National Storage Affiliates Trust (NSA) investor relations material

Executive summary

• Q2 2025 revenue declined 0.8% year-over-year to $188.8M, with net income attributable to common shareholders rising to $14.4M, while Core FFO per share fell 11% year-over-year due to lower same store NOI and higher expenses.

• Internalization of the PRO structure reduced G&A expenses and increased management fee revenue, but benefits from internalization and rebranding have been slower than expected.

• Sold 10 non-core properties for $66.5M–$67.1M, exited five states, and acquired up to four properties and two annexes for $24.9M–$25M; JV acquired properties in New York and Tennessee.

• Portfolio as of June 30, 2025: 807 consolidated properties (51.6M sq ft), 260 managed for joint ventures, 1,067 total operated properties in 37 states and Puerto Rico.

• Management remains confident in long-term outlook, focusing on operational efficiency, Sunbelt/suburban market exposure, and leveraging joint venture growth.

Financial highlights

• Q2 2025 Core FFO per share was $0.55–$0.62 (down 11%–11.3% year-over-year); six-month Core FFO per share/unit was $1.09–$1.22.

• Same store NOI declined 6.1% year-over-year, with same store revenues down 3% and expenses up 4.6%.

• Q2 net income attributable to common shareholders was $14.4M ($0.19/share), up from $12.0M; diluted EPS rose to $0.19 from $0.16.

• NOI margin for Q2 2025 was 64.5%–68.8%, down from prior year.

• Net debt to EBITDA was 6.8x at quarter end; fixed charge coverage ratio 2.6x; total leverage ratio 45.8%.

Outlook and guidance

• 2025 Core FFO per share guidance revised to $2.17–$2.23, down from $2.30–$2.38; same store revenue growth expected at -3% to -2%, NOI growth at -5.75% to -4.25%.

• Management expects continued pressure on occupancy and rental rates due to increased supply and competition.

• Guidance assumes seasonal occupancy trends, continued use of concessions, and less macro dependency.

• Acquisitions guidance: $50–$100M; dispositions: $100–$300M for 2025.

• Expect to be a net seller for the year, with asset sale proceeds used to pay down revolver and improve leverage.