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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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November 2, 2021
National Storage Affiliates Trust Reports Third Quarter 2021 Results
GREENWOOD VILLAGE, Colo. - (BUSINESS WIRE) - National Storage Affiliates Trust ("NSA" or the "Company") (NYSE: NSA) today reported the Company’s third quarter 2021 results.
Third Quarter 2021 Highlights
Reported net income of $40.7 million for the third quarter of 2021, an increase of 90.2% compared to the third quarter of 2020. Reported diluted earnings per share of $0.26 for the third quarter of 2021 compared to $0.15 for the third quarter of 2020.
Reported core funds from operations ("Core FFO") of $67.5 million, or $0.57 per share for the third quarter of 2021, an increase of 29.5% per share compared to the third quarter of 2020.
Reported an increase in same store net operating income ("NOI") of 24.3% for the third quarter of 2021 compared to the same period in 2020, driven by an 18.4% increase in same store total revenues partially offset by an increase of 4.6% in same store property operating expenses.
Reported same store period-end occupancy of 96.2% as of September 30, 2021, an increase of 450 basis points compared to September 30, 2020.
Acquired 76 wholly-owned self storage properties for $599.3 million during the third quarter of 2021. Consideration for these acquisitions included the issuance of $31.1 million of OP equity.
Completed an underwritten public offering of 10,120,000 common shares resulting in net proceeds of approximately $497.4 million.
Increased the total borrowing capacity under the Company's credit facility in September 2021 with the addition of a $125.0 million 5.5-year term loan tranche E.
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 approximately $40.0 million of net proceeds from the sale of 782,000 common shares under the Company's at the market (“ATM”) program.
Highlights Subsequent to Quarter-End
Acquired 39 wholly-owned self storage properties for approximately $325.7 million.
Tamara Fischer, President and Chief Executive Officer, commented, "Third quarter 2021 was an outstanding quarter for NSA with the investment of nearly $600 million in the acquisition of 76 self storage properties and the continuing outperformance of our same store portfolio which generated 24.3% NOI growth. We’re optimistic that the favorable tailwinds impacting the self storage industry will continue to drive healthy results for the remainder of the year and into 2022."

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Financial Results
($ in thousands, except per share and unit data)
Three Months Ended September 30,Nine Months Ended September 30,
20212020Growth20212020Growth
Net income$40,730 $21,411 90.2 %$104,040 $54,961 89.3 %
Funds From Operations ("FFO")(1)
$66,966 $43,440 54.2 %$177,476 $120,727 47.0 %
Add back acquisition costs
512 596 (14.1)%922 1,681 (45.2)%
Core FFO(1)
$67,478 $44,036 53.2 %$178,398 $122,408 45.7 %
Earnings (loss) per share - basic$0.31 $0.15 106.7 %$0.89 $0.32 178.1 %
Earnings (loss) per share - diluted
$0.26 $0.15 73.3 %$0.71 $0.32 121.9 %
FFO per share and unit(1)
$0.56 $0.43 30.2 %$1.60 $1.23 30.1 %
Core FFO per share and unit(1)
$0.57 $0.44 29.5 %$1.61 $1.25 28.8 %
(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 $19.3 million for the third quarter of 2021 and $49.1 million for the nine months ended September 30, 2021 ("year-to-date") as compared to the same periods in 2020. These increases resulted primarily from additional NOI generated from the 152 self storage properties acquired between October 1, 2020 and September 30, 2021 and same store NOI growth, partially offset by increases in depreciation and amortization.
The increases in FFO and Core FFO for the third quarter of 2021 and year-to-date were primarily the result of incremental NOI from properties acquired between October 1, 2020 and September 30, 2021 and same store NOI growth, partially offset by increases in subordinated performance unit distributions.
Same Store Operating Results (560 Stores)
($ in thousands, except per square foot data)
Three Months Ended September 30,Nine Months Ended September 30,
20212020Growth20212020Growth
Total revenues
$113,872 $96,140 18.4 %$322,771 $282,341 14.3 %
Property operating expenses
30,085 28,757 4.6 %87,777 85,094 3.2 %
Net Operating Income (NOI)
$83,787 $67,383 24.3 %$234,994 $197,247 19.1 %
NOI Margin73.6 %70.1 %3.5 %72.8 %69.9 %2.9 %
Average Occupancy
96.5 %90.7 %5.8 %94.7 %88.6 %6.1 %
Average Annualized Rental Revenue Per Occupied Square Foot
$13.40 $12.02 11.5 %$12.90 $12.09 6.7 %
Year-over-year same store total revenues increased 18.4% for the third quarter of 2021 and 14.3% year-to-date as compared to the same periods in 2020. The increase for the third quarter of 2021 was driven primarily by a 580 basis point increase in average occupancy and an 11.5% increase in average annualized rental revenue per occupied square foot. The year-to-date increase was driven primarily by a 610 basis point increase in average occupancy and a 6.7% 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: Oklahoma City, Dallas, Los Angeles and Tulsa.
Year-over-year same store property operating expenses increased 4.6% for the third quarter of 2021 and 3.2% 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 third quarter, NSA invested approximately $599.3 million in the acquisition of 76 self storage properties consisting of approximately 5.1 million rentable square feet configured in approximately 35,644 storage units. Total consideration for these acquisitions included approximately $562.1 million of net cash, the issuance of approximately $19.9 million of OP units and $11.2 million of subordinated performance units and the assumption of approximately $6.1 million of other liabilities.
Balance Sheet
During the third quarter, the Company received approximately $40.0 million of net proceeds from the sale of 782,000 common shares under the Company's at the market (“ATM”) program. Subsequent to quarter end, the Company received approximately $7.4 million of net proceeds from the sale of 125,000 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 November 2, 2021, the Company has approximately $300.6 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 the proceeds for self storage property acquisitions, general corporate purposes and to repay borrowings outstanding under its revolving line of credit.
On August 9, 2021, NSA entered into an amendment to its credit agreement with a syndicated group of lenders to reduce the applicable margins on its $175.0 million tranche D term loan from a range of LIBOR plus 1.50% to 2.20% to LIBOR plus 1.10% to 1.55%.
On September 21, 2021, NSA entered into an increase agreement and amendment with a syndicated group of lenders to increase the total borrowing capacity under the Company's credit facility by $125.0 million for a total credit facility of $1.4 billion, which included entry into a new $125.0 million 5.5-year term loan tranche E. NSA has an expansion option under the credit facility, which, if exercised in full, would provide for a total credit facility of $1.75 billion. The Company used the proceeds for self storage property acquisitions and for general corporate purposes.
Common Share Dividends
On August 25, 2021, NSA's Board of Trustees declared a quarterly cash dividend of $0.41 per common share, representing a 20.6% increase from the third quarter 2020. The third quarter 2021 dividend was paid on September 30, 2021 to shareholders of record as of September 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)
$2.19$2.22$2.11$2.14$1.71
Same store operations
Total revenue growth
14.0%15.0%11.75%12.75%1.7%
Property operating expenses growth
3.0%4.0%2.5%3.5%0.5%
NOI growth
18.0%20.0%15.0%17.0%2.2%
General and administrative expenses
General and administrative expenses (excluding equity-based compensation), in millions
$45.0$46.0$45.0$46.0$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$24.0$25.0$23.0
Core FFO from unconsolidated real estate ventures, in millions
$20.0$21.0$19.0$20.0$15.6
Subordinated performance unit distributions, in millions
$46.0$48.0$43.0$45.0$29.7
Acquisitions of self storage properties, in millions$1,500.0$2,000.0$1,100.0$1,300.0$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$0.98$1.07$0.94$1.03
Impact of the difference in weighted average number of shares and GAAP accounting for noncontrolling interests, two-class method and treasury stock method
0.160.060.150.06
Add real estate depreciation and amortization, including NSA's share of unconsolidated venture real estate depreciation and amortization
1.441.491.391.43
FFO attributable to subordinated unitholders
(0.40)(0.42)(0.38)(0.40)
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
$2.19$2.22$2.11$2.14
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 November 2, 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, November 3, 2021 to discuss its third 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, November 3, 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, November 10, 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 Nareit REITworld Virtual Conference, November 9 – 11, 2021.

About National Storage Affiliates Trust
National Storage Affiliates Trust is a real estate investment trust headquartered in Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self storage properties located within the top 100 metropolitan statistical areas throughout the United States. As of September 30, 2021, the Company held ownership interests in and operated 940 self storage properties located in 38 states and Puerto Rico with approximately 60.4 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 September 30,Nine Months Ended September 30,
2021202020212020
REVENUE
Rental revenue$139,420 $99,690 $379,857 $290,394 
Other property-related revenue5,141 3,883 14,107 10,672 
Management fees and other revenue6,282 5,901 18,117 17,047 
Total revenue150,843 109,474 412,081 318,113 
OPERATING EXPENSES
Property operating expenses39,465 31,546 110,723 92,395 
General and administrative expenses13,012 10,818 36,700 32,241 
Depreciation and amortization38,983 28,933 107,458 87,347 
Other994 479 1,701 1,330 
Total operating expenses92,454 71,776 256,582 213,313 
OTHER (EXPENSE) INCOME
Interest expense(18,144)(15,262)(52,275)(46,403)
Equity in earnings (losses) of unconsolidated real estate ventures
1,682 37 3,615 (251)
Acquisition costs(512)(596)(922)(1,681)
Non-operating expense(241)(120)(562)(629)
Other expense(17,215)(15,941)(50,144)(48,964)
Income before income taxes41,174 21,757 105,355 55,836 
Income tax expense(444)(346)(1,315)(875)
Net income40,730 21,411 104,040 54,961 
Net income attributable to noncontrolling interests
(10,506)(7,924)(24,260)(24,404)
Net income attributable to National Storage Affiliates Trust30,224 13,487 79,780 30,557 
Distributions to preferred shareholders
(3,276)(3,275)(9,827)(9,822)
Net income attributable to common shareholders
$26,948 $10,212 $69,953 $20,735 
Earnings (loss) per share - basic$0.31 $0.15 $0.89 $0.32 
Earnings (loss) per share - diluted$0.26 $0.15 $0.71 $0.32 
Weighted average shares outstanding - basic
86,257 68,887 78,307 65,643 
Weighted average shares outstanding - diluted
140,025 68,887 130,983 65,643 

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National Storage Affiliates Trust
Consolidated Balance Sheets
(dollars in thousands, except per share amounts)
(unaudited)
September 30,December 31,
20212020
ASSETS
Real estate
Self storage properties$4,670,821 $3,639,192 
Less accumulated depreciation(537,772)(443,623)
Self storage properties, net4,133,049 3,195,569 
Cash and cash equivalents69,246 18,723 
Restricted cash4,357 2,978 
Debt issuance costs, net1,896 2,496 
Investment in unconsolidated real estate ventures192,015 202,533 
Other assets, net98,227 68,149 
Operating lease right-of-use assets22,444 23,129 
Total assets$4,521,234 $3,513,577 
LIABILITIES AND EQUITY
Liabilities
Debt financing$2,128,485 $1,916,971 
Accounts payable and accrued liabilities62,562 47,043 
Interest rate swap liabilities48,153 77,918 
Operating lease liabilities24,181 24,756 
Deferred revenue20,189 16,414 
Total liabilities2,283,570 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 September 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, 88,945,849 and 71,293,117 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
889 713 
Additional paid-in capital1,692,481 1,050,714 
Distributions in excess of earnings(272,636)(251,704)
Accumulated other comprehensive loss(30,303)(49,084)
Total shareholders' equity1,608,849 968,957 
Noncontrolling interests628,815 461,518 
Total equity2,237,664 1,430,475 
Total liabilities and equity$4,521,234 $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 September 30,Nine Months Ended September 30,
2021202020212020
Net income$40,730 $21,411 $104,040 $54,961 
Add (subtract):
Real estate depreciation and amortization38,636 28,564 106,404 86,283 
Company's share of unconsolidated real estate venture real estate depreciation and amortization
3,842 3,830 11,563 11,428 
Mark-to-market changes in value on equity securities
— — — 142 
Distributions to preferred shareholders and unitholders
(3,517)(3,513)(10,551)(10,541)
FFO attributable to subordinated performance unitholders(1)
(12,725)(6,852)(33,980)(21,546)
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders
66,966 43,440 177,476 120,727 
Add:
Acquisition costs512 596 922 1,681 
Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders
$67,478 $44,036 $178,398 $122,408 
Weighted average shares and units outstanding - FFO and Core FFO:(2)
Weighted average shares outstanding - basic86,257 68,887 78,307 65,643 
Weighted average restricted common shares outstanding39 32 32 30 
Weighted average effect of forward offering agreement(3)
— — 133 — 
Weighted average OP units outstanding
30,103 29,559 29,940 29,994 
Weighted average DownREIT OP unit equivalents outstanding
1,925 1,925 1,925 1,900 
Weighted average LTIP units outstanding
525 513 549 555 
Total weighted average shares and units outstanding - FFO and Core FFO
118,849 100,916 110,886 98,122 
FFO per share and unit$0.56 $0.43 $1.60 $1.23 
Core FFO per share and unit$0.57 $0.44 $1.61 $1.25 
(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 September 30,Nine Months Ended September 30,
2021202020212020
Earnings (loss) per share - diluted$0.26 $0.15 $0.71 $0.32 
Impact of the difference in weighted average number of shares(4)
0.05 (0.05)0.14 (0.10)
Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method(5)
— 0.08 — 0.23 
Add real estate depreciation and amortization0.33 0.28 0.96 0.88 
Add Company's share of unconsolidated real estate venture real estate depreciation and amortization
0.03 0.04 0.10 0.12 
FFO attributable to subordinated performance unitholders
(0.11)(0.07)(0.31)(0.22)
FFO per share and unit
0.56 0.43 1.60 1.23 
Add acquisition costs
0.01 0.01 0.01 0.02 
Core FFO per share and unit
$0.57 $0.44 $1.61 $1.25 
(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 September 30,Nine Months Ended September 30,
2021202020212020
Net income$40,730 $21,411 $104,040 $54,961 
(Subtract) add:
Management fees and other revenue(6,282)(5,901)(18,117)(17,047)
General and administrative expenses13,012 10,818 36,700 32,241 
Other994 479 1,701 1,330 
Depreciation and amortization38,983 28,933 107,458 87,347 
Interest expense18,144 15,262 52,275 46,403 
Equity in (earnings) losses of unconsolidated real estate ventures
(1,682)(37)(3,615)251 
Acquisition costs512 596 922 1,681 
Income tax expense444 346 1,315 875 
Non-operating expense241 120 562 629 
Net Operating Income
$105,096 $72,027 $283,241 $208,671 
EBITDA and Adjusted EBITDA
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Net income$40,730 $21,411 $104,040 $54,961 
Add:
Depreciation and amortization38,983 28,933 107,458 87,347 
Company's share of unconsolidated real estate venture depreciation and amortization
3,842 3,830 11,563 11,428 
Interest expense18,144 15,262 52,275 46,403 
Income tax expense444 346 1,315 875 
EBITDA
102,143 69,782 276,651 201,014 
Add (subtract):
Acquisition costs512 596 922 1,681 
Equity-based compensation expense1,454 1,183 4,088 3,108 
Adjusted EBITDA
$104,109 $71,561 $281,661 $205,803 

11

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Supplemental Schedule 3
Portfolio Summary
As of September 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
Texas152 66,055 9,599,256 93.2 %Texas156 68,380 9,876,545 93.3 %
California85 50,514 6,341,771 97.6 %California97 57,157 7,121,305 97.5 %
Oregon65 26,241 3,331,206 94.1 %Florida80 47,697 5,263,824 96.0 %
Georgia57 25,754 3,509,392 96.2 %Georgia68 31,887 4,381,625 96.3 %
Florida53 32,605 3,550,983 95.5 %Oregon65 26,241 3,331,206 94.1 %
North Carolina38 17,959 2,245,110 97.5 %Oklahoma39 17,610 2,448,787 95.7 %
Arizona33 17,885 2,062,035 96.0 %North Carolina38 17,959 2,245,110 97.5 %
Oklahoma33 15,289 2,142,072 95.7 %Arizona35 18,886 2,172,290 96.0 %
Louisiana30 13,603 1,691,842 93.0 %Louisiana30 13,603 1,691,842 93.0 %
Indiana20 10,618 1,409,755 94.6 %Ohio26 14,340 1,786,303 93.9 %
Kansas19 6,966 956,754 91.9 %Michigan24 15,605 1,979,023 96.3 %
Colorado19 8,166 1,025,214 93.8 %Alabama22 9,573 1,365,380 88.8 %
Washington18 6,167 819,070 92.0 %New Jersey20 13,261 1,580,140 96.3 %
Puerto Rico14 12,379 1,336,931 96.5 %Indiana20 10,618 1,409,755 94.6 %
Nevada14 7,029 887,973 95.5 %Kansas19 6,966 956,754 91.9 %
New Hampshire13 5,755 715,491 94.3 %Colorado19 8,166 1,025,214 93.8 %
Ohio12 4,960 661,906 94.3 %Nevada18 8,646 1,140,436 95.7 %
Pennsylvania12 6,126 725,041 95.2 %Washington18 6,167 819,070 92.0 %
Missouri10 4,452 579,664 88.2 %Pennsylvania15 7,760 885,811 95.4 %
Other(1)
66 31,589 4,053,142 90.5 %Puerto Rico14 12,379 1,336,931 96.5 %
Total
763 370,112 47,644,608 94.6 %Massachusetts13 8,197 942,449 93.2 %
New Hampshire13 5,755 715,491 94.3 %
Illinois12 7,370 865,960 92.1 %
Tennessee11 6,796 892,357 93.3 %
Missouri10 4,452 579,664 88.2 %
Minnesota10 5,203 663,325 90.7 %
Other(2)
48 23,272 2,877,084 93.2 %
Total940 473,946 60,353,681 94.8 %
(1) Other states in NSA's owned portfolio as of September 30, 2021 include Alabama, Arkansas, Connecticut, Idaho, Illinois, Kentucky, Maryland, Massachusetts, Minnesota, Mississippi, New Jersey, New Mexico, New York, South Carolina, Tennessee, Virginia and Wisconsin.
(2) Other states in NSA's operated portfolio as of September 30, 2021 include Arkansas, Connecticut, Delaware, Idaho, Kentucky, Maryland, Mississippi, New Mexico, New York, Rhode Island, South Carolina, Virginia and Wisconsin.
12

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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 
September 30, 20217635,6445,090,569 562,105 31,074 6,098 599,277 
Total Acquisitions(3)
11960,6938,302,817 $947,613 $78,073 $8,947 $1,034,633 

























(3) NSA acquired self storage properties located in Alabama (7), Arkansas (1), Arizona (1), California (2), Colorado (3), Florida (4), Georgia (11), Illinois (4), Indiana (4), Kansas (1), Kentucky (2), Louisiana (4), Maryland (3), Massachusetts (1), Minnesota (1), Mississippi (1), North Carolina (4), New Hampshire (2), New Jersey (1), Nevada (1), Ohio (4), Oregon (2), Pennsylvania (4), Puerto Rico (8), Tennessee (1), Texas (37), Virginia (2), Washington (2) and Wisconsin (1).
13

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Supplemental Schedule 4
Debt and Equity CapitalizationBBB Rated
As of September 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
1.38%
Variable(2)
January 2024$— $— $— $— $— $— $— $— $— 
Term loan - Tranche A
3.74%Swapped To FixedJanuary 2023— — 125,000 — — — — — 125,000 
Term loan - Tranche B
2.91%Swapped To FixedJuly 2024— — — 250,000 — — — — 250,000 
Term loan - Tranche C
2.91%Swapped To FixedJanuary 2025— — — — 225,000 — — — 225,000 
Term loan - Tranche D
3.12%Swapped To FixedJuly 2026— — — — — 175,000 — — 175,000 
Term loan - Tranche E
1.28%VariableMarch 2027— — — — — — 125,000 — 125,000 
Term loan facility - 20232.83%Swapped To FixedJune 2023— — 175,000 — — — — — 175,000 
Term loan facility - 20284.62%Swapped To FixedDecember 2028— — — — — — — 75,000 75,000 
Term loan facility - 20294.27%Swapped To FixedApril 2029— — — — — — — 100,000 100,000 
2026 Senior Unsecured Notes2.16%FixedMay 2026— — — — — 35,000 — — 35,000 
2029 Senior Unsecured Notes3.98%FixedAugust 2029— — — — — — — 100,000 100,000 
2030 Senior Unsecured Notes2.99%FixedAugust 2030— — — — — — — 150,000 150,000 
May 2031 Senior Unsecured Notes3.00%FixedMay 2031— — — — — — — 90,000 90,000 
August 2031 Senior Unsecured Notes4.08%FixedAugust 2031— — — — — — — 50,000 50,000 
2032 Senior Unsecured Notes3.09%FixedAugust 2032— — — — — — — 100,000 100,000 
2033 Senior Unsecured Notes3.10%FixedMay 2033— — — — — — — 55,000 55,000 
Fixed rate mortgages payable3.83%FixedApril 2023 - October 2031— — 77,832 20,133 — — 84,900 122,140 305,005 
Total Principal/Weighted Average
3.22%5.5 years$ $ $377,832 $270,133 $225,000 $210,000 $209,900 $842,140 $2,135,005 
Unamortized debt issuance costs and debt premium, net
(6,520)
Total Debt
$2,128,485 
(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 September 30, 2021
(unaudited)
Debt Ratios
Covenant
Amount
Net Debt to Annualized Current Quarter Adjusted EBITDAn/a4.9x
Trailing Twelve Month Fixed Charge Coverage Ratio
> 1.5x3.8x
Total Leverage Ratio< 60.0%35.9%
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 interest88,908,464 88,908,464 
Restricted common shares37,385 37,385 
Total shares outstanding
88,945,849 88,945,849 
Operating partnership units30,091,926 30,091,926 
DownREIT operating partnership unit equivalents
1,924,918 1,924,918 
Total operating partnership units
32,016,844 32,016,844 
Long-term incentive plan units(3)
525,468 525,468 
Total shares and Class A equivalents outstanding
121,488,161 121,488,161 
Subordinated performance units(4)
9,693,940 14,637,849 
DownREIT subordinated performance unit equivalents(4)
4,337,111 6,549,038 
Total subordinated partnership units
14,031,051 21,186,887 
Total common shares and units outstanding
135,519,212 142,675,048 


(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 1.51 OP units based on historical financial information for the trailing twelve months ended September 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.
15

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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)
September 30, 2021December 31, 2020
ASSETS
Self storage properties, net$1,755,082 $1,799,522 
Other assets27,805 24,397 
Total assets$1,782,887 $1,823,919 
LIABILITIES AND EQUITY
Debt financing$1,001,148 $1,000,464 
Other liabilities22,145 21,612 
Equity759,594 801,843 
Total liabilities and equity$1,782,887 $1,823,919 
Combined Operating Information
Three Months Ended September 30, 2021Nine Months Ended September 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$49,234 $12,309 $139,015 $34,754 
Property operating expenses13,470 3,368 37,781 9,445 
Net operating income35,764 8,941 101,234 25,309 
Supervisory, administrative and other expenses
(3,210)(803)(9,106)(2,277)
Depreciation and amortization(15,368)(3,842)(46,250)(11,563)
Interest expense(10,420)(2,605)(31,240)(7,810)
Acquisition and other expenses(92)(23)(349)(87)
Net income$6,674 $1,668 $14,289 $3,572 
Add (subtract):
Equity in earnings adjustments related to amortization of basis differences
14 43 
Company's share of unconsolidated real estate venture real estate depreciation and amortization
3,842 11,563 
Company's share of FFO and Core FFO from unconsolidated real estate ventures
$5,524 $15,178 










(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 September 30, 2021 compared to Three Months Ended September 30, 2020
Total RevenueProperty Operating ExpensesNet Operating IncomeNet Operating Income Margin
StateStores3Q 20213Q 2020Growth3Q 20213Q 2020Growth3Q 20213Q 2020Growth3Q 20213Q 2020Growth
California81 $22,811 $19,424 17.4 %$5,474 $5,308 3.1 %$17,337 $14,116 22.8 %76.0 %72.7 %3.3 %
Texas69 11,476 9,692 18.4 %3,691 3,484 5.9 %7,785 6,208 25.4 %67.8 %64.1 %3.7 %
Oregon61 12,582 10,106 24.5 %2,695 2,657 1.4 %9,887 7,449 32.7 %78.6 %73.7 %4.9 %
Florida45 11,978 9,856 21.5 %3,126 3,033 3.1 %8,852 6,823 29.7 %73.9 %69.2 %4.7 %
Georgia44 7,171 6,063 18.3 %2,045 1,880 8.8 %5,126 4,183 22.5 %71.5 %69.0 %2.5 %
North Carolina33 5,826 5,058 15.2 %1,557 1,426 9.2 %4,269 3,632 17.5 %73.3 %71.8 %1.5 %
Arizona31 6,906 5,744 20.2 %1,697 1,679 1.1 %5,209 4,065 28.1 %75.4 %70.8 %4.6 %
Oklahoma30 4,320 3,823 13.0 %1,208 1,161 4.0 %3,112 2,662 16.9 %72.0 %69.6 %2.4 %
Louisiana26 4,214 3,678 14.6 %1,273 1,251 1.8 %2,941 2,427 21.2 %69.8 %66.0 %3.8 %
Indiana16 3,028 2,614 15.8 %847 795 6.5 %2,181 1,819 19.9 %72.0 %69.6 %2.4 %
Kansas16 2,536 2,265 12.0 %849 791 7.3 %1,687 1,474 14.5 %66.5 %65.1 %1.4 %
Washington14 2,161 1,838 17.6 %553 536 3.2 %1,608 1,302 23.5 %74.4 %70.8 %3.6 %
Nevada13 2,856 2,344 21.8 %644 645 (0.2)%2,212 1,699 30.2 %77.5 %72.5 %5.0 %
Colorado11 2,003 1,785 12.2 %644 576 11.8 %1,359 1,209 12.4 %67.8 %67.7 %0.1 %
New Hampshire10 2,039 1,739 17.3 %523 520 0.6 %1,516 1,219 24.4 %74.4 %70.1 %4.3 %
Other(1)
60 11,965 10,111 18.3 %3,259 3,015 8.1 %8,706 7,096 22.7 %72.8 %70.2 %2.6 %
Total/Weighted Average560 $113,872 $96,140 18.4 %$30,085 $28,757 4.6 %$83,787 $67,383 24.3 %73.6 %70.1 %3.5 %
2020 Same Store Pool(2)
496 $100,857 $85,439 18.0 %$26,563 $25,427 4.5 %$74,294 $60,012 23.8 %73.7 %70.2 %3.5 %
2019 Same Store Pool(3)
434 $88,093 $74,444 18.3 %$23,116 $22,164 4.3 %$64,977 $52,280 24.3 %73.8 %70.2 %3.6 %






(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.

17

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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 September 30, 2021 compared to Three Months Ended September 30, 2020
Rentable Square FeetOccupancy at Period EndAverage OccupancyAverage Annualized Rental Revenue per Occupied Square Foot
StateUnits3Q 20213Q 2020Growth3Q 20213Q 2020Growth3Q 20213Q 2020Growth
California48,291 6,072,853 97.7 %94.8 %2.9 %97.9 %93.2 %4.7 %$14.66 $13.08 12.1 %
Texas28,423 4,086,773 95.4 %90.4 %5.0 %96.2 %89.8 %6.4 %11.34 10.27 10.4 %
Oregon24,498 3,105,203 94.1 %90.7 %3.4 %94.8 %88.7 %6.1 %16.69 14.31 16.6 %
Florida26,764 2,951,093 96.3 %90.8 %5.5 %96.7 %89.2 %7.5 %16.14 14.47 11.5 %
Georgia19,015 2,548,089 98.0 %89.8 %8.2 %97.9 %89.2 %8.7 %11.16 10.32 8.1 %
North Carolina15,355 1,885,404 98.1 %93.9 %4.2 %98.4 %93.7 %4.7 %12.13 11.01 10.2 %
Arizona16,920 1,928,365 95.9 %91.2 %4.7 %96.1 %90.0 %6.1 %14.49 12.86 12.7 %
Oklahoma13,764 1,899,062 95.9 %92.1 %3.8 %96.5 %92.0 %4.5 %9.18 8.47 8.4 %
Louisiana12,318 1,535,582 95.6 %85.8 %9.8 %93.4 %85.5 %7.9 %11.45 10.93 4.8 %
Indiana8,742 1,133,893 97.0 %93.9 %3.1 %97.3 %93.7 %3.6 %10.71 9.57 11.9 %
Kansas5,674 752,368 95.2 %90.8 %4.4 %96.2 %91.9 %4.3 %13.22 12.12 9.1 %
Washington4,494 578,723 91.9 %89.2 %2.7 %92.2 %87.0 %5.2 %15.87 14.33 10.7 %
Nevada6,722 842,867 96.1 %92.9 %3.2 %97.0 %92.7 %4.3 %13.35 11.37 17.4 %
Colorado5,035 613,951 93.1 %93.1 %— 95.4 %92.5 %2.9 %13.41 12.25 9.5 %
New Hampshire4,452 542,116 94.4 %95.8 %(1.4)%95.9 %94.9 %1.0 %15.20 13.11 15.9 %
Other(1)
28,359 3,526,350 95.8 %91.0 %4.8 %96.3 %90.2 %6.1 %13.55 12.29 10.3 %
Total/Weighted Average268,826 34,002,692 96.2 %91.7 %4.5 %96.5 %90.7 %5.8 %$13.40 $12.02 11.5 %
2020 Same Store Pool(2)
238,593 30,109,871 96.1 %92.0 %4.1 %96.6 %91.1 %5.5 %$13.40 $12.01 11.6 %
2019 Same Store Pool(3)
208,468 26,684,513 96.2 %92.1 %4.1 %96.6 %91.1 %5.5 %$13.20 $11.80 11.9 %





(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)
Nine Months Ended September 30, 2021 compared to Nine Months Ended September 30, 2020
Total RevenueProperty Operating ExpensesNet Operating IncomeNet Operating Income Margin
StateStoresYTD 2021YTD 2020GrowthYTD 2021YTD 2020GrowthYTD 2021YTD 2020GrowthYTD 2021YTD 2020Growth
California81 $65,288 $57,509 13.5 %$16,202 $15,880 2.0 %$49,086 $41,629 17.9 %75.2 %72.4 %2.8 %
Texas69 32,286 28,433 13.6 %10,696 10,214 4.7 %21,590 18,219 18.5 %66.9 %64.1 %2.8 %
Oregon61 35,199 29,282 20.2 %7,869 7,805 0.8 %27,330 21,477 27.3 %77.6 %73.3 %4.3 %
Florida45 33,927 29,095 16.6 %9,238 8,943 3.3 %24,689 20,152 22.5 %72.8 %69.3 %3.5 %
Georgia44 20,146 18,044 11.6 %5,920 5,668 4.4 %14,226 12,376 14.9 %70.6 %68.6 %2.0 %
North Carolina33 16,617 14,963 11.1 %4,379 4,251 3.0 %12,238 10,712 14.2 %73.6 %71.6 %2.0 %
Arizona31 19,626 16,829 16.6 %5,013 4,862 3.1 %14,613 11,967 22.1 %74.5 %71.1 %3.4 %
Oklahoma30 12,373 11,244 10.0 %3,477 3,436 1.2 %8,896 7,808 13.9 %71.9 %69.4 %2.5 %
Louisiana26 11,995 10,886 10.2 %3,742 3,564 5.0 %8,253 7,322 12.7 %68.8 %67.3 %1.5 %
Indiana16 8,620 7,683 12.2 %2,492 2,439 2.2 %6,128 5,244 16.9 %71.1 %68.3 %2.8 %
Kansas16 7,170 6,566 9.2 %2,478 2,355 5.2 %4,692 4,211 11.4 %65.4 %64.1 %1.3 %
Washington14 6,137 5,382 14.0 %1,587 1,597 (0.6)%4,550 3,785 20.2 %74.1 %70.3 %3.8 %
Nevada13 8,074 6,898 17.0 %1,905 1,898 0.4 %6,169 5,000 23.4 %76.4 %72.5 %3.9 %
Colorado11 5,730 5,190 10.4 %1,818 1,697 7.1 %3,912 3,493 12.0 %68.3 %67.3 %1.0 %
New Hampshire10 5,801 4,996 16.1 %1,656 1,595 3.8 %4,145 3,401 21.9 %71.5 %68.1 %3.4 %
Other(1)
60 33,782 29,341 15.1 %9,305 8,890 4.7 %24,477 20,451 19.7 %72.5 %69.7 %2.8 %
Total/Weighted Average560 $322,771 $282,341 14.3 %$87,777 $85,094 3.2 %$234,994 $197,247 19.1 %72.8 %69.9 %2.9 %
2020 Same Store Pool(2)
496 $286,319 $251,396 13.9 %$77,441 $75,317 2.8 %$208,878 $176,079 18.6 %73.0 %70.0 %3.0 %
2019 Same Store Pool(3)
434 $250,027 $219,413 14.0 %$67,706 $65,775 2.9 %$182,321 $153,638 18.7 %72.9 %70.0 %2.9 %





(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.

19

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Supplemental Schedule 6 (continued)
Same Store Performance Summary By State
(dollars in thousands, except per square foot data) (unaudited)
Nine Months Ended September 30, 2021 compared to Nine Months Ended September 30, 2020
Rentable Square FeetOccupancy at Period EndAverage OccupancyAverage Annualized Rental Revenue per Occupied Square Foot
StateUnitsYTD 2021YTD 2020GrowthYTD 2021YTD 2020GrowthYTD 2021YTD 2020Growth
California48,291 6,072,853 97.7 %94.8 %2.9 %97.1 %90.7 %6.4 %$14.08 $13.29 5.9 %
Texas28,423 4,086,773 95.4 %90.4 %5.0 %94.2 %88.0 %6.2 %10.86 10.27 5.7 %
Oregon24,498 3,105,203 94.1 %90.7 %3.4 %92.5 %84.3 %8.2 %15.98 14.58 9.6 %
Florida26,764 2,951,093 96.3 %90.8 %5.5 %94.9 %87.5 %7.4 %15.53 14.57 6.6 %
Georgia19,015 2,548,089 98.0 %89.8 %8.2 %95.2 %88.1 %7.1 %10.72 10.39 3.2 %
North Carolina15,355 1,885,404 98.1 %93.9 %4.2 %96.8 %91.9 %4.9 %11.70 11.08 5.6 %
Arizona16,920 1,928,365 95.9 %91.2 %4.7 %94.4 %88.7 %5.7 %13.96 12.77 9.3 %
Oklahoma13,764 1,899,062 95.9 %92.1 %3.8 %94.8 %89.8 %5.0 %8.91 8.50 4.8 %
Louisiana12,318 1,535,582 95.6 %85.8 %9.8 %90.0 %84.5 %5.5 %11.27 10.91 3.3 %
Indiana8,742 1,133,893 97.0 %93.9 %3.1 %95.9 %91.3 %4.6 %10.30 9.63 7.0 %
Kansas5,674 752,368 95.2 %90.8 %4.4 %93.5 %89.9 %3.6 %12.72 11.96 6.4 %
Washington4,494 578,723 91.9 %89.2 %2.7 %90.4 %83.0 %7.4 %15.31 14.69 4.2 %
Nevada6,722 842,867 96.1 %92.9 %3.2 %95.7 %91.2 %4.5 %12.69 11.36 11.7 %
Colorado5,035 613,951 93.1 %93.1 %— 94.4 %88.3 %6.1 %12.90 12.44 3.7 %
New Hampshire4,452 542,116 94.4 %95.8 %(1.4)%95.0 %92.3 %2.7 %14.59 13.00 12.2 %
Other(1)
28,359 3,526,350 95.8 %91.0 %4.8 %94.2 %88.3 %5.9 %13.09 12.18 7.5 %
Total/Weighted Average268,826 34,002,692 96.2 %91.7 %4.5 %94.7 %88.6 %6.1 %$12.90 $12.09 6.7 %
2020 Same Store Pool(2)
238,593 30,109,871 96.1 %92.0 %4.1 %94.8 %88.8 %6.0 %$12.90 $12.10 6.6 %
2019 Same Store Pool(3)
208,468 26,684,513 96.2 %92.1 %4.1 %94.9 %88.9 %6.0 %$12.70 $11.91 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.


20

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Supplemental Schedule 7
Same Store Performance Summary By MSA(1)
(dollars in thousands, except per square foot data) (unaudited)
Three Months Ended September 30, 2021 compared to Three Months Ended September 30, 2020
Total RevenueProperty Operating ExpensesNet Operating IncomeNet Operating Income Margin
MSA(1)
Stores3Q 20213Q 2020Growth3Q 20213Q 2020Growth3Q 20213Q 2020Growth3Q 20213Q 2020Growth
Portland-Vancouver-Hillsboro, OR-WA47 $9,456 $7,823 20.9 %$2,102 $2,042 2.9 %$7,354 $5,781 27.2 %77.8 %73.9 %3.9 %
Riverside-San Bernardino-Ontario, CA46 11,367 9,617 18.2 %2,524 2,388 5.7 %8,843 7,229 22.3 %77.8 %75.2 %2.6 %
Atlanta-Sandy Springs-Roswell, GA30 5,198 4,356 19.3 %1,472 1,299 13.3 %3,726 3,057 21.9 %71.7 %70.2 %1.5 %
Phoenix-Mesa-Scottsdale, AZ24 5,556 4,667 19.0 %1,362 1,371 (0.7)%4,194 3,296 27.2 %75.5 %70.6 %4.9 %
Oklahoma City, OK17 2,434 2,140 13.7 %708 674 5.0 %1,726 1,466 17.7 %70.9 %68.5 %2.4 %
Dallas-Fort Worth-Arlington, TX16 2,253 1,976 14.0 %853 772 10.5 %1,400 1,204 16.3 %62.1 %60.9 %1.2 %
Indianapolis-Carmel-Anderson, IN16 3,028 2,614 15.8 %847 795 6.5 %2,181 1,819 19.9 %72.0 %69.6 %2.4 %
Los Angeles-Long Beach-Anaheim, CA14 5,647 4,868 16.0 %1,377 1,375 0.1 %4,270 3,493 22.2 %75.6 %71.8 %3.8 %
North Port-Sarasota-Bradenton, FL13 3,830 3,054 25.4 %956 933 2.5 %2,874 2,121 35.5 %75.0 %69.4 %5.6 %
New Orleans-Metairie, LA13 2,360 2,001 17.9 %653 663 (1.5)%1,707 1,338 27.6 %72.3 %66.9 %5.4 %
Tulsa, OK13 1,886 1,683 12.1 %499 486 2.7 %1,387 1,197 15.9 %73.5 %71.1 %2.4 %
Las Vegas-Henderson-Paradise, NV12 2,725 2,231 22.1 %610 609 0.2 %2,115 1,622 30.4 %77.6 %72.7 %4.9 %
Houston-The Woodlands-Sugar Land, TX11 2,049 1,721 19.1 %728 631 15.4 %1,321 1,090 21.2 %64.5 %63.3 %1.2 %
Kansas City, MO-KS11 1,918 1,702 12.7 %655 615 6.5 %1,263 1,087 16.2 %65.8 %63.9 %1.9 %
Other MSAs277 54,165 45,687 18.6 %14,739 14,104 4.5 %39,426 31,583 24.8 %72.8 %69.1 %3.7 %
Total/Weighted Average560 $113,872 $96,140 18.4 %$30,085 $28,757 4.6 %$83,787 $67,383 24.3 %73.6 %70.1 %3.5 %
2020 Same Store Pool(2)
496 $100,857 $85,439 18.0 %$26,563 $25,427 4.5 %$74,294 $60,012 23.8 %73.7 %70.2 %3.5 %
2019 Same Store Pool(3)
434 $88,093 $74,444 18.3 %$23,116 $22,164 4.3 %$64,977 $52,280 24.3 %73.8 %70.2 %3.6 %








(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.
21

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Supplemental Schedule 7 (continued)
Same Store Performance Summary By MSA(1)
(dollars in thousands, except per square foot data) (unaudited)
Three Months Ended September 30, 2021 compared to Three Months Ended September 30, 2020
Rentable Square FeetOccupancy at Period EndAverage OccupancyAverage Annualized Rental Revenue per Occupied Square Foot
MSA(1)
Units3Q 20213Q 2020Growth3Q 20213Q 2020Growth3Q 20213Q 2020Growth
Portland-Vancouver-Hillsboro, OR-WA18,208 2,226,969 92.8 %89.4 %3.4 %93.0 %87.5 %5.5 %$17.91 $15.74 13.8 %
Riverside-San Bernardino-Ontario, CA24,550 3,295,367 98.4 %96.2 %2.2 %98.4 %94.6 %3.8 %13.33 11.70 13.9 %
Atlanta-Sandy Springs-Roswell, GA13,432 1,823,582 98.2 %89.9 %8.3 %98.0 %89.1 %8.9 %11.28 10.36 8.9 %
Phoenix-Mesa-Scottsdale, AZ13,805 1,563,175 95.6 %90.3 %5.3 %95.6 %88.9 %6.7 %14.43 13.00 11.0 %
Oklahoma City, OK7,647 1,084,042 97.3 %94.1 %3.2 %97.8 %94.0 %3.8 %8.95 8.12 10.2 %
Dallas-Fort Worth-Arlington, TX5,802 786,592 93.0 %89.0 %4.0 %94.7 %88.8 %5.9 %11.88 11.23 5.8 %
Indianapolis-Carmel-Anderson, IN8,742 1,133,893 97.0 %93.9 %3.1 %97.3 %93.7 %3.6 %10.71 9.57 11.9 %
Los Angeles-Long Beach-Anaheim, CA9,750 1,063,400 95.7 %90.9 %4.8 %96.4 %89.2 %7.2 %21.04 19.58 7.5 %
North Port-Sarasota-Bradenton, FL8,517 838,102 97.1 %89.1 %8.0 %97.3 %87.5 %9.8 %18.00 15.95 12.9 %
New Orleans-Metairie, LA6,533 757,548 96.5 %84.3 %12.2 %93.2 %83.3 %9.9 %12.97 12.31 5.4 %
Tulsa, OK6,117 815,020 94.0 %89.4 %4.6 %94.7 %89.3 %5.4 %9.49 8.96 5.9 %
Las Vegas-Henderson-Paradise, NV6,542 804,541 96.2 %92.8 %3.4 %97.0 %92.6 %4.4 %13.32 11.32 17.7 %
Houston-The Woodlands-Sugar Land, TX4,621 738,906 95.3 %90.7 %4.6 %95.9 %89.2 %6.7 %11.03 9.92 11.2 %
Kansas City, MO-KS4,002 540,049 95.5 %92.2 %3.3 %96.5 %93.5 %3.0 %13.85 12.33 12.3 %
Other MSAs130,558 16,531,506 96.1 %91.9 %4.2 %96.7 %91.0 %5.7 %13.10 11.76 11.4 %
Total/Weighted Average268,826 34,002,692 96.2 %91.7 %4.5 %96.5 %90.7 %5.8 %$13.40 $12.02 11.5 %
2020 Same Store Pool(2)
238,593 30,109,871 96.1 %92.0 %4.1 %96.6 %91.1 %5.5 %$13.40 $12.01 11.6 %
2019 Same Store Pool(3)
208,468 26,684,513 96.2 %92.1 %4.1 %96.6 %91.1 %5.5 %$13.20 $11.80 11.9 %







(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.

22

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Supplemental Schedule 7
Same Store Performance Summary By MSA(1)
(dollars in thousands, except per square foot data) (unaudited)
Nine Months Ended September 30, 2021 compared to Nine Months Ended September 30, 2020
Total RevenueProperty Operating ExpensesNet Operating IncomeNet Operating Income Margin
MSA(1)
StoresYTD 2021YTD 2020GrowthYTD 2021YTD 2020GrowthYTD 2021YTD 2020GrowthYTD 2021YTD 2020Growth
Portland-Vancouver-Hillsboro, OR-WA47 $26,687 $22,903 16.5 %$6,095 $6,077 0.3 %$20,592 $16,826 22.4 %77.2 %73.5 %3.7 %
Riverside-San Bernardino-Ontario, CA46 32,584 28,517 14.3 %7,363 7,179 2.6 %25,221 21,338 18.2 %77.4 %74.8 %2.6 %
Atlanta-Sandy Springs-Roswell, GA30 14,566 12,984 12.2 %4,224 3,993 5.8 %10,342 8,991 15.0 %71.0 %69.2 %1.8 %
Phoenix-Mesa-Scottsdale, AZ24 15,879 13,774 15.3 %4,036 3,946 2.3 %11,843 9,828 20.5 %74.6 %71.4 %3.2 %
Oklahoma City, OK17 6,947 6,242 11.3 %2,027 1,986 2.1 %4,920 4,256 15.6 %70.8 %68.2 %2.6 %
Dallas-Fort Worth-Arlington, TX16 6,413 5,895 8.8 %2,465 2,353 4.8 %3,948 3,542 11.5 %61.6 %60.1 %1.5 %
Indianapolis-Carmel-Anderson, IN16 8,620 7,683 12.2 %2,492 2,439 2.2 %6,128 5,244 16.9 %71.1 %68.3 %2.8 %
Los Angeles-Long Beach-Anaheim, CA14 16,230 14,535 11.7 %4,064 4,061 0.1 %12,166 10,474 16.2 %75.0 %72.1 %2.9 %
North Port-Sarasota-Bradenton, FL13 10,819 9,048 19.6 %2,850 2,725 4.6 %7,969 6,323 26.0 %73.7 %69.9 %3.8 %
New Orleans-Metairie, LA13 6,658 5,870 13.4 %1,888 1,841 2.6 %4,770 4,029 18.4 %71.6 %68.6 %3.0 %
Tulsa, OK13 5,426 5,002 8.5 %1,449 1,450 (0.1)%3,977 3,552 12.0 %73.3 %71.0 %2.3 %
Las Vegas-Henderson-Paradise, NV12 7,693 6,573 17.0 %1,804 1,799 0.3 %5,889 4,774 23.4 %76.6 %72.6 %4.0 %
Houston-The Woodlands-Sugar Land, TX11 5,779 4,999 15.6 %2,086 1,911 9.2 %3,693 3,088 19.6 %63.9 %61.8 %2.1 %
Kansas City, MO-KS11 5,434 4,847 12.1 %1,915 1,840 4.1 %3,519 3,007 17.0 %64.8 %62.0 %2.8 %
Other MSAs277 153,036 133,469 14.7 %43,019 41,494 3.7 %110,017 91,975 19.6 %71.9 %68.9 %3.0 %
Total/Weighted Average560 $322,771 $282,341 14.3 %$87,777 $85,094 3.2 %$234,994 $197,247 19.1 %72.8 %69.9 %2.9 %
2020 Same Store Pool(2)
496 $286,319 $251,396 13.9 %$77,441 $75,317 2.8 %$208,878 $176,079 18.6 %73.0 %70.0 %3.0 %
2019 Same Store Pool(3)
434 $250,027 $219,413 14.0 %$67,706 $65,775 2.9 %$182,321 $153,638 18.7 %72.9 %70.0 %2.9 %







(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.
23

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Supplemental Schedule 7 (continued)
Same Store Performance Summary By MSA(1)
(dollars in thousands, except per square foot data) (unaudited)
Nine Months Ended September 30, 2021 compared to Nine Months Ended September 30, 2020
Rentable Square FeetOccupancy at Period EndAverage OccupancyAverage Annualized Rental Revenue per Occupied Square Foot
MSA(1)
UnitsYTD 2021YTD 2020GrowthYTD 2021YTD 2020GrowthYTD 2021YTD 2020Growth
Portland-Vancouver-Hillsboro, OR-WA18,208 2,226,969 92.8 %89.4 %3.4 %90.9 %83.8 %7.1 %$17.25 $16.07 7.3 %
Riverside-San Bernardino-Ontario, CA24,550 3,295,367 98.4 %96.2 %2.2 %98.1 %92.0 %6.1 %12.77 11.92 7.1 %
Atlanta-Sandy Springs-Roswell, GA13,432 1,823,582 98.2 %89.9 %8.3 %95.4 %87.8 %7.6 %10.81 10.47 3.2 %
Phoenix-Mesa-Scottsdale, AZ13,805 1,563,175 95.6 %90.3 %5.3 %94.0 %88.0 %6.0 %13.98 12.95 8.0 %
Oklahoma City, OK7,647 1,084,042 97.3 %94.1 %3.2 %96.0 %91.0 %5.0 %8.66 8.14 6.4 %
Dallas-Fort Worth-Arlington, TX5,802 786,592 93.0 %89.0 %4.0 %93.1 %88.0 %5.1 %11.52 11.27 2.2 %
Indianapolis-Carmel-Anderson, IN8,742 1,133,893 97.0 %93.9 %3.1 %95.9 %91.3 %4.6 %10.30 9.63 7.0 %
Los Angeles-Long Beach-Anaheim, CA9,750 1,063,400 95.7 %90.9 %4.8 %95.3 %87.5 %7.8 %20.37 19.90 2.4 %
North Port-Sarasota-Bradenton, FL8,517 838,102 97.1 %89.1 %8.0 %95.2 %85.7 %9.5 %17.23 16.11 7.0 %
New Orleans-Metairie, LA6,533 757,548 96.5 %84.3 %12.2 %89.1 %82.9 %6.2 %12.78 12.09 5.7 %
Tulsa, OK6,117 815,020 94.0 %89.4 %4.6 %93.1 %88.3 %4.8 %9.25 8.98 3.0 %
Las Vegas-Henderson-Paradise, NV6,542 804,541 96.2 %92.8 %3.4 %95.6 %91.1 %4.5 %12.65 11.35 11.5 %
Houston-The Woodlands-Sugar Land, TX4,621 738,906 95.3 %90.7 %4.6 %94.3 %86.4 %7.9 %10.53 9.93 6.0 %
Kansas City, MO-KS4,002 540,049 95.5 %92.2 %3.3 %93.8 %89.7 %4.1 %13.34 12.20 9.3 %
Other MSAs130,558 16,531,506 96.1 %91.9 %4.2 %94.8 %88.8 %6.0 %12.60 11.77 7.1 %
Total/Weighted Average268,826 34,002,692 96.2 %91.7 %4.5 %94.7 %88.6 %6.1 %$12.90 $12.09 6.7 %
2020 Same Store Pool(2)
238,593 30,109,871 96.1 %92.0 %4.1 %94.8 %88.8 %6.0 %$12.90 $12.10 6.6 %
2019 Same Store Pool(3)
208,468 26,684,513 96.2 %92.1 %4.1 %94.9 %88.9 %6.0 %$12.70 $11.91 6.6 %







(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.
24

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Supplemental Schedule 8
Same Store Operating Data (560 Stores) - Trailing Five Quarters
(dollars in thousands, except per square foot data) (unaudited)
3Q 20212Q 20211Q 20214Q 20203Q 2020YTD 2021YTD 2020
Revenue
Rental revenue$109,922 $103,470 $97,904 $95,753 $92,578 $311,296 $272,432 
Other property-related revenue3,950 3,912 3,613 3,511 3,562 11,475 9,909 
Total revenue113,872 107,382 101,517 99,264 96,140 322,771 282,341 
Property operating expenses
Store payroll and related costs8,845 8,854 8,967 8,601 8,424 26,666 25,883 
Property tax expense8,091 7,923 7,791 7,732 7,904 23,805 23,308 
Utilities expense3,083 2,335 2,651 2,360 3,017 8,069 8,009 
Repairs & maintenance expense2,593 2,364 2,331 2,344 2,224 7,288 6,619 
Marketing expense1,787 1,899 1,807 1,905 1,994 5,493 5,907 
Insurance expense1,007 994 958 930 964 2,959 2,860 
Other property operating expenses4,679 4,490 4,328 4,199 4,230 13,497 12,508 
Total property operating expenses30,085 28,859 28,833 28,071 28,757 87,777 85,094 
Net operating income$83,787 $78,523 $72,684 $71,193 $67,383 $234,994 $197,247 
Net operating income margin73.6 %73.1 %71.6 %71.7 %70.1 %72.8 %69.9 %
Occupancy at period end96.2 %96.7 %93.8 %91.7 %91.7 %96.2 %91.7 %
Average occupancy96.5 %95.4 %92.5 %91.9 %90.7 %94.7 %88.6 %
Average annualized rental revenue per occupied square foot
$13.40 $12.78 $12.47 $12.28 $12.02 $12.90 $12.09 

25

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Supplemental Schedule 9
Reconciliation of Same Store Data and Net Operating Income to Net Income
(dollars in thousands) (unaudited)
3Q 20212Q 20211Q 20214Q 20203Q 2020YTD 2021YTD 2020
Rental revenue
Same store portfolio
$109,922 $103,470 $97,904 $95,753 $92,578 $311,296 $272,432 
Non-same store portfolio
29,498 23,840 15,223 8,513 7,112 68,561 17,962 
Total rental revenue
139,420 127,310 113,127 104,266 99,690 379,857 290,394 
Other property-related revenue
Same store portfolio
3,950 3,912 3,613 3,511 3,562 11,475 9,909 
Non-same store portfolio
1,191 917 524 341 321 2,632 763 
Total other property-related revenue
5,141 4,829 4,137 3,852 3,883 14,107 10,672 
Property operating expenses
Same store portfolio
30,085 28,859 28,833 28,071 28,757 87,777 85,094 
Non-same store portfolio
9,380 7,795 5,771 3,020 2,789 22,946 7,301 
Total property operating expenses
39,465 36,654 34,604 31,091 31,546 110,723 92,395 
Net operating income105,096 95,485 82,660 77,027 72,027 283,241 208,671 
Management fees and other revenue6,282 6,107 5,728 5,991 5,901 18,117 17,047 
General and administrative expenses(13,012)(12,450)(11,238)(11,399)(10,818)(36,700)(32,241)
Depreciation and amortization(38,983)(36,051)(32,424)(29,827)(28,933)(107,458)(87,347)
Other(994)(310)(397)522 (479)(1,701)(1,330)
Interest expense(18,144)(17,339)(16,792)(16,192)(15,262)(52,275)(46,403)
Equity in earnings (losses) of unconsolidated real estate ventures
1,682 1,174 759 516 37 3,615 (251)
Acquisition costs(512)(118)(292)(743)(596)(922)(1,681)
Non-operating expense(241)(148)(173)(582)(120)(562)(629)
Income tax expense(444)(675)(196)(796)(346)(1,315)(875)
Net Income$40,730 $35,675 $27,635 $24,517 $21,411 $104,040 $54,961 

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Supplemental Schedule 10
Selected Financial Information
(dollars in thousands, except per square foot data) (unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Average Annualized Rental Revenue Per Occupied Square Foot
Same store
$13.40 $12.02 $12.90 $12.09 
Total consolidated portfolio
13.35 12.03 12.85 12.09 
Average Occupancy
Same store
96.5 %90.7 %94.7 %88.6 %
Total consolidated portfolio
96.0 %90.4 %94.2 %88.3 %
Total Consolidated Portfolio Capital Expenditures
Recurring capital expenditures
$2,071 $1,488 $6,430 $4,926 
Value enhancing capital expenditures2,269 1,046 7,149 3,083 
Acquisitions capital expenditures
2,984 1,351 7,035 4,951 
Total consolidated portfolio capital expenditures$7,324 $3,885 $20,614 $12,960 
Property Operating Expenses Detail
Store payroll and related costs$11,067 $9,170 $32,169 $27,821 
Property tax expense11,140 8,787 31,618 25,699 
Utilities expense4,132 3,319 10,355 8,759 
Repairs & maintenance expense3,343 2,427 9,115 7,055 
Marketing expense2,286 2,185 6,781 6,401 
Insurance expense1,482 1,088 4,081 3,205 
Other property operating expenses6,015 4,570 16,604 13,455 
Property operating expenses on the Company's statements of operations
$39,465 $31,546 $110,723 $92,395 
General and Administrative Expenses Detail
Supervisory and administrative expenses$5,383 $3,693 $14,521 $12,515 
Equity-based compensation expense1,454 1,183 4,088 3,108 
Other general and administrative expenses6,175 5,942 18,091 16,618 
General and administrative expenses on the Company's statements of operations
$13,012 $10,818 $36,700 $32,241 


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Glossary
This Earnings Release and Supplemental Financial Information includes certain financial and operating measures used by NSA management that are not calculated in accordance with accounting principles generally accepted in the United States, or GAAP. NSA's definitions and calculations of these non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other real estate companies and, accordingly, may not be comparable. These non-GAAP financial and operating measures should not be considered an alternative to GAAP net income or any other GAAP measurement of performance and should not be considered an alternative measure of liquidity.
2016 JOINT VENTURE: NSA's 2016 Joint Venture was formed in 2016 with a major state pension fund advised by Heitman Capital Management LLC. NSA's ownership in the 2016 Joint Venture is 25% and NSA earns customary fees for managing and operating the 2016 Joint Venture properties. In connection with the 2016 Joint Venture’s acquisition of an initial portfolio of self storage properties, NSA separately acquired the property management platform related to the initial portfolio, including a property management company, and related intellectual property, including the iStorage brand, under which NSA's management platform operates the 2016 Joint Venture.
2018 JOINT VENTURE: NSA's 2018 Joint Venture was formed in 2018 with an affiliate of Heitman America Real Estate REIT LLC to acquire a portfolio of over 100 self storage properties. NSA's ownership in the 2018 Joint Venture is 25% and NSA earns customary fees for managing and operating the 2018 Joint Venture properties. The 2018 Joint Venture properties are operated by NSA’s management platform under NSA’s iStorage and SecurCare brands.
AVERAGE ANNUALIZED RENTAL REVENUE PER OCCUPIED SQUARE FOOT: Average annualized rental revenue per occupied square foot is computed by dividing annualized rental revenue (including fees and net of any discounts and uncollectible customer amounts) by average occupied square feet.
AVERAGE OCCUPANCY: Average occupancy is calculated based on the average of the month-end occupancy immediately preceding the period presented and the month-end occupancies included in the respective period presented.
CAPITAL EXPENDITURES DEFINITIONS
ACQUISITIONS CAPITAL EXPENDITURES: Acquisitions capital expenditures represents the portion of capital expenditures capitalized during the current period that were identified and underwritten prior to a property's acquisition.
RECURRING CAPITAL EXPENDITURES: Recurring capital expenditures represents the portion of capital expenditures that are deemed to replace the consumed portion of acquired capital assets and extend their useful lives.
VALUE ENHANCING CAPITAL EXPENDITURES: Value enhancing capital expenditures represents the portion of capital expenditures that are made to enhance the revenue and value of an asset from its original purchase condition.
EBITDA: NSA defines EBITDA as net income (loss), as determined under GAAP, plus interest expense, loss on early extinguishment of debt, income taxes, depreciation and amortization expense and the Company's share of unconsolidated real estate venture depreciation and amortization. NSA defines ADJUSTED EBITDA as EBITDA plus acquisition costs, organizational and offering expenses, equity-based compensation expense, losses on sale of properties and impairment of long-lived assets, minus gains on sale of properties and debt forgiveness, and after adjustments for unconsolidated partnerships and joint ventures. These further adjustments eliminate the impact of items that the Company does not consider indicative of its core operating performance. In evaluating EBITDA and Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. NSA's presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items.
NSA presents EBITDA and Adjusted EBITDA because the Company believes they assist investors and analysts in comparing the Company's performance across reporting periods on a consistent basis by excluding items that the Company does not believe are indicative of its core operating performance. EBITDA and Adjusted EBITDA have limitations as an analytical tool. Some of these limitations are:
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EBITDA and Adjusted EBITDA do not reflect the Company's cash expenditures, or future requirements, for capital expenditures, contractual commitments or working capital needs;
EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on the Company's debts;
although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements;
Adjusted EBITDA excludes equity-based compensation expense, which is and will remain a key element of the Company's overall long-term incentive compensation package, although the Company excludes it as an expense when evaluating its ongoing operating performance for a particular period;
EBITDA and Adjusted EBITDA do not reflect the impact of certain cash charges resulting from matters the Company considers not to be indicative of its ongoing operations; and
other companies in NSA's industry may calculate EBITDA and Adjusted EBITDA differently than NSA does, limiting their usefulness as comparative measures.
NSA compensates for these limitations by considering the economic effect of the excluded expense items independently as well as in connection with the Company's analysis of net income (loss). EBITDA and Adjusted EBITDA should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues and net income (loss).
FUNDS FROM OPERATIONS: Funds from operations, or FFO, is a widely used performance measure for real estate companies and is provided here as a supplemental measure of the Company's operating performance. The December 2018 Nareit Funds From Operations White Paper - 2018 Restatement, which the Company refers to as the White Paper, defines FFO as net income (as determined under GAAP), excluding: real estate depreciation and amortization, gains and losses from the sale of certain real estate assets, gains and losses from change in control, mark-to-market changes in value recognized on equity securities, impairment write-downs of certain real estate assets and impairment of investments in entities when it is directly attributable to decreases in the value of depreciable real estate held by the entity and after items to record unconsolidated partnerships and joint ventures on the same basis. Distributions declared on subordinated performance units and DownREIT subordinated performance units represent NSA's allocation of FFO to noncontrolling interests held by subordinated performance unitholders and DownREIT subordinated performance unitholders. For purposes of calculating FFO attributable to common shareholders, OP unitholders, and LTIP unitholders, NSA excludes distributions declared on subordinated performance units, DownREIT subordinated performance units, preferred shares and preferred units. NSA defines CORE FFO as FFO, as further adjusted to eliminate the impact of certain items that the Company does not consider indicative of its core operating performance. These further adjustments consist of acquisition costs, organizational and offering costs, gains on debt forgiveness, gains (losses) on early extinguishment of debt, and after adjustments for unconsolidated partnerships and joint ventures.
Management uses FFO and Core FFO as key performance indicators in evaluating the operations of NSA's properties. Given the nature of NSA's business as a real estate owner and operator, the Company considers FFO and Core FFO as key supplemental measures of its operating performance that are not specifically defined by GAAP. NSA believes that FFO and Core FFO are useful to management and investors as a starting point in measuring the Company's operational performance because FFO and Core FFO exclude various items included in net income (loss) that do not relate to or are not indicative of the Company's operating performance such as gains (or losses) from sales of self storage properties and depreciation, which can make periodic and peer analyses of operating performance more difficult. NSA's computation of FFO and Core FFO may not be comparable to FFO reported by other REITs or real estate companies.
FFO and Core FFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues, operating income and net income (loss). FFO and Core FFO do not represent cash generated from operating activities determined in accordance with GAAP and are not a measure of liquidity or an indicator of NSA's ability to make cash distributions. NSA believes that to further understand the Company's performance, FFO and Core FFO should be compared with the Company's reported net income (loss) and considered in addition to cash flows computed in accordance with GAAP, as presented in the Company's consolidated financial statements.
HYPOTHETICAL LIQUIDATION AT BOOK VALUE METHOD: In accordance with GAAP, the Company allocates income (loss) utilizing the hypothetical liquidation at book value ("HLBV") method, in which the Company allocates
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income or loss based on the change in each unitholders’ claim on the net assets of the Company's operating partnership at period end after adjusting for any distributions or contributions made during such period. The Company uses this method because of the difference between the distribution rights and priorities set forth in the operating partnership's Agreement of Limited Partnership and what is reflected by the underlying percentage ownership interests of the unitholders.
The HLBV method is a balance sheet-focused approach to income (loss) allocation. A calculation is prepared at each balance sheet date to determine the amount that unitholders would receive if the operating partnership were to liquidate all of its assets (at GAAP net book value) and distribute the resulting proceeds to its creditors and unitholders based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is used to derive each unitholder's share of the income (loss) for the period. Due to the stated liquidation priorities and because the HLBV method incorporates non-cash items such as depreciation expense, in any given period, income or loss may be allocated disproportionately to unitholders as compared to their respective ownership percentage in the operating partnership, and net income (loss) attributable to National Storage Affiliates Trust could be more or less net income than actual cash distributions received and more or less income or loss than what may be received in the event of an actual liquidation. Additionally, the HLBV method could result in net income (or net loss) attributable to National Storage Affiliates Trust during a period when the Company reports consolidated net loss (or net income), or net income (or net loss) attributable to National Storage Affiliates Trust in excess of the Company's consolidated net income (or net loss). The computations of basic and diluted earnings (loss) per share may be materially affected by these disproportionate income (loss) allocations, resulting in volatile fluctuations of basic and diluted earnings (loss) per share. Readers and investors are cautioned not to place undue reliance on NSA's income (loss) allocations or earnings (loss) per share without considering the effects described above, including the effect that depreciation and amortization have on income (loss), net book value and the application of the HLBV method.
LONG-TERM INCENTIVE PLAN UNITS: Long-term incentive plan units, or LTIP units, are a special class of partnership interest in NSA's operating partnership that allow the holder to participate in the ordinary and liquidating distributions received by holders of the operating partnership units (subject to the achievement of specified levels of profitability by our operating partnership or the achievement of certain events). Upon vesting, and after achieving parity with operating partnership units, vested LTIP units may be converted into an equal number of operating partnership units, and thereafter have all the rights of operating partnership units, including redemption rights.
NET DEBT TO ANNUALIZED CURRENT QUARTER ADJUSTED EBITDA: NSA calculates net debt to Adjusted EBITDA as total debt (inclusive of $5.0 million of fair value of debt adjustments and $11.5 million of debt issuance costs) less cash and cash equivalents, divided by annualized current quarter Adjusted EBITDA.
NET OPERATING INCOME:  Net operating income, or NOI, represents rental revenue plus other property-related revenue less property operating expenses. NOI is not a measure of performance calculated in accordance with GAAP.
NSA believes NOI is useful to investors in evaluating the Company's operating performance because:
NOI is one of the primary measures used by NSA's management and the Company's PROs to evaluate the economic productivity of the Company's properties, including the Company's ability to lease its properties, increase pricing and occupancy and control the Company's property operating expenses;
NOI is widely used in the real estate industry and the self storage industry to measure the performance and value of real estate assets without regard to various items included in net income that do not relate to or are not indicative of operating performance, such as depreciation and amortization, which can vary depending upon accounting methods, the book value of assets, and the impact of NSA's capital structure; and
NSA believes NOI helps the Company's investors to meaningfully compare the results of its operating performance from period to period by removing the impact of the Company's capital structure (primarily interest expense on the Company's outstanding indebtedness) and depreciation of the cost basis of NSA's assets from its operating results.
There are material limitations to using a non-GAAP measure such as NOI, including the difficulty associated with comparing results among more than one company and the inability to analyze certain significant items, including depreciation and interest expense, that directly affect the Company's net income (loss). NSA compensates for these limitations by considering the economic effect of the excluded expense items independently as well as in connection with the Company's analysis of net income (loss). NOI should be considered in addition to, but not as a
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substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues and net loss.
NET OPERATING INCOME MARGIN: The ratio of NOI divided by total rental and other property-related revenue.
NON-SAME STORE PORTFOLIO: Non-same store portfolio comprises those properties that do not meet the Same Store portfolio property definition. 
OCCUPANCY AT PERIOD END:  Represents total occupied rentable square feet divided by total rentable square feet at period end.
OPERATING PARTNERSHIP UNITS:  Operating partnership units, or OP Units, are Class A common units of limited partner interest in the Company's operating partnership which are economically equivalent to NSA's common shares. NSA also owns certain of the Company's self storage properties through other consolidated limited partnership subsidiaries of the Company's operating partnership, which the Company refers to as "DownREIT partnerships." The DownREIT partnerships issue certain units of limited partner or limited liability company interest that are intended to be economically equivalent to the Company's OP units, which the Company defines as DOWNREIT OPERATING PARTNERSHIP UNIT EQUIVALENTS, or DownREIT OP units.
PROs: Participating regional operators, or "PROs", are NSA's experienced regional self storage operators with local operational focus and expertise. As of September 30, 2021, the Company had ten PROs: Northwest Self Storage, Optivest Properties, Guardian Storage Centers, Move It Self Storage, Storage Solutions, Hide-Away, Personal Mini, Southern Self Storage, Moove In Self Storage and Blue Sky Self Storage.
RENTABLE SQUARE FEET: Rentable square feet includes all enclosed self storage units but excludes commercial, residential, and covered parking space.
RESTRICTED COMMON SHARES: Restricted common shares are common shares that are subject to restrictions on transferability subject to vesting and such other restrictions. Generally, a participant granted restricted common shares has all of the rights of a shareholder, including, without limitation, the right to vote and the right to receive dividends on the restricted common shares. Holders of restricted common shares are prohibited from selling such shares until they vest.
SAME STORE PORTFOLIO: NSA's same store portfolio is defined as those properties owned and operated on a stabilized basis since the first day of the earliest year presented. The Company considers a property to be stabilized once it has achieved an occupancy rate that is representative of similar properties in the applicable market. NSA excludes any properties sold, expected to be sold or subject to significant changes such as expansions or casualty events which cause the portfolio's year-over-year operating results to no longer be comparable.
SUBORDINATED PERFORMANCE UNITS:  Subordinated performance units, or SP Units, are Class B common units of limited partner interest in the Company's operating partnership. SP units, which are linked to the performance of specific contributed portfolios, are intended to incentivize the Company's PROs to drive operating performance and support the sustainability of the operating cash flow generated by the contributed self storage properties that the PROs continue to manage on NSA's behalf. Because subordinated performance unit holders receive distributions only after portfolio-specific minimum performance thresholds are satisfied, the Company believes SP units play a key role in aligning the interests of the Company's PROs with NSA and the Company's shareholders. The DownREIT partnerships also issue units of limited partner interest that are intended to be economically equivalent to the Company's SP units, which the Company defines as DOWNREIT SUBORDINATED PERFORMANCE UNIT EQUIVALENTS, or DownREIT SP units.
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Equity Research Coverage
Baird
Berenberg Capital Markets
BMO Capital Markets
Wes Golladay
Keegan Carl
Juan Sanabria
216.737.7510646.949.9052312.845.4704
BofA SecuritiesCapital One Securities, Inc.Citi Investment Research
Jeff SpectorNeil MalkinMichael Bilerman / Smedes Rose
646.855.1363571.633.8191212.816.1383 / 212.816.6243
Evercore ISIJefferies LLCKeyBanc Capital Markets
Samir Khanal / Steve SakwaJonathan PetersenTodd Thomas / Jordan Sadler
212.888.3796 / 212.446.9462212.284.1705917.368.2286 / 917.368.2280
Morgan StanleyStifelTruist Securities
Ronald KamdemStephen Manaker / Kevin SteinKi Bin Kim
212.296.8319212.271.3716 / 212.271.3718212.303.4124
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