreciation and amortization
0.04 0.04 0.07 0.08 
FFO attributable to subordinated performance unitholders
(0.11)(0.06)(0.20)(0.15)
FFO per share and unit
0.55 0.41 1.03 0.80 
Add acquisition costs
— — 0.01 0.01 
Core FFO per share and unit
$0.55 $0.41 $1.04 $0.81 
(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 June 30,Six Months Ended June 30,
2021202020212020
Net income$35,675 $17,787 $63,310 $33,550 
(Subtract) add:
Management fees and other revenue(6,107)(5,697)(11,835)(11,146)
General and administrative expenses12,450 10,329 23,688 21,423 
Other310 462 707 851 
Depreciation and amortization36,051 29,309 68,475 58,414 
Interest expense17,339 15,513 34,131 31,141 
Equity in (earnings) losses of unconsolidated real estate ventures
(1,174)(52)(1,933)288 
Acquisition costs118 252 410 1,085 
Income tax expense675 243 871 529 
Non-operating expense148 317 321 509 
Net Operating Income
$95,485 $68,463 $178,145 $136,644 
EBITDA and Adjusted EBITDA
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Net income$35,675 $17,787 $63,310 $33,550 
Add:
Depreciation and amortization36,051 29,309 68,475 58,414 
Company's share of unconsolidated real estate venture depreciation and amortization
3,840 3,811 7,721 7,598 
Interest expense17,339 15,513 34,131 31,141 
Income tax expense675 243 871 529 
EBITDA
93,580 66,663 174,508 131,232 
Add (subtract):
Acquisition costs118 252 410 1,085 
Equity-based compensation expense1,348 1,151 2,634 1,925 
Adjusted EBITDA
$95,046 $68,066 $177,552 $134,242 

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Supplemental Schedule 3
Portfolio Summary
As of June 30, 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
Texas120 50,516 7,198,828 96.1 %Texas124 52,841 7,476,117 96.0 %
California84 50,211 6,288,782 98.0 %California96 56,851 7,068,549 98.0 %
Oregon64 25,592 3,252,220 95.1 %Florida79 47,237 5,194,572 96.3 %
Florida52 32,133 3,479,684 96.3 %Oregon 64 25,592 3,252,220 95.1 %
Georgia52 23,018 3,113,239 96.5 %Georgia63 29,151 3,985,471 96.6 %
North Carolina34 15,744 1,952,945 98.4 %Oklahoma39 17,615 2,449,347 96.1 %
Arizona33 17,871 2,061,564 96.1 %Arizona35 18,868 2,171,544 96.1 %
Oklahoma33 15,293 2,142,332 96.1 %North Carolina34 15,744 1,952,945 98.4 %
Louisiana26 12,322 1,535,582 92.4 %Louisiana26 12,322 1,535,582 92.4 %
Colorado18 7,810 975,131 96.0 %Michigan24 15,612 1,979,423 96.2 %
Kansas18 6,351 885,440 97.1 %Ohio23 13,442 1,630,944 93.7 %
Indiana16 8,740 1,133,820 97.1 %New Jersey20 13,259 1,580,140 97.5 %
Washington16 5,396 717,813 93.0 %Colorado18 7,810 975,131 96.0 %
Puerto Rico14 12,376 1,337,011 97.9 %Kansas18 6,351 885,440 97.1 %
Nevada13 6,722 843,396 97.7 %Nevada17 8,339 1,095,778 98.0 %
New Hampshire13 5,754 715,366 95.8 %Indiana16 8,740 1,133,820 97.1 %
Pennsylvania11 5,410 635,881 94.8 %Washington16 5,396 717,813 93.0 %
Missouri10 4,514 586,294 86.5 %Alabama15 6,282 937,583 96.0 %
Ohio4,050 506,398 94.5 %Puerto Rico14 12,376 1,337,011 97.9 %
Other(1)
51 24,509 3,141,816 95.7 %Pennsylvania14 7,044 796,651 95.3 %
Total
687 334,332 42,503,542 96.2 %Massachusetts13 8,198 942,449 95.0 %
New Hampshire13 5,754 715,366 95.8 %
Other(2)
83 43,366 5,401,053 93.9 %
Total
864 438,190 55,214,949 96.1 %

(1) Other states and territories in NSA's owned portfolio as of June 30, 2021 include Alabama, Connecticut, Idaho, Illinois, Kentucky, Maryland, Massachusetts, Minnesota, Mississippi, New Jersey, New Mexico, New York, South Carolina, Tennessee and Virginia.
(2) Other states and territories in NSA's operated portfolio as of June 30, 2021 include Connecticut, Delaware, Idaho, Illinois, Kentucky, Maryland, Minnesota, Mississippi, Missouri, New Mexico, New York, Rhode Island, South Carolina, Tennessee and Virginia.
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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, 20212311,3131,510,111 $141,928 $22,897 $1,138 $165,963 
June 30, 20212013,7361,702,137 243,580 24,102 1,711 269,393 
Total Acquisitions(3)
4325,0493,212,248 $385,508 $46,999 $2,849 $435,356 


























(3) NSA acquired self storage properties located in Arizona (1), California (2), Colorado (2), Florida (3), Georgia (6), Illinois (3), Kentucky (1), Massachusetts (1), Minnesota (1), New Hampshire (2), New Jersey (1), Ohio (1), Oregon (1), Pennsylvania (3), Puerto Rico (8), Tennessee (1), Texas (5) and Virginia (1).

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Supplemental Schedule 4
Debt and Equity CapitalizationBBB Rated
As of June 30, 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
1.40%
Variable(2)
January 2024$— $— $— $265,500 $— $— $— $— $265,500 
Term loan - Tranche A
3.74%Swapped To FixedJanuary 2023— — 125,000 — — — — — 125,000 
Term loan - Tranche B
2.91%Swapped To FixedJuly 2024— — — 250,000 — — — — 250,000 
Term loan - Tranche C
2.91%Swapped To FixedJanuary 2025— — — — 225,000 — — — 225,000 
Term loan - Tranche D
3.57%Swapped To FixedJuly 2026— — — — — 175,000 — — 175,000 
Term loan facility - 20232.83%Swapped To FixedJune 2023— — 175,000 — — — — — 175,000 
Term loan facility - 20284.62%Swapped To FixedDecember 2028— — — — — — — 75,000 75,000 
Term loan facility - 20294.27%Swapped To FixedApril 2029— — — — — — — 100,000 100,000 
2029 Senior Unsecured Notes3.98%FixedAugust 2029— — — — — — — 100,000 100,000 
2030 Senior Unsecured Notes2.99%FixedAugust 2030— — — — — — — 150,000 150,000 
August 2031 Senior Unsecured Notes4.08%FixedAugust 2031— — — — — — — 50,000 50,000 
2032 Senior Unsecured Notes3.09%FixedAugust 2032— — — — — — — 100,000 100,000 
2033 Senior Unsecured Notes3.10%FixedMay 2033— — — — — — — 55,000 55,000 
Fixed rate mortgages payable4.24%FixedApril 2023 - October 2031— — 78,414 20,156 — — 84,900 34,571 218,041 
Total Principal/Weighted Average
3.19%5.1 years$ $ $378,414 $535,656 $225,000 $175,000 $84,900 $664,571 $2,063,541 
Unamortized debt issuance costs and debt premium, net
(4,968)
Total Debt
$2,058,573 
Debt Ratios
Covenant
Amount
Net Debt to Annualized Current Quarter Adjusted EBITDAn/a5.4x
Trailing Twelve Month Fixed Charge Coverage Ratio
> 1.5x3.6x
Total Leverage Ratio< 60.0%40.5%
(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 June 30, 2021
(unaudited)
Preferred Shares and Units
Outstanding
6.000% Series A cumulative redeemable preferred shares of beneficial interest8,736,719 
6.000% Series A-1 cumulative redeemable preferred units633,382 
Common Shares and Units
OutstandingIf Converted
Common shares of beneficial interest77,666,115 77,666,115 
Restricted common shares42,716 42,716 
Total shares outstanding
77,708,831 77,708,831 
Operating partnership units30,069,539 30,069,539 
DownREIT operating partnership unit equivalents
1,924,918 1,924,918 
Total operating partnership units
31,994,457 31,994,457 
Long-term incentive plan units(3)
525,468 525,468 
Total shares and Class A equivalents outstanding
110,228,756 110,228,756 
Subordinated performance units(4)
9,510,894 13,410,361 
DownREIT subordinated performance unit equivalents(4)
4,337,111 6,115,327 
Total subordinated partnership units
13,848,005 19,525,688 
Total common shares and units outstanding
124,076,761 129,754,444 








(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 1.41 OP units based on historical financial information for the trailing twelve months ended June 30, 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)
June 30, 2021December 31, 2020
ASSETS
Self storage properties, net$1,769,759 $1,799,522 
Other assets25,969 24,397 
Total assets$1,795,728 $1,823,919 
LIABILITIES AND EQUITY
Debt financing$1,000,916 $1,000,464 
Other liabilities20,951 21,612 
Equity773,861 801,843 
Total liabilities and equity$1,795,728 $1,823,919 
Combined Operating Information
Three Months Ended June 30, 2021Six Months Ended June 30, 2021
 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$46,086 $11,522 $89,781 $22,445 
Property operating expenses12,523 3,131 24,311 6,078 
Net operating income33,563 8,391 65,470 16,367 
Supervisory, administrative and other expenses
(3,014)(754)(5,896)(1,474)
Depreciation and amortization(15,360)(3,840)(30,882)(7,721)
Interest expense(10,415)(2,604)(20,820)(5,205)
Acquisition and other expenses(136)(34)(257)(64)
Net income$4,638 $1,159 $7,615 $1,903 
Add (subtract):
Equity in earnings adjustments related to amortization of basis differences
15 30 
Company's share of unconsolidated real estate venture real estate depreciation and amortization
3,840 7,721 
Company's share of FFO and Core FFO from unconsolidated real estate ventures
$5,014 $9,654 










(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 June 30, 2021 compared to Three Months Ended June 30, 2020
Total RevenueProperty Operating ExpensesNet Operating IncomeNet Operating Income Margin
StateStores2Q 20212Q 2020Growth2Q 20212Q 2020Growth2Q 20212Q 2020Growth2Q 20212Q 2020Growth
California81 $21,705 $18,864 15.1 %$5,298 $5,143 3.0 %$16,407 $13,721 19.6 %75.6 %72.7 %2.9 %
Texas69 10,713 9,286 15.4 %3,518 3,397 3.6 %7,195 5,889 22.2 %67.2 %63.4 %3.8 %
Oregon61 11,711 9,542 22.7 %2,575 2,584 (0.3)%9,136 6,958 31.3 %78.0 %72.9 %5.1 %
Florida45 11,290 9,483 19.1 %3,128 2,942 6.3 %8,162 6,541 24.8 %72.3 %69.0 %3.3 %
Georgia44 6,714 5,930 13.2 %1,909 1,833 4.1 %4,805 4,097 17.3 %71.6 %69.1 %2.5 %
North Carolina33 5,526 4,902 12.7 %1,405 1,380 1.8 %4,121 3,522 17.0 %74.6 %71.8 %2.8 %
Arizona31 6,529 5,528 18.1 %1,667 1,606 3.8 %4,862 3,922 24.0 %74.5 %70.9 %3.6 %
Oklahoma30 4,121 3,702 11.3 %1,137 1,090 4.3 %2,984 2,612 14.2 %72.4 %70.6 %1.8 %
Louisiana26 3,999 3,579 11.7 %1,267 1,153 9.9 %2,732 2,426 12.6 %68.3 %67.8 %0.5 %
Indiana16 2,875 2,529 13.7 %800 848 (5.7)%2,075 1,681 23.4 %72.2 %66.5 %5.7 %
Kansas16 2,397 2,151 11.4 %799 775 3.1 %1,598 1,376 16.1 %66.7 %64.0 %2.7 %
Washington14 2,051 1,772 15.7 %516 525 (1.7)%1,535 1,247 23.1 %74.8 %70.4 %4.4 %
Nevada13 2,686 2,210 21.5 %625 594 5.2 %2,061 1,616 27.5 %76.7 %73.1 %3.6 %
Colorado11 1,926 1,702 13.2 %609 563 8.2 %1,317 1,139 15.6 %68.4 %66.9 %1.5 %
New Hampshire10 1,925 1,621 18.8 %534 508 5.1 %1,391 1,113 25.0 %72.3 %68.7 %3.6 %
Other(1)
60 11,214 9,526 17.7 %3,072 2,735 12.3 %8,142 6,791 19.9 %72.6 %71.3 %1.3 %
Total/Weighted Average560 $107,382 $92,327 16.3 %$28,859 $27,676 4.3 %$78,523 $64,651 21.5 %73.1 %70.0 %3.1 %
2020 Same Store Pool(2)
496 $95,300 $82,231 15.9 %$25,486 $24,459 4.2 %$69,814 $57,772 20.8 %73.3 %70.3 %3.0 %
2019 Same Store Pool(3)
434 $83,214 $71,795 15.9 %$22,249 $21,399 4.0 %$60,965 $50,396 21.0 %73.3 %70.2 %3.1 %






(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 June 30, 2021 compared to Three Months Ended June 30, 2020
Rentable Square FeetOccupancy at Period EndAverage OccupancyAverage Annualized Rental Revenue per Occupied Square Foot
StateUnits2Q 20212Q 2020Growth2Q 20212Q 2020Growth2Q 20212Q 2020Growth
California48,216 6,059,193 98.0 %91.3 %6.7 %97.5 %89.8 %7.7 %$14.00 $13.22 5.9 %
Texas28,350 4,065,983 96.8 %88.9 %7.9 %95.4 %87.3 %8.1 %10.70 10.18 5.1 %
Oregon24,497 3,105,370 95.2 %86.2 %9.0 %93.4 %83.0 %10.4 %15.78 14.49 8.9 %
Florida26,693 2,941,569 96.8 %87.3 %9.5 %95.4 %86.3 %9.1 %15.40 14.48 6.4 %
Georgia19,013 2,547,009 97.5 %88.8 %8.7 %95.7 %87.7 %8.0 %10.65 10.31 3.3 %
North Carolina15,355 1,885,404 98.5 %93.3 %5.2 %97.5 %91.6 %5.9 %11.58 10.92 6.0 %
Arizona16,930 1,929,415 95.9 %89.1 %6.8 %95.0 %88.4 %6.6 %13.82 12.64 9.3 %
Oklahoma13,766 1,898,912 96.8 %91.7 %5.1 %95.3 %89.8 %5.5 %8.85 8.38 5.6 %
Louisiana12,322 1,535,582 92.4 %84.3 %8.1 %90.3 %83.7 %6.6 %11.24 10.86 3.5 %
Indiana8,740 1,133,820 97.1 %93.1 %4.0 %96.4 %90.8 %5.6 %10.25 9.55 7.3 %
Kansas5,671 752,114 96.9 %92.1 %4.8 %95.1 %90.6 %4.5 %12.57 11.65 7.9 %
Washington4,494 578,723 92.6 %84.2 %8.4 %91.0 %81.6 %9.4 %15.26 14.76 3.4 %
Nevada6,722 843,396 97.7 %92.1 %5.6 %96.3 %90.6 %5.7 %12.56 11.00 14.2 %
Colorado5,035 614,106 97.0 %89.9 %7.1 %96.1 %87.4 %8.7 %12.78 12.36 3.4 %
New Hampshire4,452 542,116 96.7 %93.7 %3.0 %95.5 %91.8 %3.7 %14.46 12.75 13.4 %
Other(1)
28,358 3,526,325 96.5 %89.1 %7.4 %94.9 %87.5 %7.4 %12.91 11.99 7.7 %
Total/Weighted Average268,614 33,959,037 96.7 %89.5 %7.2 %95.4 %87.8 %7.6 %$12.78 $11.97 6.8 %
2020 Same Store Pool(2)
238,409 30,070,796 96.8 %89.8 %7.0 %95.5 %88.1 %7.4 %$12.78 $11.98 6.7 %
2019 Same Store Pool(3)
208,279 26,645,388 96.8 %89.9 %6.9 %95.6 %88.1 %7.5 %$12.59 $11.81 6.6 %





(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.

18

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Supplemental Schedule 6
Same Store Performance Summary By State
(dollars in thousands, except per square foot data) (unaudited)
Six Months Ended June 30, 2021 compared to Six Months Ended June 30, 2020
Total RevenueProperty Operating ExpensesNet Operating IncomeNet Operating Income Margin
StateStoresYTD 2021YTD 2020GrowthYTD 2021YTD 2020GrowthYTD 2021YTD 2020GrowthYTD 2021YTD 2020Growth
California81 $42,477 $38,085 11.5 %$10,728 $10,572 1.5 %$31,749 $27,513 15.4 %74.7 %72.2 %2.5 %
Texas69 20,810 18,741 11.0 %7,005 6,730 4.1 %13,805 12,011 14.9 %66.3 %64.1 %2.2 %
Oregon61 22,617 19,176 17.9 %5,174 5,148 0.5 %17,443 14,028 24.3 %77.1 %73.2 %3.9 %
Florida45 21,949 19,239 14.1 %6,112 5,910 3.4 %15,837 13,329 18.8 %72.2 %69.3 %2.9 %
Georgia44 12,975 11,981 8.3 %3,875 3,788 2.3 %9,100 8,193 11.1 %70.1 %68.4 %1.7 %
North Carolina33 10,791 9,905 8.9 %