UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-37351 National Storage Affiliates Trust (Exact name of Registrant as specified in its charter) Maryland 46-5053858 (State or other jurisdiction ...

Financial Performance - Reported net income of $108.1 million for Q4 2023, an increase of 114.5% compared to Q4 2022, with diluted earnings per share of $0.72[5] - Net income attributable to common shareholders for Q4 2023 was $63.9 million, compared to $27.9 million in Q4 2022, with diluted earnings per share rising to $0.72 from $0.31[35] - Net income for Q4 2023 was $108,056, a 114% increase from $50,377 in Q4 2022[46] - For the year ended December 31, 2023, total revenue reached $214,292 million, resulting in a net income of $29,949 million[66] - Total revenue for the year ended December 31, 2023, was $670,527,000, representing a 2.4% increase compared to $654,529,000 in 2022[76] Funds From Operations (FFO) and Core FFO - Core funds from operations (Core FFO) for Q4 2023 were $83.6 million, or $0.68 per share, a decrease of 4.2% per share compared to Q4 2022[5] - Funds From Operations (FFO) attributable to common shareholders was $83.37 million for Q4 2023, a decrease of 7.8% compared to $89.89 million in Q4 2022[39] - Core FFO per share for the year ended December 31, 2023, was $2.69, down from $2.81 in 2022, reflecting a decline of 4.3%[43] - NSA uses FFO and Core FFO as key performance indicators to evaluate operational performance, excluding items like gains from property sales and depreciation[93] Revenue and Occupancy - Same store total revenues increased by 2.4% for full year 2023, driven by a 6.1% increase in average annualized rental revenue per occupied square foot[13] - Same store net operating income (NOI) decreased by 1.6% in Q4 2023, driven by a negligible increase in total revenues and a 4.8% rise in property operating expenses[5] - Same store period-end occupancy was 86.0% as of December 31, 2023, a decrease of 410 basis points compared to December 31, 2022[5] - Average annualized rental revenue per occupied square foot increased to $16.05 in Q4 2023, up 3.6% from $15.49 in Q4 2022[73] - The average occupancy rate across the same store pool was 87.2% in Q4 2023, down from 91.0% in Q4 2022, reflecting a 3.8% decrease[73] Property Acquisitions and Sales - Acquired 20 wholly-owned self storage properties for approximately $229.5 million during full year 2023, with $113.2 million in preferred shares and $67.3 million in OP equity[8] - Entered into an agreement to sell 71 self storage properties for approximately $540.0 million, with 32 properties sold in December 2023 and 39 properties classified as held for sale[5] - The company plans to acquire self-storage properties with a budget ranging from $100 million to $300 million in 2024[22] - The company reported a gain on the sale of self-storage properties of $63.91 million in 2023, compared to $5.47 million in 2022[39] Debt and Financing - Debt financing rose to $3.66 billion in 2023, an increase of 3% from $3.55 billion in 2022[37] - Total liabilities increased to $3.81 billion in 2023, compared to $3.68 billion in 2022, marking a rise of 3.3%[37] - The weighted average effective interest rate of maturing debt is 3.35%[57] - Net debt to annualized current quarter adjusted EBITDA is 6.1x[60] Dividends and Share Repurchase - The Board declared a quarterly cash dividend of $0.56 per share, a 1.8% increase from Q4 2022, with total dividends for 2023 at $2.23 per share, reflecting a 3.7% increase from 2022[20] - Repurchased 8,836,639 common shares for approximately $310.2 million under the share repurchase program during full year 2023[8] - In Q4 2023, NSA repurchased 852,771 shares for approximately $27.4 million, totaling 8,836,639 shares repurchased for about $310.2 million in the full year[19] Operational Metrics - The company held ownership interests in 1,050 self-storage properties as of December 31, 2023, with approximately 68.6 million rentable square feet[29] - Total stores operated as of December 31, 2023, reached 1,050, with a total of 541,696 units and 68,610,915 rentable square feet, maintaining an occupancy rate of 85.3%[47] - The company reported interest expenses of $45,441 for Q4 2023, compared to $34,633 in Q4 2022, reflecting a 31.5% increase[46] Future Guidance - For 2024, NSA's Core FFO per share guidance is estimated between $2.40 and $2.56, compared to $2.69 for 2023[22] - Total revenue growth for 2024 is projected to decline by 4.0% to 0.0%, while property operating expenses are expected to grow by 3.0% to 5.0%[22]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-37351 National Storage Affiliates Trust (Exact name of Registrant as specified in its charter) Maryland 46-5053858 (State or other jur ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-37351 National Storage Affiliates Trust (Exact name of Registrant as specified in its charter) Maryland 46-5053858 (State or other jurisdic ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=ITEM%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Q1 2023, highlighting growth in total assets to **$6.19 billion** and an 11.1% increase in total revenues to **$208.0 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$6,185,425** | **$6,070,007** | | Self storage properties, net | $5,731,956 | $5,618,911 | | Cash and cash equivalents | $44,330 | $35,312 | | **Total Liabilities** | **$3,780,351** | **$3,680,993** | | Debt financing | $3,643,585 | $3,551,179 | | **Total Equity** | **$2,405,074** | **$2,389,014** | Condensed Consolidated Statement of Operations Highlights (in thousands, except per share data) | Account | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Total revenue | $207,993 | $187,184 | | Net income | $40,392 | $44,786 | | Net income attributable to common shareholders | $24,997 | $21,949 | | Earnings per share - diluted | $0.24 | $0.24 | Condensed Consolidated Statement of Cash Flows Highlights (in thousands) | Account | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $109,753 | $110,066 | | Net Cash Used In Investing Activities | ($36,172) | ($83,515) | | Net Cash Used In Financing Activities | ($63,944) | ($25,279) | [Note 1. Organization and Nature of Operations](index=12&type=section&id=Note%201.%20Organization%20and%20Nature%20of%20Operations) NSA is a self-administered REIT that owned 932 consolidated and managed 185 unconsolidated self-storage properties as of March 31, 2023, and internalized management of 72 properties from a retiring PRO - As of March 31, 2023, NSA owned **932 consolidated self-storage properties** with approximately **59.3 million rentable square feet**[31](index=31&type=chunk) - The company also managed an additional **185 properties** through its unconsolidated real estate ventures, bringing the total operated portfolio to **1,117 properties** across 42 states and Puerto Rico[33](index=33&type=chunk)[34](index=34&type=chunk) - Effective January 1, 2023, the company internalized the management of **72 properties** and the brand name from its retiring PRO, Move It Self Storage[32](index=32&type=chunk) [Note 3. Shareholders' Equity and Noncontrolling Interests](index=16&type=section&id=Note%203.%20Shareholders%27%20Equity%20and%20Noncontrolling%20Interests) This note details changes in equity, including **$69.3 million** in common share repurchases, issuance of **$139.6 million** in Series B Preferred Shares, and an increase in total noncontrolling interest units to **54.1 million** - Under its share repurchase program, the company repurchased **1,622,874 common shares** for approximately **$69.3 million** during the three months ended March 31, 2023[60](index=60&type=chunk) - On March 16, 2023, the company issued **5,668,128 Series B Preferred Shares** for approximately **$139.6 million** in connection with the acquisition of a 15-property portfolio[63](index=63&type=chunk) Noncontrolling Interest Units | Unit Type | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | OP units | 38,782,420 | 35,737,281 | | Subordinated performance units | 7,532,547 | 8,154,524 | | DownREIT OP units | 2,120,491 | 1,924,918 | | DownREIT subordinated performance units | 4,133,474 | 4,337,111 | | **Total** | **54,071,479** | **51,594,932** | [Note 6. Acquisitions and Dispositions](index=20&type=section&id=Note%206.%20Acquisitions%20and%20Dispositions) In Q1 2023, the company acquired **16 self-storage properties** for **$160.5 million** and Move It's management rights and intellectual property for **$4.7 million** - Acquired **16 self-storage properties** for **$160.5 million** during Q1 2023, all from its PROs[82](index=82&type=chunk) Q1 2023 Acquisition Funding (in thousands) | Funding Source | Amount | | :--- | :--- | | Cash and Acquisition Costs | $9,920 | | Value of Equity Issued | $150,531 | | Other Liabilities Assumed | $85 | | **Total Investment** | **$160,536** | - Acquired Move It's asset management agreements, brand, and intellectual property for **$4.7 million** following its retirement as a PRO[84](index=84&type=chunk) [Note 8. Debt Financing](index=22&type=section&id=Note%208.%20Debt%20Financing) The company's total debt reached **$3.64 billion** as of March 31, 2023, following an amendment to its credit facility that increased borrowing capacity to **$1.955 billion** - Total debt outstanding increased to **$3.64 billion** as of March 31, 2023, from **$3.55 billion** at the end of 2022[87](index=87&type=chunk) - On January 3, 2023, the company amended its credit facility, increasing total borrowing capacity to **$1.955 billion** with an option to expand to **$2.5 billion**[89](index=89&type=chunk) [Note 12. Fair Value Measurements](index=26&type=section&id=Note%2012.%20Fair%20Value%20Measurements) The company uses interest rate swaps to manage variable-rate debt exposure, with **$1.41 billion** in outstanding notional amount as of March 31, 2023 - The company uses interest rate swaps to effectively convert variable-rate debt to a fixed rate, mitigating interest rate risk[105](index=105&type=chunk) - As of March 31, 2023, the company had **17 active interest rate swaps** with a total notional amount of **$1.41 billion** and a weighted average remaining term of approximately **3.2 years**[106](index=106&type=chunk)[108](index=108&type=chunk) [Note 13. Subsequent Events](index=28&type=section&id=Note%2013.%20Subsequent%20Events) Subsequent to quarter-end, the company completed a private placement of **$120.0 million** in senior unsecured notes due July 2028 with a **5.75%** effective interest rate - On April 27, 2023, the company completed a private placement of **$120.0 million** of senior unsecured notes due July 5, 2028, with an effective interest rate of **5.75%**[115](index=115&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2023 financial results, highlighting an **11.1%** revenue increase, a **67.6%** rise in interest expense, and **4.8%** same-store NOI growth, alongside liquidity and non-GAAP measures [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Q1 2023 total revenue increased **11.1%** to **$208.0 million** due to acquisitions and higher rental rates, but net income decreased due to a **67.6%** surge in interest expense Q1 2023 vs. Q1 2022 Operating Results (in thousands) | Metric | Q1 2023 | Q1 2022 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $207,993 | $187,184 | $20,809 | 11.1% | | Property Operating Expenses | $56,483 | $49,358 | $7,125 | 14.4% | | Interest Expense | $37,948 | $22,647 | $15,301 | 67.6% | | Net Income | $40,392 | $44,786 | ($4,394) | -9.8% | - The increase in rental revenue was driven by incremental revenue from **49 properties** acquired since April 1, 2022, and a **12.9%** increase in average annualized rental revenue per occupied square foot[137](index=137&type=chunk)[138](index=138&type=chunk) - The significant increase in interest expense was primarily due to additional borrowings and higher interest rates on the company's revolving line of credit[145](index=145&type=chunk) [Non-GAAP Financial Measures](index=35&type=section&id=Non-GAAP%20Financial%20Measures) Core FFO per share decreased to **$0.66**, while the same-store portfolio achieved **4.8%** NOI growth, and Adjusted EBITDA increased to **$142.7 million** FFO and Core FFO per Share and Unit | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | FFO per share and unit | $0.64 | $0.67 | | Core FFO per share and unit | $0.66 | $0.68 | Same Store Portfolio Performance (834 properties) | Metric | Q1 2023 vs Q1 2022 Change | | :--- | :--- | | Rental Revenue | +5.7% | | Property Operating Expenses | +8.3% | | **Net Operating Income (NOI)** | **+4.8%** | - Adjusted EBITDA for Q1 2023 was **$142.7 million**, an increase from **$130.2 million** in Q1 2022[168](index=168&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity includes **$44.3 million** in cash and a **$1.955 billion** credit facility, with Q1 2023 financing activities including **$69.3 million** in share repurchases and **$48.8 million** in dividends - As of March 31, 2023, the company had **$44.3 million** in cash and cash equivalents and **$283.3 million** of available capacity on its revolving line of credit[173](index=173&type=chunk)[180](index=180&type=chunk) - In January 2023, the company amended its credit facility, increasing total borrowing capacity to **$1.955 billion** and extending the revolver's maturity to January 2027[179](index=179&type=chunk) - Major financing activities in Q1 2023 included **$69.3 million** in common share repurchases and **$48.8 million** in dividend payments to common shareholders[178](index=178&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate exposure on **$715.5 million** of unhedged variable-rate debt, where a **100-basis-point** change would impact annual interest expense by approximately **$7.2 million** - The primary market risk exposure is interest rate risk on variable-rate debt[215](index=215&type=chunk) - As of March 31, 2023, a hypothetical **100 basis point (1%)** change in interest rates would impact annual interest expense by approximately **$7.2 million** on the **$715.5 million** of unhedged variable-rate debt[216](index=216&type=chunk) [Controls and Procedures](index=45&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[218](index=218&type=chunk) - No material changes to internal control over financial reporting were identified during the first quarter of 2023[219](index=219&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=46&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings considered material - The company is not currently subject to any material legal proceedings[222](index=222&type=chunk) [Risk Factors](index=46&type=section&id=ITEM%201A.%20Risk%20Factors) This section updates risk factors, adding a new one concerning adverse developments in the financial services industry that could impact the company's cash access and partner obligations - A new risk factor was added to address potential adverse effects from instability in the financial services industry, such as bank failures or liquidity concerns[225](index=225&type=chunk) - The company's cash deposits at commercial banks exceed the **$250,000** FDIC insurance limit, creating a risk of loss in the event of a bank failure[225](index=225&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2023, the company issued unregistered equity securities, including **67,431 common shares** and **701,646 subordinated performance units**, and repurchased **1,622,874 common shares** for **$69.3 million** - Issued **67,431 common shares** to satisfy redemption requests from limited partners holding OP units[227](index=227&type=chunk) - Issued **701,646 subordinated performance units** to affiliates of its PROs (Guardian and Personal Mini) as partial consideration for property acquisitions[228](index=228&type=chunk) Issuer Purchases of Equity Securities (Q1 2023) | Period | Total Shares Purchased | Average Price Paid Per Share | Total Cost (approx.) | | :--- | :--- | :--- | :--- | | Jan 2023 | — | $— | $— | | Feb 2023 | — | $— | $— | | Mar 2023 | 1,622,874 | $42.65 | $69.3M | | **Total** | **1,622,874** | **$42.65** | **$69.3M** |

Financial Data and Key Metrics Changes - The company reported core FFO per share of $0.71 for Q4 2022, an 11% increase year-over-year. For the full year, core FFO per share was $2.81, representing a 24.3% increase over 2021, driven by strong same-store performance and healthy acquisition volume [25][38]. - Same-store revenue growth for 2022 was nearly 15%, with same-store NOI increasing over 40% in the last three years [38][41]. - The company experienced a weighted average effective interest rate of 4.6% on loans, which increased to 5.2% pro forma with swaps as of December 31 [26]. Business Line Data and Key Metrics Changes - The company acquired 53 stores valued at nearly $800 million in 2022, with 45 wholly owned properties valued at $570 million and 8 properties valued at $215 million acquired with joint venture partners [38]. - Occupancy peaked at 95.3% in Q2 2022 and finished at 90.5% in December, with contract rates growing every month, finishing 12.7% higher than 2021 [23][24]. Market Data and Key Metrics Changes - The company noted that its Sunbelt markets, including North Carolina, Florida, Georgia, and Texas, outperformed the portfolio average in revenue growth [44]. - The company expects revenue growth from its Sunbelt stores to outpace non-Sunbelt stores by about 100 basis points [71]. Company Strategy and Development Direction - The company is focusing on strategic acquisitions while being disciplined and selective due to increased capital costs and a slowdown in transaction volume [21][22]. - The company plans to continue operating under multiple brand names to maintain market presence while exploring efficiencies [30][49]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2023, indicating that occupancy and street rates have bottomed out in February and are expected to improve as the spring leasing season approaches [3][24]. - The company anticipates that higher interest rates will pose an earnings headwind in 2023, projecting interest expense of over $150 million for the year [71][124]. Other Important Information - The company reported a 35% growth in dividends paid in 2022 compared to the prior year [20]. - The retirement of Move It Self Storage is expected to be accretive to core FFO by one to two cents per share [22]. Q&A Session Summary Question: What is driving the weakness in the markets? - Management noted traditional seasonal patterns and indicated that February showed signs of improvement, suggesting a positive spring leasing season ahead [3]. Question: How are you planning to fund incremental acquisitions during the year? - The company is evaluating balance sheet initiatives to finance acquisitions, including the retirement of existing debt and the issuance of preferred equity [11][120]. Question: Can you provide more details on the acquisition environment? - Management highlighted a significant gap between buyer and seller price expectations, with fewer deals coming to market [21][73]. Question: What are the latest demand indicators? - Management reported strong customer activity and effective marketing strategies, indicating a positive outlook for the spring leasing season [60][108]. Question: How does the company view the impact of higher interest rates? - Management acknowledged that higher interest rates would be a headwind for earnings in 2023, but they remain optimistic about maintaining positive growth [71][124].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-37351 National Storage Affiliates Trust (Exact name of Registrant as specified in its charter) Maryland 46-5053858 (State or other jurisdiction ...

National Storage Affiliates Company Update November 2022 Forward-Looking Statements and Non-GAAP Financial Measures FORWARD-LOOKING STATEMENTS: We make forward-looking statements in this presentation that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "c ...

National Storage Affiliates Trust (NYSE:NSA) Q3 2022 Earnings Conference Call November 3, 2022 1:00 PM ET Company Participants George Hoglund - Vice President of Investor Relations Tamara Fischer - Chief Executive Officer David Cramer - President and Chief Operating Officer Brandon Togashi - Chief Financial Officer Conference Call Participants Juan Sanabria - BMO Capital Markets Neil Malkin - Capital One Securities Smedes Rose - Citi Michael Goldsmith - UBS Wesley Golladay - Baird Ronald Kamdem - Morgan Sta ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-37351 National Storage Affiliates Trust (Exact name of Registrant as specified in its charter) Maryland 46-5053858 (State or other jur ...