Table of Contents

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

October 30, 2024

National Storage Affiliates Trust Reports Third Quarter 2024 Results

•Reported net income of $29.8 million for the third quarter of 2024, a decrease of 30.9% compared to the third quarter of 2023. Reported diluted earnings per share of $0.18 for the third quarter of 2024 compared to $0.26 for the third quarter of 2023.

•Reported core funds from operations ("Core FFO") of $83.9 million, or $0.62 per share and unit for the third quarter of 2024, a decrease of 7.5% per share compared to the third quarter of 2023.

•Reported a decrease in same store net operating income ("NOI") of 5.3% for the third quarter of 2024 compared to the same period in 2023, driven by a 3.5% decrease in same store total revenues and an increase of 1.2% in same store property operating expenses.

•Reported same store period-end occupancy of 85.6% as of September 30, 2024, a decrease of 270 basis points compared to September 30, 2023.

•One of the Company's unconsolidated real estate ventures acquired 18 self storage properties for approximately $147.9 million, in two separate transactions. The venture financed the acquisitions with capital contributions from the venture members, of which the Company contributed approximately $37.0 million.

•On September 5, 2024, the Company issued $350.0 million of senior unsecured notes with a weighted average interest rate of 5.6% and a weighted average maturity of 7.6 years in a private placement with institutional investors.

•As previously announced, effective July 1, 2024 (the "Closing Date"), the Company completed the internalization of its participating regional operator ("PRO") structure. As a result, the Company purchased the PROs' management contracts, and in some cases, their brand names, related intellectual property and certain rights related to the PROs' tenant insurance programs. As of the Closing Date, the Company will no longer pay supervisory and administrative fees or reimbursements under the previous agreements with the PROs. The Company continues to transition the majority of operations in a phased approach, which has begun and is expected to continue over the 12 month period following the Closing Date, and the Company has executed new asset management and property management agreements with a number of the PROs for all or a part of this transitionary period at newly negotiated management fees. In connection with the internalization, on July 1, 2024, 11,906,167 subordinated performance units and DownREIT subordinated performance units were converted into 17,984,787 OP units and DownREIT OP units.

The Company will host a conference call at 1:00 pm Eastern Daylight Time on Thursday, October 31, 2024 to discuss its third quarter 2024 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.nsastorage.com.

Conference Call and Webcast:

Webcast available at: www.nsastorage.com

A replay of the webcast will be available for 30 days on NSA's website at www.nsastorage.com.

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, 2024, the Company held ownership interests in and operated 1,070 self storage properties located in 42 states and Puerto Rico with approximately 70.0 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.nsastorage.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.

(unaudited)

			September 30,						December 31,
			2024						2023
ASSETS
Real estate
Self storage properties			$	5,821,364					$	5,792,174
Less accumulated depreciation			(1,006,543)						(874,359)
Self storage properties, net			4,814,821						4,917,815
Cash and cash equivalents			69,886						64,980
Restricted cash			8,539						22,713
Debt issuance costs, net			6,343						8,442
Investment in unconsolidated real estate ventures			257,381						211,361
Other assets, net			211,176						134,002
Assets held for sale, net			—						550,199
Operating lease right-of-use assets			21,515						22,299
Total assets			$	5,389,661					$	5,931,811
LIABILITIES AND EQUITY
Liabilities
Debt financing			$	3,428,304					$	3,658,205
Accounts payable and accrued liabilities			108,424						92,766
Interest rate swap liabilities			7,774						3,450
Operating lease liabilities			23,493						24,195
Deferred revenue			20,778						27,354
Total liabilities			3,588,773						3,805,970
Equity
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 14,692,381 and 14,685,716 issued (in series) and outstanding at September 30, 2024 and December 31, 2023, respectively, at liquidation preference			340,818						340,651
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 76,216,680 and 82,285,995 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively			762						823
Additional paid-in capital			1,124,533						1,509,563
Distributions in excess of earnings			(498,787)						(449,907)
Accumulated other comprehensive income			19,543						21,058
Total shareholders' equity			986,869						1,422,188
Noncontrolling interests			814,019						703,653
Total equity			1,800,888						2,125,841
Total liabilities and equity			$	5,389,661					$	5,931,811

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,
			2024						2023						2024						2023
Net income			$	29,771					$	43,064					$	157,139					$	128,932
Add (subtract):
Real estate depreciation and amortization			47,286						55,528						140,588						167,078
Equity in losses (earnings) of unconsolidated real estate ventures			4,712						(1,930)						10,791						(5,469)
Company's share of FFO in unconsolidated real estate ventures			6,164						6,217						18,026						18,542
Gain on sale of self storage properties			—						—						(63,841)						—
Distributions to preferred shareholders and unitholders			(5,568)						(5,393)						(16,704)						(14,758)
FFO attributable to subordinated performance units(1)			—						(12,068)						(21,622)						(36,164)
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders			82,365						85,418						224,377						258,161
Add (subtract):
Acquisition costs			287						341						1,274						1,424
Integration and executive severance costs(2)			907						—						1,534						—
Casualty-related recoveries(3)			—						—						—						(522)
Loss on early extinguishment of debt			323						—						323						758
Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders			$	83,882					$	85,759					$	227,508					$	259,821
Weighted average shares and units outstanding - FFO and Core FFO:(4)
Weighted average shares outstanding - basic			75,760						87,004						77,047						88,263
Weighted average restricted common shares outstanding			19						25						21						26
Weighted average OP units outstanding			52,740						38,030						42,709						38,504
Weighted average DownREIT OP unit equivalents outstanding			5,769						2,120						3,346						2,120
Weighted average LTIP units outstanding			663						562						676						545
Total weighted average shares and units outstanding - FFO and Core FFO			134,951						127,741						123,799						129,458
FFO per share and unit			$	0.61					$	0.67					$	1.81					$	1.99
Core FFO per share and unit			$	0.62					$	0.67					$	1.84					$	2.01

(1)			Amounts represent distributions declared for subordinated performance unitholders and DownREIT subordinated performance unitholders for the periods presented.
(2)			Integration costs relate to expenses incurred as a part of the internalization of the PRO structure. Executive severance costs are recorded within the line items "General and administrative expenses" and "Non-operating (expense) income" in our consolidated statements of operations.
(3)			Casualty-related recoveries relate to casualty-related expenses incurred during 2022 and are recorded in the line item "Other" within operating expenses in our consolidated statements of operations.
(4)			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. 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). All subordinated performance units and DownREIT subordinated performance units were converted into OP units on July 1, 2024, in connection with the internalization of the PRO structure. 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.

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,
			2024						2023						2024						2023
Net income			$	29,771					$	43,064					$	157,139					$	128,932
(Subtract) add:
Management fees and other revenue			(11,749)						(9,550)						(30,345)						(25,194)
General and administrative expenses			13,114						15,100						44,977						44,325
Other			3,643						4,138						10,510						8,531
Depreciation and amortization			47,661						55,842						141,702						168,005
Interest expense			39,575						43,065						114,920						120,706
Equity in losses (earnings) of unconsolidated real estate ventures			4,712						(1,930)						10,791						(5,469)
Loss on early extinguishment of debt			323						—						323						758
Acquisition and integration costs			1,164						341						2,151						1,424
Income tax expense			863						922						2,290						2,855
Gain on sale of self storage properties			—						—						(63,841)						—
Non-operating expense (income)			83						24						(352)						426
Net Operating Income			$	129,160					$	151,016					$	390,265					$	445,299

EBITDA and Adjusted EBITDA
			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Net income			$	29,771					$	43,064					$	157,139					$	128,932
Add:
Depreciation and amortization			47,661						55,842						141,702						168,005
Company's share of unconsolidated real estate ventures depreciation and amortization			5,418						4,287						15,110						13,073
Interest expense			39,575						43,065						114,920						120,706
Income tax expense			863						922						2,290						2,855
Loss on early extinguishment of debt			323						—						323						758
EBITDA			123,611						147,180						431,484						434,329
Add (subtract):
Acquisition costs			287						341						1,274						1,424
Effect of hypothetical liquidation at book value (HLBV) accounting for unconsolidated 2024 Joint Venture(1)			5,458						—						13,707						—
Gain on sale of self storage properties			—						—						(63,841)						—
Integration and executive severance costs, excluding equity-based compensation(2)			877						—						1,100						—
Casualty-related recoveries(3)			—						—						—						(522)
Equity-based compensation expense			1,911						1,702						6,097						5,028
Adjusted EBITDA			$	132,144					$	149,223					$	389,821					$	440,259

Supplemental Schedule 4
Debt and Equity Capitalization																																																			BBB+ Rated
As of September 30, 2024																																																			(with Negative Outlook)
(unaudited)																																																			by Kroll Bond Rating Agency
Debt Summary (dollars in thousands)
			Effective Interest Rate(1)						Basis of Rate						Maturity Date						2024						2025						2026						2027						2028						2029						2030						Thereafter						Total
Credit Facility:
Revolving line of credit(2)			4.43%						Variable(3)						January 2027						$	—					$	—					$	—					$	406,800					$	—					$	—					$	—					$	—					$	406,800
Term loan - Tranche D			3.96%						Swapped To Fixed						July 2026						—						—						275,000						—						—						—						—						—						275,000
Term loan - Tranche E			4.91%						Swapped To Fixed(3)						March 2027						—						—						—						130,000						—						—						—						—						130,000
Term loan facility - 2028			4.62%						Swapped To Fixed						December 2028						—						—						—						—						75,000						—						—						—						75,000
Term loan facility - April 2029			4.27%						Swapped To Fixed						April 2029						—						—						—						—						—						100,000						—						—						100,000
Term loan facility - June 2029			5.37%						Swapped To Fixed						June 2029						—						—						—						—						—						285,000						—						—						285,000
May 2026 Senior Unsecured Notes			2.16%						Fixed						May 2026						—						—						35,000						—						—						—						—						—						35,000
October 2026 Senior Unsecured Notes			6.46%						Fixed						October 2026						—						—						65,000						—						—						—						—						—						65,000
July 2028 Senior Unsecured Notes			5.75%						Fixed						July 2028						—						—						—						—						120,000						—						—						—						120,000
September 2028 Senior Unsecured Notes			5.40%						Fixed						September 2028						—						—						—						—						75,000						—						—						—						75,000
October 2028 Senior Unsecured Notes			6.55%						Fixed						October 2028						—						—						—						—						100,000						—						—						—						100,000
2029 Senior Unsecured Notes			3.98%						Fixed						August 2029						—						—						—						—						—						100,000						—						—						100,000
August 2030 Senior Unsecured Notes			2.99%						Fixed						August 2030						—						—						—						—						—						—						150,000						—						150,000
October 2030 Senior Unsecured Notes			6.66%						Fixed						October 2030						—						—						—						—						—						—						35,000						—						35,000
November 2030 Senior Unsecured Notes			2.72%						Fixed						November 2030						—						—						—						—						—						—						75,000						—						75,000
May 2031 Senior Unsecured Notes			3.00%						Fixed						May 2031						—						—						—						—						—						—						—						90,000						90,000
August 2031 Senior Unsecured Notes			4.08%						Fixed						August 2031						—						—						—						—						—						—						—						50,000						50,000
September 2031 Senior Unsecured Notes			5.55%						Fixed						September 2031						—						—						—						—						—						—						—						125,000						125,000
November 2031 Senior Unsecured Notes			2.81%						Fixed						November 2031						—						—						—						—						—						—						—						175,000						175,000
August 2032 Senior Unsecured Notes			3.09%						Fixed						August 2032						—						—						—						—						—						—						—						100,000						100,000
November 2032 Senior Unsecured Notes			5.06%						Fixed						November 2032						—						—						—						—						—						—						—						200,000						200,000
May 2033 Senior Unsecured Notes			3.10%						Fixed						May 2033						—						—						—						—						—						—						—						55,000						55,000
October 2033 Senior Unsecured Notes			6.73%						Fixed						October 2033						—						—						—						—						—						—						—						50,000						50,000
November 2033 Senior Unsecured Notes			2.96%						Fixed						November 2033						—						—						—						—						—						—						—						125,000						125,000
2034 Senior Unsecured Notes			5.74%						Fixed						September 2034						—						—						—						—						—						—						—						150,000						150,000
2036 Senior Unsecured Notes			3.06%						Fixed						November 2036						—						—						—						—						—						—						—						75,000						75,000
Fixed rate mortgages payable			3.60%						Fixed						November 2024 - October 2031						15,828						—						—						84,900						88,000						—						—						28,419						217,147
Total Principal/Weighted Average			4.39%												5.2 years						$	15,828					$	—					$	375,000					$	621,700					$	458,000					$	485,000					$	260,000					$	1,223,419					$	3,438,947
Weighted average effective interest rate of maturing debt																					4.34		%				—		%				4.22		%				4.49		%				5.11		%				4.86		%				3.41		%				4.14		%
Unamortized debt issuance costs and debt premium, net																																																																					(10,643)
Total Debt																																																																					$	3,428,304

(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)			NSA may, at its election, extend the maturity date of the revolving line of credit to January 2028, subject to meeting customary conditions and payment of an extension fee.
(3)			For the $950 million revolving line of credit, the effective interest rate is calculated based on Daily Simple SOFR plus an applicable margin of 1.30% and a SOFR Index Adjustment of 0.10%, and excludes fees which range from 0.15% to 0.20% for unused borrowings. $225.0 million of the revolving line of credit is subject to interest rate swaps that mature in February 2025, which is reflected in the effective interest rate. $125.0 million of the Tranche E term loan is subject to interest rate swaps, the maturity of which extends through the Tranche E maturity.