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Table of Contents
Page
Earnings Release
Consolidated Statements of Operations
Consolidated Balance Sheets
Schedule 1 - Funds From Operations and Core Funds From Operations
Schedule 2 - Other Non-GAAP Financial Measurements
Schedule 3 - Portfolio Summary
Schedule 4 - Debt and Equity Capitalization
Schedule 5 - Summarized Information for Unconsolidated Real Estate Ventures
Schedule 6 - Same Store Performance Summary By State
Schedule 7 - Same Store Performance Summary By MSA
Schedule 8 - Same Store Operating Data - Trailing Five Quarters
Schedule 9 - Reconciliation of Same Store Data and Net Operating Income to Net Income
Schedule 10 - Selected Financial Information
Glossary



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May 4, 2022
National Storage Affiliates Trust Reports First Quarter 2022 Results
GREENWOOD VILLAGE, Colo. - (BUSINESS WIRE) - National Storage Affiliates Trust ("NSA" or the "Company") (NYSE: NSA) today reported the Company’s first quarter 2022 results.
First Quarter 2022 Highlights
Reported net income of $44.8 million for the first quarter of 2022, an increase of 62.1% compared to the first quarter of 2021. Reported diluted earnings per share of $0.24 for the first quarter of 2022 compared to $0.19 for the first quarter of 2021.
Reported core funds from operations ("Core FFO") of $87.4 million, or $0.68 per share for the first quarter of 2022, an increase of 38.8% per share compared to the first quarter of 2021.
Reported an increase in same store net operating income ("NOI") of 22.2% for the first quarter of 2022 compared to the same period in 2021, driven by a 16.6% increase in same store total revenues partially offset by an increase of 3.1% in same store property operating expenses.
Reported same store period-end occupancy of 94.8% as of March 31, 2022, an increase of 140 basis points compared to March 31, 2021.
Acquired 12 wholly-owned self storage properties for approximately $92.9 million during the first quarter of 2022. Consideration for these acquisitions included the issuance of $16.6 million of OP equity.
Issued the previously announced $125.0 million of 2.96% senior unsecured notes due November 30, 2033 in a private placement.
As previously announced, one of the Company's largest participating regional operators ("PROs"), Kevin Howard Real Estate, Inc., d/b/a Northwest Self Storage and its controlled affiliates ("Northwest"), retired effective January 1, 2022. As a result of the retirement, on January 1, 2022, management of the Company's properties in the Northwest managed portfolio was transferred to NSA and the Northwest brand name and related intellectual property were internalized by the Company. In addition, NSA no longer pays supervisory and administrative fees or reimbursements to Northwest and all subordinated performance units related to Northwest's managed portfolio were converted into OP units.
Highlights Subsequent to Quarter-End
Kroll Bond Rating Agency upgraded the issuer credit rating of NSA's operating partnership to BBB+ with a Stable Outlook from BBB with a Positive Outlook.
In April 2022, one of the Company's unconsolidated real estate ventures acquired seven self storage properties for approximately $208 million. The venture financed the acquisition with capital contributions from the venture members, of which the Company contributed approximately $52 million.
Tamara Fischer, President and Chief Executive Officer, commented, “First quarter results confirmed that the favorable performance trends experienced in 2021 are continuing into 2022. Rental demand remains robust, supply remains muted, and we are benefiting from continued strength in rate growth to both new and in-place tenants. The combination of these factors drove the fourth consecutive quarter of NOI growth north of 20%, resulting in 39% core FFO per share growth. Based on this strong performance and favorable April trends, we are pleased to be able to raise our same store NOI growth and core FFO per share guidance for 2022.”
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Financial Results
($ in thousands, except per share and unit data)
Three Months Ended March 31,
20222021Growth
Net income$44,786 $27,635 62.1 %
Funds From Operations ("FFO")(1)
$86,856 $50,907 70.6 %
Add back acquisition costs
553 292 89.4 %
Core FFO(1)
$87,409 $51,199 70.7 %
Earnings (loss) per share - basic$0.24 $0.24  
Earnings (loss) per share - diluted
$0.24 $0.19 26.3 %
FFO per share and unit(1)
$0.67 $0.49 36.7 %
Core FFO per share and unit(1)
$0.68 $0.49 38.8 %
(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 $17.2 million for the first quarter of 2022 as compared to the same period in 2021. This increase resulted primarily from additional NOI generated from the 206 self storage properties acquired between April 1, 2021 and December 31, 2021, 12 self storage properties acquired during the three months ended March 31, 2022, same store NOI growth of 22.2% in the first quarter of 2022 compared to the same period 2021 and increases in equity in earnings from the Company's unconsolidated real estate ventures, partially offset by increases in depreciation and amortization, interest expense and general and administrative expenses.
The increase in FFO and Core FFO for the first quarter of 2022 was primarily the result of incremental NOI from properties acquired between April 1, 2021 and March 31, 2022 and same store NOI growth, partially offset by an increase in subordinated performance unit distributions.
Same Store Operating Results (631 Stores)
($ in thousands, except per square foot data)
Three Months Ended March 31,
20222021Growth
Total revenues
$132,619 $113,727 16.6 %
Property operating expenses
34,317 33,284 3.1 %
Net Operating Income (NOI)
$98,302 $80,443 22.2 %
NOI Margin74.1 %70.7 %3.4 %
Average Occupancy
94.7 %92.2 %2.5 %
Average Annualized Rental Revenue Per Occupied Square Foot
$14.10 $12.43 13.4 %
Year-over-year same store total revenues increased 16.6% for the first quarter of 2022 as compared to the same period in 2021. The increase was driven primarily by a 250 basis point increase in average occupancy and a 13.4% increase in average annualized rental revenue per occupied square foot. Markets which generated above portfolio average same store total revenue growth for the first quarter of 2022 include: Riverside-San Bernardino, Atlanta and Sarasota. Markets which generated below portfolio average same store total revenue growth for the first quarter of 2022 include: Kansas City, Tulsa, and Los Angeles.
Year-over-year same store property operating expenses increased 3.1% for the first quarter of 2022. The increase primarily resulted from increases in property tax expense and utilities.
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Investment Activity
During the first quarter, NSA invested $92.9 million in the acquisition of 12 self storage properties consisting of approximately 0.7 million rentable square feet configured in approximately 5,000 storage units. Total consideration for these acquisitions included approximately $76.0 million of net cash, $8.9 million of 6.000% Series A-1 cumulative redeemable preferred units, $5.6 million of OP units, $2.1 million of subordinated performance units and the assumption of approximately $0.3 million of other liabilities.
Balance Sheet
On January 28, 2022, the operating partnership issued $125.0 million of 2.96% senior unsecured notes due November 30, 2033 in a private placement to certain institutional investors. The Company used the proceeds to repay outstanding amounts on its revolving line of credit and for general corporate purposes.
On April 11, 2022, Kroll Bond Rating Agency upgraded the issuer credit rating of the Company's operating partnership to BBB+ with a Stable Outlook from BBB with a Positive Outlook.
Common Share Dividends
On February 24, 2022, NSA's Board of Trustees declared a quarterly cash dividend of $0.50 per common share, representing a 43% increase from the first quarter 2021. The first quarter 2022 dividend was paid on March 31, 2022 to shareholders of record as of March 15, 2022.

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2022 Guidance
The following table outlines NSA's updated and prior FFO guidance estimates and related assumptions for the year ended December 31, 2022:
Current Ranges for
Full Year 2022
Prior Ranges for
Full Year 2022
Actual Results for Full Year 2021
LowHighLowHigh
Core FFO per share(1)
$2.80$2.85$2.68$2.74$2.26
Same store operations(2)
Total revenue growth
11.0%13.0%8.0%9.5%15.1%
Property operating expenses growth
5.0%6.25%5.25%6.5%4.0%
NOI growth
14.0%16.0%9.0%11.0%19.8%
General and administrative expenses
General and administrative expenses (excluding equity-based compensation), in millions
$52.0$54.0$51.0$53.0$45.5
Equity-based compensation, in millions$6.5$7.0$6.5$7.0$5.5
Management fees and other revenue, in millions
$27.0$29.0$26.0$28.0$24.4
Core FFO from unconsolidated real estate ventures, in millions
$24.0$25.0$22.0$23.0$20.7
Subordinated performance unit distributions, in millions
$58.0$61.0$52.0$55.0$49.8
Acquisitions of self storage properties, in millions$400.0$600.0$400.0$600.0$2,175.0
Current Ranges for
Full Year 2022
Prior Ranges for
Full Year 2022
LowHighLowHigh
Earnings (loss) per share - diluted$1.28$1.38$1.12$1.22
Impact of the difference in weighted average number of shares and GAAP accounting for noncontrolling interests, two-class method and treasury stock method
0.160.020.190.07
Add real estate depreciation and amortization, including NSA's share of unconsolidated venture real estate depreciation and amortization
1.801.901.761.86
FFO attributable to subordinated unitholders
(0.45)(0.47)(0.40)(0.43)
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
$2.80$2.85$2.68$2.74
(1) The table above provides a reconciliation of the range of estimated earnings (loss) per share - diluted to estimated Core FFO per share and unit.
(2) 2022 guidance reflects NSA's 2022 same store pool comprising 631 stores. 2021 actual results reflect NSA's 2021 same store pool comprising 560 stores.
Supplemental Financial Information
The full text of this earnings release and supplemental financial information, including certain financial information referenced in this release, are available on NSA's website at http://ir.nationalstorageaffiliates.com/quarterly-reporting and as exhibit 99.1 to the Company's Form 8-K furnished to the SEC on May 4, 2022.
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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 11:00 am Eastern Time on Thursday, May 5, 2022 to discuss its first quarter 2022 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: Thursday, May 5, 2022, 11:00am 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 Thursday, May 12, 2022. A replay of the webcast will be available for 30 days on NSA's website at www.nationalstorageaffiliates.com.
Upcoming Industry Conference
NSA management is scheduled to participate in BMO's 2022 Real Estate Summit in New York, New York on May 12, 2022 and in Nareit's REITweek 2022 Investor Conference, June 7-9, 2022 in New York, New York.

About National Storage Affiliates Trust
National Storage Affiliates Trust is a real estate investment trust headquartered in Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. As of March 31, 2022, the Company held ownership interests in and operated 1,061 self storage properties located in 42 states and Puerto Rico with approximately 68.4 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, 2022. For a further list and description of such risks and uncertainties, see the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission, and the other documents filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contact:
National Storage Affiliates Trust
Investor/Media Relations
George Hoglund, CFA
Vice President - Investor Relations
720.630.2160
ghoglund@nsareit.net
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National Storage Affiliates Trust
Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)

Three Months Ended March 31,
20222021
REVENUE
Rental revenue$174,469 $113,127 
Other property-related revenue6,166 4,137 
Management fees and other revenue6,549 5,728 
Total revenue187,184 122,992 
OPERATING EXPENSES
Property operating expenses49,358 34,604 
General and administrative expenses13,966 11,238 
Depreciation and amortization58,072 32,424 
Other470 397 
Total operating expenses121,866 78,663 
OTHER (EXPENSE) INCOME
Interest expense(22,647)(16,792)
Equity in earnings of unconsolidated real estate ventures
1,494 759 
Acquisition costs(553)(292)
Non-operating expense(112)(173)
Gain on sale of self storage properties2,134 — 
Other expense(19,684)(16,498)
Income before income taxes45,634 27,831 
Income tax expense(848)(196)
Net income44,786 27,635 
Net income attributable to noncontrolling interests
(19,558)(6,797)
Net income attributable to National Storage Affiliates Trust25,228 20,838 
Distributions to preferred shareholders
(3,279)(3,275)
Net income attributable to common shareholders
$21,949 $17,563 
Earnings (loss) per share - basic$0.24 $0.24 
Earnings (loss) per share - diluted$0.24 $0.19 
Weighted average shares outstanding - basic
91,323 71,794 
Weighted average shares outstanding - diluted
91,323 123,187 

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National Storage Affiliates Trust
Consolidated Balance Sheets
(dollars in thousands, except per share amounts)
(unaudited)
March 31,December 31,
20222021
ASSETS
Real estate
Self storage properties$5,892,406 $5,798,188 
Less accumulated depreciation(624,368)(578,717)
Self storage properties, net5,268,038 5,219,471 
Cash and cash equivalents26,616 25,013 
Restricted cash2,531 2,862 
Debt issuance costs, net2,121 2,433 
Investment in unconsolidated real estate ventures184,547 188,187 
Other assets, net115,607 102,417 
Operating lease right-of-use assets21,951 22,211 
Total assets$5,621,411 $5,562,594 
LIABILITIES AND EQUITY
Liabilities
Debt financing$2,999,751 $2,940,931 
Accounts payable and accrued liabilities60,678 59,262 
Interest rate swap liabilities3,821 33,757 
Operating lease liabilities23,751 23,981 
Deferred revenue23,366 22,208 
Total liabilities3,111,367 3,080,139 
Equity
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 8,744,935 and 8,736,719 issued and outstanding at March 31, 2022 and December 31, 2021, respectively, at liquidation preference
218,623 218,418 
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 91,461,720 and 91,198,929 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively
915 912 
Additional paid-in capital1,830,732 1,866,773 
Distributions in excess of earnings(315,024)(291,263)
Accumulated other comprehensive income (loss)11,734 (19,611)
Total shareholders' equity1,746,980 1,775,229 
Noncontrolling interests763,064 707,226 
Total equity2,510,044 2,482,455 
Total liabilities and equity$5,621,411 $5,562,594 

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Supplemental Schedule 1
Funds From Operations and Core Funds From Operations
(in thousands, except per share and unit amounts) (unaudited)
Reconciliation of Net Income to FFO and Core FFO
Three Months Ended March 31,
20222021
Net income$44,786 $27,635 
Add (subtract):
Real estate depreciation and amortization57,759 32,070 
Company's share of unconsolidated real estate venture real estate depreciation and amortization
3,846 3,881 
Gain on sale of self storage properties
(2,134)— 
Distributions to preferred shareholders and unitholders
(3,552)(3,517)
FFO attributable to subordinated performance unitholders(1)
(13,849)(9,162)
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders
86,856 50,907 
Add:
Acquisition costs553 292 
Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders
$87,409 $51,199 
Weighted average shares and units outstanding - FFO and Core FFO:(2)
Weighted average shares outstanding - basic91,323 71,794 
Weighted average restricted common shares outstanding28 25 
Weighted average effect of forward offering agreement(3)
— 399 
Weighted average OP units outstanding
35,351 29,751 
Weighted average DownREIT OP unit equivalents outstanding
1,925 1,925 
Weighted average LTIP units outstanding
603 585 
Total weighted average shares and units outstanding - FFO and Core FFO
129,230 104,479 
FFO per share and unit$0.67 $0.49 
Core FFO per share and unit$0.68 $0.49 
(1) Amounts represent distributions declared for subordinated performance unitholders and DownREIT subordinated performance unitholders for the periods presented.
(2) NSA combines OP units and DownREIT OP units with common shares because, after the applicable lock-out periods, OP units in the Company's operating partnership are redeemable for cash or, at NSA's option, exchangeable for common shares on a one-for-one basis and DownREIT OP units are also redeemable for cash or, at NSA's option, exchangeable for OP units in the Company's operating partnership on a one-for-one basis, subject to certain adjustments in each case. Subordinated performance units, DownREIT subordinated performance units and LTIP units may also, under certain circumstances, be convertible into or exchangeable for common shares (or other units that are convertible into or exchangeable for common shares). See footnote(4) for additional discussion of subordinated performance units, DownREIT subordinated performance units, and LTIP units in the calculation of FFO and Core FFO per share and unit.
(3) Represents the dilutive effect of the forward offering from the application of the treasury stock method.
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Supplemental Schedule 1 (continued)
Funds From Operations and Core Funds From Operations
(in thousands, except per share and unit amounts) (unaudited)
Reconciliation of Earnings (Loss) Per Share - Diluted to FFO and Core FFO Per Share and Unit
Three Months Ended March 31,
20222021
Earnings (loss) per share - diluted$0.24 $0.19 
Impact of the difference in weighted average number of shares(4)
(0.07)0.04 
Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method(5)
0.15 — 
Add real estate depreciation and amortization0.45 0.31 
Add Company's share of unconsolidated real estate venture real estate depreciation and amortization
0.03 0.04 
Subtract gain on sale of self storage properties(0.02)— 
FFO attributable to subordinated performance unitholders
(0.11)(0.09)
FFO per share and unit
0.67 0.49 
Add acquisition costs
0.01 — 
Core FFO per share and unit
$0.68 $0.49 
(4) Adjustment accounts for the difference between the weighted average number of shares used to calculate diluted earnings per share and the weighted average number of shares used to calculate FFO and Core FFO per share and unit. Diluted earnings per share is calculated using the two-class method for the company's restricted common shares and the treasury stock method for certain unvested LTIP units, and assumes the conversion of vested LTIP units into OP units on a one-for-one basis and the hypothetical conversion of subordinated performance units, and DownREIT subordinated performance units into OP units, even though such units may only be convertible into OP units (i) after a lock-out period and (ii) upon certain events or conditions. For additional information about the conversion of subordinated performance units and DownREIT subordinated performance units into OP units, see Note 10 to the Company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission. The computation of weighted average shares and units for FFO and Core FFO per share and unit includes all restricted common shares and LTIP units that participate in distributions and excludes all subordinated performance units and DownREIT subordinated performance units because their effect has been accounted for through the allocation of FFO to the related unitholders based on distributions declared.
(5) Represents the effect of adjusting the numerator to consolidated net income (loss) prior to GAAP allocations for noncontrolling interests, after deducting preferred share and unit distributions, and before the application of the two-class method and treasury stock method, as described in footnote(4).
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Supplemental Schedule 2
Other Non-GAAP Financial Measurements
(dollars in thousands) (unaudited)
Net Operating Income
Three Months Ended March 31,
20222021
Net income$44,786 $27,635 
(Subtract) add:
Management fees and other revenue(6,549)(5,728)
General and administrative expenses13,966 11,238 
Other470 397 
Depreciation and amortization58,072 32,424 
Interest expense22,647 16,792 
Equity in earnings of unconsolidated real estate ventures
(1,494)(759)
Acquisition costs553 292 
Income tax expense848 196 
Gain on sale of self storage properties(2,134)— 
Non-operating expense112 173 
Net Operating Income
$131,277 $82,660 
EBITDA and Adjusted EBITDA
Three Months Ended March 31,
20222021
Net income$44,786 $27,635 
Add:
Depreciation and amortization58,072 32,424 
Company's share of unconsolidated real estate venture depreciation and amortization
3,846 3,881 
Interest expense22,647 16,792 
Income tax expense848 196 
EBITDA
130,199 80,928 
Add (subtract):
Acquisition costs553 292 
Gain on sale of self storage properties(2,134)— 
Equity-based compensation expense1,544 1,286 
Adjusted EBITDA
$130,162 $82,506 

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Supplemental Schedule 3
Portfolio Summary
As of March 31, 2022
(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
Texas193 88,039 12,345,448 92.4 %Texas197 90,361 12,622,012 92.4 %
California86 51,320 6,483,510 95.4 %California98 57,972 7,263,144 95.3 %
Oregon70 28,792 3,597,385 90.9 %Florida85 50,236 5,566,118 94.4 %
Georgia61 27,576 3,742,916 93.9 %Georgia72 33,708 4,614,999 94.1 %
Florida58 35,181 3,853,447 93.7 %Oregon70 28,792 3,597,385 90.9 %
North Carolina41 19,755 2,482,947 95.8 %North Carolina41 19,755 2,482,947 95.8 %
Arizona33 18,151 2,096,920 91.8 %Oklahoma39 17,616 2,449,012 95.6 %
Oklahoma33 15,296 2,142,397 95.8 %Arizona35 19,151 2,207,050 92.1 %
Louisiana31 13,827 1,718,719 93.0 %Louisiana31 13,827 1,718,719 93.0 %
Kansas23 8,598 1,187,718 91.7 %Alabama29 13,264 1,942,269 86.5 %
Indiana21 10,987 1,440,340 94.2 %Ohio27 14,883 1,853,459 91.7 %
Colorado20 8,821 1,092,094 92.0 %Michigan24 15,603 1,978,523 93.5 %
Pennsylvania19 8,318 1,028,539 92.2 %Kansas23 8,598 1,187,718 91.7 %
Washington19 6,636 871,435 89.1 %Pennsylvania22 9,952 1,189,309 92.0 %
Alabama15 7,743 1,116,112 80.7 %Tennessee22 11,617 1,483,833 93.5 %
New Hampshire15 7,109 887,101 92.5 %Indiana21 10,987 1,440,340 94.2 %
Nevada14 7,037 886,701 95.2 %New Jersey20 13,264 1,580,130 88.8 %
Puerto Rico14 12,395 1,338,500 94.6 %Colorado20 8,821 1,092,094 92.0 %
Ohio13 5,504 729,037 91.7 %Washington19 6,636 871,435 89.1 %
Tennessee13 6,065 777,135 92.5 %Nevada18 8,654 1,139,164 94.5 %
Missouri11 4,935 627,985 88.8 %Massachusetts15 10,889 1,195,043 87.0 %
New Mexico10 5,502 717,812 91.1 %New Hampshire15 7,109 887,101 92.5 %
Illinois10 6,190 697,652 94.6 %Illinois14 8,740 1,002,864 91.9 %
Other(1)
61 29,695 3,817,068 88.1 %Puerto Rico14 12,395 1,338,500 94.6 %
Total
884 433,472 55,678,918 92.6 %Minnesota12 5,735 734,345 89.5 %
Missouri11 4,935 627,985 88.8 %
New Mexico10 5,502 717,812 94.6 %
Other(2)
57 28,266 3,602,626 89.8 %
Total1,061 537,268 68,385,936 92.7 %
(1) Other states in NSA's owned portfolio as of March 31, 2022 include Arkansas, Connecticut, Idaho, Iowa, Kentucky, Maryland, Massachusetts, Minnesota, Mississippi, Montana, New Jersey, New York, South Carolina, Utah, Virginia, Wisconsin and Wyoming.
(2) Other states in NSA's operated portfolio as of March 31, 2022 include Arkansas, Connecticut, Delaware, Idaho, Iowa, Kentucky, Maryland, Mississippi, Montana, New York, Rhode Island, South Carolina, Utah, Virginia, Wisconsin and Wyoming.
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Supplemental Schedule 3 (continued)
Portfolio Summary
(dollars in thousands) (unaudited)
2022 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, 2022(3)
125,002678,383 $76,027 $16,576 $332 $92,935 

2022 Disposition & Divestiture Activity
Dispositions Closed During the Quarter Ended:StoresUnitsRentable Square FeetProceeds
March 31, 2022(4)
143264,750 $6,531 






















(3) NSA acquired self storage properties located in Alabama (1), Connecticut (1), Florida (1), Georgia (1), Minnesota (1), New Mexico (4), Pennsylvania (2) and Virginia (1).
(4) NSA disposed of a self storage property located in Texas in 2022.
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Supplemental Schedule 4
Debt and Equity CapitalizationBBB+ Rated
As of March 31, 2022(with Stable Outlook)
(unaudited)by Kroll Bond Rating Agency
Debt Summary (dollars in thousands)
Effective Interest Rate(1)
Basis of RateMaturity Date2022202320242025202620272028ThereafterTotal
Credit Facility:
Revolving line of credit
1.70%
Variable(2)
January 2024$— $— $425,000 $— $— $— $— $— $425,000 
Term loan - Tranche A
3.69%Swapped To FixedJanuary 2023— 125,000 — — — — — — 125,000 
Term loan - Tranche B
2.86%Swapped To FixedJuly 2024— — 250,000 — — — — — 250,000 
Term loan - Tranche C
2.86%Swapped To FixedJanuary 2025— — — 225,000 — — — — 225,000 
Term loan - Tranche D
3.07%Swapped To FixedJuly 2026— — — — 175,000 — — — 175,000 
Term loan - Tranche E
1.60%VariableMarch 2027— — — — — 125,000 — — 125,000 
Term loan facility - 20232.83%Swapped To FixedJune 2023— 175,000 — — — — — — 175,000 
Term loan facility - 20284.62%Swapped To FixedDecember 2028— — — — — — 75,000 — 75,000 
Term loan facility - 20294.27%Swapped To FixedApril 2029— — — — — — — 100,000 100,000 
2026 Senior Unsecured Notes2.16%FixedMay 2026— — — — 35,000 — — — 35,000 
2029 Senior Unsecured Notes3.98%FixedAugust 2029— — — — — — — 100,000 100,000 
August 2030 Senior Unsecured Notes2.99%FixedAugust 2030— — — — — — — 150,000 150,000 
November 2030 Senior Unsecured Notes2.72%FixedNovember 2030— — — — — — — 75,000 75,000 
May 2031 Senior Unsecured Notes3.00%FixedMay 2031— — — — — — — 90,000 90,000 
August 2031 Senior Unsecured Notes4.08%FixedAugust 2031— — — — — — — 50,000 50,000 
November 2031 Senior Unsecured Notes2.81%FixedNovember 2031— — — — — — — 175,000 175,000 
2032 Senior Unsecured Notes3.09%FixedAugust 2032— — — — — — — 100,000 100,000 
May 2033 Senior Unsecured Notes3.10%FixedMay 2033— — — — — — — 55,000 55,000 
November 2033 Senior Unsecured Notes2.96%FixedNovember 2033— — — — — — — 125,000 125,000 
2036 Senior Unsecured Notes3.06%FixedNovember 2036— — — — — — — 75,000 75,000 
Fixed rate mortgages payable3.82%FixedApril 2023 - October 2031— 76,617 20,084 — — 84,900 88,000 33,259 302,860 
Total Principal/Weighted Average
2.95%5.4 years$ $376,617 $695,084 $225,000 $210,000 $209,900 $163,000 $1,128,259 $3,007,860 
Unamortized debt issuance costs and debt premium, net
(8,109)
Total Debt
$2,999,751 
(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 $650 million revolving line of credit, the effective interest rate is calculated based on one month LIBOR plus an applicable margin of 1.25% and excludes fees which range from 0.15% to 0.20% for unused borrowings.
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Supplemental Schedule 4 (continued)
Debt and Equity Capitalization
As of March 31, 2022
(unaudited)
Debt Ratios
Covenant
Amount
Net Debt to Annualized Current Quarter Adjusted EBITDAn/a5.7x
Trailing Twelve Month Fixed Charge Coverage Ratio
> 1.5x4.3x
Total Leverage Ratio< 60.0%39.1%
Preferred Shares and Units
Outstanding
6.000% Series A cumulative redeemable preferred shares of beneficial interest8,744,935 
6.000% Series A-1 cumulative redeemable preferred units984,861 
Common Shares and Units
OutstandingIf Converted
Common shares of beneficial interest91,433,124 91,433,124 
Restricted common shares28,596 28,596 
Total shares outstanding
91,461,720 91,461,720 
Operating partnership units35,385,718 35,385,718 
DownREIT operating partnership unit equivalents
1,924,918 1,924,918 
Total operating partnership units
37,310,636 37,310,636 
Long-term incentive plan units(3)
516,536 516,536 
Total shares and Class A equivalents outstanding
129,288,892 129,288,892 
Subordinated performance units(4)
7,853,367 12,800,988 
DownREIT subordinated performance unit equivalents(4)
4,337,111 7,069,491 
Total subordinated partnership units
12,190,478 19,870,479 
Total common shares and units outstanding
141,479,370 149,159,371 


(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 1.63 OP units based on historical financial information for the trailing twelve months ended March 31, 2022. The hypothetical conversions are calculated by dividing the average cash available for distribution, or CAD, per subordinated performance unit by 110% of the CAD per OP unit over the same period. The Company anticipates that as CAD grows over time, the conversion ratio will also grow, including to levels that may exceed these amounts.
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Supplemental Schedule 5
Summarized Information for Unconsolidated Real Estate Ventures
(dollars in thousands) (unaudited)
Combined Balance Sheet Information
 Total Ventures at 100%(1)
March 31, 2022December 31, 2021
ASSETS
Self storage properties, net$1,727,229 $1,741,538 
Other assets26,309 23,562 
Total assets$1,753,538 $1,765,100 
LIABILITIES AND EQUITY
Debt financing$1,001,608 $1,001,378 
Other liabilities22,321 19,493 
Equity729,609 744,229 
Total liabilities and equity$1,753,538 $1,765,100 
Combined Operating Information
Three Months Ended March 31, 2022
 Total Ventures at 100%(1)
NSA Proportionate Share (Ventures at 25%)(2)
Total revenue$48,998 $12,250 
Property operating expenses13,809 3,452 
Net operating income35,189 8,798 
Supervisory, administrative and other expenses
(3,202)(801)
Depreciation and amortization(15,382)(3,846)
Interest expense(10,410)(2,603)
Acquisition and other expenses(274)(69)
Net income$5,921 $1,479 
Add (subtract):
Equity in earnings adjustments related to amortization of basis differences
15 
Company's share of unconsolidated real estate venture real estate depreciation and amortization
3,846 
Company's share of FFO and Core FFO from unconsolidated real estate ventures
$5,340 










(1) Values represent entire unconsolidated real estate ventures at 100%, not NSA's proportionate share. NSA's ownership in each of the unconsolidated real estate ventures is 25%.
(2) NSA's proportionate share of its unconsolidated real estate ventures is derived by applying NSA's 25% ownership interest to each line item in the GAAP financial statements of the unconsolidated real estate ventures to calculate NSA's share of that line item. NSA believes this information offers insights into the financial performance of the Company, although the presentation of such information, and its combination with NSA's consolidated results, may not accurately depict the legal and economic implications of holding a noncontrolling interest in the unconsolidated real estate ventures. The operating agreements of the unconsolidated real estate ventures provide for the distribution of net cash flow to the unconsolidated real estate ventures' investors no less than monthly, generally in proportion to the investors’ respective ownership interests, subject to a promoted distribution to NSA upon the achievement of certain performance benchmarks by the non-NSA investor.

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Supplemental Schedule 6
Same Store Performance Summary By State
(dollars in thousands, except per square foot data) (unaudited)
Three Months Ended March 31, 2022 compared to Three Months Ended March 31, 2021
Total RevenueProperty Operating ExpensesNet Operating IncomeNet Operating Income Margin
StateStores1Q 20221Q 2021Growth1Q 20221Q 2021Growth1Q 20221Q 2021Growth1Q 20221Q 2021Growth
Texas113 $20,537 $17,411 18.0 %$6,414 $6,306 1.7 %$14,123 $11,105 27.2 %68.8 %63.8 %5.0 %
California81 24,246 20,772 16.7 %5,501 5,430 1.3 %18,745 15,342 22.2 %77.3 %73.9 %3.4 %
Oregon63 12,850 11,221 14.5 %2,829 2,782 1.7 %10,021 8,439 18.7 %78.0 %75.2 %2.8 %
Florida48 13,693 11,513 18.9 %3,402 3,215 5.8 %10,291 8,298 24.0 %75.2 %72.1 %3.1 %
Georgia46 7,874 6,494 21.3 %2,070 2,047 1.1 %5,804 4,447 30.5 %73.7 %68.5 %5.2 %
North Carolina34 6,299 5,439 15.8 %1,491 1,462 2.0 %4,808 3,977 20.9 %76.3 %73.1 %3.2 %
Oklahoma32 4,768 4,214 13.1 %1,283 1,229 4.4 %3,485 2,985 16.8 %73.1 %70.8 %2.3 %
Arizona30 7,119 6,086 17.0 %1,676 1,612 4.0 %5,443 4,474 21.7 %76.5 %73.5 %3.0 %
Louisiana26 4,361 3,782 15.3 %1,184 1,202 (1.5)%3,177 2,580 23.1 %72.9 %68.2 %4.7 %
Kansas17 2,613 2,346 11.4 %914 875 4.5 %1,699 1,471 15.5 %65.0 %62.7 %2.3 %
Colorado16 2,666 2,319 15.0 %617 754 (18.2)%2,049 1,565 30.9 %76.9 %67.5 %9.4 %
Indiana16 3,121 2,717 14.9 %955 845 13.0 %2,166 1,872 15.7 %69.4 %68.9 %0.5 %
Washington16 2,607 2,233 16.7 %676 603 12.1 %1,931 1,630 18.5 %74.1 %73.0 %1.1 %
Nevada13 2,969 2,532 17.3 %673 636 5.8 %2,296 1,896 21.1 %77.3 %74.9 %2.4 %
New Hampshire11 2,354 2,044 15.2 %675 674 0.1 %1,679 1,370 22.6 %71.3 %67.0 %4.3 %
Other(1)
69 14,542 12,604 15.4 %3,957 3,612 9.6 %10,585 8,992 17.7 %72.8 %71.3 %1.5 %
Total/Weighted Average631 $132,619 $113,727 16.6 %$34,317 $33,284 3.1 %$98,302 $80,443 22.2 %74.1 %70.7 %3.4 %
2021 Same Store Pool(2)
555 $117,300 $100,841 16.3 %$29,966 $28,728 4.3 %$87,334 $72,113 21.1 %74.5 %71.5 %3.0 %
2020 Same Store Pool(3)
493 $104,378 $89,791 16.2 %$26,571 $25,384 4.7 %$77,807 $64,407 20.8 %74.5 %71.7 %2.8 %






(1) Other states and territories in NSA's same store portfolio include Alabama, Connecticut, Idaho, Illinois, Kentucky, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, New Jersey, New Mexico, New York, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia and Puerto Rico.
(2) Represents the subset of properties included in the 2022 same store pool that were in NSA's same store pool reported in 2021.
(3) Represents the subset of properties included in the 2022 same store pool that were in NSA's same store pool reported in 2020.

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Supplemental Schedule 6 (continued)
Same Store Performance Summary By State
(dollars in thousands, except per square foot data) (unaudited)
Three Months Ended March 31, 2022 compared to Three Months Ended March 31, 2021
Rentable Square FeetOccupancy at Period EndAverage OccupancyAverage Annualized Rental Revenue per Occupied Square Foot
StateUnits1Q 20221Q 2021Growth1Q 20221Q 2021Growth1Q 20221Q 2021Growth
Texas47,714 6,757,803 95.5 %91.9 %3.6 %95.3 %90.3 %5.0 %$12.33 $11.03 11.8 %
California48,409 6,094,703 95.6 %97.0 %(1.4)%96.2 %96.2 %— 15.84 13.56 16.8 %
Oregon25,213 3,197,875 92.5 %91.2 %1.3 %91.7 %89.7 %2.0 %17.16 15.44 11.1 %
Florida29,173 3,243,987 94.4 %93.9 %0.5 %94.7 %92.9 %1.8 %17.34 14.91 16.3 %
Georgia19,764 2,654,245 96.2 %93.7 %2.5 %96.5 %92.4 %4.1 %11.96 10.24 16.8 %
North Carolina15,737 1,952,945 96.9 %95.9 %1.0 %97.0 %94.7 %2.3 %12.88 11.34 13.6 %
Oklahoma14,944 2,096,997 95.8 %93.1 %2.7 %95.2 %92.3 %2.9 %9.31 8.48 9.8 %
Arizona16,369 1,922,817 93.4 %94.4 %(1.0)%93.9 %92.6 %1.3 %15.36 13.29 15.6 %
Louisiana12,354 1,539,374 94.2 %87.9 %6.3 %93.8 %86.5 %7.3 %11.79 11.10 6.2 %
Kansas5,806 810,228 94.7 %92.8 %1.9 %93.6 %90.4 %3.2 %13.09 11.72 11.7 %
Colorado6,725 838,601 94.2 %94.8 %(0.6)%93.5 %92.5 %1.0 %13.33 11.72 13.7 %
Indiana8,741 1,133,893 96.3 %95.4 %0.9 %95.6 %94.1 %1.5 %11.25 9.92 13.4 %
Washington5,390 716,603 92.3 %89.3 %3.0 %91.7 %88.7 %3.0 %15.50 13.76 12.6 %
Nevada6,732 842,695 95.5 %94.9 %0.6 %94.9 %94.1 %0.8 %14.21 12.11 17.3 %
New Hampshire5,035 617,781 93.3 %93.3 %— 94.1 %93.0 %1.1 %15.83 13.86 14.2 %
Other(1)
33,680 4,146,317 93.5 %92.2 %1.3 %93.2 %91.0 %2.2 %14.99 13.46 11.4 %
Total/Weighted Average301,786 38,566,864 94.8 %93.4 %1.4 %94.7 %92.2 %2.5 %$14.10 $12.43 13.4 %
2021 Same Store Pool(2)
266,883 33,768,298 94.9 %93.8 %1.1 %94.8 %92.5 %2.3 %$14.25 $12.54 13.6 %
2020 Same Store Pool(3)
237,747 30,007,460 94.9 %94.0 %0.9 %94.8 %92.7 %2.1 %$14.20 $12.48 13.8 %





(1) Other states and territories in NSA's same store portfolio include Alabama, Connecticut, Idaho, Illinois, Kentucky, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, New Jersey, New Mexico, New York, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia and Puerto Rico.
(2) Represents the subset of properties included in the 2022 same store pool that were in NSA's same store pool reported in 2021.
(3) Represents the subset of properties included in the 2022 same store pool that were in NSA's same store pool reported in 2020.

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Supplemental Schedule 7
Same Store Performance Summary By MSA(1)
(dollars in thousands, except per square foot data) (unaudited)
Three Months Ended March 31, 2022 compared to Three Months Ended March 31, 2021
Total RevenueProperty Operating ExpensesNet Operating IncomeNet Operating Income Margin
MSA(1)
Stores1Q 20221Q 2021Growth1Q 20221Q 2021Growth1Q 20221Q 2021Growth1Q 20221Q 2021Growth
Portland-Vancouver-Hillsboro, OR-WA47 $9,504 $8,360 13.7 %$2,209 $2,095 5.4 %$7,295 $6,265 16.4 %76.8 %74.9 %1.9 %
Riverside-San Bernardino-Ontario, CA46 12,361 10,388 19.0 %2,538 2,459 3.2 %9,823 7,929 23.9 %79.5 %76.3 %3.2 %
Atlanta-Sandy Springs-Roswell, GA30 5,521 4,510 22.4 %1,420 1,385 2.5 %4,101 3,125 31.2 %74.3 %69.3 %5.0 %
Phoenix-Mesa-Scottsdale, AZ23 5,687 4,881 16.5 %1,329 1,277 4.1 %4,358 3,604 20.9 %76.6 %73.8 %2.8 %
McAllen-Edinburg-Mission, TX20 4,176 3,510 19.0 %1,019 1,053 (3.2)%3,157 2,457 28.5 %75.6 %70.0 %5.6 %
Oklahoma City, OK19 2,864 2,483 15.3 %802 752 6.6 %2,062 1,731 19.1 %72.0 %69.7 %2.3 %
Houston-The Woodlands-Sugar Land, TX18 3,725 3,232 15.3 %1,258 1,234 1.9 %2,467 1,998 23.5 %66.2 %61.8 %4.4 %
Dallas-Fort Worth-Arlington, TX17 3,027 2,610 16.0 %1,099 1,044 5.3 %1,928 1,566 23.1 %63.7 %60.0 %3.7 %
Brownsville-Harlingen, TX16 2,585 2,152 20.1 %647 679 (4.7)%1,938 1,473 31.6 %75.0 %68.4 %6.6 %
Indianapolis-Carmel-Anderson, IN16 3,121 2,717 14.9 %955 845 13.0 %2,166 1,872 15.7 %69.4 %68.9 %0.5 %
Los Angeles-Long Beach-Anaheim, CA14 5,868 5,196 12.9 %1,322 1,365 (3.2)%4,546 3,831 18.7 %77.5 %73.7 %3.8 %
New Orleans-Metairie, LA13 2,426 2,088 16.2 %604 608 (0.7)%1,822 1,480 23.1 %75.1 %70.9 %4.2 %
North Port-Sarasota-Bradenton, FL13 4,140 3,393 22.0 %981 937 4.7 %3,159 2,456 28.6 %76.3 %72.4 %3.9 %
Tulsa, OK13