National Storage Affiliates Trust · NYSE:NSA
National Storage Affiliates Trust — Q1 2025 Earnings Presentation
48 slides from National Storage Affiliates Trust's earnings presentation, May 6, 2025
Slide 1: Company Update
NSASTORAGE.COM YY NATIONAL STORAGE AFFILIATES Company Update EB & IN-STORE EXPERIENCES CUSTOMER CARE CENTER OPERATIONAL EFFICIENCIES z fe} = < [| = = a fe) w > Fs fr > ref a DIGITAL MARKETING = June 2025 y /IT\\N LEVERAGING Al & TECHNOLOGY TO DELIVER EXCELLENCE AT EVERY TOUCHPOINT
Slide 2: Forward-Looking Statements And Non-GAAP Financial Measures
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, f
Slide 3: Table Of Contents
Poised For A Recovery Table Of Contents Self Storage Industry Overview Company Overview Track Record Of Performance Multi-Faceted Growth Strategy Flexible Capital Structure Supports Future Growth Corporate Responsibility Overview Appendix (Including Definitions And Methodology) 3
Slide 4: Poised For A Recovery
Poised For A Recovery 4 1
Slide 5: Self Storage Supply Has Peaked And Is Projected To Decline Substantially
Self Storage Supply Has Peaked And Is Projected To Decline Substantially National Annual Completions Declining Well Below Historical Averages 80M 8% 70M 7% 60M 6% Net Rentable Square Feet 50M 5% Long-Term Average: 4.2% 40M 4% 30M 3% 20M 2% 10M 1% 0 0% 2023 2001 2002 2003 2004 2005 2006 2007 2008 200
Slide 6: The Housing Market Is Bottoming, Building Pent-Up Demand For A Recovery
The Housing Market Is Bottoming, Building Pent-Up Demand For A Recovery Turnover In The US Housing Market Is At Its Lowest Levels In ~40 Years Housing Turnover Current Level 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 1984 - Q1 2012 - Q1 1980 - Q1 1982 - Q1 1986 - Q1 1988 - Q1 1990 - Q1 1992 - Q1 1994
Slide 7: When The Housing Market Recovers, We Anticipate An Outsized Benefit
When The Housing Market Recovers, We Anticipate An Outsized Benefit NSA’s Suburban Portfolio May Be More Impacted By A Housing Recovery Than Peers NSA’s Markets Have A Higher Level Of NSA’s Portfolio Is More Sensitive To The Homeowners Than Peers’ Markets(1) Level Of Existing Home Sales(2) 57.5% 98.
Slide 8: Investing In Our Company To Position NSA for Growth
Investing In Our Company To Position NSA for Growth Building Bench Strength To Better • Strategic hires include VPs of Performance, Digital Marketing, and IT Manage And Support Internal Growth • Successfully grew operations and corporate team by absorbing PRO staff • Initiated selling non-core marke
Slide 9: NSA Has Strengthened Its Team Post PRO-Transition
NSA Has Strengthened Its Team Post PRO-Transition Recent Hires Strategically Focused on Maximizing Results VP of VP of Digital VP of Information Performance Marketing Technology • Experience: Nine years of revenue • Experience: Over 13 years of digital • Experience: 25 years of IT, including managem
Slide 10: Capital Recycling To Optimize Portfolio
Capital Recycling To Optimize Portfolio Utilizing Proceeds From Asset Sales And JV Contributions To Repurchase Shares, Acquire Properties, And Invest Back Into Our Existing Assets To Enhance Future Growth Prospects ~$345M Plus… ~$550M ~$347M $675M Of Acquisitions Since Beginning Of Ongoing 2023 Rein
Slide 11: Revenue Management Strategy: Focus on Maximizing Revenues
Revenue Management Strategy: Focus on Maximizing Revenues RevPAF Has Improved Sequentially YTD 2025 vs a Decline In YTD 2024, Despite The Negative YoY Occupancy Gap Widening RevPAF: 2025 Same-Store Pool(1) $13.00 Revenue Management RevPAF Has Improved 90bps Strategy Is Driving Positive $12.50 YTD 20
Slide 12: NSA's Platform And Technology Initiatives Drive Improving Performance
NSA’s Platform And Technology Initiatives Drive Improving Performance Recently Completed / Launched Medium Term PRO Internalization Machine Learning Model Brand Consolidation NSAstorage.com AI & Automation In The Customer Experience Customer Experience Portal Support Center Of Excellence Storage Sel
Slide 13: NSAstorage.com: Consolidation Of Websites = Resource & Platform Efficiency
NSAstorage.com: Consolidation Of Websites = Resource & Platform Efficiency All NSA Stores Now On NSAstorage.com No Longer Compete Increase Conversion Rate Reduce Cost Of With More Store Choices Against Ourselves In Individual Clicks Google Ad Auctions On Website Migrated Over To One Website POISED F
Slide 14: NSAstorage.com: Consolidation Began May 2024
NSAstorage.com: Consolidation Began May 2024 Positive Implications: Improved Ranking In Local Search Results (Lower Numbers Are Better) January 2024 – Before Transition(1) May 2025 – 12 Months Into Transition(1) 7.1 8.6 10.0 ID MA 4.9 OR 4.5 5.4 ID MA 13.5 OR 6.2 10.7 6.7 RI 5.3 8.9 IA OH NJ 6.8 3.8
Slide 15: Long Term Testing: Informs Evolving Machine Learning Models
Long Term Testing: Informs Evolving Machine Learning Models Strategy Predict Split Up Similar MSAs Into Strategic Move-Outs Variations For Effective Testing From Churn + ECRI Set Marketing Rental Street Rates ECRI Forecasting Goal Spend Model: Tying Together Pricing, ECRI & Paid Measuring Success Ch
Slide 16: Market Case Study – Portland: Has Inflected Positive & Continues To Improve
Market Case Study – Portland: Has Inflected Positive & Continues To Improve Portland MSA Is Benefiting From Our Applied Strategies And Easing Supply Pressure • Portland is further along in benefitting from NSA’s centralized tools as it Supply Pressure Has Eased(2) has been operated under the corpora
Slide 17: Market Case Study – Riverside: Steady Improvement Post PRO Transition
Market Case Study – Riverside: Steady Improvement Post PRO Transition Rebranding Efforts Starting To Take Hold New Supply Pressure is Manageable(2) • Riverside-San Bernardino slowly improving following the PRO transition and brand consolidation (4 brands to 2) • New supply impacting just a few store
Slide 18: Market Case Study – Atlanta: Oversupplied, Improvement Will Take Time
Market Case Study – Atlanta: Oversupplied, Improvement Will Take Time Atlanta Will Remain Under Pressure Due To Elevated New Supply In NSA’s 3-Mile Radius NSA’s Portfolio Facing Significant Supply Pressure (2) Significant Total New Supply • New supply is concentrated outside the Concentrated Outside
Slide 19: Self Storage Industry Overview
Self Storage Industry Overview 19 2
Slide 20: Highly Fragmented Industry: Consolidation Opportunity
Highly Fragmented Industry: Market Share by # of Facilities(1) (Approximately 58,000 self storage facilities in the U.S.) Consolidation Opportunity Self Storage Top Operator Market Share All Other NSA Public 20% 2% Operators TOP 5 36% 19%(3) 28% TOP 25 53% 31% TOP 50 59% Large All Other 33% Private
Slide 21: Self Storage: Higher Returns, Lower Volatility
Self Storage: Higher Returns, Lower Volatility Self Storage Has Outperformed Over The Past 31 Years NAREIT Equity REIT Sectors: 31 Yrs. Avg. Return vs. Volatility(1) Even in the worst five-year period, self storage delivered >4.5% average total shareholder return per year(1) 18.0% Lower Volatility 2
Slide 22: Company Overview
Company Overview 22 3
Slide 23: Q1 2025 Update
Q1 2025 Update Well-Diversified Across $9.1B 1,075 41 Total Enterprise Value(1) Properties States + Puerto Rico -3.0% -5.7% 83.9% Y-O-Y Same Store Revenue Y-O-Y Same Store NOI Same Store Avg. Occupancy Growth Growth -10.0% $13.5M 1.8% Y-O-Y Core FFO/Share Y-O-Y Growth In Transaction Activity Growth
Slide 24: Strategic Focus In Sunbelt Markets
Strategic Focus In Sunbelt Markets Sunbelt(1) 66%By Store Count Largest MSA (Riverside-San Bernardino-Ontario, CA) 7.7% Of Same Store Revenue In Q1 2025 % of NSA properties = 0% < 2% 2 - 5% 5 - 10% >10% (1) NSA defines the Sunbelt as the following states: AL, AR, AZ, CA, FL, GA, LA, MS, NC, NM, NV,
Slide 25: Secondary Market Outperformance
Secondary Market Outperformance NSA properties outside of the top 25 MSAs have outperformed NSA properties in the top 25 MSAs over the past five years and we have increased our exposure to these markets(1) Annual Average Same Store Growth % of Same Store Revenues % of Same Store NOI 2020 - 2024 6.2%
Slide 26: NSA's Top Markets – Supply Outlook Favorable
NSA’S Top 15 Markets – Supply Outlook Favorable 3.5 McAllen-Edinburg- Mission, TX 3.0 Brownsville-Harlingen, Est Supply Growth / Est Demand Growth 2.5 TX North Port- Bradenton- Sarasota, FL 2.0 Las Vegas- Henderson- 1.5 North Las… Supply Atlanta-Sandy Outpacing Springs-Roswell, GA Demand Orlando- Ki
Slide 27: Why Invest In NSA?
Why Invest In NSA? The self storage sector has proven Attractive dividend yield - NSA’s dividend recession resilient and has been the best rate has grown 73% over the past five performing REIT sub-sector over the long years (Q1 2025 vs Q1 2020) and has a term(1) current yield of 6.6%(2) Simplificati
Slide 28: Track Record Of Performance
Track Record Of Performance 28 4
Slide 29: Trailing Five Years Of Performance (Q2 2020 – Q1 2025)
Trailing Five Years Of Performance (Q2 2020 – Q1 2025) $0.80 $0.80 1,200 90 $0.70 $0.70 80 1,000 70 $0.60 $0.60 800 60 $0.50 $0.50 50 $0.40 $0.40 600 40 $0.30 $0.30 400 30 $0.20 $0.20 20 200 $0.10 $0.10 10 $- $- 0 0 Q2-20 Q2-21 Q2-23 Q2-24 Q2-22 Q2-20 Q2-21 Q2-22 Q2-24 Q2-23 Core FFO/share Dividend/
Slide 30: Trailing Five Years Of Performance (Q2 2020 – Q1 2025)
Trailing Five Years Of Performance (Q2 2020 – Q1 2025) Average Quarterly Core FFO Total Shareholder Return Per Share Growth 11.4% 93.6% CUBE EXR NSA 9.9% 86.1% PSA 9.9% 86.0% 9.7% 68.5% 0% 5% 10% 15% 20% 0% 20% 40% 60% 80% 100% POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIE
Slide 31: Trailing Five Years Of Performance (Q2 2020 – Q1 2025)
Trailing Five Years Of Performance (Q2 2020 – Q1 2025) Average Quarterly Same Store Average Quarterly Same Store Revenue Growth NOI Growth(1) 6.9% 8.1% CUBE EXR NSA 5.8% 7.1% PSA 5.7% 6.5% 5.4% 6.2% 0% 2% 4% 6% 8% 0% 2% 4% 6% 8% 10% (1) PSA’s same store NOI figures reflect “Same store direct NOI gro
Slide 32: Multi-Faceted Growth Strategy
Multi-Faceted Growth Strategy 32 5
Slide 33: People, Process & Platform: Driving Internal Growth
People, Process & Platform: Driving Internal Growth SEAMLESS & ENHANCED CUSTOMER EXPERIENCE • Streamlining the unit selection process • Online lease • Remote site management OPERATIONAL EXCELLENCE • Continuous improvements to Web and Mobile experience • NSA-Built Call Center Solution DELIVERING NOI
Slide 34: Sector-Leading Margin Improvement With Room To Expand
Sector-Leading Margin Improvement With Room To Expand Same-Store NOI Margin Expansion Since Beginning Same-Store NOI Margin of 2017 through 2024(1) Full-Year 2024 CUBE 3.3% 78.5% EXR NSA 0.9% 74.1% PSA 0.3% 71.8% -0.7% 71.2% -2% -1% 0% 1% 2% 3% 4% 0% 20% 40% 60% 80% (1) Based on reported full-year s
Slide 35: Relationship-Driven Transactions Fuel Growth
Relationship-Driven Transactions Fuel Growth Annual Acquisition Volume Since IPO(1) 2020 – 2024 Wholly-Owned Acquisition Volume by Source 2025 YTD $13.5 2024 $212.7 2023 $229.5 2022 $783.4 2021 $2,175.0 Off-Market / Captive Pipeline 55% 2020 $565.2 2019 $447.8 Marketed 2018 $1,651.5 45% 2017 $486.1
Slide 36: Flexible Capital Structure Supports Future Growth
Flexible Capital Structure Supports Future Growth 36 6
Slide 37: Flexible Capital Structure
Flexible Capital Structure CAPITAL FOR GROWTH KEY CREDIT METRICS(1) BBB RATED $950M MULTIPLE UNSECURED JOINT 6.9x 3.0x Outlook Stable Unsecured Revolving SOURCES & SECURED VENTURES Net Debt/ Interest Line of Credit Adjusted Coverage By Kroll Bond OF EQUITY DEBT EBITDA Ratio Rating Agency (1) See App
Slide 38: Flexible Capital Structure
Flexible Capital Structure Total Enterprise Value - $9.1 Billion(1) Debt Equity 38% 62% (1) See appendix for definition. POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RE
Slide 39: Investment Grade Balance Sheet Provides Strength And Flexibility To Finance Growth
Investment Grade Balance Sheet Provides Strength And Total Principal Debt Flexibility To Finance Growth Outstanding Minimal Variable Rate Exposure Minimal Secured Debt $3.4B Variable Secured Weighted Average 12% 6% Maturity 4.7 YEARS Fixed Unsecured Swapped 88% 94% Effective Interest Rate 4.5% See d
Slide 40: Well-Laddered Debt Maturity Schedule
Well-Laddered Debt Maturity Schedule Debt Maturity Schedule ($ in millions) 1,000 800 600 400 200 - 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 RLOC Term Loans Private Placement Mortgage Based on actual consolidated debt as of March 31, 2025. Figures assume exercise of maturity exten
Slide 41: Corporate Responsibility Overview
Corporate Responsibility Overview 41 7
Slide 42: Sustainability
• Over 850 of our properties have LED lighting • Sustainability Vast majority of properties have motion- sensor- controlled lighting • All HVAC replacements completed with energy efficient models • Approximately 20 of our properties have solar arrays installed • In 2024, entered into agreement targe
Slide 43: Community & Team
Community & Team • National Storage Affiliates has partnered with Feeding America to provide over 1.5 million meals annually to individuals facing food insecurity. • Our SecurCare brand was recognized by Newsweek Media as one of America’s Best Customer Service Brands for 2024 • 52% of our employees
Slide 44: Corporate Governance Highlights
Corporate Governance Highlights GRESB & CDP – participated in the 2024 assessments Opted out of MUTA Vendor code of conduct No “poison pill” plan 8 of 11 trustees are independent Annual election of all trustees Separate chairperson and CEO roles Cybersecurity subcommittee POISED FOR A RECOVERY | SEL
Slide 45: Appendix
Appendix (including Definitions and Methodology) 45 8
Slide 46: Definitions And Methodology
Definitions And Methodology Total Enterprise Value: The sum of the Company’s debt principal outstanding plus the perpetual preferred series A, perpetual preferred series B, and common equity valued at the closing price per share, as of March 31, 2025, of $21.89, $21.56 and $39.40, respectively. Net
Slide 47: Contact Us
Contact Us Investor Relations George Hoglund, CFA Vice President – Investor Relations 720-630-2160 ghoglund@nsareit.net Corporate Headquarters National Storage Affiliates Trust 8400 East Prentice Avenue 9th Floor Greenwood Village, CO 80111 Website www.nsastorage.com SELF STORAGE INDUSTRY OVERVIEW |
Slide 48: A NSA
A NSA STORAGE
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