nsa-20201105
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
—————————
FORM 8-K
—————————
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 5, 2020
National Storage Affiliates Trust
(Exact name of registrant as specified in its charter)
Maryland
001-37351
46-5053858
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
8400 East Prentice Avenue, 9th Floor
Greenwood Village, Colorado 80111
(Address of principal executive offices)
(720) 630-2600
(Registrant's telephone number, including area code)
—————————
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Common Shares of Beneficial Interest, $0.01 par value per shareNSANew York Stock Exchange
Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per shareNSA Pr ANew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
—————————



ITEM 2.02.         Results of Operations and Financial Condition.
On November 5, 2020, National Storage Affiliates Trust (the "Company") issued an earnings release and supplemental schedules announcing its financial results for the quarter ended September 30, 2020. A copy of the earnings release and supplemental schedules are attached hereto as Exhibit 99.1 and is incorporated by reference herein. The Company will hold its third quarter 2020 earnings conference call on Friday, November 6, 2020 at 1:00 p.m. Eastern Time. You may join the conference call through an Internet webcast accessed through the Company's website at www.nationalstorageaffiliates.com. Alternatively, you may join the conference call by telephone by dialing 877-407-9711, or 412-902-1014 for international callers. If you wish to participate, please call approximately five minutes before the conference call is scheduled to begin.
If you are unable to join the live conference call, you may access the replay for one week through Friday, November 13, 2020, by dialing 877-660-6853, or 201-612-7415 for international callers, and using Conference ID 13692161, or you may access the webcast replay for 30 days through the Company's website at www.nationalstorageaffiliates.com. The full text of the earnings release and supplemental schedules are also available through the Company's website at http://ir.nationalstorageaffiliates.com/quarterly-reporting. The information contained on the Company's website is not incorporated by reference herein.

ITEM 9.01.         Financial Statements and Exhibits.  
The following exhibits are furnished with this report:   
Exhibit NumberDescription
101Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NATIONAL STORAGE AFFILIATES TRUST
By:/s/ TAMARA D. FISCHER
Tamara D. Fischer
President and Chief Executive Officer

Date: November 5, 2020




Document



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



November 5, 2020
National Storage Affiliates Trust Reports Third Quarter 2020 Results
GREENWOOD VILLAGE, Colo. - (BUSINESS WIRE) - National Storage Affiliates Trust ("NSA" or the "Company") (NYSE: NSA) today reported the Company’s third quarter 2020 results.
Third Quarter 2020 Highlights
Reported net income of $21.4 million for the third quarter of 2020, an increase of 29.7% compared to the third quarter of 2019. Reported diluted earnings per share of $0.15 for the third quarter of 2020, primarily relating to the HLBV method for allocating net income among the various classes of equity.
Reported core funds from operations ("Core FFO") of $44.0 million, or $0.44 per share for the third quarter of 2020, an increase of 10.0% per share compared to the third quarter of 2019.
Reported an increase in same store net operating income ("NOI") of 0.2% for the third quarter of 2020 compared to the same period in 2019, driven by a 0.4% decrease in same store property operating expenses while same store total revenues were unchanged.
Reported same store period-end occupancy of 91.9% as of September 30, 2020, an increase of 260 basis points compared to September 30, 2019.
Acquired four wholly-owned self storage properties for $23.8 million during the third quarter of 2020. Capital sources for the acquisition activity included the issuance of approximately $3.4 million of OP equity to sellers and $6.3 million of common equity raised under the Company’s at the market, or ATM, program at a combined weighted average price of $33.71 per share/unit, as well as borrowings under the Company’s revolving line of credit.
Completed an underwritten public offering of 4,500,000 common shares of beneficial interest under forward sale agreements at a public offering price of $33.15 per share. Subsequent to quarter-end, the underwriters exercised a portion of their option to purchase an additional 400,000 of the Company's common shares for a total offering of 4,900,000 common shares that the Company expects to result in proceeds of approximately $160 million, assuming full physical settlement of the forward sale agreements.
Highlights Subsequent to Quarter-End
Issued $150.0 million of 2.99% senior unsecured notes due August 5, 2030 and $100.0 million of 3.09% senior unsecured notes due August 5, 2032 in a private placement, completing the offering that was announced August 6, 2020.
Tamara Fischer, President and Chief Executive Officer, commented, "The team did a great job pulling together to execute our COVID management plan, delivering year-over-year growth in Core FFO per share of 10% for the quarter. Our strong results, highlighted by positive growth in same store NOI and increased occupancy of 260bps year-over-year at the end of the quarter, allowed us to increase our quarterly dividend by $0.01 per share, or 6.3% on an annualized basis. Because of the resilience demonstrated by the self storage sector, we are reinstating guidance for the remainder of 2020, and now believe that we will end the year with Core FFO per share of $1.66 to $1.68, with the midpoint being up 8.4% above 2019. We have also been pleased to see increased opportunities ahead for growth via acquisitions, so we opportunistically accessed the capital markets by executing a forward equity transaction which provides us the flexibility to continue to execute on our growth strategy as we close out 2020 and look forward to 2021."



1

Financial Results
($ in thousands, except per share and unit data)
Three Months Ended September 30,Nine Months Ended September 30,
20202019Growth20202019Growth
Net income$21,411 $16,514 29.7 %$54,961 $47,187 16.5 %
Funds From Operations ("FFO")(1)
$43,440 $36,375 19.4 %$120,727 $102,933 17.3 %
Add back acquisition costs
596 321 85.7 %1,681 783 114.7 %
Core FFO(1)
$44,036 $36,696 20.0 %$122,408 $103,716 18.0 %
Earnings (loss) per share - basic and diluted
$0.15 $(0.20)175.0 %$0.32 $(0.32)200.0 %
FFO per share and unit(1)
$0.43 $0.39 10.3 %$1.23 $1.14 7.9 %
Core FFO per share and unit(1)
$0.44 $0.40 10.0 %$1.25 $1.15 8.7 %
(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 $4.9 million for the third quarter of 2020 and $7.8 million for the nine months ended September 30, 2020 ("year-to-date") as compared to the same periods in 2019. The increase for the third quarter of 2020 resulted primarily from additional NOI generated from the 51 wholly-owned self storage properties acquired between October 1, 2019 and September 30, 2020 and earnings from the Company's unconsolidated real estate ventures partially offset by increases in depreciation and amortization and interest expense. The year-to-date increase was the result of additional NOI generated from the 51 wholly-owned self storage properties acquired between October 1, 2019 and September 30, 2020 and a decrease in GAAP losses from the Company's unconsolidated real estate ventures partially offset by increases in depreciation and amortization, interest expense and a decrease in gains from the sale of self storage properties.
The increases in FFO and Core FFO for the third quarter of 2020 and year-to-date were primarily the result of incremental NOI from properties acquired between October 1, 2019 and September 30, 2020 and decreases in distributions to subordinated performance unitholders.
Same Store Operating Results (500 Stores)
($ in thousands, except per square foot data)
Three Months Ended September 30,Nine Months Ended September 30,
20202019Growth20202019Growth
Total revenues
$86,230 $86,230 — $253,747 $252,207 0.6 %
Property operating expenses
25,704 25,808 (0.4)%76,222 76,079 0.2 %
Net Operating Income (NOI)
$60,526 $60,422 0.2 %$177,525 $176,128 0.8 %
NOI Margin70.2 %70.1 %0.1 %70.0 %69.8 %0.2 %
Average Occupancy
91.1 %90.1 %1.0 %88.8 %88.9 %(0.1)%
Average Annualized Rental Revenue Per Occupied Square Foot
$12.02 $12.19 (1.4)%$12.10 $12.06 0.3 %
Year-over-year same store total revenues were unchanged for the third quarter of 2020 and increased 0.6% year-to-date as compared to the same periods in 2019. Third quarter 2020 average occupancy increased 100 basis points and average annualized rental revenue per occupied square foot decreased 1.4%. The year-to-date increase in same store total revenue was driven primarily by a 0.3% increase in average annualized rental revenue per occupied square foot partially offset by a 10 basis point decrease in average occupancy. Markets which generated above portfolio average same store total revenue growth include: Oklahoma City, Phoenix, and Kansas
2

City. Markets which generated below portfolio average same store total revenue growth include: Portland, Dallas and Los Angeles.
Year-over-year same store property operating expenses decreased 0.4% for the third quarter of 2020 and increased 0.2% year-to-date as compared to the same periods in 2019. The decrease for the third quarter of 2020 primarily resulted from decreases in personnel costs and utilities expenses, partially offset by increases in property taxes. The year-to-date increase was driven primarily by an increase in property taxes partially offset by decreases in utilities and repairs & maintenance expenses.
Investment Activity
During the third quarter, NSA invested approximately $23.8 million in the acquisition of four self storage properties consisting of approximately 0.3 million rentable square feet configured in approximately 2,100 storage units. Total consideration for these acquisitions included approximately $20.2 million of net cash, the issuance of approximately $0.8 million of OP units and $2.6 million of subordinated performance units and the assumption of approximately $0.2 million of other working capital liabilities.
Balance Sheet
In September 2020, the Company completed an underwritten public offering of 4,500,000 common shares of beneficial interest under forward sale agreements at a public offering price of $33.15 per share. Subsequent to quarter-end, the underwriters exercised a portion of their option to purchase an additional 400,000 of the Company's common shares for a total offering of 4,900,000 common shares that the Company expects to result in net proceeds of approximately $160 million, assuming full physical settlement of the forward sale agreements. The Company expects to settle the forward sale agreements prior to March 22, 2021 via the issuance and physical delivery of the Company's common shares in exchange for cash proceeds, although the Company may elect cash settlement or net share settlement for all or a portion of its obligations under the forward sale agreements, subject to certain conditions.
On October 22, 2020, the Company's operating partnership issued $150.0 million of 2.99% senior unsecured notes due August 5, 2030 and $100.0 million of 3.09% senior unsecured notes due August 5, 2032 (the "Senior Unsecured Notes") in a private placement to certain institutional investors, completing the offering that was announced August 6, 2020. 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 20, 2020, NSA's Board of Trustees declared a quarterly cash dividend of $0.34 per common share, which was paid on September 30, 2020 to shareholders of record as of September 15, 2020.
3

2020 Guidance
The following table outlines NSA's FFO guidance estimates and related assumptions for the year ended December 31, 2020:
Ranges for Full Year 2020
LowHigh
Core FFO per share(1)
$1.66$1.68
Same store operations (500 stores)
Total revenue growth
0.75%1.25%
Property operating expenses growth
1.5%2.0%
NOI growth
0.25%1.00%
General and administrative expenses
General and administrative expenses (excluding equity-based compensation), in millions
$38.5$39.5
Equity-based compensation, in millions$4.0$4.5
Management fees and other revenue, in millions
$22.0$23.0
Core FFO from unconsolidated real estate ventures, in millions
$14.5$15.5
Subordinated performance unit distributions, in millions
$28.5$29.5
Wholly-owned acquisitions, in millions$400.0$500.0

(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:
Ranges for Full Year 2020
LowHigh
Earnings (loss) per share - diluted$0.43$0.47
Impact of the difference in weighted average number of shares and GAAP accounting for noncontrolling interests, two-class method and treasury stock method
0.210.15
Add real estate depreciation and amortization, including NSA's share of unconsolidated venture real estate depreciation and amortization
1.281.32
FFO attributable to subordinated unitholders
(0.28)(0.29)
Add acquisition costs and NSA's share of unconsolidated real estate venture acquisition costs
0.020.03
Core FFO per share and unit
$1.66$1.68
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 5, 2020.
4

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 Friday, November 6, 2020 to discuss its third quarter 2020 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: Friday, November 6, 2020, 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 Friday, November 13, 2020. 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 17-19, 2020.

About National Storage Affiliates Trust
National Storage Affiliates Trust is a Maryland real estate investment trust 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, 2020, the Company held ownership interests in and operated 788 self storage properties located in 35 states and Puerto Rico with approximately 49.5 million rentable square feet. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States. For more information, please visit the Company’s website at www.nationalstorageaffiliates.com. NSA is included in the MSCI US REIT Index (RMS/RMZ), the Russell 2000 Index of Companies and the S&P SmallCap 600 Index.
5

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 our ability to execute on our acquisition pipeline; the timing of acquisitions under contract; the internalization of retiring participating regional operators ("PROs") into the Company; the negative impacts from the continued spread of COVID-19 on the economy, the self storage industry, the broader financial markets, the Company's financial condition, results of operations and cash flows and the ability of the Company's tenants to pay rent; and the Company's guidance estimates for the year ended December 31, 2020. 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
6

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,
2020201920202019
REVENUE
Rental revenue$99,690 $92,746 $290,394 $262,776 
Other property-related revenue3,883 3,217 10,672 9,169 
Management fees and other revenue5,901 5,374 17,047 15,383 
Total revenue109,474 101,337 318,113 287,328 
OPERATING EXPENSES
Property operating expenses31,546 28,988 92,395 82,635 
General and administrative expenses10,818 11,271 32,241 32,464 
Depreciation and amortization28,933 27,598 87,347 77,776 
Other479 768 1,330 1,511 
Total operating expenses71,776 68,625 213,313 194,386 
OTHER (EXPENSE) INCOME
Interest expense(15,262)(14,432)(46,403)(41,590)
Equity in earnings (losses) of unconsolidated real estate ventures
37 (1,214)(251)(4,962)
Acquisition costs(596)(321)(1,681)(783)
Non-operating expense(120)(8)(629)(275)
Gain on sale of self storage properties— — — 2,814 
Other expense(15,941)(15,975)(48,964)(44,796)
Income before income taxes21,757 16,737 55,836 48,146 
Income tax expense(346)(223)(875)(959)
Net income21,411 16,514 54,961 47,187 
Net income attributable to noncontrolling interests
(7,924)(25,374)(24,404)(56,292)
Net income (loss) attributable to National Storage Affiliates Trust13,487 (8,860)30,557 (9,105)
Distributions to preferred shareholders
(3,275)(3,272)(9,822)(9,117)
Net income (loss) attributable to common shareholders
$10,212 $(12,132)$20,735 $(18,222)
Earnings (loss) per share - basic and diluted$0.15 $(0.20)$0.32 $(0.32)
Weighted average shares outstanding - basic and diluted
68,887 59,278 65,643 57,835 

7

National Storage Affiliates Trust
Consolidated Balance Sheets
(dollars in thousands, except per share amounts)
(unaudited)
September 30,December 31,
20202019
ASSETS
Real estate
Self storage properties$3,381,418 $3,091,719 
Less accumulated depreciation(416,423)(337,822)
Self storage properties, net2,964,995 2,753,897 
Cash and cash equivalents16,779 20,558 
Restricted cash4,486 3,718 
Debt issuance costs, net2,698 3,264 
Investment in unconsolidated real estate ventures206,284 214,061 
Other assets, net62,320 65,441 
Operating lease right-of-use assets23,354 23,306 
Total assets$3,280,916 $3,084,245 
LIABILITIES AND EQUITY
Liabilities
Debt financing$1,741,703 $1,534,047 
Accounts payable and accrued liabilities51,280 37,966 
Interest rate swap liabilities86,746 19,943 
Operating lease liabilities24,929 24,665 
Deferred revenue15,858 15,523 
Total liabilities1,920,516 1,632,144 
Equity
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 8,732,719 and 8,727,119 issued and outstanding at September 30, 2020 and December 31, 2019, respectively, at liquidation preference
218,318 218,178 
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 69,177,872 and 59,659,108 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively
692 597 
Additional paid-in capital993,164 905,763 
Distributions in excess of earnings(242,222)(197,075)
Accumulated other comprehensive loss(54,723)(7,833)
Total shareholders' equity915,229 919,630 
Noncontrolling interests445,171 532,471 
Total equity1,360,400 1,452,101 
Total liabilities and equity$3,280,916 $3,084,245 

8


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,
2020201920202019
Net income$21,411 $16,514 $54,961 $47,187 
Add (subtract):
Real estate depreciation and amortization28,564 27,279 86,283 76,816 
Company's share of unconsolidated real estate venture real estate depreciation and amortization
3,830 5,197 11,428 16,126 
Gain on sale of self storage properties
— — — (2,814)
Company's share of unconsolidated real estate venture loss on sale of properties
— — — 202 
Mark-to-market changes in value on equity securities
— — 142 — 
Distributions to preferred shareholders and unitholders
(3,513)(3,515)(10,541)(9,729)
FFO attributable to subordinated performance unitholders(1)
(6,852)(9,100)(21,546)(24,855)
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders
43,440 36,375 120,727 102,933 
Add:
Acquisition costs596 321 1,681 783 
Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders
$44,036 $36,696 $122,408 $103,716 
Weighted average shares and units outstanding - FFO and Core FFO:(2)
Weighted average shares outstanding - basic68,887 59,278 65,643 57,835 
Weighted average restricted common shares outstanding32 27 30 29 
Weighted average OP units outstanding
29,559 30,483 29,994 30,217 
Weighted average DownREIT OP unit equivalents outstanding
1,925 1,848 1,900 1,848 
Weighted average LTIP units outstanding
513 535 555 605 
Total weighted average shares and units outstanding - FFO and Core FFO
100,916 92,171 98,122 90,534 
FFO per share and unit$0.43 $0.39 $1.23 $1.14 
Core FFO per share and unit$0.44 $0.40 $1.25 $1.15 
(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(3) 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.

9


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,
2020201920202019
Earnings (loss) per share - diluted$0.15 $(0.20)$0.32 $(0.32)
Impact of the difference in weighted average number of shares(3)
(0.05)0.07 (0.10)0.11 
Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method(4)
0.08 0.26 0.23 0.62 
Add real estate depreciation and amortization0.28 0.30 0.88 0.85 
Add Company's share of unconsolidated real estate venture real estate depreciation and amortization
0.04 0.06 0.12 0.18 
Subtract gain on sale of self storage properties— — — (0.03)
FFO attributable to subordinated performance unitholders
(0.07)(0.10)(0.22)(0.27)
FFO per share and unit
0.43 0.39 1.23 1.14 
Add acquisition costs
0.01 0.01 0.02 0.01 
Core FFO per share and unit
$0.44 $0.40 $1.25 $1.15 
(3) 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.
(4) 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(3).

10


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,
2020201920202019
Net income$21,411 $16,514 $54,961 $47,187 
(Subtract) add:
Management fees and other revenue(5,901)(5,374)(17,047)(15,383)
General and administrative expenses10,818 11,271 32,241 32,464 
Other479 768 1,330 1,511 
Depreciation and amortization28,933 27,598 87,347 77,776 
Interest expense15,262 14,432 46,403 41,590 
Equity in (earnings) losses of unconsolidated real estate ventures
(37)1,214 251 4,962 
Acquisition costs596 321 1,681 783 
Income tax expense346 223 875 959 
Gain on sale of self storage properties— — — (2,814)
Non-operating expense120 629 275 
Net Operating Income
$72,027 $66,975 $208,671 $189,310 

EBITDA and Adjusted EBITDA
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Net income$21,411 $16,514 $54,961 $47,187 
Add:
Depreciation and amortization28,933 27,598 87,347 77,776 
Company's share of unconsolidated real estate venture depreciation and amortization
3,830 5,197 11,428 16,126 
Interest expense15,262 14,432 46,403 41,590 
Income tax expense346 223 875 959 
EBITDA
69,782 63,964 201,014 183,638 
Add (subtract):
Acquisition costs596 321 1,681 783 
Gain on sale of self storage properties— — — (2,814)
Company's share of unconsolidated real estate venture loss on sale of properties
— — — 202 
Equity-based compensation expense1,183 1,153 3,108 3,373 
Adjusted EBITDA
$71,561 $65,438 $205,803 $185,182 

11

Supplemental Schedule 3
Portfolio Summary
As of September 30, 2020
(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
Texas100 39,274 5,555,286 90.1 %Texas104 41,599 5,832,575 90.0 %
California83 49,654 6,228,696 94.6 %California95 56,355 7,022,054 94.6 %
Oregon63 25,204 3,197,234 90.7 %Florida76 46,378 4,996,458 89.6 %
Florida49 31,114 3,274,986 90.5 %Oregon 63 25,204 3,197,234 90.7 %
Georgia45 19,410 2,599,824 89.7 %Georgia56 25,543 3,472,056 90.2 %
North Carolina33 15,360 1,885,379 93.9 %Oklahoma36 16,147 2,209,587 91.8 %
Arizona31 16,881 1,924,787 91.2 %Arizona33 17,884 2,034,617 90.9 %
Oklahoma30 13,820 1,902,372 92.1 %North Carolina33 15,360 1,885,379 93.9 %
Louisiana26 12,334 1,536,608 85.8 %Louisiana26 12,334 1,536,608 85.8 %
Indiana16 8,774 1,134,420 93.9 %Michigan24 15,615 1,978,748 92.7 %
Kansas16 5,697 763,229 90.8 %Ohio22 12,439 1,526,014 89.4 %
Washington14 4,494 578,723 89.2 %New Jersey19 12,717 1,497,327 92.5 %
Nevada13 6,730 846,687 92.9 %Nevada17 8,347 1,099,494 92.5 %
Colorado 15 6,387 798,076 92.9 %Indiana16 8,774 1,134,420 93.9 %
New Hampshire11 4,775 581,391 95.4 %Kansas16 5,697 763,229 90.8 %
Missouri3,856 489,523 81.0 %Alabama15 6,288 936,848 89.7 %
Ohio3,647 461,393 90.4 %Washington14 4,494 578,723 89.2 %
Pennsylvania4,318 497,245 92.0 %Massachusetts12 7,683 888,521 91.0 %
Other(1)
41 20,976 2,555,958 90.8 %Colorado15 6,387 798,076 92.9 %
Total
611 292,705 36,811,817 91.4 %New Hampshire11 4,775 581,391 95.4 %
Pennsylvania11 5,956 658,115 91.8 %
Other(2)
74 40,267 4,853,185 89.1 %
Total
788 396,243 49,480,659 91.2 %



(1) Other states and territories in NSA's owned portfolio as of September 30, 2020 include Alabama, Idaho, Illinois, Kentucky, Maryland, Massachusetts, Mississippi, New Jersey, New Mexico, South Carolina, Virginia and Puerto Rico.
(2) Other states and territories in NSA's operated portfolio as of September 30, 2020 include Delaware, Idaho, Illinois, Kentucky, Maryland, Minnesota, Mississippi, Missouri, New Mexico, New York, Rhode Island, South Carolina, Tennessee, Virginia and Puerto Rico.
12


Supplemental Schedule 3 (continued)
Portfolio Summary
(dollars in thousands) (unaudited)
2020 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, 20203613,5551,759,019 $214,584 $7,217 $972 $222,773 
June 30, 202042,488277,560 30,198 5,842 207 36,247 
September 30, 202042,084251,300 20,173 3,427 204 23,804 
Total Acquisitions4418,1272,287,879 $264,955 $16,486 $1,383 $282,824 
Unconsolidated Real Estate Ventures (at 100%)(3)
March 31, 2020253239,952 12,108 — 37 12,145 
Total Investments(4)
4618,6592,327,831 $277,063 $16,486 $1,420 $294,969 


















(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 California (2), Colorado (4), Florida (3), Georgia (1), Maryland (1), Massachusetts (1), New Jersey (1), Oregon (2), Pennsylvania (2) and Texas (29).

13


Supplemental Schedule 4
Debt and Equity Capitalization
As of September 30, 2020
(unaudited)
Debt Summary (dollars in thousands)
Effective Interest Rate(1)
Basis of RateMaturity Date2020202120222023202420252026ThereafterTotal
Credit Facility:
Revolving line of credit
1.45%
Variable(2)
January 2024$— $— $— $— $246,500 $— $— $— $246,500 
Term loan - Tranche A
3.74%Swapped To FixedJanuary 2023— — — 125,000 — — — — 125,000 
Term loan - Tranche B
2.91%Swapped To FixedJuly 2024— — — — 250,000 — — — 250,000 
Term loan - Tranche C
2.80%Swapped To FixedJanuary 2025— — — — — 225,000 — — 225,000 
Term loan - Tranche D
3.57%Swapped To FixedJuly 2026— — — — — — 175,000 — 175,000 
Term loan facility - 20232.83%Swapped To FixedJune 2023— — — 175,000 — — — — 175,000 
Term loan facility - 20284.62%Swapped To FixedDecember 2028— — — — — — — 75,000 75,000 
Term loan facility - 20294.27%Swapped To FixedApril 2029— — — — — — — 100,000 100,000 
2029 Senior Unsecured Notes3.98%FixedAugust 2029— — — — — — — 100,000 100,000 
2031 Senior Unsecured Notes4.08%FixedAugust 2031— — — — — — — 50,000 50,000 
Fixed rate mortgages payable4.26%FixedJuly 2021 - October 2031— 3,555 — 80,149 20,224 — — 120,725 224,653 
Total Principal/Weighted Average
3.23%5.0 years$ $3,555 $ $380,149 $516,724 $225,000 $175,000 $445,725 $1,746,153 
Unamortized debt issuance costs and debt premium, net
(4,450)
Total Debt
$1,741,703 

Debt Ratios
Covenant
Amount
Net Debt to Annualized Current Quarter Adjusted EBITDAn/a6.0x
Trailing Twelve Month Fixed Charge Coverage Ratio
> 1.5x3.1x
Total Leverage Ratio< 60.0%43.1%
(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.
14


Supplemental Schedule 4 (continued)
Debt and Equity Capitalization
As of September 30, 2020
(unaudited)

Preferred Shares and Units
Outstanding
6.000% Series A cumulative redeemable preferred shares of beneficial interest8,732,719 
6.000% Series A-1 cumulative redeemable preferred units637,382 
Common Shares and Units
OutstandingIf Converted
Common shares of beneficial interest69,146,476 69,146,476 
Restricted common shares31,396 31,396 
Total shares outstanding
69,177,872 69,177,872 
Operating partnership units29,443,460 29,443,460 
DownREIT operating partnership unit equivalents
1,924,918 1,924,918 
Total operating partnership units
31,368,378 31,368,378 
Long-term incentive plan units(3)
512,946 512,946 
Total shares and Class A equivalents outstanding
101,059,196 101,059,196 
Subordinated performance units(4)
8,770,744 10,437,185 
DownREIT subordinated performance unit equivalents(4)
4,337,111 5,161,162 
Total subordinated partnership units
13,107,855 15,598,347 
Total common shares and units outstanding
114,167,051 116,657,543 






(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 1.19 OP units based on historical financial information for the trailing twelve months ended September 30, 2020. 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


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, 2020December 31, 2019
ASSETS
Self storage properties, net$1,803,992 $1,835,235 
Other assets26,094 22,413 
Total assets$1,830,086 $1,857,648 
LIABILITIES AND EQUITY
Debt financing$989,819 $989,182 
Other liabilities23,462 20,487 
Equity816,805 847,979 
Total liabilities and equity$1,830,086 $1,857,648 

Combined Operating Information
Three Months Ended September 30, 2020Nine Months Ended September 30, 2020
 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$41,878 $10,470 $121,846 $30,462 
Property operating expenses13,005 3,251 37,554 9,389 
Net operating income28,873 7,219 84,292 21,073 
Supervisory, administrative and other expenses
(2,780)(695)(8,089)(2,022)
Depreciation and amortization(15,320)(3,830)(45,711)(11,428)
Interest expense(10,303)(2,576)(30,867)(7,717)
Acquisition and other expenses(381)(95)(800)(200)
Net income (loss)$89 $23 $(1,175)$(294)
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
3,830 11,428 
Company's share of FFO and Core FFO from unconsolidated real estate ventures
$3,867 $11,177 






(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.

16


Supplemental Schedule 6
Same Store Performance Summary By State
(dollars in thousands, except per square foot data) (unaudited)
Three Months Ended September 30, 2020 compared to Three Months Ended September 30, 2019
Total RevenueProperty Operating ExpensesNet Operating IncomeNet Operating Income Margin
StateStores3Q 20203Q 2019Growth3Q 20203Q 2019Growth3Q 20203Q 2019Growth3Q 20203Q 2019Growth
California81 $19,401 $19,439 (0.2)%$5,256 $5,219 0.7 %$14,145 $14,220 (0.5)%72.9 %73.2 %(0.3)%
Oregon60 10,029 10,115 (0.9)%2,629 2,574 2.1 %7,400 7,541 (1.9)%73.8 %74.6 %(0.8)%
Texas60 7,921 7,935 (0.2)%2,908 2,938 (1.0)%5,013 4,997 0.3 %63.3 %63.0 %0.3 %
Florida37 8,416 8,475 (0.7)%2,614 2,666 (2.0)%5,802 5,809 (0.1)%68.9 %68.5 %0.4 %
Georgia35 4,597 4,642 (1.0)%1,407 1,403 0.3 %3,190 3,239 (1.5)%69.4 %69.8 %(0.4)%
North Carolina33 5,058 5,118 (1.2)%1,426 1,433 (0.5)%3,632 3,685 (1.4)%71.8 %72.0 %(0.2)%
Oklahoma30 3,823 3,735 2.4 %1,161 1,195 (2.8)%2,662 2,540 4.8 %69.6 %68.0 %1.6 %
Arizona30 5,615 5,476 2.5 %1,630 1,589 2.6 %3,985 3,887 2.5 %71.0 %71.0 %— 
Indiana16 2,614 2,588 1.0 %795 825 (3.6)%1,819 1,763 3.2 %69.6 %68.1 %1.5 %
Kansas16 2,265 2,205 2.7 %791 833 (5.0)%1,474 1,372 7.4 %65.1 %62.2 %2.9 %
Louisiana14 1,868 1,932 (3.3)%664 687 (3.3)%1,204 1,245 (3.3)%64.5 %64.4 %0.1 %
Washington14 1,838 1,859 (1.1)%536 503 6.6 %1,302 1,356 (4.0)%70.8 %72.9 %(2.1)%
Nevada13 2,344 2,351 (0.3)%645 664 (2.9)%1,699 1,687 0.7 %72.5 %71.8 %0.7 %
Colorado11 1,785 1,810 (1.4)%576 619 (6.9)%1,209 1,191 1.5 %67.7 %65.8 %1.9 %
New Hampshire10 1,658 1,625 2.0 %523 505 3.6 %1,135 1,120 1.3 %68.5 %68.9 %(0.4)%
Other(1)
40 6,998 6,925 1.1 %2,143 2,155 (0.6)%4,855 4,770 1.8 %69.4 %68.9 %0.5 %
Total/Weighted Average500 $86,230 $86,230  $25,704 $25,808 (0.4)%$60,526 $60,422 0.2 %70.2 %70.1 %0.1 %
2019 Same Store Pool(2)
438 $75,233 $75,565 (0.4)%$22,440 $22,465 (0.1)%$52,793 $53,100 (0.6)%70.2 %70.3 %(0.1)%
2018 Same Store Pool(3)
373 $63,554 $63,937 (0.6)%$18,694 $18,595 0.5 %$44,860 $45,342 (1.1)%70.6 %70.9 %(0.3)%





(1) Other states and territories in NSA's same store portfolio include Alabama, Illinois, Kentucky, Maryland, Massachusetts, Mississippi, Missouri, New Mexico, Ohio, South Carolina, Virginia and Puerto Rico.
(2) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2019.
(3) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2018.

17




Supplemental Schedule 6 (continued)
Same Store Performance Summary By State
(dollars in thousands, except per square foot data) (unaudited)
Three Months Ended September 30, 2020 compared to Three Months Ended September 30, 2019
Rentable Square FeetOccupancy at Period EndAverage OccupancyAverage Annualized Rental Revenue per Occupied Square Foot
StateUnits3Q 20203Q 2019Growth3Q 20203Q 2019Growth3Q 20203Q 2019Growth
California48,062 6,084,977 95.0 %90.2 %4.8 %93.4 %91.0 %2.4 %$12.99 $13.45 (3.4)%
Oregon24,299 3,074,344 90.7 %84.5 %6.2 %88.8 %86.0 %2.8 %14.33 14.97 (4.3)%
Texas24,172 3,420,824 90.5 %89.8 %0.7 %90.0 %90.8 %(0.8)%9.98 9.95 0.3 %
Florida23,645 2,526,698 89.8 %87.8 %2.0 %88.3 %88.5 %(0.2)%14.49 14.60 (0.8)%
Georgia14,322 1,934,436 90.6 %91.5 %(0.9)%90.4 %91.3 %(0.9)%10.16 10.15 0.1 %
North Carolina15,360 1,885,379 93.9 %94.2 %(0.3)%93.7 %95.0 %(1.3)%11.01 10.99 0.2 %
Oklahoma13,820 1,902,372 92.1 %88.9 %3.2 %92.0 %89.3 %2.7 %8.47 8.53 (0.7)%
Arizona16,521 1,876,247 91.1 %89.0 %2.1 %90.1 %89.2 %0.9 %12.90 12.73 1.3 %
Indiana8,774 1,134,420 93.9 %91.9 %2.0 %93.7 %92.1 %1.6 %9.57 9.64 (0.7)%
Kansas5,697 763,229 90.8 %88.8 %2.0 %91.9 %90.1 %1.8 %12.12 12.04 0.7 %
Louisiana6,312 857,928 86.4 %87.0 %(0.6)%86.6 %87.2 %(0.6)%9.86 10.10 (2.4)%
Washington4,494 578,723 89.2 %82.5 %6.7 %87.0 %84.7 %2.3 %14.33 14.87 (3.6)%
Nevada6,730 846,687 92.9 %90.6 %2.3 %92.7 %90.6 %2.1 %11.37 11.75 (3.2)%
Colorado5,035 614,106 93.1 %89.8 %3.3 %92.5 %91.6 %0.9 %12.25 12.55 (2.4)%
New Hampshire4,294 519,966 95.2 %90.2 %5.0 %94.2 %91.6 %2.6 %13.12 13.48 (2.7)%
Other(1)
19,027 2,334,334 90.8 %89.2 %1.6 %90.2 %90.3 %(0.1)%12.69 12.66 0.2 %
Total/Weighted Average240,564 30,354,670 91.9 %89.3 %2.6 %91.1 %90.1 %1.0 %$12.02 $12.19 (1.4)%
2019 Same Store Pool(2)
210,433 26,928,680 92.1 %89.5 %2.6 %91.1 %90.2 %0.9 %$11.81 $12.03 (1.8)%
2018 Same Store Pool(3)
177,961 22,654,770 92.3 %89.5 %2.8 %91.2 %90.3 %0.9 %$11.85 $12.09 (2.0)%



(1) Other states and territories in NSA's same store portfolio include Alabama, Illinois, Kentucky, Maryland, Massachusetts, Mississippi, Missouri, New Mexico, Ohio, South Carolina, Virginia and Puerto Rico.
(2) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2019.
(3) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2018.
18


Supplemental Schedule 6
Same Store Performance Summary By State
(dollars in thousands, except per square foot data) (unaudited)
Nine Months Ended September 30, 2020 compared to Nine Months Ended September 30, 2019
Total RevenueProperty Operating ExpensesNet Operating IncomeNet Operating Income Margin
StateStoresYTD 2020YTD 2019GrowthYTD 2020YTD 2019GrowthYTD 2020YTD 2019GrowthYTD 2020YTD 2019Growth
California81 $57,448 $56,990 0.8 %$15,742 $15,421 2.1 %$41,706 $41,569 0.3 %72.6 %72.9 %(0.3)%
Oregon60 29,063 29,486 (1.4)%7,730 7,699 0.4 %21,333 21,787 (2.1)%73.4 %73.9 %(0.5)%
Texas60 23,339 23,191 0.6 %8,564 8,726 (1.9)%14,775 14,465 2.1 %63.3 %62.4 %0.9 %
Florida37 24,946 24,959 (0.1)%7,646 7,671 (0.3)%17,300 17,288 0.1 %69.3 %69.3 %— 
Georgia35 13,689 13,452 1.8 %4,320 4,394 (1.7)%9,369 9,058 3.4 %68.4 %67.3 %1.1 %
North Carolina33 14,963 14,864 0.7 %4,251 4,342 (2.1)%10,712 10,522 1.8 %71.6 %70.8 %0.8 %
Oklahoma30 11,244 11,025 2.0 %3,436 3,512 (2.2)%7,808 7,513 3.9 %69.4 %68.1 %1.3 %
Arizona30 16,452 16,008 2.8 %4,718 4,625 2.0 %11,734 11,383 3.1 %71.3 %71.1 %0.2 %
Indiana16 7,683 7,625 0.8 %2,439 2,279 7.0 %5,244 5,346 (1.9)%68.3 %70.1 %(1.8)%
Kansas16 6,566 6,291 4.4 %2,355 2,454 (4.0)%4,211 3,837 9.7 %64.1 %61.0 %3.1 %
Louisiana14 5,626 5,629 (0.1)%1,927 2,010 (4.1)%3,699 3,619 2.2 %65.7 %64.3 %1.4 %
Washington14 5,382 5,553 (3.1)%1,597 1,513 5.6 %3,785 4,040 (6.3)%70.3 %72.8 %(2.5)%
Nevada13 6,898 6,801 1.4 %1,898 1,910 (0.6)%5,000 4,891 2.2 %72.5 %71.9 %0.6 %
Colorado11 5,190 5,297 (2.0)%1,697 1,782 (4.8)%3,493 3,515 (0.6)%67.3 %66.4 %0.9 %
New Hampshire10 4,792 4,778 0.3 %1,589 1,564 1.6 %3,203 3,214 (0.3)%66.8 %67.3 %(0.5)%
Other(1)
40 20,466 20,258 1.0 %6,313 6,177 2.2 %14,153 14,081 0.5 %69.2 %69.5 %(0.3)%
Total/Weighted Average500 $253,747 $252,207 0.6 %$76,222 $76,079 0.2 %$177,525 $176,128 0.8 %70.0 %69.8 %0.2 %
2019 Same Store Pool(2)
438 $221,764 $221,064 0.3 %$66,678 $66,540 0.2 %$155,086 $154,524 0.4 %69.9 %69.9 %— 
2018 Same Store Pool(3)
373 $187,568 $187,294 0.1 %$55,556 $55,122 0.8 %$132,012 $132,172 (0.1)%70.4 %70.6 %(0.2)%






(1) Other states and territories in NSA's same store portfolio include Alabama, Illinois, Kentucky, Maryland, Massachusetts, Mississippi, Missouri, New Mexico, Ohio, South Carolina, Virginia and Puerto Rico.
(2) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2019.
(3) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2018.
19


Supplemental Schedule 6 (continued)
Same Store Performance Summary By State
(dollars in thousands, except per square foot data) (unaudited)
Nine Months Ended September 30, 2020 compared to Nine Months Ended September 30, 2019
Rentable Square FeetOccupancy at Period EndAverage OccupancyAverage Annualized Rental Revenue per Occupied Square Foot
StateUnitsYTD 2020YTD 2019GrowthYTD 2020YTD 2019GrowthYTD 2020YTD 2019Growth
California48,062 6,084,977 95.0 %90.2 %4.8 %90.9 %90.7 %0.2 %$13.20 $13.17 0.2 %
Oregon24,299 3,074,344 90.7 %84.5 %6.2 %84.3 %84.5 %(0.2)%14.61 14.80 (1.3)%
Texas24,172 3,420,824 90.5 %89.8 %0.7 %88.6 %89.5 %(0.9)%9.99 9.83 1.6 %
Florida23,645 2,526,698 89.8 %87.8 %2.0 %86.6 %87.8 %(1.2)%14.63 14.64 (0.1)%
Georgia14,322 1,934,436 90.6 %91.5 %(0.9)%89.3 %89.4 %(0.1)%10.23 10.03 2.0 %
North Carolina15,360 1,885,379 93.9 %94.2 %(0.3)%91.9 %93.2 %(1.3)%11.08 10.83 2.3 %
Oklahoma13,820 1,902,372 92.1 %88.9 %3.2 %89.8 %87.4 %2.4 %8.50 8.58 (0.9)%
Arizona16,521 1,876,247 91.1 %89.0 %2.1 %88.7 %88.0 %0.7 %12.82 12.62 1.6 %
Indiana8,774 1,134,420 93.9 %91.9 %2.0 %91.3 %90.4 %0.9 %9.63 9.63 — 
Kansas5,697 763,229 90.8 %88.8 %2.0 %89.9 %87.1 %2.8 %11.96 11.85 0.9 %
Louisiana6,312 857,928 86.4 %87.0 %(0.6)%85.5 %85.2 %0.3 %10.04 10.06 (0.2)%
Washington4,494 578,723 89.2 %82.5 %6.7 %83.0 %84.4 %(1.4)%14.69 14.87 (1.2)%
Nevada6,730 846,687 92.9 %90.6 %2.3 %91.2 %90.9 %0.3 %11.36 11.31 0.4 %
Colorado5,035 614,106 93.1 %89.8 %3.3 %88.3 %89.7 %(1.4)%12.44 12.50 (0.5)%
New Hampshire4,294 519,966 95.2 %90.2 %5.0 %91.8 %91.8 %— 13.06 13.23 (1.3)%
Other(1)
19,027 2,334,334 90.8 %89.2 %1.6 %88.4 %89.1 %(0.7)%12.66 12.51 1.2 %
Total/Weighted Average240,564 30,354,670 91.9 %89.3 %2.6 %88.8 %88.9 %(0.1)%$12.10 $12.06 0.3 %
2019 Same Store Pool(2)
210,433 26,928,680 92.1 %89.5 %2.6 %88.9 %89.1 %(0.2)%$11.92 $11.88 0.3 %
2018 Same Store Pool(3)
177,961 22,654,770 92.3 %89.5 %2.8 %89.0 %89.2 %(0.2)%$11.98 $11.95 0.3 %




(1) Other states and territories in NSA's same store portfolio include Alabama, Illinois, Kentucky, Maryland, Massachusetts, Mississippi, Missouri, New Mexico, Ohio, South Carolina, Virginia and Puerto Rico.
(2) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2019.
(3) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2018.

20


Supplemental Schedule 7
Same Store Performance Summary By MSA(1)
(dollars in thousands, except per square foot data) (unaudited)
Three Months Ended September 30, 2020 compared to Three Months Ended September 30, 2019
Total RevenueProperty Operating ExpensesNet Operating IncomeNet Operating Income Margin
MSA(1)
Stores3Q 20203Q 2019Growth3Q 20203Q 2019Growth3Q 20203Q 2019Growth3Q 20203Q 2019Growth
Riverside-San Bernardino-Ontario, CA47 $9,840 $9,842 — $2,452 $2,472 (0.8)%$7,388 $7,370 0.2 %75.1 %74.9 %0.2 %
Portland-Vancouver-Hillsboro, OR-WA47 7,823 7,981 (2.0)%2,042 2,026 0.8 %5,781 5,955 (2.9)%73.9 %74.6 %(0.7)%
Atlanta-Sandy Springs-Roswell, GA26 3,866 3,914 (1.2)%1,121 1,128 (0.6)%2,745 2,786 (1.5)%71.0 %71.2 %(0.2)%
Phoenix-Mesa-Scottsdale, AZ23 4,538 4,464 1.7 %1,321 1,292 2.2 %3,217 3,172 1.4 %70.9 %71.1 %(0.2)%
Oklahoma City, OK17 2,140 2,074 3.2 %674 692 (2.6)%1,466 1,382 6.1 %68.5 %66.6 %1.9 %
Dallas-Fort Worth-Arlington, TX17 2,250 2,295 (2.0)%856 908 (5.7)%1,394 1,387 0.5 %62.0 %60.4 %1.6 %
Indianapolis-Carmel-Anderson, IN16 2,614 2,588 1.0 %795 825 (3.6)%1,819 1,763 3.2 %69.6 %68.1 %1.5 %
Los Angeles-Long Beach-Anaheim, CA14 4,868 5,022 (3.1)%1,375 1,375 — 3,493 3,647 (4.2)%71.8 %72.6 %(0.8)%
Tulsa, OK13 1,683 1,660 1.4 %486 502 (3.2)%1,197 1,158 3.4 %71.1 %69.8 %1.3 %
North Port-Sarasota-Bradenton, FL13 3,054 3,007 1.6 %933 950 (1.8)%2,121 2,057 3.1 %69.4 %68.4 %1.0 %
Las Vegas-Henderson-Paradise, NV12 2,231 2,252 (0.9)%609 627 (2.9)%1,622 1,625 (0.2)%72.7 %72.2 %0.5 %
Kansas City, MO-KS11 1,702 1,624 4.8 %615 675 (8.9)%1,087 949 14.5 %63.9 %58.4 %5.5 %
Other MSAs244 39,621 39,507 0.3 %12,425 12,336 0.7 %27,196 27,171 0.1 %68.6 %68.8 %(0.2)%
Total/Weighted Average500 $86,230 $86,230  $25,704 $25,808 (0.4)%$60,526 $60,422 0.2 %70.2 %70.1 %0.1 %
2019 Same Store Pool(2)
438 $75,233 $75,565 (0.4)%$22,440 $22,465 (0.1)%$52,793 $53,100 (0.6)%70.2 %70.3 %(0.1)%
2018 Same Store Pool(3)
373 $63,554 $63,937 (0.6)%$18,694 $18,595 0.5 %$44,860 $45,342 (1.1)%70.6 %70.9 %(0.3)%







(1) MSA (Metropolitan Statistical Area) as defined by the United States Census Bureau.
(2) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2019.
(3) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2018.

21

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, 2020 compared to Three Months Ended September 30, 2019
Rentable Square FeetOccupancy at Period EndAverage OccupancyAverage Annualized Rental Revenue per Occupied Square Foot
MSA(1)
Units3Q 20203Q 2019Growth3Q 20203Q 2019Growth3Q 20203Q 2019Growth
Riverside-San Bernardino-Ontario, CA24,989 3,361,159 96.1 %90.3 %5.8 %94.6 %91.0 %3.6 %$11.70 $12.26 (4.6)%
Portland-Vancouver-Hillsboro, OR-WA18,205 2,226,383 89.5 %84.4 %5.1 %87.6 %85.8 %1.8 %15.72 16.41 (4.2)%
Atlanta-Sandy Springs-Roswell, GA11,861 1,624,583 91.0 %91.7 %(0.7)%90.5 %91.5 %(1.0)%10.16 10.20 (0.4)%
Phoenix-Mesa-Scottsdale, AZ13,461 1,515,617 90.2 %87.8 %2.4 %88.9 %87.9 %1.0 %13.06 13.03 0.2 %
Oklahoma City, OK7,703 1,087,702 94.1 %89.2 %4.9 %94.0 %89.6 %4.4 %8.12 8.27 (1.8)%
Dallas-Fort Worth-Arlington, TX6,424 858,317 89.2 %88.2 %1.0 %89.0 %88.6 %0.4 %11.47 11.70 (2.0)%
Indianapolis-Carmel-Anderson, IN8,774 1,134,420 93.9 %91.9 %2.0 %93.7 %92.1 %1.6 %9.57 9.64 (0.7)%
Los Angeles-Long Beach-Anaheim, CA9,753 1,063,420 90.9 %86.8 %4.1 %89.2 %88.2 %1.0 %19.58 20.54 (4.7)%
Tulsa, OK6,117 814,670 89.4 %88.5 %0.9 %89.3 %89.0 %0.3 %8.96 8.89 0.8 %
North Port-Sarasota-Bradenton, FL8,580 838,945 89.1 %85.8 %3.3 %87.5 %86.1 %1.4 %15.95 16.01 (0.4)%
Las Vegas-Henderson-Paradise, NV6,547 808,335 92.8 %90.3 %2.5 %92.6 %90.4 %2.2 %11.32 11.84 (4.4)%
Kansas City, MO-KS4,026 551,119 92.2 %88.6 %3.6 %93.5 %89.6 %3.9 %12.33 12.33 — 
Other MSAs114,124 14,470,000 91.8 %89.9 %1.9 %91.0 %90.9 %0.1 %11.61 11.62 (0.1)%
Total/Weighted Average240,564 30,354,670 91.9 %89.3 %2.6 %91.1 %90.1 %1.0 %$12.02 $12.19 (1.4)%
2019 Same Store Pool(2)
210,433 26,928,680 92.1 %89.5 %2.6 %91.1 %90.2 %0.9 %$11.81 $12.03 (1.8)%
2018 Same Store Pool(3)
177,961 22,654,770 92.3 %89.5 %2.8 %91.2 %90.3 %0.9 %$11.85 $12.09 (2.0)%








(1) MSA (Metropolitan Statistical Area) as defined by the United States Census Bureau.
(2) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2019.
(3) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2018.


22



Supplemental Schedule 7
Same Store Performance Summary By MSA(1)
(dollars in thousands, except per square foot data) (unaudited)
Nine Months Ended September 30, 2020 compared to Nine Months Ended September 30, 2019
Total RevenueProperty Operating ExpensesNet Operating IncomeNet Operating Income Margin
MSA(1)
StoresYTD 2020YTD 2019GrowthYTD 2020YTD 2019GrowthYTD 2020YTD 2019GrowthYTD 2020YTD 2019Growth
Riverside-San Bernardino-Ontario, CA47 $29,185 $28,764 1.5 %$7,398 $7,304 1.3 %$21,787 $21,460 1.5 %74.7 %74.6 %0.1 %
Portland-Vancouver-Hillsboro, OR-WA47 22,903 23,470 (2.4)%6,077 6,047 0.5 %16,826 17,423 (3.4)%73.5 %74.2 %(0.7)%
Atlanta-Sandy Springs-Roswell, GA26 11,503 11,309 1.7 %3,463 3,499 (1.0)%8,040 7,810 2.9 %69.9 %69.1 %0.8 %
Phoenix-Mesa-Scottsdale, AZ23 13,397 13,121 2.1 %3,802 3,728 2.0 %9,595 9,393 2.2 %71.6 %71.6 %— 
Oklahoma City, OK17 6,242 6,098 2.4 %1,986 2,028 (2.1)%4,256 4,070 4.6 %68.2 %66.7 %1.5 %
Dallas-Fort Worth-Arlington, TX17 6,701 6,787 (1.3)%2,631 2,675 (1.6)%4,070 4,112 (1.0)%60.7 %60.6 %0.1 %
Indianapolis-Carmel-Anderson, IN16 7,683 7,625 0.8 %2,439 2,279 7.0 %5,244 5,346 (1.9)%68.3 %70.1 %(1.8)%
Los Angeles-Long Beach-Anaheim, CA14 14,535 14,859 (2.2)%4,061 3,993 1.7 %10,474 10,866 (3.6)%72.1 %73.1 %(1.0)%
Tulsa, OK13 5,002 4,926 1.5 %1,450 1,484 (2.3)%3,552 3,442 3.2 %71.0 %69.9 %1.1 %
North Port-Sarasota-Bradenton, FL13 9,048 8,834 2.4 %2,725 2,803 (2.8)%6,323 6,031 4.8 %69.9 %68.3 %1.6 %
Las Vegas-Henderson-Paradise, NV12 6,573 6,517 0.9 %1,799 1,814 (0.8)%4,774 4,703 1.5 %72.6 %72.2 %0.4 %
Kansas City, MO-KS11 4,847 4,643 4.4 %1,840 1,952 (5.7)%3,007 2,691 11.7 %62.0 %58.0 %4.0 %
Other MSAs244 116,128 115,254 0.8 %36,551 36,473 0.2 %79,577 78,781 1.0 %68.5 %68.4 %0.1 %
Total/Weighted Average500 $253,747 $252,207 0.6 %$76,222 $76,079 0.2 %$177,525 $176,128 0.8 %70.0 %69.8 %0.2 %
2019 Same Store Pool(2)
438 $221,764 $221,064 0.3 %$66,678 $66,540 0.2 %$155,086 $154,524 0.4 %69.9 %69.9 %— 
2018 Same Store Pool(3)
373 $187,568 $187,294 0.1 %$55,556 $55,122 0.8 %$132,012 $132,172 (0.1)%70.4 %70.6 %(0.2)%







(1) MSA (Metropolitan Statistical Area) as defined by the United States Census Bureau.
(2) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2019.
(3) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2018.

23

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, 2020 compared to Nine Months Ended September 30, 2019
Rentable Square FeetOccupancy at Period EndAverage OccupancyAverage Annualized Rental Revenue per Occupied Square Foot
MSA(1)
UnitsYTD 2020YTD 2019GrowthYTD 2020YTD 2019GrowthYTD 2020YTD 2019Growth
Riverside-San Bernardino-Ontario, CA24,989 3,361,159 96.1 %90.3 %5.8 %92.0 %90.8 %1.2 %$11.92 $11.96 (0.3)%
Portland-Vancouver-Hillsboro, OR-WA18,205 2,226,383 89.5 %84.4 %5.1 %83.9 %84.8 %(0.9)%16.05 16.27 (1.4)%
Atlanta-Sandy Springs-Roswell, GA11,861 1,624,583 91.0 %91.7 %(0.7)%89.0 %89.3 %(0.3)%10.26 10.06 2.0 %
Phoenix-Mesa-Scottsdale, AZ13,461 1,515,617 90.2 %87.8 %2.4 %87.9 %86.8 %1.1 %13.01 12.97 0.3 %
Oklahoma City, OK7,703 1,087,702 94.1 %89.2 %4.9 %91.0 %87.0 %4.0 %8.14 8.34 (2.4)%
Dallas-Fort Worth-Arlington, TX6,424 858,317 89.2 %88.2 %1.0 %88.2 %87.9 %0.3 %11.49 11.63 (1.2)%
Indianapolis-Carmel-Anderson, IN8,774 1,134,420 93.9 %91.9 %2.0 %91.3 %90.4 %0.9 %9.63 9.63 — 
Los Angeles-Long Beach-Anaheim, CA9,753 1,063,420 90.9 %86.8 %4.1 %87.5 %88.9 %(1.4)%19.90 20.11 (1.0)%
Tulsa, OK6,117 814,670 89.4 %88.5 %0.9 %88.3 %87.9 %0.4 %8.98 8.89 1.0 %
North Port-Sarasota-Bradenton, FL8,580 838,945 89.1 %85.8 %3.3 %85.7 %85.5 %0.2 %16.11 16.01 0.6 %
Las Vegas-Henderson-Paradise, NV6,547 808,335 92.8 %90.3 %2.5 %91.1 %90.8 %0.3 %11.35 11.40 (0.4)%
Kansas City, MO-KS4,026 551,119 92.2 %88.6 %3.6 %89.7 %86.2 %3.5 %12.20 12.24 (0.3)%
Other MSAs114,124 14,470,000 91.8 %89.9 %1.9 %88.8 %89.6 %(0.8)%11.65 11.49 1.4 %
Total/Weighted Average240,564 30,354,670 91.9 %89.3 %2.6 %88.8 %88.9 %(0.1)%$12.10 $12.06 0.3 %
2019 Same Store Pool(2)
210,433 26,928,680 92.1 %89.5 %2.6 %88.9 %89.1 %(0.2)%$11.92 $11.88 0.3 %
2018 Same Store Pool(3)
177,961 22,654,770 92.3 %89.5 %2.8 %89.0 %89.2 %(0.2)%$11.98 $11.95 0.3 %








(1) MSA (Metropolitan Statistical Area) as defined by the United States Census Bureau.
(2) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2019.
(3) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2018.


24


Supplemental Schedule 8
Same Store Operating Data (500 Stores) - Trailing Five Quarters
(dollars in thousands, except per square foot data) (unaudited)
3Q 20202Q 20201Q 20204Q 20193Q 2019YTD 2020YTD 2019
Revenue
Rental revenue$83,020 $80,141 $81,609 $82,059 $83,320 $244,770 $243,696 
Other property-related revenue3,210 2,860 2,907 2,805 2,910 8,977 8,511 
Total revenue86,230 83,001 84,516 84,864 86,230 253,747 252,207 
Property operating expenses
Store payroll and related costs7,549 7,538 8,176 7,771 7,757 23,263 23,320 
Property tax expense7,124 7,081 6,894 6,220 6,974 21,099 20,661 
Utilities expense2,692 2,160 2,337 2,258 2,804 7,189 7,494 
Repairs & maintenance expense1,996 1,891 2,022 2,011 2,046 5,909 6,155 
Marketing expense1,765 1,796 1,660 1,633 1,777 5,221 5,130 
Insurance expense820 810 803 783 774 2,433 2,306 
Other property operating expenses3,758 3,504 3,846 3,833 3,676 11,108 11,013 
Total property operating expenses25,704 24,780 25,738 24,509 25,808 76,222 76,079 
Net operating income$60,526 $58,221 $58,778 $60,355 $60,422 $177,525 $176,128 
Net operating income margin70.2 %70.1 %69.5 %71.1 %70.1 %70.0 %69.8 %
Occupancy at period end91.9 %89.8 %87.1 %87.2 %89.3 %91.9 %89.3 %
Average occupancy91.1 %88.1 %87.2 %88.1 %90.1 %88.8 %88.9 %
Average annualized rental revenue per occupied square foot
$12.02 $11.99 $12.34 $12.27 $12.19 $12.10 $12.06 

25


Supplemental Schedule 9
Reconciliation of Same Store Data and Net Operating Income to Net Income
(dollars in thousands) (unaudited)
3Q 20202Q 20201Q 20204Q 20193Q 2019YTD 2020YTD 2019
Rental revenue
Same store portfolio
$83,020 $80,141 $81,609 $82,059 $83,320 $244,770 $243,696 
Non-same store portfolio
16,670 15,161 13,793 10,024 9,426 45,624 19,080 
Total rental revenue
99,690 95,302 95,402 92,083 92,746 290,394 262,776 
Other property-related revenue
Same store portfolio
3,210 2,860 2,907 2,805 2,910 8,977 8,511 
Non-same store portfolio
673 558 464 328 307 1,695 658 
Total other property-related revenue
3,883 3,418 3,371 3,133 3,217 10,672 9,169 
Property operating expenses
Same store portfolio
25,704 24,780 25,738 24,509 25,808 76,222 76,079 
Non-same store portfolio
5,842 5,477 4,854 3,203 3,180 16,173 6,556 
Total property operating expenses
31,546 30,257 30,592 27,712 28,988 92,395 82,635 
Net operating income72,027 68,463 68,181 67,504 66,975 208,671 189,310 
Management fees and other revenue5,901 5,697 5,449 5,352 5,374 17,047 15,383 
General and administrative expenses(10,818)(10,329)(11,094)(11,566)(11,271)(32,241)(32,464)
Depreciation and amortization(28,933)(29,309)(29,105)(27,343)(27,598)(87,347)(77,776)
Other(479)(462)(389)(40)(768)(1,330)(1,511)
Interest expense(15,262)(15,513)(15,628)(14,874)(14,432)(46,403)(41,590)
Equity in earnings (losses) of unconsolidated real estate ventures
37 52 (340)(8)(1,214)(251)(4,962)
Acquisition costs(596)(252)(833)(534)(321)(1,681)(783)
Non-operating (expense) income(120)(317)(192)727 (8)(629)(275)
Gain on sale of self storage properties— — — — — — 2,814 
Income tax expense(346)(243)(286)(392)(223)(875)(959)
Net Income$21,411 $17,787 $15,763 $18,826 $16,514 $54,961 $47,187 

26


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,
2020201920202019
Average Annualized Rental Revenue Per Occupied Square Foot
Same store
$12.02 $12.19 $12.10 $12.06 
Total consolidated portfolio
12.03 12.20 12.09 12.06 
Average Occupancy
Same store
91.1 %90.1 %88.8 %88.9 %
Total consolidated portfolio
90.4 %89.6 %88.3 %88.6 %
Total Consolidated Portfolio Capital Expenditures
Recurring capital expenditures
$1,488 $2,016 $4,926 $6,773 
Value enhancing capital expenditures1,046 1,234 3,083 3,386 
Acquisitions capital expenditures
1,351 2,219 4,951 6,547 
Total consolidated portfolio capital expenditures$3,885 $5,469 $12,960 $16,706 
Property Operating Expenses Detail
Store payroll and related costs$9,170 $8,705 $27,821 $25,362 
Property tax expense8,787 7,730 25,699 22,149 
Utilities expense3,319 3,148 8,759 8,140 
Repairs & maintenance expense2,427 2,315 7,055 6,717 
Marketing expense2,185 2,008 6,401 5,577 
Insurance expense1,088 932 3,205 2,622 
Other property operating expenses4,570 4,150 13,455 12,068 
Property operating expenses on the Company's statements of operations
$31,546 $28,988 $92,395 $82,635 
General and Administrative Expenses Detail
Supervisory and administrative expenses$3,693 $5,219 $12,515 $14,825 
Equity-based compensation expense1,183 1,153 3,108 3,373 
Other general and administrative expenses5,942 4,899 16,618 14,266 
General and administrative expenses on the Company's statements of operations
$10,818 $11,271 $32,241 $32,464 


27

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. Substantially all of the 2018 Joint Venture properties are operated by NSA's management platform under NSA's iStorage brand.
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 $5.7 million of fair value of debt adjustments and $10.2 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, 2020, the Company had nine PROs: Northwest Self Storage, Optivest Properties, Guardian Storage Centers, Move It Self Storage, Storage Solutions, Hide-Away, Personal Mini, Southern Self Storage and Moove In Self Storage. On March 31, 2020, NSA closed on the merger and internalization of the management platform of SecurCare Self Storage, which prior to the merger and internalization was the Company’s largest PRO.
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 since the first day of the earliest year presented, excluding 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
BMO Capital MarketsCapital One Securities, Inc.Citi Investment Research
John P. KimNeil MalkinMichael Bilerman / Smedes Rose
212.885.4115571.633.8191212.816.1383 / 212.816.6243
Jefferies LLCKeyBanc Capital MarketsMorgan Stanley
Jonathan PetersenTodd Thomas / Jordan SadlerRonald Kamdem
212.284.1705917.368.2286 / 917.368.2280212.296.8319
StifelTruist SecuritiesWells Fargo Securities, LLC
Stephen Manaker / Kevin SteinKi Bin KimTodd Stender / Philip Defelice
212.271.3716 / 212.271.3718212.303.4124562.637.1371 / 443.263.6442
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v3.20.2
Document and Entity Information Document
Nov. 05, 2020
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Nov. 05, 2020
Entity Registrant Name National Storage Affiliates Trust
Entity Central Index Key 0001618563
Amendment Flag false
Entity Incorporation, State or Country Code MD
Entity File Number 001-37351
Entity Tax Identification Number 46-5053858
Entity Address, Address Line One 8400 East Prentice Avenue, 9th Floor
Entity Address, City or Town Greenwood Village
Entity Address, State or Province CO
Entity Address, Postal Zip Code 80111
City Area Code 720
Local Phone Number 630-2600
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Shares of Beneficial Interest, $0.01 par value per share [Member]  
Entity Information [Line Items]  
Security Exchange Name NYSE
New York Stock Exchange [Member] | Common Shares of Beneficial Interest, $0.01 par value per share [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Common Shares of Beneficial Interest, $0.01 par value per share
Trading Symbol NSA
New York Stock Exchange [Member] | Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share
Trading Symbol NSA Pr A