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Table of Contents
Page
Earnings Release
Consolidated Statements of Operations
Consolidated Balance Sheets
Schedule 1 - Funds From Operations and Core Funds From Operations
Schedule 2 - Other Non-GAAP Financial Measurements
Schedule 3 - Portfolio Summary
Schedule 4 - Debt and Equity Capitalization
Schedule 5 - Summarized Information for Unconsolidated Real Estate Ventures
Schedule 6 - Same Store Performance Summary By State
Schedule 7 - Same Store Performance Summary By MSA
Schedule 8 - Same Store Operating Data - Trailing Five Quarters
Schedule 9 - Reconciliation of Same Store Data and Net Operating Income to Net Income
Schedule 10 - Selected Financial Information
Glossary



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August 6, 2020
National Storage Affiliates Trust Reports Second Quarter 2020 Results
GREENWOOD VILLAGE, Colo. - (BUSINESS WIRE) - National Storage Affiliates Trust ("NSA" or the "Company") (NYSE: NSA) today reported the Company’s second quarter 2020 results.
Second Quarter 2020 Highlights
Reported net income of $17.8 million for the second quarter of 2020, an increase of 0.3% compared to the second quarter of 2019. Reported diluted earnings per share of $0.10 for the second quarter of 2020, primarily relating to the HLBV method for allocating net income among the various classes of equity.
Reported core funds from operations ("Core FFO") of $41.3 million, or $0.41 per share for the second quarter of 2020, an increase of 7.9% per share compared to the second quarter of 2019.
Reported a decline in same store net operating income ("NOI") of 1.2% for the second quarter of 2020 compared to the same period in 2019, driven by a 1.1% decrease in same store total revenues partially offset by a 1.1% decrease in same store property operating expenses.
Acquired four wholly-owned self storage properties for $36.2 million during the second quarter of 2020. Capital sources for the acquisition activity included the issuance of approximately $5.8 million of OP equity and $11.9 million of common equity raised under the Company’s at the market, or ATM, program at a combined weighted average price of $30.20 per share/unit, as well as borrowings under the Company’s revolving line of credit.
On April 28, 2020, Kroll Bond Rating Agency affirmed the investment grade issuer rating of BBB for NSA's operating partnership.
Highlights Subsequent to Quarter-End
Entered into an agreement to issue $150.0 million of 2.99% senior unsecured notes due August 5, 2030 and $100.0 million of 3.09% senior unsecured notes due August 5, 2032 in a private placement.
Tamara Fischer, President and Chief Executive Officer, commented, "Despite the impact from COVID-19 and the ensuing economic recession, we were pleased to deliver solid year-over-year growth in Core FFO per share of 7.9% for the second quarter, further demonstrating the resilience of our sector and the advantages of our unique PRO structure. We're confident our balance sheet and our geographically diverse portfolio are prepared to continue to navigate this uncertain landscape."
COVID-19 Update
Given the recurring outbreaks of the novel coronavirus across certain states where the Company operates self storage facilities, a number of states and municipalities have reacted by re-instituting quarantines, mandating business and school closures, requiring restrictions on travel, issuing "shelter-in-place" and/or "stay-at-home" orders, and imposing restrictions on the types of businesses that may continue to operate. Although this has resulted in significant uncertainty surrounding the direct and indirect economic effects of the pandemic and containment measures, the Company notes the following impact on its current operations:
All of the Company's stores remain open and nearly all are operating normally with new safety protocols in place.
During the third quarter of 2020, the Company has resumed rental rate increases for in-place tenants at the vast majority of its stores.
Same store move-in volume increased approximately 8% in July, compared to the same period in 2019.
Same store move-out volume decreased approximately 20% in July, compared to the same period in 2019.
Same store period-end occupancy was 91.1% as of July 31, 2020, which was a 130 basis point increase compared to June 30, 2020 and an increase of approximately 80 basis points compared to July 31, 2019.
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2020 Guidance
Due to the continued uncertain impacts of the COVID-19 pandemic and the current economic recession on the Company's operating results, the Company is not providing updated 2020 annual guidance at this time. The Company will evaluate reinstating 2020 guidance as it gains greater clarity regarding the aforementioned items.
Financial Results
($ in thousands, except per share and unit data)
Three Months Ended June 30,Six Months Ended June 30,
20202019Growth20202019Growth
Net income$17,787  $17,733  0.3 %$33,550  $30,673  9.4 %
Funds From Operations ("FFO")(1)
$41,009  $33,978  20.7 %$77,287  $66,558  16.1 %
Add back acquisition costs
252  305  (17.4)%1,085  462  134.8 %
Core FFO(1)
$41,261  $34,283  20.4 %$78,372  $67,020  16.9 %
Earnings (loss) per share - basic and diluted
$0.10  $(0.19) 152.6 %$0.16  $(0.11) 245.5 %
FFO per share and unit(1)
$0.41  $0.38  7.9 %$0.80  $0.74  8.1 %
Core FFO per share and unit(1)
$0.41  $0.38  7.9 %$0.81  $0.75  8.0 %
(1) Non-GAAP financial measures, including FFO, Core FFO and NOI, are defined in the Glossary in the supplemental financial information and, where appropriate, reconciliations of these measures and other non-GAAP financial measures to their most directly comparable GAAP measures are included in the Schedules to this press release and in the supplemental financial information.
Net income increased $0.1 million for the second quarter of 2020 and $2.9 million for the six months ended June 30, 2020 ("year-to-date") as compared to the same periods in 2019. These increases were primarily the result of additional NOI generated from the 53 wholly-owned self storage properties acquired between July 1, 2019 and June 30, 2020, partially offset by an increase in depreciation and amortization and a decrease in gains from the sale of self storage properties.
The increases in FFO and Core FFO for the second quarter of 2020 and year-to-date were primarily the result of incremental NOI from properties acquired between July 1, 2019 and June 30, 2020 and decreases in distributions to subordinated performance unitholders.
Same Store Operating Results (500 Stores)
($ in thousands, except per square foot data)
Three Months Ended June 30,Six Months Ended June 30,
20202019Growth20202019Growth
Total revenues
$83,001  $83,959  (1.1)%$167,517  $165,977  0.9 %
Property operating expenses
24,780  25,052  (1.1)%50,518  50,271  0.5 %
Net Operating Income (NOI)
$58,221  $58,907  (1.2)%$116,999  $115,706  1.1 %
NOI Margin70.1 %70.2 %(0.1)%69.8 %69.7 %0.1 %
Average Occupancy
88.1 %89.5 %(1.4)%87.7 %88.5 %(0.8)%
Average Annualized Rental Revenue Per Occupied Square Foot
$11.99  $11.94  0.4 %$12.15  $11.96  1.6 %
Year-over-year same store total revenues decreased 1.1% for the second quarter of 2020 and increased 0.9% year-to-date as compared to the same periods in 2019. The decrease for the second quarter of 2020 was driven primarily by a 140 basis point decrease in average occupancy partially offset by a 0.4% increase in average annualized rental revenue per occupied square foot. The year-to-date increase was driven primarily by a 1.6% increase in average annualized rental revenue per occupied square foot partially offset by an 80 basis point decrease in average occupancy. Markets which generated above portfolio average same store total revenue growth include:
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Riverside-San Bernardino, Atlanta, and Phoenix. Markets which generated below portfolio average same store total revenue growth include: Portland, Dallas and Los Angeles.
Year-over-year same store property operating expenses decreased 1.1% for the second quarter of 2020 and increased 0.5% year-to-date as compared to the same periods in 2019. The decrease for the second quarter of 2020 primarily resulted from decreases in personnel costs and repairs & maintenance expenses, partially offset by increases in property taxes. The year-to-date increase was driven primarily by an increase in property taxes and personnel costs partially offset by decreases in repairs & maintenance and utilities expenses.
Investment Activity
In the second quarter, NSA invested approximately $36.2 million in the acquisition of four self storage properties consisting of approximately 0.3 million rentable square feet configured in approximately 2,500 storage units. Total consideration for these acquisitions included approximately $30.2 million of net cash, the issuance of approximately $4.9 million of OP units and $0.9 million of subordinated performance units and the assumption of approximately $0.2 million of other working capital liabilities.
Balance Sheet
Subsequent to the end of the second quarter, using proceeds from revolving line of credit borrowings, the Company paid off approximately $35 million of fixed rate mortgages payable, which was the Company's only remaining outstanding debt that was scheduled to mature in 2020.
On August 4, 2020, the Company's operating partnership entered into an agreement to issue $150.0 million of 2.99% senior unsecured notes due August 5, 2030 and $100.0 million of 3.09% senior unsecured notes due August 5, 2032 (the "Senior Unsecured Notes") in a private placement to certain institutional investors. The funding of the Senior Unsecured Notes is expected to occur on or before October 22, 2020, subject to customary closing conditions. The Company plans to use the proceeds to repay outstanding amounts on its revolving line of credit and for general corporate purposes.
Common Share Dividends
On May 21, 2020, NSA's Board of Trustees declared a quarterly cash dividend of $0.33 per common share, which was paid on June 30, 2020 to shareholders of record as of June 15, 2020.
Supplemental Financial Information
The full text of this earnings release and supplemental financial information, including certain financial information referenced in this release, are available on NSA's website at http://ir.nationalstorageaffiliates.com/quarterly-reporting and as exhibit 99.1 to the Company's Form 8-K furnished to the SEC on August 6, 2020.
Non-GAAP Financial Measures & Glossary
This press release contains certain non-GAAP financial measures. These non-GAAP measures are presented because NSA's management believes these measures help investors understand NSA's business, performance and ability to earn and distribute cash to its shareholders by providing perspectives not immediately apparent from net income (loss). These measures are also frequently used by securities analysts, investors and other interested parties. The presentations of FFO, Core FFO and NOI in this press release are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, NSA's method of calculating these measures may be different from methods used by other companies, and, accordingly, may not be comparable to similar measures as calculated by other companies that do not use the same methodology as NSA. These measures, and other words and phrases used herein, are defined in the Glossary in the supplemental financial information and, where appropriate, reconciliations of these measures and other non-GAAP financial measures to their most directly comparable GAAP measures are included in the Schedules to this press release and in the supplemental financial information.
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Quarterly Teleconference and Webcast
The Company will host a conference call at 1:00 pm Eastern Time on Friday, August 7, 2020 to discuss its second quarter 2020 financial results. At the conclusion of the call, management will accept questions from certified financial analysts. All other participants are encouraged to listen to a webcast of the call by accessing the link found on the Company's website at www.nationalstorageaffiliates.com.
Conference Call and Webcast:
Date/Time: Friday, August 7, 2020, 1:00pm ET
Webcast available at: www.nationalstorageaffiliates.com
Domestic (Toll Free US & Canada): 877.407.9711
International: 412.902.1014
Replay:
Domestic (Toll Free US & Canada): 877.660.6853
International: 201.612.7415
Conference ID: 13692161
A replay of the call will be available for one week through Friday, August 14, 2020. A replay of the webcast will be available for 30 days on NSA's website at www.nationalstorageaffiliates.com.
Upcoming Industry Conferences
NSA management is scheduled to participate in the BMO 2020 Real Assets Virtual Conference, September 2-3, 2020, and the BofA Securities Global Real Estate Virtual Conference 2020, September 15-17, 2020.

About National Storage Affiliates Trust
National Storage Affiliates Trust is a Maryland real estate investment trust focused on the ownership, operation and acquisition of self storage properties located within the top 100 metropolitan statistical areas throughout the United States. As of June 30, 2020, the Company held ownership interests in and operated 784 self storage properties located in 35 states and Puerto Rico with approximately 49.2 million rentable square feet. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States. For more information, please visit the Company’s website at www.nationalstorageaffiliates.com. NSA is included in the MSCI US REIT Index (RMS/RMZ), the Russell 2000 Index of Companies and the S&P SmallCap 600 Index.
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NOTE REGARDING FORWARD LOOKING STATEMENTS
Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. These forward-looking statements include information about possible or assumed future results of the Company's business, financial condition, liquidity, results of operations, plans and objectives. Changes in any circumstances may cause the Company's actual results to differ significantly from those expressed in any forward-looking statement. When used in this release, the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: market trends in the Company's industry, interest rates, the debt and lending markets or the general economy; the Company's business and investment strategy; the acquisition of properties, including those under contract and our ability to execute on our acquisition pipeline; the timing of acquisitions under contract; the internalization of retiring participating regional operators ("PROs") into the Company; the negative impacts from the continued spread of COVID-19 on the economy, the self storage industry, the broader financial markets, the Company's financial condition, results of operations and cash flows and the ability of the Company's tenants to pay rent; and the Company's guidance estimates for the year ended December 31, 2020. For a further list and description of such risks and uncertainties, see the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission, and the other documents filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contact:
National Storage Affiliates Trust
Investor/Media Relations
George Hoglund, CFA
Vice President - Investor Relations
720.630.2160
ghoglund@nsareit.net
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National Storage Affiliates Trust
Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
REVENUE
Rental revenue$95,302  $87,175  $190,704  $170,030  
Other property-related revenue3,418  3,128  6,789  5,952  
Management fees and other revenue5,697  5,116  11,146  10,009  
Total revenue104,417  95,419  208,639  185,991  
OPERATING EXPENSES
Property operating expenses30,257  27,190  60,849  53,647  
General and administrative expenses10,329  10,813  21,423  21,193  
Depreciation and amortization29,309  25,829  58,414  50,178  
Other462  357  851  743  
Total operating expenses70,357  64,189  141,537  125,761  
OTHER (EXPENSE) INCOME
Interest expense(15,513) (13,947) (31,141) (27,158) 
Equity in earnings (losses) of unconsolidated real estate ventures
52  (1,646) (288) (3,748) 
Acquisition costs(252) (305) (1,085) (462) 
Non-operating expense(317) (169) (509) (267) 
Gain on sale of self storage properties—  2,814  —  2,814  
Other expense(16,030) (13,253) (33,023) (28,821) 
Income before income taxes18,030  17,977  34,079  31,409  
Income tax expense(243) (244) (529) (736) 
Net income17,787  17,733  33,550  30,673  
Net income attributable to noncontrolling interests
(7,365) (25,389) (16,480) (30,918) 
Net income (loss) attributable to National Storage Affiliates Trust10,422  (7,656) 17,070  (245) 
Distributions to preferred shareholders
(3,274) (3,257) (6,547) (5,845) 
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) 
Weighted average shares outstanding - basic and diluted
68,210  57,543  64,004  57,101  

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National Storage Affiliates Trust
Consolidated Balance Sheets
(dollars in thousands, except per share amounts)
(unaudited)
June 30,December 31,
20202019
ASSETS
Real estate
Self storage properties$3,354,454  $3,091,719  
Less accumulated depreciation(389,828) (337,822) 
Self storage properties, net2,964,626  2,753,897  
Cash and cash equivalents17,271  20,558  
Restricted cash5,635  3,718  
Debt issuance costs, net2,900  3,264  
Investment in unconsolidated real estate ventures210,114  214,061  
Other assets, net60,927  65,441  
Operating lease right-of-use assets23,577  23,306  
Total assets$3,285,050  $3,084,245  
LIABILITIES AND EQUITY
Liabilities
Debt financing$1,741,544  $1,534,047  
Accounts payable and accrued liabilities42,641  37,966  
Interest rate swap liabilities91,175  19,943  
Operating lease liabilities25,095  24,665  
Deferred revenue15,850  15,523  
Total liabilities1,916,305  1,632,144  
Equity
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 8,732,719 and 8,727,119 issued and outstanding at June 30, 2020 and December 31, 2019, respectively, at liquidation preference
218,318  218,178  
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 68,703,733 and 59,659,108 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
687  597  
Additional paid-in capital984,950  905,763  
Distributions in excess of earnings(228,924) (197,075) 
Accumulated other comprehensive loss(57,462) (7,833) 
Total shareholders' equity917,569  919,630  
Noncontrolling interests451,176  532,471  
Total equity1,368,745  1,452,101  
Total liabilities and equity$3,285,050  $3,084,245  

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Supplemental Schedule 1
Funds From Operations and Core Funds From Operations
(in thousands, except per share and unit amounts) (unaudited)
Reconciliation of Net Income to FFO and Core FFO
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Net income$17,787  $17,733  $33,550  $30,673  
Add (subtract):
Real estate depreciation and amortization28,955  25,510  57,719  49,537  
Company's share of unconsolidated real estate venture real estate depreciation and amortization
3,811  5,472  7,598  10,929  
Gain on sale of self storage properties
—  (2,814) —  (2,814) 
Company's share of unconsolidated real estate venture loss on sale of properties
—  —  —  202  
Mark-to-market changes in value on equity securities
—  —  142  —  
Distributions to preferred shareholders and unitholders
(3,514) (3,461) (7,028) (6,214) 
FFO attributable to subordinated performance unitholders(1)
(6,030) (8,462) (14,694) (15,755) 
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders
41,009  33,978  77,287  66,558  
Add:
Acquisition costs252  305  1,085  462  
Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders
$41,261  $34,283  $78,372  $67,020  
Weighted average shares and units outstanding - FFO and Core FFO:(2)
Weighted average shares outstanding - basic68,210  57,543  64,004  57,101  
Weighted average restricted common shares outstanding34  29  29  29  
Weighted average OP units outstanding
29,720  30,213  30,215  30,081  
Weighted average DownREIT OP unit equivalents outstanding
1,925  1,848  1,887  1,848  
Weighted average LTIP units outstanding
534  537  576  641  
Total weighted average shares and units outstanding - FFO and Core FFO
100,423  90,170  96,711  89,700  
FFO per share and unit$0.41  $0.38  $0.80  $0.74  
Core FFO per share and unit$0.41  $0.38  $0.81  $0.75  
(1) Amounts represent distributions declared for subordinated performance unitholders and DownREIT subordinated performance unitholders for the periods presented.
(2) NSA combines OP units and DownREIT OP units with common shares because, after the applicable lock-out periods, OP units in the Company's operating partnership are redeemable for cash or, at NSA's option, exchangeable for common shares on a one-for-one basis and DownREIT OP units are also redeemable for cash or, at NSA's option, exchangeable for OP units in the Company's operating partnership on a one-for-one basis, subject to certain adjustments in each case. Subordinated performance units, DownREIT subordinated performance units and LTIP units may also, under certain circumstances, be convertible into or exchangeable for common shares (or other units that are convertible into or exchangeable for common shares). See footnote(3) for additional discussion of subordinated performance units, DownREIT subordinated performance units, and LTIP units in the calculation of FFO and Core FFO per share and unit.

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Supplemental Schedule 1 (continued)
Funds From Operations and Core Funds From Operations
(in thousands, except per share and unit amounts) (unaudited)
Reconciliation of Earnings (Loss) Per Share - Diluted to FFO and Core FFO Per Share and Unit
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Earnings (loss) per share - diluted$0.10  $(0.19) $0.16  $(0.11) 
Impact of the difference in weighted average number of shares(3)
(0.03) 0.07  (0.06) 0.04  
Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method(4)
0.07  0.28  0.17  0.35  
Add real estate depreciation and amortization0.29  0.28  0.60  0.55  
Add Company's share of unconsolidated real estate venture real estate depreciation and amortization
0.04  0.06  0.08  0.12  
Subtract gain on sale of self storage properties—  (0.03) —  (0.03) 
FFO attributable to subordinated performance unitholders
(0.06) (0.09) (0.15) (0.18) 
FFO per share and unit
0.41  0.38  0.80  0.74  
Add acquisition costs
—  —  0.01  0.01  
Core FFO per share and unit
$0.41  $0.38  $0.81  $0.75  
(3) Adjustment accounts for the difference between the weighted average number of shares used to calculate diluted earnings per share and the weighted average number of shares used to calculate FFO and Core FFO per share and unit. Diluted earnings per share is calculated using the two-class method for the company's restricted common shares and the treasury stock method for certain unvested LTIP units, and assumes the conversion of vested LTIP units into OP units on a one-for-one basis and the hypothetical conversion of subordinated performance units, and DownREIT subordinated performance units into OP units, even though such units may only be convertible into OP units (i) after a lock-out period and (ii) upon certain events or conditions. For additional information about the conversion of subordinated performance units and DownREIT subordinated performance units into OP units, see Note 10 to the Company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission. The computation of weighted average shares and units for FFO and Core FFO per share and unit includes all restricted common shares and LTIP units that participate in distributions and excludes all subordinated performance units and DownREIT subordinated performance units because their effect has been accounted for through the allocation of FFO to the related unitholders based on distributions declared.
(4) Represents the effect of adjusting the numerator to consolidated net income (loss) prior to GAAP allocations for noncontrolling interests, after deducting preferred share and unit distributions, and before the application of the two-class method and treasury stock method, as described in footnote(3).

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Supplemental Schedule 2
Other Non-GAAP Financial Measurements
(dollars in thousands) (unaudited)
Net Operating Income
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Net income$17,787  $17,733  $33,550  $30,673  
(Subtract) add:
Management fees and other revenue(5,697) (5,116) (11,146) (10,009) 
General and administrative expenses10,329  10,813  21,423  21,193  
Other462  357  851  743  
Depreciation and amortization29,309  25,829  58,414  50,178  
Interest expense15,513  13,947  31,141  27,158  
Equity in (earnings) losses of unconsolidated real estate ventures
(52) 1,646  288  3,748  
Acquisition costs252  305  1,085  462  
Income tax expense243  244  529  736  
Gain on sale of self storage properties—  (2,814) —  (2,814) 
Non-operating expense317  169  509  267  
Net Operating Income
$68,463  $63,113  $136,644  $122,335  

EBITDA and Adjusted EBITDA
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Net income$17,787  $17,733  $33,550  $30,673  
Add:
Depreciation and amortization29,309  25,829  58,414  50,178  
Company's share of unconsolidated real estate venture depreciation and amortization
3,811  5,472  7,598  10,929  
Interest expense15,513  13,947  31,141  27,158  
Income tax expense243  244  529  736  
EBITDA
66,663  63,225  131,232  119,674  
Add (subtract):
Acquisition costs252  305  1,085  462  
Gain on sale of self storage properties—  (2,814) —  (2,814) 
Company's share of unconsolidated real estate venture loss on sale of properties
—  —  —  202  
Equity-based compensation expense1,151  1,108  1,925  2,220  
Adjusted EBITDA
$68,066  $61,824  $134,242  $119,744  

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Supplemental Schedule 3
Portfolio Summary
As of June 30, 2020
(dollars in thousands) (unaudited)
Wholly-Owned Store Data by State (Consolidated)Total Operated Store Data by State (Consolidated & Unconsolidated)
State/TerritoriesStores UnitsRentable Square FeetOccupancy at Period EndState/TerritoriesStores UnitsRentable Square FeetOccupancy at Period End
Texas100  39,285  5,555,669  88.4 %Texas104  41,613  5,833,308  88.2 %
California83  49,627  6,226,667  91.2 %California95  56,348  7,020,197  91.0 %
Oregon63  25,203  3,196,809  86.1 %Florida76  46,477  4,997,566  86.2 %
Florida49  31,134  3,275,887  87.1 %Oregon 63  25,203  3,196,809  86.1 %
Georgia45  19,419  2,601,134  88.6 %Georgia56  25,556  3,473,366  89.0 %
North Carolina33  15,360  1,885,279  93.3 %Oklahoma36  16,166  2,210,871  91.3 %
Arizona31  16,896  1,925,402  89.1 %Arizona33  17,905  2,035,232  88.8 %
Oklahoma30  13,831  1,902,731  91.7 %North Carolina33  15,360  1,885,279  93.3 %
Louisiana26  12,347  1,539,023  84.3 %Louisiana26  12,347  1,539,023  84.3 %
Indiana16  8,775  1,134,570  93.1 %Michigan24  15,616  1,977,873  88.2 %
Kansas16  5,710  763,249  92.1 %Ohio22  12,435  1,526,089  90.7 %
Washington14  4,494  578,723  84.2 %New Jersey19  12,723  1,497,652  87.6 %
Nevada13  6,697  843,622  92.1 %Nevada17  8,314  1,096,449  90.7 %
Colorado 13  5,975  745,506  89.2 %Indiana16  8,775  1,134,570  93.1 %
New Hampshire11  4,753  579,928  93.2 %Kansas16  5,710  763,249  92.1 %
Missouri 3,857  489,823  78.7 %Alabama15  6,286  936,886  90.1 %
Ohio 3,645  461,393  90.6 %Washington14  4,494  578,723  84.2 %
Other(1)
47  23,625  2,855,378  88.4 %Massachusetts12  7,689  888,521  87.4 %
Total
607  290,633  36,560,793  89.1 %Colorado13  5,975  745,506  89.2 %
New Hampshire11  4,753  579,928  93.2 %
Other(2)
83  44,564  5,312,987  87.5 %
Total
784  394,309  49,230,084  88.8 %



(1) Other states and territories in NSA's owned portfolio as of June 30, 2020 include Alabama, Idaho, Illinois, Kentucky, Maryland, Massachusetts, Mississippi, New Jersey, New Mexico, Pennsylvania, South Carolina, Virginia and Puerto Rico.
(2) Other states and territories in NSA's operated portfolio as of June 30, 2020 include Delaware, Idaho, Illinois, Kentucky, Maryland, Minnesota, Mississippi, Missouri, New Mexico, New York, Pennsylvania, Rhode Island, South Carolina, Tennessee, Virginia and Puerto Rico.
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Supplemental Schedule 3 (continued)
Portfolio Summary
(dollars in thousands) (unaudited)
2020 Acquisition Activity
Self Storage Properties Acquired
During the Quarter Ended:
Summary of Investment
StoresUnitsRentable Square FeetCash and Acquisition CostsValue of OP EquityOther LiabilitiesTotal
March 31, 20203613,5551,759,019  $214,584  $7,217  $972  $222,773  
June 30, 202042,488277,560  30,198  5,842  207  36,247  
Total Acquisitions4016,0432,036,579  $244,782  $13,059  $1,179  $259,020  
Unconsolidated Real Estate Ventures (at 100%)(3)
March 31, 2020253239,952  12,108  —  37  12,145  
Total Investments(4)
4216,5752,076,531  $256,890  $13,059  $1,216  $271,165  



















(3) Values represent entire unconsolidated real estate ventures at 100%, not NSA's proportionate share. NSA's ownership in each of the unconsolidated real estate ventures is 25%.
(4) NSA acquired self storage properties located in California (2), Colorado (2), Florida (3), Georgia (1), Maryland (1), Massachusetts (1), New Jersey (1), Oregon (2) and Texas (29).

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Supplemental Schedule 4
Debt and Equity Capitalization
As of June 30, 2020
(unaudited)
Debt Summary (dollars in thousands)
Effective Interest Rate(1)
Basis of RateMaturity Date2020202120222023202420252026ThereafterTotal
Credit Facility:
Revolving line of credit
1.46%
Variable(2)
January 2024$—  $—  $—  $—  $211,000  $—  $—  $—  $211,000  
Term loan - Tranche A
3.74%Swapped To FixedJanuary 2023—  —  —  125,000  —  —  —  —  125,000  
Term loan - Tranche B
2.91%Swapped To FixedJuly 2024—  —  —  —  250,000  —  —  —  250,000  
Term loan - Tranche C
2.80%Swapped To FixedJanuary 2025—  —  —  —  —  225,000  —  —  225,000  
Term loan - Tranche D
3.57%Swapped To FixedJuly 2026—  —  —  —  —  —  175,000  —  175,000  
Term loan facility - 20232.83%Swapped To FixedJune 2023—  —  —  175,000  —  —  —  —  175,000  
Term loan facility - 20284.62%Swapped To FixedDecember 2028—  —  —  —  —  —  —  75,000  75,000  
Term loan facility - 20294.27%Swapped To FixedApril 2029—  —  —  —  —  —  —  100,000  100,000  
2029 Senior Unsecured Notes3.98%FixedAugust 2029—  —  —  —  —  —  —  100,000  100,000  
2031 Senior Unsecured Notes4.08%FixedAugust 2031—  —  —  —  —  —  —  50,000  50,000  
Fixed rate mortgages payable4.18%FixedOctober 2020 - October 203134,682  3,587  —  80,703  20,246  —  —  121,131  260,349  
Total Principal/Weighted Average
3.28%5.2 years$34,682  $3,587  $—  $380,703  $481,246  $225,000  $175,000  $446,131  $1,746,349  
Unamortized debt issuance costs and debt premium, net
(4,805) 
Total Debt
$1,741,544  

Debt Ratios
Covenant
Amount
Net Debt to Annualized Current Quarter Adjusted EBITDAn/a6.3x
Trailing Twelve Month Fixed Charge Coverage Ratio
> 1.5x3.0x
Total Leverage Ratio< 60.0%43.4%
(1) Effective interest rate incorporates the stated rate plus the impact of interest rate cash flow hedges and discount and premium amortization, if applicable.
(2) For the $500 million revolving line of credit, the effective interest rate is calculated based on one month LIBOR plus an applicable margin of 1.30% and excludes fees which range from 0.15% to 0.20% for unused borrowings.
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Supplemental Schedule 4 (continued)
Debt and Equity Capitalization
As of June 30, 2020
(unaudited)

Preferred Shares and Units
Outstanding
6.000% Series A cumulative redeemable preferred shares of beneficial interest8,732,719  
6.000% Series A-1 cumulative redeemable preferred units637,382  
Common Shares and Units
OutstandingIf Converted
Common shares of beneficial interest68,671,478  68,671,478  
Restricted common shares32,255  32,255  
Total shares outstanding
68,703,733  68,703,733  
Operating partnership units29,714,696  29,714,696  
DownREIT operating partnership unit equivalents
1,924,918  1,924,918  
Total operating partnership units
31,639,614  31,639,614  
Long-term incentive plan units(3)
512,946  512,946  
Total shares and Class A equivalents outstanding
100,856,293  100,856,293  
Subordinated performance units(4)
8,715,751  10,458,901  
DownREIT subordinated performance unit equivalents(4)
4,337,111  5,204,533  
Total subordinated partnership units
13,052,862  15,663,434  
Total common shares and units outstanding
113,909,155  116,519,727  






(3) Balances exclude 252,894 long-term incentive plan ("LTIP") units which only vest and participate in dividend distributions upon the future contribution of properties from the PROs or the completion of expansion projects.
(4) If converted balance assumes that each subordinated performance unit (including each DownREIT subordinated performance unit) is convertible into OP units, notwithstanding the two-year lock-out period on conversions for certain series of subordinated performance units, and that each subordinated performance unit would on average convert on a hypothetical basis into an estimated 1.20 OP units based on historical financial information for the trailing twelve months ended June 30, 2020. The hypothetical conversions are calculated by dividing the average cash available for distribution, or CAD, per subordinated performance unit by 110% of the CAD per OP unit over the same period. The Company anticipates that as CAD grows over time, the conversion ratio will also grow, including to levels that may exceed these amounts.

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Supplemental Schedule 5
Summarized Information for Unconsolidated Real Estate Ventures
(dollars in thousands) (unaudited)
Combined Balance Sheet Information
 Total Ventures at 100%(1)
June 30, 2020December 31, 2019
ASSETS
Self storage properties, net$1,818,225  $1,835,235  
Other assets23,945  22,413  
Total assets$1,842,170  $1,857,648  
LIABILITIES AND EQUITY
Debt financing$989,601  $989,182  
Other liabilities20,386  20,487  
Equity832,183  847,979  
Total liabilities and equity$1,842,170  $1,857,648  

Combined Operating Information
Three Months Ended June 30, 2020Six Months Ended June 30, 2020
 Total Ventures at 100%(1)
NSA Proportionate Share (Ventures at 25%)(2)
 Total Ventures at 100%(1)
NSA Proportionate Share (Ventures at 25%)(2)
Total revenue$39,730  $9,933  $79,968  $19,992  
Property operating expenses11,371  2,843  24,549  6,137  
Net operating income28,359  7,090  55,419  13,855  
Supervisory, administrative and other expenses
(2,640) (660) (5,309) (1,327) 
Depreciation and amortization(15,245) (3,811) (30,391) (7,598) 
Interest expense(10,300) (2,575) (20,564) (5,141) 
Acquisition and other expenses(20) (5) (419) (105) 
Net income (loss)$154  $39  $(1,264) $(316) 
Add (subtract):
Equity in earnings adjustments related to amortization of basis differences
13  28  
Company's share of unconsolidated real estate venture real estate depreciation and amortization
3,811  7,598  
Company's share of FFO and Core FFO from unconsolidated real estate ventures
$3,863  $7,310