National Storage Affiliates Trust (NYSE:NSA) Q2 2022 Earnings Conference Call August 4, 2022 1:00 PM ET Company Participants George Hoglund - Vice President of Investor Relations Tamara Fischer - President, Chief Executive Officer & Trustee Dave Cramer - Executive Vice President, Chief Operating Officer & Member of Pro Advisory Committee Brandon Togashi - Executive Vice President, Chief Financial Officer, Chief Accounting Officer & Treasurer Conference Call Participants Samir Khanal - Evercore ISI Ki Bin Ki ...

Part I [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section provides unaudited condensed consolidated financial statements for the quarter and six months ended June 30, 2022, detailing accounting policies and financial activities [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$5.76 billion** and total liabilities to **$3.26 billion** as of June 30, 2022, driven by property growth and increased debt financing Balance Sheet Summary | Metric | June 30, 2022 ($ thousands) | December 31, 2021 ($ thousands) | | :--- | :--- | :--- | | **Total Assets** | 5,759,041 | 5,562,594 | | **Total Liabilities** | 3,257,728 | 3,080,139 | | **Total Equity** | 2,501,313 | 2,482,455 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Total revenue grew **43.9%** to **$198.9 million** and net income reached **$48.4 million** in Q2 2022, with six-month figures at **$386.1 million** and **$93.2 million** respectively Summary of Operations ($ thousands) | Metric | Q2 2022 ($ thousands) | Q2 2021 ($ thousands) | H1 2022 ($ thousands) | H1 2021 ($ thousands) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | 198,890 | 138,246 | 386,074 | 261,238 | | **Net Income** | 48,425 | 35,675 | 93,211 | 63,310 | | **Diluted Earnings Per Share** | $0.24 | $0.25 | $0.48 | $0.44 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly increased to **$227 million** in the first six months of 2022, while **$244.9 million** was used in investing activities, and **$25.6 million** provided by financing activities Cash Flow Summary (Six Months Ended June 30, $ thousands) | Activity | 2022 ($ thousands) | 2021 ($ thousands) | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | 227,043 | 144,259 | | **Net Cash Used in Investing Activities** | (244,926) | (398,136) | | **Net Cash Provided by Financing Activities** | 25,624 | 258,151 | | **Increase in Cash, Cash Equivalents, and Restricted Cash** | 7,741 | 4,274 | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies and financial statement items, including property acquisitions, debt structure, equity composition, related party transactions, and fair value measurements, highlighting key events like Northwest PRO internalization and significant financing activities - As of June 30, 2022, the company owned **892** consolidated self-storage properties and held interests in a total of **1,076** properties across **42** states and Puerto Rico[31](index=31&type=chunk)[34](index=34&type=chunk) - The company acquired **20** self-storage properties for **$207.5 million** in the first six months of 2022[77](index=77&type=chunk) - Total outstanding debt was **$3.14 billion** as of June 30, 2022, an increase from **$2.94 billion** at the end of 2021[83](index=83&type=chunk) - Subsequent to the quarter-end, the company acquired an additional **six** properties for **$71.6 million** and approved a **$400 million** stock repurchase program[112](index=112&type=chunk)[113](index=113&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes the company's Q2 and H1 2022 financial performance, covering revenue growth driven by acquisitions and strong same-store performance, increased expenses, liquidity, capital resources, and key non-GAAP metrics like FFO, Core FFO, and NOI [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Net income increased to **$48.4 million** in Q2 2022, driven by a **$42.3 million** rise in total NOI from acquisitions and **17.3%** same-store NOI growth, with H1 2022 net income reaching **$93.2 million** Q2 Performance (vs. Q2 2021, $ thousands) | Metric | 2022 ($ thousands) | 2021 ($ thousands) | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | 198,890 | 138,246 | +43.9% | | **Total Net Operating Income (NOI)** | 137,789 | 95,485 | +44.3% | | **Same-Store NOI** | 101,737 | 86,747 | +17.3% | | **Net Income** | 48,425 | 35,675 | +35.7% | H1 Performance (vs. H1 2021, $ thousands) | Metric | 2022 ($ thousands) | 2021 ($ thousands) | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | 386,074 | 261,238 | +47.8% | | **Total Net Operating Income (NOI)** | 269,066 | 178,145 | +51.0% | | **Same-Store NOI** | 199,621 | 166,857 | +19.6% | | **Net Income** | 93,211 | 63,310 | +47.2% | [Non-GAAP Financial Measures](index=39&type=section&id=Non-GAAP%20Financial%20Measures) The company uses FFO, Core FFO, NOI, and Adjusted EBITDA to measure performance, with Core FFO per share at **$0.71** in Q2 2022 and **$1.38** in H1 2022, reflecting adjustments for non-cash items to clarify core business operations FFO and Core FFO per Share/Unit | FFO & Core FFO per Share/Unit | Q2 2022 | Q2 2021 | H1 2022 | H1 2021 | | :--- | :--- | :--- | :--- | :--- | | **FFO per Share/Unit** | $0.70 | $0.55 | $1.37 | $1.03 | | **Core FFO per Share/Unit** | $0.71 | $0.55 | $1.38 | $1.04 | [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) Primary liquidity sources include operating cash flow, debt, and equity issuances, with **$32.3 million** cash and **$359.3 million** available on the revolving credit facility as of June 30, 2022, alongside significant property acquisitions and dividend payments - Primary liquidity sources include cash flow from operations, debt financing, and equity issuances[177](index=177&type=chunk) - As of June 30, 2022, the company held **$32.3 million** in cash and had **$359.3 million** available under its revolving credit facility[181](index=181&type=chunk)[187](index=187&type=chunk) - In the first half of 2022, the company used **$175 million** in cash for property acquisitions and paid **$96.2 million** in common stock dividends[183](index=183&type=chunk)[186](index=186&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk on its floating-rate debt, with **$695 million** unhedged as of June 30, 2022, where a **100-basis point** increase would raise annual interest expense by approximately **$7 million** - The primary market risk is interest rate risk[217](index=217&type=chunk) - As of June 30, 2022, **$695 million** of the company's debt was subject to floating interest rates, excluding debt subject to interest rate swaps[218](index=218&type=chunk) - A **100-basis point** increase in reference rates would increase annual interest expense by approximately **$7 million**[218](index=218&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, assessed the company's disclosure controls and procedures as effective as of June 30, 2022, with no significant changes in internal control over financial reporting during the quarter - The company's disclosure controls and procedures were deemed effective at the end of the period[220](index=220&type=chunk) - No significant changes occurred in internal control over financial reporting during the second quarter of 2022[221](index=221&type=chunk) Part II [Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no involvement in any legal proceedings deemed material at this time - The company is not currently involved in any material legal proceedings[224](index=224&type=chunk) [Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors) This section directs readers to the company's annual report on Form 10-K for the year ended December 31, 2021, for a comprehensive discussion of potential risks and uncertainties - For a discussion of potential risks and uncertainties, refer to the 'Risk Factors' section in the company's 2021 Form 10-K[225](index=225&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q2 2022, the company issued **294,573** common shares to satisfy OP unit redemptions and issued OP units for property acquisitions, with these transactions exempt from registration under Section 4(a)(2) of the Securities Act - In the second quarter of 2022, **294,573** common shares were issued to satisfy redemption requests from limited partners[226](index=226&type=chunk) - OP units were issued as partial consideration for the acquisition of several self-storage properties[227](index=227&type=chunk) - As of August 3, 2022, **38,022,594** OP units and **12,369,794** subordinated performance units were outstanding (excluding units held by the company)[234](index=234&type=chunk) [Other Information](index=52&type=section&id=Item%205.%20Other%20Information) On July 29, 2022, the company amended its credit agreement and other debt instruments to permit common stock repurchases under board-authorized plans, provided no default or event of default has occurred - On July 29, 2022, the company amended its credit agreement and other debt instruments[240](index=240&type=chunk) - This amendment permits the company to repurchase its common stock under board-authorized plans, provided no default has occurred[240](index=240&type=chunk)

National Storage Affiliates Company Update June 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," "conti ...

National Storage Affiliates Company Update May 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," "contin ...

National Storage Affiliates Company Update May 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," "contin ...

Financial Data and Key Metrics Changes - Core FFO per share for Q1 2022 was reported at $0.68, representing a 39% increase year-over-year [20] - Same-store NOI increased by 22.2% in Q1 2022, driven by a 16.6% revenue increase and a 3.1% increase in property operating expenses [21] - Full-year 2022 guidance was updated to core FFO per share of $2.80 to $2.85, reflecting a 4% increase from previous guidance and 25% growth over the prior year [23] Business Line Data and Key Metrics Changes - Same-store occupancy averaged 94.7% during Q1 2022, an increase of 250 basis points compared to the previous year [21] - Street rates averaged 22% higher in Q1 2022 compared to the same period last year [16] - Rent roll-up remained positive at about 1% in Q1, increasing to slightly above 5% by the end of April [16] Market Data and Key Metrics Changes - The percentage of stores with new competitors within a 3- and 5-mile radius decreased to 27% and 45%, respectively [18] - Rising interest rates and inflation are driving up construction costs, further restraining new supply in the market [17] Company Strategy and Development Direction - The company plans to slow down acquisition volume in 2022 to focus on digesting the $2.2 billion of assets acquired in the previous year [11] - The company is integrating Northwest Self Storage assets into its corporate managed portfolio, which is expected to enhance growth [12] - The company continues to engage with high-quality private operators for potential partnerships, although no immediate changes are expected due to the current rate environment [63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the self-storage sector's resilience, noting that fundamentals remain strong and demand is durable [60] - The company has not experienced significant pushback from customers regarding rate increases, indicating effective revenue management strategies [29] - Management acknowledged the potential impact of rising interest rates on new supply but remains optimistic about the overall market dynamics [39] Other Important Information - The company issued $17 million of OP equity during the quarter and closed a $125 million tranche of a private placement [24] - Kroll Bond Rating Agency upgraded the credit rating of the operating partnership to BBB+ from BBB flat, reflecting a conservative balance sheet [24] Q&A Session Summary Question: What changed to raise NOI guidance significantly? - Management indicated that Q1 performance exceeded expectations, leading to increased confidence in the remainder of the year [28] Question: Is there any pushback from customers regarding rate increases? - Management reported minimal pushback, with high occupancy levels and effective revenue management strategies [29] Question: How is occupancy expected to trend for the remainder of the year? - Management anticipates a seasonal spike in occupancy during summer months, followed by a normal seasonal pattern [31] Question: Are there concerns about inflation impacting rent increases? - Management does not foresee significant concerns regarding inflation, as self-storage remains an affordable option for consumers [35] Question: What is the impact of rising interest rates on new supply? - Management noted that rising interest rates are putting pressure on new supply, with fewer projects being approved and completed [39] Question: How are the recent acquisitions performing relative to expectations? - Acquired assets are performing 5% to 10% above initial underwriting expectations, contributing to revised guidance [49]

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 March 31, 2022 OR (I.R.S. Employer Identification No.) 8400 East Prentice Avenue, 9th Floor Greenwood Village, Colorado 80111 (Address of principal executive offices) (Zip code) (720) 630-2600 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ...

Portfolio and Acquisitions - As of December 31, 2021, the company operated a portfolio of 1,050 self-storage properties across 42 states and Puerto Rico, comprising approximately 67.8 million rentable square feet[20]. - The company acquired 229 consolidated self-storage properties during the year ended December 31, 2021, with 22 acquired from its PROs and 207 from third-party sellers[34]. - The company managed 415 consolidated properties and 177 unconsolidated real estate venture properties as of December 31, 2021[25]. - In 2021, the company acquired 229 self-storage properties, totaling approximately 16 million rentable square feet with a fair value of $2.175 billion[35]. - The 2020 acquisitions included 77 properties, amounting to 4.7 million rentable square feet and a total fair value of $543.3 million[37]. - The company has a captive pipeline of over 130 self-storage properties valued at approximately $1.4 billion, which will drive future growth[48]. - The company operates a total of 873 properties with 428,723 units, offering 55,118,704 square feet of rentable space and achieving an overall occupancy rate of 92.6%[164]. - As of December 31, 2021, the company owned 873 self-storage properties across 39 states and Puerto Rico, comprising approximately 55.1 million rentable square feet[200]. Financial Performance - Net income for the year ended December 31, 2021, was $146.9 million, an increase of $67.4 million from $79.5 million in 2020, primarily due to increased net operating income from newly acquired self-storage properties[211]. - Total revenue increased by $153.4 million, or 35.5%, for the year ended December 31, 2021, compared to 2020, driven by revenue from 229 self-storage properties acquired during the year and increased management fees[214]. - The same store portfolio rental revenue increased to $423.974 million in 2021 from $368.185 million in 2020, a change of $55.789 million[212]. - Total net operating income rose to $406.032 million in 2021, up from $285.698 million in 2020, reflecting a $120.334 million increase[212]. - Rental revenue increased by $146.9 million, or 37.2%, for the year ended December 31, 2021, compared to the previous year, driven by acquisitions and increased occupancy rates[215]. - Other property-related revenue increased by $5.2 million, or 36.0%, for the year ended December 31, 2021, primarily due to increases from newly acquired properties[216]. - Management fees and other revenue rose to $24.4 million, an increase of $1.3 million or 5.8%, attributed to growth in unconsolidated real estate venture revenue[217]. Operational Strategy - The company aims to recruit one to three additional established self-storage operators to enhance its geographic footprint and enter new regional markets[23]. - The company internalized the management of properties previously managed by Northwest Self Storage, which included 93 properties in Idaho, Oregon, and Washington[24]. - The company’s property management platform allows for centralized initiatives, including revenue enhancement and cost optimization programs[23]. - The company aims to maximize property-level cash flow by leveraging economies of scale and implementing new ideas from its Technology and Best Practices Group[47]. - The company plans to recruit additional PROs in key markets to enhance its growth strategy and diversify its portfolio[51]. Market Position and Competition - The company believes its national platform provides a competitive growth advantage over self-storage companies that do not offer property owners participation in performance[22]. - The company’s properties are located in high-quality sub-markets with strong cash flows, less sensitive to economic fluctuations[33]. - The company competes with other self-storage properties within a three to five mile radius based on location, rental rates, and security[74]. - The company faces competition from national, regional, and local owners, operators, and developers of self-storage properties, which may impact occupancy and rental rates[89]. Financing and Debt - As of December 31, 2021, the company's unsecured credit facility allowed for total borrowings of $1.550 billion, with $490 million drawn under the revolving line of credit[54]. - The company has a total credit facility of $1.750 billion, with an expansion option under the credit facility[55]. - The company has approximately $2.9 billion of debt outstanding, with about $615.0 million (20.9%) subject to variable interest rates[132]. - The company expects to maintain a flexible financing strategy for property acquisitions, utilizing a mix of bank borrowings and equity issuances[53]. - The company may face difficulties accessing capital necessary to fund its business due to financial market instability and the impact of the COVID-19 pandemic[115]. Regulatory and Compliance Risks - The company has elected to be taxed as a REIT under the Internal Revenue Code, which allows it to avoid U.S. federal income tax on net taxable income if it distributes all of its net taxable income to shareholders[73]. - To qualify as a REIT, the company must distribute at least 90% of its net taxable income to shareholders, which may limit its ability to make advantageous investments[145]. - The company is subject to a 4% non-deductible excise tax if distributions fall below a minimum amount specified under U.S. federal income tax laws[143]. - Legislative or regulatory tax changes related to REITs could materially and adversely affect the company's business and shareholder returns[151]. Employee and Management Structure - As of December 31, 2021, the company had 1,175 employees, excluding those employed by its PROs[79]. - Approximately 59% of the company's employees were women as of December 31, 2021, and 32% of the senior management team were women[78]. - Key personnel retention is critical for the company's success, with employment agreements in place for senior management, but no assurance of their continued employment[105]. Risks and Challenges - The COVID-19 pandemic poses various risks, including tenant defaults and reduced economic activity, which could adversely impact financial condition and cash flows[109][110]. - The company is dependent on automated information technology processes, making it vulnerable to cyber-attacks that could disrupt operations and compromise sensitive data[94]. - The company may incur significant costs to comply with the Americans with Disabilities Act (ADA), which could adversely affect financial condition and cash flow[96]. - Environmental compliance costs and liabilities may arise from operating properties, potentially impacting results of operations[97]. - The illiquidity of real estate investments may significantly hinder the company's ability to respond to adverse changes in property performance[104].

National Storage Affiliates Trust (NYSE:NSA) Q4 2021 Earnings Conference Call February 22, 2022 1:00 PM ET Company Participants George Hoglund - IR Tamara Fischer - CEO Dave Cramer - COO Brandon Togashi - CFO Conference Call Participants Elvis Rodriguez - Bank of America Securities Neil Malkin - Capital One Todd Thomas - KeyBanc Capital Markets Smedes Rose - Citi Kevin Stein - Stifel Samir Khanal - Evercore Ki Bin Kim - Truist Ronald Kamdem - Morgan Stanley Wes Golladay - Baird Neil Malkin - Capital One Ope ...

Financial Performance - Net income for the three months ended September 30, 2021, was $40.7 million, an increase of $19.3 million compared to $21.4 million for the same period in 2020[150]. - Total revenue increased by $41.4 million, or 37.8%, for the three months ended September 30, 2021, compared to the same period in 2020, driven by acquisitions and increased occupancy rates[153]. - Rental revenue rose by $39.7 million, or 39.9%, for the three months ended September 30, 2021, with non-same store rental revenue contributing $22.4 million and same store rental revenue increasing by $17.3 million, or 18.7%[154]. - Average occupancy improved from 90.4% in Q3 2020 to 96.0% in Q3 2021, significantly impacting revenue growth[153]. - Net income attributable to common shareholders was $26.9 million for the three months ended September 30, 2021, compared to $10.2 million in the same period of 2020, an increase of $16.7 million[152]. - Funds from operations (FFO) attributable to common shareholders for the nine months ended September 30, 2021, was $177.5 million, compared to $120.7 million for the same period in 2020[182]. - Core FFO attributable to common shareholders for the nine months ended September 30, 2021, was $178.4 million, compared to $122.4 million for the same period in 2020[182]. - Diluted earnings per share increased to $0.26 for Q3 2021, compared to $0.15 in Q3 2020, and $0.71 for the nine months ended September 30, 2021, up from $0.32 in the same period of 2020[184]. - Net Operating Income (NOI) for Q3 2021 was $105.1 million, an increase from $72.0 million in Q3 2020, and $283.2 million for the nine months ended September 30, 2021, compared to $208.7 million in the same period of 2020[187]. Acquisitions and Portfolio Growth - The company acquired 119 self storage properties for $1.0 billion during the nine months ended September 30, 2021, comprising approximately 8.3 million rentable square feet[138]. - As of September 30, 2021, the company owned a portfolio of 763 self storage properties, totaling approximately 47.6 million rentable square feet[137]. - The same store portfolio consisted of 560 consolidated self storage properties as of September 30, 2021[147]. - The company has a potential acquisition opportunity with a 75% third-party interest in its unconsolidated real estate ventures, valued at approximately $1.5 billion[140]. - The company acquired 33 self-storage properties between October 1, 2020, and December 31, 2020, and an additional 119 properties during the nine months ended September 30, 2021, contributing to NOI growth[197]. Expenses and Costs - Property operating expenses rose by $7.9 million, or 25.1%, for the three months ended September 30, 2021, largely due to increased expenses from newly acquired properties[157]. - General and administrative expenses increased by $2.2 million, or 20.3%, for the three months ended September 30, 2021, attributed to higher supervisory and personnel costs[158]. - Depreciation and amortization expenses increased by $10.1 million, or 34.7%, for the three months ended September 30, 2021, due to acquisitions and increased amortization of customer leases[159]. - Interest expense increased by $2.9 million, or 18.9%, for the three months ended September 30, 2021, primarily due to additional borrowings from recent note issuances[160]. - Property operating expenses rose by $18.3 million, or 19.8%, for the nine months ended September 30, 2021, mainly due to increased expenses from newly acquired properties[171]. - General and administrative expenses increased by $4.5 million, or 13.8%, for the nine months ended September 30, 2021, driven by higher supervisory and administrative fees[172]. - Depreciation and amortization increased by $20.1 million, or 23.0%, for the nine months ended September 30, 2021, due to the acquisition of new properties and increased amortization of customer leases[173]. - Interest expense increased by $5.9 million, or 12.7%, for the nine months ended September 30, 2021, primarily due to higher borrowings from recent note issuances[174]. Cash Flow and Financing - Cash provided by operating activities increased to $238.7 million for the nine months ended September 30, 2021, compared to $167.6 million in the same period of 2020, reflecting the acquisition of 152 self-storage properties[197]. - Cash used in investing activities increased to $985.8 million for the nine months ended September 30, 2021, compared to $268.5 million for the same period in 2020, primarily due to the acquisition of 119 self-storage properties for $946.3 million[198]. - Cash provided by financing activities was $799.0 million for the nine months ended September 30, 2021, compared to $97.8 million in 2020, with significant borrowings including $540.0 million under the Revolver and $763.4 million from the issuance of common shares[201]. - The company issued 10,120,000 common shares in a public offering at $51.25 per share, resulting in net proceeds of approximately $497.4 million[210]. - As of September 30, 2021, the company had a total credit facility of $1.4 billion, with remaining capacity to borrow $494.3 million while remaining compliant with financial covenants[202]. - The company declared a cash dividend of $0.41 per common share and OP unit on August 25, 2021, payable on September 30, 2021[215]. Market and Operational Insights - The company experienced sustained improvement in property operating results during the third and fourth quarters of 2020 and continuing through the third quarter of 2021[145]. - The ongoing impact of the COVID-19 pandemic continues to be monitored, with the company maintaining compliance with federal, state, and local guidelines[144]. - The self-storage business experiences minor seasonal fluctuations, with the highest occupancy typically in July and the lowest in February, indicating potential revenue variability throughout the year[230]. - The company utilizes interest rate swaps to mitigate exposure to interest rate risk, converting variable rate debt to fixed rate[231]. - Interest rate risk is a primary market risk for the company, influenced by external economic and political factors, which could affect future income and cash flows[231].