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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, 2022
National Storage Affiliates Trust Reports Third Quarter 2022 Results
GREENWOOD VILLAGE, Colo. - (BUSINESS WIRE) - National Storage Affiliates Trust ("NSA" or the "Company") (NYSE: NSA) today reported the Company’s third quarter 2022 results.
Third Quarter 2022 Highlights
Reported net income of $40.2 million for the third quarter of 2022, a decrease of 1.4% compared to the third quarter of 2021. Reported diluted earnings per share of $0.21 for the third quarter of 2022 compared to $0.26 for the third quarter of 2021.
Reported core funds from operations ("Core FFO") of $93.1 million, or $0.72 per share for the third quarter of 2022, an increase of 26.3% per share compared to the third quarter of 2021.
Reported an increase in same store net operating income ("NOI") of 12.1% for the third quarter of 2022 compared to the same period in 2021, driven by a 10.7% increase in same store total revenues partially offset by an increase of 6.9% in same store property operating expenses.
Reported same store period-end occupancy of 92.6% as of September 30, 2022, a decrease of 350 basis points compared to September 30, 2021.
Acquired 23 wholly-owned self storage properties for approximately $321.8 million during the third quarter of 2022. Consideration for these acquisitions included the issuance of $6.2 million of OP equity.
Issued $200.0 million of 5.06% senior unsecured notes due November 16, 2032 in a private placement to certain institutional investors.
Repurchased 953,924 of the Company's common shares for approximately $50.0 million under the previously announced share repurchase program. Under the program, the Company is authorized to repurchase up to a total of $400.0 million of common shares.

Tamara Fischer, Chief Executive Officer, commented, “We’re pleased to report another quarter of double-digit same store NOI and Core FFO per share growth for our shareholders. Overall, fundamentals in the self storage sector remain healthy, and are moderating toward historical norms.

We continued to execute on our growth strategy by acquiring over $320 million of properties during the quarter and opportunistically issuing $200 million of ten-year private placement notes with a coupon of 5.06%. Although the capital markets remain volatile, we will continue to strategically manage our funding needs while ensuring healthy access to a variety of capital sources. As the economy enters more challenging times, we remain confident that the self storage sector, and NSA specifically, remain well positioned to navigate a more dynamic operating and capital environment."


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Financial Results
($ in thousands, except per share and unit data)
Three Months Ended September 30,Nine Months Ended September 30,
20222021Growth20222021Growth
Net income$40,177 $40,730 (1.4)%$133,388 $104,040 28.2 %
Funds From Operations ("FFO")(1)
$86,215 $66,966 28.7 %$264,003 $177,476 48.8 %
Add back acquisition costs
1,142 512 123.0 %2,377 922 157.8 %
Add back casualty-related expenses5,754 — — %5,754 — — %
Core FFO(1)
$93,111 $67,478 38.0 %$272,134 $178,398 52.5 %
Earnings per share - basic$0.21 $0.31 (32.3)%$0.68 $0.89 (23.6)%
Earnings per share - diluted
$0.21 $0.26 (19.2)%$0.68 $0.71 (4.2)%
FFO per share and unit(1)
$0.67 $0.56 19.6 %$2.04 $1.60 27.5 %
Core FFO per share and unit(1)
$0.72 $0.57 26.3 %$2.10 $1.61 30.4 %
(1) Non-GAAP financial measures, including FFO, Core FFO and NOI, are defined in the Glossary in the supplemental financial information and, where appropriate, reconciliations of these measures and other non-GAAP financial measures to their most directly comparable GAAP measures are included in the Schedules to this press release and in the supplemental financial information.
Net income decreased $0.5 million for the third quarter of 2022 and increased by $29.3 million for the nine months ended September 30, 2022 ("year-to-date") as compared to the same periods in 2021. The decrease in net income in the third quarter of 2022 was primarily due to an increase in depreciation expense resulting from the 153 self storage properties acquired between October 1, 2021 and September 30, 2022, and increases in interest expense and casualty-related expenses, partially offset by additional NOI generated from the 153 self storage properties acquired between October 1, 2021 and September 30, 2022, and same store NOI growth. The year-to-date increase in net income was the result of additional NOI generated from the 153 self storage properties acquired between October 1, 2021 and September 30, 2022, same store NOI growth, increases in management fees and other revenue, and an increase in equity in earnings from the Company's unconsolidated real estate ventures, partially offset by increases in depreciation expense and interest expense.
The increases in FFO and Core FFO for the third quarter of 2022 and year-to-date were primarily the result of incremental NOI from properties acquired between October 1, 2021 and September 30, 2022 and same store NOI growth, partially offset by an increase in interest expense.
Same Store Operating Results (629 Stores)
($ in thousands, except per square foot data)
Three Months Ended September 30,Nine Months Ended September 30,
20222021Growth20222021Growth
Total revenues
$140,834 $127,248 10.7 %$410,288 $360,378 13.8 %
Property operating expenses
36,915 34,532 6.9 %106,748 100,805 5.9 %
Net Operating Income (NOI)
$103,919 $92,716 12.1 %$303,540 $259,573 16.9 %
NOI Margin73.8 %72.9 %0.9 %74.0 %72.0 %2.0 %
Average Occupancy
94.1 %96.5 %(2.4)%94.6 %94.5 %0.1 %
Average Annualized Rental Revenue Per Occupied Square Foot
$15.07 $13.27 13.6 %$14.56 $12.78 13.9 %
Year-over-year same store total revenues increased 10.7% for the third quarter of 2022 and 13.8% year-to-date as compared to the same periods in 2021. The increase for the third quarter was driven primarily by a 13.6% increase in average annualized rental revenue per occupied square foot, partially offset by a 240 basis point decrease in
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average occupancy. The year-to-date increase was driven primarily by a 13.9% increase in average annualized rental revenue per occupied square foot, and a 10 basis point increase in average occupancy. Markets which generated above portfolio average same store total revenue growth include: Atlanta, Riverside-San Bernardino, and Sarasota. Markets which generated below portfolio average same store total revenue growth include: Portland, Phoenix and Las Vegas.
Year-over-year same store property operating expenses increased 6.9% for the third quarter of 2022 and 5.9% year-to-date as compared to the same periods in 2021. The increases primarily resulted from increases in property tax expense, utilities, marketing, and credit card processing fees.
Casualty Event Impact
During the third quarter of 2022, we incurred outsized casualty-related expenses and losses due to certain events including floods, fires, and hurricanes Fiona and Ian, which we do not consider indicative of our core operating performance. These elevated amounts of casualty costs from these events totaled $5.7 million which is included in other operating expenses. These costs are excluded from Core FFO.

The Company maintains property and casualty insurance on its wholly-owned and joint venture properties, which covers both damages and business interruption expenses subject to varying deductibles depending on the cause and extent of the claim.
Investment Activity
During the third quarter, NSA invested $321.8 million in the acquisition of 23 wholly-owned self storage properties consisting of approximately 1.7 million rentable square feet configured in approximately 12,800 storage units. Total consideration for these acquisitions included approximately $313.8 million of net cash, $6.2 million of OP units, and the assumption of approximately $1.8 million of other liabilities.
Balance Sheet
On August 30, 2022, the Company's operating partnership entered into an agreement to issue $200.0 million of 5.06% senior unsecured notes due November 16, 2032 (the "November 2032 Notes"). On September 28, 2022, the operating partnership issued the November 2032 Notes. The Company used the proceeds to repay outstanding amounts on its revolving line of credit and for general corporate purposes.
Common Share Dividends
On August 25, 2022, NSA's Board of Trustees declared a quarterly cash dividend of $0.55 per common share, representing a 34% increase from the third quarter 2021. The third quarter 2022 dividend was paid on September 30, 2022 to shareholders of record as of September 15, 2022.
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2022 Guidance
The following table outlines NSA's updated and prior Core FFO guidance estimates and related assumptions for the year ended December 31, 2022. The Company's revision to Core FFO per share estimates is primarily driven by higher interest rates, third quarter adjustments to income tax accruals, and revised same store growth assumptions.
Current Ranges for Full Year 2022Prior Ranges for Full Year 2022Actual Results for Full Year 2021
LowHighLowHigh
Core FFO per share(1)
$2.80$2.82$2.80$2.85$2.26
Same store operations(2)
Total revenue growth
11.5%12.5%11.0%13.0%15.1%
Property operating expenses growth
5.5%6.5%5.00%6.25%4.0%
NOI growth
14.0%15.0%14.0%16.0%19.8%
General and administrative expenses
General and administrative expenses (excluding equity-based compensation), in millions
$52.0$54.0$52.0$54.0$45.5
Equity-based compensation, in millions$6.0$6.5$6.5$7.0$5.5
Management fees and other revenue, in millions
$27.0$29.0$27.0$29.0$24.4
Core FFO from unconsolidated real estate ventures, in millions
$24.0$25.0$24.0$25.0$20.7
Subordinated performance unit distributions, in millions
$58.0$59.0$58.0$61.0$49.8
Acquisitions of self storage properties, in millions$550.0$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$1.14$1.21$1.28$1.38
Impact of the difference in weighted average number of shares and GAAP accounting for noncontrolling interests, two-class method and treasury stock method
0.120.050.160.02
Add real estate depreciation and amortization, including NSA's share of unconsolidated venture real estate depreciation and amortization
1.931.951.801.90
FFO attributable to subordinated unitholders
(0.45)(0.46)(0.45)(0.47)
Casualty-related expenses0.040.05
Add acquisition costs and NSA's share of unconsolidated real estate venture acquisition costs
0.020.020.010.02
Core FFO per share and unit
$2.80$2.82$2.80$2.85
(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 629 stores. 2021 actual results reflect NSA's 2021 same store pool comprising 560 stores.



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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, 2022.
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 Thursday, November 3, 2022 to discuss its third 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, November 3, 2022, 1:00 pm 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, November 10, 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 Nareit's REITworld conference on November 15-16, 2022 in San Francisco, California.

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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 September 30, 2022, the Company held ownership interests in and operated 1,100 self storage properties located in 42 states and Puerto Rico with approximately 71.5 million rentable square feet. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States. For more information, please visit the Company’s website at www.nationalstorageaffiliates.com. NSA is included in the MSCI US REIT Index (RMS/RMZ), the Russell 1000 Index of Companies and the S&P MidCap 400 Index.
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, inflation, 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 September 30,Nine Months Ended September 30,
2022202120222021
REVENUE
Rental revenue$193,724 $139,420 $552,829 $379,857 
Other property-related revenue6,400 5,141 18,907 14,107 
Management fees and other revenue6,649 6,282 21,111 18,117 
Total revenue206,773 150,843 592,847 412,081 
OPERATING EXPENSES
Property operating expenses55,132 39,465 157,678 110,723 
General and administrative expenses15,298 13,012 43,966 36,700 
Depreciation and amortization59,631 38,983 175,594 107,458 
Other6,356 994 7,351 1,701 
Total operating expenses136,417 92,454 384,589 256,582 
OTHER (EXPENSE) INCOME
Interest expense(28,871)(18,144)(75,966)(52,275)
Equity in earnings of unconsolidated real estate ventures
2,134 1,682 5,590 3,615 
Acquisition costs(1,142)(512)(2,377)(922)
Non-operating expense(226)(241)(599)(562)
Gain on sale of self storage properties— — 2,134 — 
Other expense, net(28,105)(17,215)(71,218)(50,144)
Income before income taxes42,251 41,174 137,040 105,355 
Income tax expense(2,074)(444)(3,652)(1,315)
Net income40,177 40,730 133,388 104,040 
Net income attributable to noncontrolling interests
(17,966)(10,506)(60,911)(24,260)
Net income attributable to National Storage Affiliates Trust22,211 30,224 72,477 79,780 
Distributions to preferred shareholders
(3,382)(3,276)(10,043)(9,827)
Net income attributable to common shareholders
$18,829 $26,948 $62,434 $69,953 
Earnings per share - basic$0.21 $0.31 $0.68 $0.89 
Earnings per share - diluted$0.21 $0.26 $0.68 $0.71 
Weighted average shares outstanding - basic
91,471 86,257 91,446 78,307 
Weighted average shares outstanding - diluted
91,471 140,025 91,446 130,983 
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National Storage Affiliates Trust
Consolidated Balance Sheets
(dollars in thousands, except per share amounts)
(unaudited)
September 30,December 31,
20222021
ASSETS
Real estate
Self storage properties$6,345,448 $5,798,188 
Less accumulated depreciation(722,010)(578,717)
Self storage properties, net5,623,438 5,219,471 
Cash and cash equivalents33,401 25,013 
Restricted cash4,013 2,862 
Debt issuance costs, net1,720 2,433 
Investment in unconsolidated real estate ventures231,696 188,187 
Other assets, net147,969 102,417 
Operating lease right-of-use assets21,501 22,211 
Total assets$6,063,738 $5,562,594 
LIABILITIES AND EQUITY
Liabilities
Debt financing$3,487,724 $2,940,931 
Accounts payable and accrued liabilities92,466 59,262 
Interest rate swap liabilities— 33,757 
Operating lease liabilities23,362 23,981 
Deferred revenue23,143 22,208 
Total liabilities3,626,695 3,080,139 
Equity
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 9,017,588 and 8,736,719 issued and outstanding at September 30, 2022 and December 31, 2021, respectively, at liquidation preference
225,439 218,418 
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 90,861,825 and 91,198,929 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
909 912 
Additional paid-in capital1,804,444 1,866,773 
Distributions in excess of earnings(374,978)(291,263)
Accumulated other comprehensive income (loss)42,852 (19,611)
Total shareholders' equity1,698,666 1,775,229 
Noncontrolling interests738,377 707,226 
Total equity2,437,043 2,482,455 
Total liabilities and equity$6,063,738 $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 September 30,Nine Months Ended September 30,
2022202120222021
Net income$40,177 $40,730 $133,388 $104,040 
Add (subtract):
Real estate depreciation and amortization59,303 38,636 174,643 106,404 
Company's share of unconsolidated real estate venture real estate depreciation and amortization
4,441 3,842 12,611 11,563 
Gain on sale of self storage properties
— — (2,134)— 
Distributions to preferred shareholders and unitholders
(3,653)(3,517)(10,857)(10,551)
FFO attributable to subordinated performance unitholders(1)
(14,053)(12,725)(43,648)(33,980)
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders
86,215 66,966 264,003 177,476 
Add:
Acquisition costs1,142 512 2,377 922 
Casualty-related expenses(2)
5,754 — 5,754 — 
Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders
$93,111 $67,478 $272,134 $178,398 
Weighted average shares and units outstanding - FFO and Core FFO:(3)
Weighted average shares outstanding - basic91,471 86,257 91,446 78,307 
Weighted average restricted common shares outstanding26 39 27 32 
Weighted average effect of forward offering agreement(4)
— — — 133 
Weighted average OP units outstanding
35,344 30,103 35,361 29,940 
Weighted average DownREIT OP unit equivalents outstanding
1,925 1,925 1,925 1,925 
Weighted average LTIP units outstanding
477 525 526 549 
Total weighted average shares and units outstanding - FFO and Core FFO
129,243 118,849 129,285 110,886 
FFO per share and unit$0.67 $0.56 $2.04 $1.60 
Core FFO per share and unit$0.72 $0.57 $2.10 $1.61 
(1) Amounts represent distributions declared for subordinated performance unitholders and DownREIT subordinated performance unitholders for the periods presented.
(2) These casualty-related expenses are recorded in the line item "Other" within operating expenses in our consolidated statement of operations.
(3) 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(5) 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.
(4) 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 Per Share - Diluted to FFO and Core FFO Per Share and Unit
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Earnings per share - diluted$0.21 $0.26 $0.68 $0.71 
Impact of the difference in weighted average number of shares(5)
(0.06)0.05 (0.20)0.14 
Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method(6)
0.14 — 0.47 — 
Add real estate depreciation and amortization0.46 0.33 1.35 0.96 
Add Company's share of unconsolidated real estate venture real estate depreciation and amortization
0.03 0.03 0.10 0.10 
Subtract gain on sale of self storage properties— — (0.02)— 
FFO attributable to subordinated performance unitholders
(0.11)(0.11)(0.34)(0.31)
FFO per share and unit
0.67 0.56 2.04 1.60 
Add acquisition costs
0.01 0.01 0.02 0.01 
Add casualty-related expenses0.04 — 0.04 — 
Core FFO per share and unit
$0.72 $0.57 $2.10 $1.61 
(5) 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.
(6) 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(5).
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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,
2022202120222021
Net income$40,177 $40,730 $133,388 $104,040 
(Subtract) add:
Management fees and other revenue(6,649)(6,282)(21,111)(18,117)
General and administrative expenses15,298 13,012 43,966 36,700 
Other 6,356 994 7,351 1,701 
Depreciation and amortization59,631 38,983 175,594 107,458 
Interest expense28,871 18,144 75,966 52,275 
Equity in earnings of unconsolidated real estate ventures
(2,134)(1,682)(5,590)(3,615)
Acquisition costs1,142 512 2,377 922 
Income tax expense2,074 444 3,652 1,315 
Gain on sale of self storage properties— — (2,134)— 
Non-operating expense226 241 599 562 
Net Operating Income
$144,992 $105,096 $414,058 $283,241 
EBITDA and Adjusted EBITDA
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net income$40,177 $40,730 $133,388 $104,040 
Add:
Depreciation and amortization59,631 38,983 175,594 107,458 
Company's share of unconsolidated real estate venture depreciation and amortization
4,441 3,842 12,611 11,563 
Interest expense28,871 18,144 75,966 52,275 
Income tax expense2,074 444 3,652 1,315 
EBITDA
135,194 102,143 401,211 276,651 
Add (subtract):
Acquisition costs1,142 512 2,377 922 
Gain on sale of self storage properties— — (2,134)— 
Casualty-related expenses (recoveries)5,754 — 5,754 — 
Equity-based compensation expense1,546 1,454 4,670 4,088 
Adjusted EBITDA
$143,636 $104,109 $411,878 $281,661 

11

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Supplemental Schedule 3
Portfolio Summary
As of September 30, 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
Texas197 90,483 12,655,413 92.0 %Texas208 99,644 13,653,558 92.0 %
California86 51,344 6,488,336 92.0 %California98 57,988 7,267,588 91.8 %
Georgia71 32,944 4,447,464 91.8 %Florida90 52,757 5,885,540 92.2 %
Oregon70 29,238 3,658,945 88.8 %Georgia82 39,076 5,319,572 91.9 %
Florida63 37,703 4,174,538 91.5 %Oregon70 29,238 3,658,945 88.8 %
North Carolina41 19,883 2,490,662 94.5 %North Carolina41 19,883 2,490,662 94.5 %
Arizona33 18,192 2,098,182 89.7 %Oklahoma39 17,617 2,448,932 94.1 %
Oklahoma33 15,297 2,142,317 94.0 %Arizona35 19,195 2,208,412 89.7 %
Louisiana31 13,840 1,718,752 91.5 %Louisiana31 13,840 1,718,752 91.5 %
Kansas23 8,575 1,187,718 92.5 %Alabama29 13,405 1,961,128 86.1 %
Pennsylvania22 10,169 1,266,764 88.3 %Ohio27 14,879 1,853,334 90.3 %
Colorado22 9,489 1,197,490 92.4 %Michigan25 15,953 2,022,648 91.6 %
Indiana21 10,992 1,441,115 92.0 %Pennsylvania25 11,803 1,427,534 88.6 %
Washington19 6,635 871,435 88.3 %Kansas23 8,575 1,187,718 92.5 %
Alabama15 7,886 1,135,296 82.4 %Tennessee22 11,614 1,484,118 92.4 %
New Hampshire15 7,120 889,101 93.3 %Colorado22 9,489 1,197,490 92.4 %
Puerto Rico14 12,398 1,339,140 95.4 %Indiana21 10,992 1,441,115 92.0 %
Nevada14 7,075 898,105 91.7 %New Jersey20 13,264 1,577,980 88.5 %
Ohio13 5,501 729,012 90.8 %Washington19 6,635 871,435 88.3 %
Tennessee13 6,063 777,445 91.4 %Nevada18 8,692 1,150,568 91.3 %
Missouri12 5,293 678,735 90.2 %Massachusetts15 10,887 1,195,068 88.5 %
Illinois10 6,377 718,302 93.3 %New Hampshire15 7,120 889,101 93.3 %
New Mexico10 5,505 718,512 92.8 %Puerto Rico14 12,398 1,339,140 95.4 %
Other(1)
67 33,483 4,354,464 87.6 %Illinois14 8,926 1,023,014 92.3 %
Total
915 451,485 58,077,243 91.3 %Minnesota12 5,734 734,295 89.8 %
Missouri12 5,293 678,735 90.2 %
New Mexico10 5,505 718,512 92.8 %
Other(2)
63 32,060 4,141,887 87.6 %
Total1,100 562,462 71,546,781 91.3 %
(1) Other states in NSA's owned portfolio as of September 30, 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 September 30, 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 Liabilities / (Other Assets)Total
March 31, 2022125,002678,383 $76,027 $16,576 $332 $92,935 
June 30, 202285,390685,368 99,954 13,938 641 114,533 
September 30, 20222312,7871,653,102 313,784 6,244 1,761 321,789 
Total Acquisitions4323,1793,016,853 $489,765 $36,758 $2,734 $529,257 
Unconsolidated Real Estate Ventures (at 100%)(3)
June 30, 202276,842721,882 205,947 — 1,641 207,588 
September 30, 2022134743,700 6,610 — (13)6,597 
Total Acquisitions87,189765,582 $212,557 $ $1,628 $214,185 
Total Investments(4)
5130,3683,782,435 $702,322 $36,758 $4,362 $743,442 

2022 Disposition & Divestiture Activity
Dispositions Closed During the Quarter Ended:StoresUnitsRentable Square FeetProceeds
March 31, 2022(5)
143264,750 $6,531 


(3) Values represent entire unconsolidated real estate ventures at 100%, not NSA's proportionate share. NSA's ownership in each of the unconsolidated real estate ventures is 25%.
(4) NSA acquired self storage properties located in Alabama (1), Arkansas (2), Colorado (2), Connecticut (1), Florida (6), Georgia (11), Michigan (1), Minnesota (1), Missouri (1), New Mexico (4), Pennsylvania (5), South Carolina (4), Texas (11) and Virginia (1).
(5) 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 September 30, 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 credit4.39%
Variable(2)
January 2024$— $— $432,000 $— $— $— $— $— $432,000 
Term loan - Tranche A3.69%Swapped To FixedJanuary 2023— 125,000 — — — — — — 125,000 
Term loan - Tranche B2.89%Swapped To FixedJuly 2024— — 250,000 — — — — — 250,000 
Term loan - Tranche C2.86%Swapped To FixedJanuary 2025— — — 225,000 — — — — 225,000 
Term loan - Tranche D3.07%Swapped To FixedJuly 2026— — — — 175,000 — — — 175,000 
Term loan - Tranche E4.29%VariableMarch 2027— — — — — 125,000 — — 125,000 
Term loan facility - 20232.83%Swapped To FixedJune 2023— 175,000 — — — — — — 175,000 
Term loan facility - 20284.62%Swapped To FixedDecember 2028— — — — — — 75,000 — 75,000 
Term loan facility - April 20294.27%Swapped To FixedApril 2029— — — — — — — 100,000 100,000 
Term loan facility - June 20294.69%VariableJune 2029— — — — — — — 285,000 285,000 
2026 Senior Unsecured Notes2.16%FixedMay 2026— — — — 35,000 — — — 35,000 
2029 Senior Unsecured Notes3.98%FixedAugust 2029— — — — — — — 100,000 100,000 
August 2030 Senior Unsecured Notes2.99%FixedAugust 2030— — — — — — — 150,000 150,000 
November 2030 Senior Unsecured Notes2.72%FixedNovember 2030— — — — — — — 75,000 75,000 
May 2031 Senior Unsecured Notes3.00%FixedMay 2031— — — — — — — 90,000 90,000 
August 2031 Senior Unsecured Notes4.08%FixedAugust 2031— — — — — — — 50,000 50,000 
November 2031 Senior Unsecured Notes2.81%FixedNovember 2031— — — — — — — 175,000 175,000 
August 2032 Senior Unsecured Notes3.09%FixedAugust 2032— — — — — — — 100,000 100,000 
November 2032 Senior Unsecured Notes5.06%FixedNovember 2032— — — — — — — 200,000 200,000 
May 2033 Senior Unsecured Notes3.10%FixedMay 2033— — — — — — — 55,000 55,000 
November 2033 Senior Unsecured Notes2.96%FixedNovember 2033— — — — — — — 125,000 125,000 
2036 Senior Unsecured Notes3.06%FixedNovember 2036— — — — — — — 75,000 75,000 
Fixed rate mortgages payable3.82%FixedApril 2023 - October 2031— 75,404 20,060 — — 84,900 88,000 32,324 300,688 
Total Principal/Weighted Average
3.64%5.4 years$ $375,404 $702,060 $225,000 $210,000 $209,900 $163,000 $1,612,324 $3,497,688 
Unamortized debt issuance costs and debt premium, net
(9,964)
Total Debt
$3,487,724 
(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 September 30, 2022
(unaudited)
Debt Ratios
Covenant
Amount
Net Debt to Annualized Current Quarter Adjusted EBITDAn/a6.0x
Trailing Twelve Month Fixed Charge Coverage Ratio
> 1.5x4.3x
Total Leverage Ratio< 60.0%40.6%
Preferred Shares and Units
Outstanding
6.000% Series A cumulative redeemable preferred shares of beneficial interest9,017,588 
6.000% Series A-1 cumulative redeemable preferred units712,208 
Common Shares and Units
OutstandingIf Converted
Common shares of beneficial interest90,835,777 90,835,777 
Restricted common shares26,048 26,048 
Total shares outstanding
90,861,825 90,861,825 
Operating partnership units35,322,132 35,322,132 
DownREIT operating partnership unit equivalents
1,924,918 1,924,918 
Total operating partnership units
37,247,050 37,247,050 
Long-term incentive plan units(3)
475,996 475,996 
Total shares and Class A equivalents outstanding
128,584,871 128,584,871 
Subordinated performance units(4)
8,032,683 13,816,215 
DownREIT subordinated performance unit equivalents(4)
4,337,111 7,459,831 
Total subordinated partnership units
12,369,794 21,276,046 
Total common shares and units outstanding
140,954,665 149,860,917 
(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 1.72 OP units based on historical financial information for the trailing twelve months ended September 30, 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)
September 30, 2022December 31, 2021
ASSETS
Self storage properties, net$1,906,941 $1,741,538 
Other assets44,033 23,562 
Total assets$1,950,974 $1,765,100 
LIABILITIES AND EQUITY
Debt financing$1,002,070 $1,001,378 
Other liabilities29,853 19,493 
Equity919,051 744,229 
Total liabilities and equity$1,950,974 $1,765,100 
Combined Operating Information
Three Months Ended September 30, 2022Nine Months Ended September 30, 2022
 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$55,262 $13,816 $157,861 $39,465 
Property operating expenses14,773 3,693 42,917 10,729 
Net operating income40,489 10,123 114,944 28,736 
Supervisory, administrative and other expenses
(3,635)(909)(10,377)(2,594)
Depreciation and amortization(17,764)(4,441)(50,444)(12,611)
Interest expense(10,415)(2,604)(31,241)(7,810)
Acquisition and other expenses(204)(51)(711)(178)
Net income$8,471 $2,118 $22,171 $5,543 
Add (subtract):
Equity in earnings adjustments related to amortization of basis differences
16 47 
Company's share of unconsolidated real estate venture real estate depreciation and amortization
4,441 12,611 
Company's share of FFO and Core FFO from unconsolidated real estate ventures
$6,575 $18,201 









(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, 2022 compared to Three Months Ended September 30, 2021
Total RevenueProperty Operating ExpensesNet Operating IncomeNet Operating Income Margin
StateStores3Q 20223Q 2021Growth3Q 20223Q 2021Growth3Q 20223Q 2021Growth3Q 20223Q 2021Growth
Texas113 $22,191 $19,792 12.1 %$7,181 $6,496 10.5 %$15,010 $13,296 12.9 %67.6 %67.2 %0.4 %
California81 25,370 22,811 11.2 %5,784 5,474 5.7 %19,586 17,337 13.0 %77.2 %76.0 %1.2 %
Oregon61 13,180 12,445 5.9 %2,854 2,822 1.1 %10,326 9,623 7.3 %78.3 %77.3 %1.0 %
Florida48 14,589 12,942 12.7 %3,901 3,432 13.7 %10,688 9,510 12.4 %73.3 %73.5 %(0.2)%
Georgia46 8,549 7,450 14.8 %2,264 2,130 6.3 %6,285 5,320 18.1 %73.5 %71.4 %2.1 %
North Carolina34 6,939 6,016 15.3 %1,620 1,605 0.9 %5,319 4,411 20.6 %76.7 %73.3 %3.4 %
Oklahoma32 5,207 4,680 11.3 %1,435 1,318 8.9 %3,772 3,362 12.2 %72.4 %71.8 %0.6 %
Arizona30 7,343 6,781 8.3 %1,683 1,655 1.7 %5,660 5,126 10.4 %77.1 %75.6 %1.5 %
Louisiana26 4,668 4,214 10.8 %1,387 1,274 8.9 %3,281 2,940 11.6 %70.3 %69.8 %0.5 %
Kansas17 2,799 2,666 5.0 %879 894 (1.7)%1,920 1,772 8.4 %68.6 %66.5 %2.1 %
Colorado16 2,849 2,618 8.8 %829 856 (3.2)%2,020 1,762 14.6 %70.9 %67.3 %3.6 %
Indiana16 3,309 3,029 9.2 %932 847 10.0 %2,377 2,182 8.9 %71.8 %72.0 %(0.2)%
Washington16 2,722 2,521 8.0 %663 655 1.2 %2,059 1,866 10.3 %75.6 %74.0 %1.6 %
Nevada13 3,092 2,856 8.3 %754 644 17.1 %2,338 2,212 5.7 %75.6 %77.5 %(1.9)%
New Hampshire11 2,494 2,283 9.2 %642 592 8.4 %1,852 1,691 9.5 %74.3 %74.1 %0.2 %
Other(1)
69 15,533 14,144 9.8 %4,107 3,838 7.0 %11,426 10,306 10.9 %73.6 %72.9 %0.7 %
Total/Weighted Average629 $140,834 $127,248 10.7 %$36,915 $34,532 6.9 %$103,919 $92,716 12.1 %73.8 %72.9 %0.9 %
2021 Same Store Pool(2)
553 $124,266 $112,507 10.5 %$31,952 $29,915 6.8 %$92,314 $82,592 11.8 %74.3 %73.4 %0.9 %
2020 Same Store Pool(3)
491 $110,441 $99,935 10.5 %$28,202 $26,501 6.4 %$82,239 $73,434 12.0 %74.5 %73.5 %1.0 %






(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 September 30, 2022 compared to Three Months Ended September 30, 2021
Rentable Square FeetOccupancy at Period EndAverage OccupancyAverage Annualized Rental Revenue per Occupied Square Foot
StateUnits3Q 20223Q 2021Growth3Q 20223Q 2021Growth3Q 20223Q 2021Growth
Texas47,791 6,768,240 93.6 %95.7 %(2.1)%95.1 %96.2 %(1.1)%$13.36 $11.74 13.8 %
California48,434 6,097,979 92.0 %97.7 %(5.7)%93.5 %97.9 %(4.4)%17.10 14.66 16.6 %
Oregon24,382 3,093,327 89.8 %94.1 %(4.3)%92.4 %94.9 %(2.5)%18.10 16.69 8.4 %
Florida29,154 3,245,070 92.9 %