National Storage Affiliates Trust · NYSE:NSA
National Storage Affiliates Trust — Merger or Acquisition (June 2026)
20 slides from National Storage Affiliates Trust's merger presentation, Jun 1, 2026
Slide 1: Company Update June 2026
Company Update June 2026 1
Slide 2: Public Storage: Fast Facts
Public Storage: Fast Facts Portfolio Stats $61.5B $4.9B enterprise value TTM revenues NYSE / S&P 500 $3.5B company TTM net operating income (NOI) 53 4.0% years in operation dividend yield #1 largest owner of self-storage 9.3% 1 globally dividend growth CAGR 16% A2 / A properties in high growth non-
Slide 3: Company Updates
Company Updates I. Operating Trends II. PS Next 1 ✓ Achieved 92.2% in average occupancy, up 10bps year-over-year ✓ #1 NOI margin in 1Q26 – PS Next and highest rent per available 1 quarter-to-date square square foot in the industry ✓ Move-in rates trending more favorably sequentially✓ Strong Brand an
Slide 4: Improving Move-In Rates, Occupancy & Retention
Improving Move-In Rates, Occupancy & Retention Same-Store Move-In Rate (y/y %) Same-Store Move-Out Rate (y/y %) 8% 3% 2% 4% (0.3%) (0.2%) 1% 0% (1%) (1.5%) (5.3%) (5.5%) (2.3%) (2%) (4%) (2.6%) (2.4%) (3%) (8%) (10.6%) (4.1%) (4%) (12%) (5%) 2Q25 3Q25 4Q25 1Q26 2Q26 QTD 2Q25 3Q25 4Q25 1Q26 2Q26 QTD
Slide 5: Self-Storage Industry Outlook
Self-Storage Industry Outlook Rising demand, affordable rents, and declining competitive new supply underpin an improving industry backdrop 2 Rising Utilization In-Place Rents vs Home Prices Declining Competitive New Fragmented Industry 1 Supply 4 % of Population Using Self Storage Indexed to 100 in
Slide 6: A Superior Cash Flow Profile
A Superior Cash Flow Profile Public Storage’s competitive advantages combine with industry dynamics to drive robust cash flows and returns 1 1 1 Low Capital Expenditures High NOI Margin Strong NOI Growth % of NOI 77% Cumulative = 119% CAGR = 5.3% 21% Public Storage 58% Cumulative = 70% CAGR = 3.5% 5
Slide 7: Looking Back On Our Success
Looking Back On Our Success Competitive advantages and transformation have driven outperformance and created a solid foundation for future success 1 1 1 Core FFO/share Growth Total Shareholder Returns Same Store Performance 38.4% 2.3% 1.3% 0.5% 0.4% Revenue 1Y 2 Growth 0.6% 6.7% 2.8% 1.8% -1.5% PSA
Slide 8: Transformation Is Enhancing Our Leading Performance
Transformation Is Enhancing Our Leading Performance Company-wide advantages and transformation drive operational and financial outperformance 1 1 1 Most Optimized Labor Hours Highest Revenues Per Square Foot Most Profitable NOI Margin (payroll costs per square foot) 77% $1.53 $1.32 $1.18 $20 71% 70%
Slide 9: PS4.0 – Strategic Pillars to Drive Shareholder Value Creation
TM PS4.0 – Strategic Pillars to Drive Shareholder Value Creation TM PS Next Value Creation Engine Own It Culture A High-Performance Win the Customer and Drive Capture the External Growth Leadership & Talent Platform Organic Growth Opportunity ▪ Exceptional Brand and ▪ Deployment accelerated and ▪ In
Slide 10: PS4.0 – PS Next
PS4.0 – PS Next Storage has evolved from paper lease analog to digital engagements and transactions and is now accelerating to AI-enhanced customer and employee experience Exceptional Brand & Customer Omnichannel Experience Data Science Enhanced Operations Property of Tomorrow Transformative AI Enab
Slide 11: PS4.0 – Value Creation Engine
PS4.0 – Value Creation Engine Expertise across the operational and external growth spectrum drive superior returns What’s Next? Why? Acquisition Data Science-infused Best brand recognition Underwriting and Targeting Revenue leadership Development Operating efficiency Team investments to build relati
Slide 12: Value Creation Engine – NSA
Value Creation Engine – NSA Public Combined Increase Pro-forma Combined Portfolio Storage Company Total Properties 3,533 4,596 +30% Total Square Feet 258 million 328 million +27% 2 Wholly-Owned Properties 3,171 3,659 +15% 2 Wholly-Owned Square Feet 229 million 260 million +14% Wholly-Owned Portfolio
Slide 13: Value Creation Engine – NSA Synergy Components
Value Creation Engine – NSA NSA Synergy Components +$25 - $30M $110 - $130M +$15 - $20M Total +$10 - $15M Public Storage Synergies +$60 - $65M Tenant Revenue Expenses G&A Year 3+ Run-Rate Reinsurance Synergies NSA Margin Expansion Opportunity under Single Brand on PS4.0 Omnichannel Digital-First Pla
Slide 14: Acquisition & Development Yields
Acquisition & Development Yields PS Next Operating Platform helps drive outsized accretion and returns Cap Rates 7.5% $953 million 2026 Non-Same Store growth 7.0% dollars deployed 6.5% 6.0% 5.2% 2025 $345 +16% 5.5% Acquisitions T12M Yield 5.0% million in NOI growth 4.5% High 6% 4.0% Stabilized Yield
Slide 15: A Growth-Oriented Balance Sheet
A Growth-Oriented Balance Sheet Accretive external growth to be funded with debt capacity, significant retained cash flow, and other capital sources Maturity Schedule ($ millions) A2 / A $1.6B Credit Unsecured Preferred near-term . rating available (Moody’s / 2 liquidity S&P) $600M+ 4.1x 2.9x Retain
Slide 16: Sustainability and Awards
Sustainability and Awards Public Storage strives to remain among the highest rated on both Sustainability and Human Capital Awards & Recognition Sustainability Snapshot 4 years • Top 7% Globally of recognition as • Highest Rated U.S. Self-Storage REIT a Great Place to Work ® Great Place to Work • Hi
Slide 17: 2026 Outlook: Key Metrics
2026 Outlook: Key Metrics 2026 1Q26 Metric Outlook Range Midpoint Actual Same store: Revenue growth (2.2)% to 0.0% (1.1)% 0.0% Expense growth 1.5% to 2.8% 2.2% (1.6)% NOI growth (3.9)% to (0.5)% (2.2)% 0.5% Non-same store: NOI $335 to $355 $345 $83 NOI growth 12.8% to 19.5% 16.2% 27.5% Funds from op
Slide 18: Why Public Storage
Why Public Storage Favorable industry trends emerging Premier investor-aligned leadership team PS4.0 Strategic vision to drive value creation and growth – PS Next – Value Creation Engine – Own It Culture 18 18
Slide 19: Important Information
Important Information Cautionary Statement Regarding Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and in Section 21E of the Securities Exchange Act of 1934, as a
Slide 20: Important Information – Participants in the Solicitation
Important Information Participants in the Solicitation NSA, Public Storage, their respective trustees and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies from NSA’s shareholders in respect of the proposed transaction. Information about t
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