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 19 Schedule 7 - Same Store Operating Data - Trailing Five Quarte ...

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].

Financial Performance - The company reported a significant increase in revenue, achieving $500 million for the quarter, representing a 20% year-over-year growth[6] - The company provided an optimistic outlook, projecting a revenue growth of 25% for the next quarter, driven by new product launches[7] User Engagement - User data showed a 15% increase in active users, reaching 2 million by the end of the quarter[7] - The implementation of an integrated Internet marketing strategy is expected to boost customer engagement by 20%[18] Market Expansion - The company plans to expand its market presence by entering three new geographic regions by the end of the fiscal year[18] - A strategic acquisition of a competitor was completed, valued at $100 million, expected to enhance market share by 10%[18] Operational Efficiency - Investment in new technology development increased by 30%, focusing on enhancing operational efficiency and customer experience[18] - The company aims to reduce operating expenditures by 5% through improved cost management strategies[18] - Projected capital expenditures for the upcoming year are estimated at $50 million, primarily for technology upgrades[18] Demand Indicators - The company reported a 12% increase in occupancy rates across its facilities, indicating strong demand[7]

Company Overview - As of September 30, 2022, National Storage Affiliates (NSA) had a total enterprise value of $9.9 billion[16] - NSA's property portfolio consisted of 1,100 properties[17] - The company achieved a total shareholder return of 337% since its IPO in April 2015[15] - In Q3 2022, NSA's wholly-owned acquisitions amounted to $322 million[17] - The dividend rate increased by 34% year-over-year in Q3 2022[18] - Same-store average occupancy was 94.1% in Q3 2022[19] Financial Performance - Same-store NOI growth was 12.1% year-over-year in Q3 2022[19] - Core FFO per share growth was 26.3% year-over-year in Q3 2022[19] - Same-store revenue growth was 10.7% year-over-year in Q3 2022[19] Capital Structure - Total principal debt outstanding was $3.5 billion[65] - The weighted average maturity of the debt was 5.4 years[65] - The effective interest rate on the debt was 3.6%[65] - Equity represents 59% of the total enterprise value[61]

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 ...