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, 2021 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 jurisdi ...

STINSTORACE iStorage SELF TORAGE ri 1-866-4-STORAGE 【8肖 RIGHTSPACE BIGHTSPACE NATIONAL STORAGE — 3567 /.moovein.com Self Storage Company Update March 2021 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, pla ...

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, 2020 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 Trust (NYSE:NSA) Q4 2020 Results Earnings Conference Call February 23, 2021 12:00 PM ET Company Participants George Hoglund - Vice President of Investor Relations Tamara Fischer - President and Chief Executive Officer Brandon Togashi - Executive Vice President and Chief Financial Officer David Cramer - Executive Vice President and Chief Operating Officer Conference Call Participants Samir Khanal - Evercore Neil Malkin - Capital One Securities Juan Sanabria - BMO Capital Markets T ...

STIFF STORACE iStorage SELF STORAGE 1-866-4-STORAGE 3 2 5 RIGHTSPACE NATIONAL STORAGE STORAGE - AFFILIATES - 3567 /w.moovein.com REITworld 2020 Annual Conference November 2020 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, resul ...

Financial Data and Key Metrics Changes - Core FFO per share increased by 10% in Q3 2020 compared to the same period last year, reaching $0.44, driven by robust acquisition volume and the internalization of SecurCare PRO [13][22] - Same-store NOI increased by 0.2% year-over-year, with same-store occupancy averaging 91.1%, up 100 basis points from Q3 2019 [23] - The company reinstated its full-year 2020 guidance, expecting core FFO per share of $1.66 to $1.68, representing 8.4% growth at the midpoint over the prior year [29][30] Business Line Data and Key Metrics Changes - The company acquired four wholly owned properties for a total investment of $24 million during Q3, with two additional stores valued at $9 million acquired post-quarter [18] - Same-store revenues remained flat, while property operating expenses declined by 0.4%, contributing to the increase in NOI [23][25] Market Data and Key Metrics Changes - The company noted a shift in customer demand for storage due to pandemic-related factors, including remote work and increased household projects, leading to higher occupancy rates [11][12] - Move-in volume continued to be higher year-over-year, while move-outs decreased, resulting in an occupancy rate of 92.4% at the end of October, an all-time high [27] Company Strategy and Development Direction - The company is focused on acquisitions, with a solid pipeline of about $300 million in properties under contract or LOI, expecting to close nearly half by year-end [17][19] - The management emphasized the strength of the self-storage sector and the benefits of their differentiated PRO structure, particularly in secondary and tertiary markets [15][16] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the fourth quarter and 2021, citing strong demand trends and the resilience of the self-storage sector despite the pandemic [20][21] - The company is prepared for potential challenges from new supply in certain markets but believes current demand is alleviating some pressure [16] Other Important Information - The company has a net debt-to-EBITDA ratio of 6.0x at the end of Q3, down from 6.3x at the end of Q2, indicating a strong balance sheet [34] - The company plans to use proceeds from a recent equity forward sale agreement primarily to fund acquisitions [32] Q&A Session Summary Question: Can you elaborate on the assumptions for the implied growth in Q4? - Management noted that occupancy improvements and positive street rates contributed to the optimistic outlook for Q4 [42][43] Question: Are you seeing any trends in migration from higher-priced coastal cities? - Management acknowledged anecdotal evidence of migration but did not see substantial data to confirm significant trends [46][47] Question: Can you discuss the pricing and composition of the $300 million acquisition pipeline? - The pipeline consists mostly of one-off deals with some smaller portfolios, with pricing around the six-cap range [49][50] Question: What are the prospects for internalizing more PROs? - Management indicated that while there are no immediate plans, the success of the SecurCare internalization could lead to future opportunities [91][92] Question: How is the company thinking about funding acquisitions? - The company plans to use a combination of equity and revolver funding for acquisitions, maintaining a net debt-to-EBITDA range of 5.5x to 6.5x [66] Question: What is the outlook for occupancy as the world normalizes? - Management believes that the diverse portfolio and various demand drivers will help maintain occupancy levels even as conditions normalize [86][87]

Company Overview - As of September 30, 2020, the company owned 611 self-storage properties across 29 states and Puerto Rico, comprising approximately 36.8 million rentable square feet and 293,000 storage units[153]. - The same store portfolio consisted of 500 consolidated self storage properties as of September 30, 2020, providing a basis for year-over-year performance analysis[163]. Acquisitions and Growth - During the nine months ended September 30, 2020, the company acquired 44 self-storage properties for $282.8 million, adding approximately 2.3 million rentable square feet and 18,100 storage units[154]. - The company has a potential acquisition opportunity in its unconsolidated real estate ventures, which currently own 177 properties valued at approximately $1.5 billion based on historical book value[156]. - The company aims to expand its platform by recruiting additional established self-storage operators and implementing centralized initiatives for cost optimization[151]. Financial Performance - Net income for the three months ended September 30, 2020, was $21.4 million, an increase of $4.9 million or 29.7% compared to $16.5 million for the same period in 2019[165]. - Total revenue increased by $30.8 million, or 10.7%, for the nine months ended September 30, 2020, compared to the same period in 2019[181]. - Rental revenue rose by $27.6 million, or 10.5%, for the nine months ended September 30, 2020, driven by a $26.5 million increase in non-same store rental revenue[182]. - Net income for Q3 2020 was $21,411,000, compared to $16,514,000 in Q3 2019, representing a 29% increase[197]. - Adjusted EBITDA for the nine months ended September 30, 2020 was $205.8 million, up 11% from $185.2 million in the same period of 2019[206]. Occupancy and Revenue Metrics - Same store move-in volume increased approximately 11% during the three months ended September 30, 2020, compared to the same period in 2019[147]. - Same store period-end occupancy was 91.9% as of September 30, 2020, an increase of approximately 260 basis points compared to September 30, 2019[147]. - The company experienced a same store period-end occupancy of 92.4% as of October 31, 2020, which was a 50 basis point increase compared to September 30, 2020[146]. Expenses and Costs - Property operating expenses increased by $9.8 million, or 11.8%, for the nine months ended September 30, 2020, primarily due to a $9.6 million rise in non-same store expenses[185]. - General and administrative expenses decreased by $0.5 million, or 4.0%, for the three months ended September 30, 2020, attributed to reduced supervisory fees following a merger[172]. - Interest expense rose by $4.8 million, or 11.6%, for the nine months ended September 30, 2020, due to additional borrowings[188]. Cash Flow and Capital Expenditures - Cash provided by operating activities increased to $167.6 million for the nine months ended September 30, 2020, compared to $150.1 million for the same period in 2019, reflecting an increase of $17.5 million[212]. - Cash used in investing activities decreased to $268.5 million for the nine months ended September 30, 2020, down from $364.4 million in the same period of 2019[213]. - Total capital expenditures for the nine months ended September 30, 2020 were $13.0 million, a decrease from $15.9 million in 2019[214]. Debt and Interest Rate Management - The company had $246.5 million of debt subject to variable interest rates as of September 30, 2020, with a potential annual impact of $2.5 million on future earnings and cash flows if one-month LIBOR changes by 100 basis points[247]. - The company uses interest rate swaps to moderate exposure to interest rate risk, converting variable rate debt to fixed rate[246]. Shareholder Returns and Equity - The board of trustees declared a cash dividend of $0.34 per common share and OP unit, and cash distributions of $0.375 per Series A Preferred Share on August 20, 2020, payable on September 30, 2020[230]. - The company issued 8,105,192 common shares in connection with the mergers of SecurCare and DLAN[223]. - The company expects to generate approximately $160 million in net proceeds from the forward sale agreements of 4,900,000 common shares[225].

STINSTORICE iStorage SELF STORAGE 1-866-4-STORAGE 485 RIGHTSPACE BIGHTSPACE N A T I O N A L S T O R A G E 3567 w.moovein.com Company Update September 2020 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, pla ...

Financial Data and Key Metrics Changes - Core FFO per share increased by 7.9% year-over-year to $0.41, driven by strong acquisition volume and internalization of SecurCare [26][10] - Same-store NOI decreased by 1.2% year-over-year, with same-store revenues and property operating expenses both declining by 1.1% [27][10] - Same-store occupancy averaged 88.1%, a decline of 140 basis points compared to the same period in 2019 [27] Business Line Data and Key Metrics Changes - Same-store move-in volume in July was 8% higher than July 2019, while move-outs were down 20% compared to the prior year [30] - Cash collections in July remained healthy at about 99% of normal levels, similar to Q2 [31] - Same-store OpEx growth benefited from cost control measures, with personnel costs down 2.5% and repairs and maintenance down 13% [29] Market Data and Key Metrics Changes - Half of the reported MSAs achieved positive same-store revenue and NOI growth, with Riverside, San Bernardino, and Phoenix performing better than the portfolio average [32] - Portland was negatively impacted by COVID-related restrictions, with average occupancy down 280 basis points during Q2, but improved to a decline of just 140 basis points by the end of the quarter [34] - The company noted a trend of out-migration from urban areas to suburban locations, which is expected to benefit NSA [20] Company Strategy and Development Direction - The company is focused on external growth, having acquired four wholly-owned properties for a total investment of $36 million during Q2 [22] - The acquisition environment slowed significantly in Q2, but activity is picking up as operating fundamentals stabilize [23] - The company aims to continue leveraging its unique PRO structure to align interests and mitigate risks during challenging times [11] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism, stating that the worst of the downturn may be behind them, but uncertainty remains due to COVID-19 [18] - The company is not reinstating 2020 guidance at this time but is monitoring the situation closely [18] - Management believes that the last half of 2020 FFO should come in ahead of the last half of 2019, assuming no additional shutdowns occur [70] Other Important Information - The company executed a $250 million debt private placement transaction with a 2.99% coupon, the lowest for any 10-year public or private notes issued by a self-storage REIT [21] - The balance sheet is well-positioned with $500 million available on the revolver and no debt maturities through 2022 [40] - The weighted average cost of debt at quarter end was 3.3%, with a net debt-to-EBITDA ratio of 6.3 times [41] Q&A Session Summary Question: Can you comment on the transaction market and cap rates? - Management noted that they did not see significant compression in cap rates during the downturn, with an average cap rate for deals closed in Q2 around 6.5% [47] Question: How much demand is related to moving due to work-from-home trends? - Management acknowledged witnessing some demand related to people creating home offices but could not quantify the impact [49] Question: Do you expect to return to a 20% growth rate in asset base? - Management indicated that a more realistic goal would be around 10% growth per year, with a focus on seeking transactions that make sense [54] Question: What is the outlook for property taxes? - Management expects property tax growth to remain around 5.5% for the back half of the year, consistent with prior guidance [96] Question: How has the student population impacted move-ins? - Management observed a decrease in college student activity compared to previous years, with uncertainty about the impact on move-outs [105] Question: What are the trends in new supply and construction? - Management noted that while projects under construction will be completed, new approvals and permits have slowed significantly [108]

PART I. FINANCIAL INFORMATION This section presents the unaudited condensed consolidated financial statements and management's analysis of financial condition and operations [ITEM 1. Financial Statements](index=4&type=section&id=ITEM%201.%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements and detailed notes on financial position, performance, and key policies [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section provides a snapshot of the company's assets, liabilities, and equity at specific points in time Condensed Consolidated Balance Sheets (dollars in thousands) | ASSETS | June 30, 2020 | December 31, 2019 | | :--------------------------------- | :------------ | :------------------ | | Self storage properties, net | $2,964,626 | $2,753,897 | | Cash and cash equivalents | $17,271 | $20,558 | | Restricted cash | $5,635 | $3,718 | | Investment in unconsolidated real estate ventures | $210,114 | $214,061 | | Other assets, net | $60,927 | $65,441 | | Total assets | $3,285,050 | $3,084,245 | | **LIABILITIES AND EQUITY** | | | | Debt financing | $1,741,544 | $1,534,047 | | Interest rate swap liabilities | $91,175 | $19,943 | | Total liabilities | $1,916,305 | $1,632,144 | | Total equity | $1,368,745 | $1,452,101 | | Total liabilities and equity | $3,285,050 | $3,084,245 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section details the company's revenues, expenses, and net income over specific periods Condensed Consolidated Statements of Operations (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | | :----------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenue | $104,417 | $95,419 | $208,639 | $185,991 | | Total operating expenses | $70,357 | $64,189 | $141,537 | $125,761 | | Net income | $17,787 | $17,733 | $33,550 | $30,673 | | Net income (loss) attributable to National Storage Affiliates Trust | $10,422 | $(7,656) | $17,070 | $(245) | | Net income (loss) attributable to common shareholders | $7,148 | $(10,913) | $10,523 | $(6,090) | | Earnings (loss) per share - basic and diluted | $0.10 | $(0.19) | $0.16 | $(0.11) | | Dividends declared per common share | $0.33 | $0.32 | $0.66 | $0.62 | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) This section presents the company's comprehensive income or loss, including net income and other comprehensive income items Condensed Consolidated Statements of Comprehensive Income (Loss) (dollars in thousands) | Metric | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | | :---------------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income | $17,787 | $17,733 | $33,550 | $30,673 | | Unrealized loss on derivative contracts | $(10,423) | $(19,075) | $(76,792) | $(27,114) | | Other comprehensive (loss) income | $(6,489) | $(20,352) | $(72,246) | $(29,667) | | Comprehensive income (loss) attributable to National Storage Affiliates Trust | $6,126 | $(20,648) | $(29,519) | $(19,154) | [Condensed Consolidated Statements of Changes in Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) This section outlines the changes in the company's equity over specific periods, reflecting share issuances and other equity-related transactions - The company issued **8,105,192 common shares** in connection with the mergers of SecurCare and DLAN on March 31, 2020[26](index=26&type=chunk)[69](index=69&type=chunk) - During the six months ended June 30, 2020, the company sold **512,000 common shares** through its ATM program, generating approximately **$16.2 million** in net proceeds[72](index=72&type=chunk)[223](index=223&type=chunk) Total Equity (dollars in thousands) | Date | Total Equity | | :---------------- | :----------- | | June 30, 2020 | $1,368,745 | | December 31, 2019 | $1,452,101 | [Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section summarizes the cash inflows and outflows from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows (dollars in thousands) | Activity | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net Cash Provided by Operating Activities | $105,683 | $93,475 | | Net Cash Used In Investing Activities | $(243,898) | $(318,073) | | Net Cash Provided By Financing Activities | $136,845 | $227,988 | | (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | $(1,370) | $3,390 | | Cash, Cash Equivalents and Restricted Cash - End of period | $22,906 | $19,753 | - Acquisition of self storage properties decreased from **$307.8 million** in 2019 to **$239.1 million** in 2020 for the six months ended June 30[32](index=32&type=chunk) - Borrowings under debt financings decreased from **$499.0 million** in 2019 to **$311.0 million** in 2020 for the six months ended June 30[32](index=32&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=15&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and additional information supporting the condensed consolidated financial statements [Note 1. ORGANIZATION AND NATURE OF OPERATIONS](index=15&type=section&id=Note%201.%20ORGANIZATION%20AND%20NATURE%20OF%20OPERATIONS) National Storage Affiliates Trust is a self-administered and self-managed REIT focused on self-storage properties in the top 100 U.S. metropolitan areas, with a significant internalization of its largest PRO - As of June 30, 2020, the Company operated and held ownership interests in **784 self storage properties** located across 35 states and Puerto Rico, comprising approximately **49.2 million rentable square feet** in approximately **394,000 storage units**[42](index=42&type=chunk) - The Company owned **607 consolidated self storage properties** and managed an additional portfolio of **177 properties** owned by its unconsolidated real estate ventures as of June 30, 2020[39](index=39&type=chunk)[41](index=41&type=chunk) - On March 31, 2020, the Company completed the mergers of its largest PRO, SecurCare Self Storage, Inc., and DLAN Corporation, internalizing SecurCare's property management platform and discontinuing related fees and distributions[40](index=40&type=chunk) [Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=15&type=section&id=Note%202.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This section outlines the key accounting principles and methods used in preparing the financial statements, including consolidation, revenue recognition, and income allocation - The Company consolidates its operating partnership and controlled subsidiaries, including **21 DownREIT partnerships** that are considered VIEs, owning **34 self storage properties**[45](index=45&type=chunk)[47](index=47&type=chunk) - Rental revenue is recognized ratably over the lease term using the straight-line method, with most leases being month-to-month[49](index=49&type=chunk) - The Company allocates GAAP income (