National Storage Affiliates Trust Reports Third Quarter 2025 Results

11/3/25 4:08:00 PM ET

Real Estate Investment Trusts

Real Estate

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National Storage Affiliates Trust ("NSA" or the "Company") (NYSE:NSA) today reported the Company's third quarter 2025 results.

Third Quarter 2025 Highlights

Reported net income of $29.0 million for the third quarter of 2025, a decrease of 2.5% compared to the third quarter of 2024. Reported diluted earnings per share of $0.17 for the third quarter of 2025 compared to $0.18 for the third quarter of 2024.

Reported core funds from operations ("Core FFO") of $76.5 million, or $0.57 per share for the third quarter of 2025, a decrease of 8.1% per share compared to the third quarter of 2024.

Reported a decrease in same store net operating income ("NOI") of 5.7% for the third quarter of 2025 compared to the same period in 2024, driven by a 2.6% decrease in same store total revenues and a 4.9% increase in same store property operating expenses.

Reported same store period-end occupancy of 84.5% as of September 30, 2025, a decrease of 140 basis points compared to September 30, 2024.

Acquisition of two self storage properties for approximately $32.0 million by one of NSA's unconsolidated real estate ventures during the third quarter of 2025.

Completed the rebranding of all NSA-owned Moove In branded stores to iStorage, reducing the number of NSA operated brands to six.

Highlights Subsequent to Quarter-End

As previously announced, entered into an agreement to form a new joint venture (the "IRE Joint Venture") between a subsidiary of NSA (the "NSA Member") and an affiliate of Investment Real Estate Management, LLC (the "IRE Member"), with the NSA Member committing to provide 75% of the equity and the IRE Member committing to provide 25% of the equity. NSA's committed capital will be in the form of preferred equity, with a 10% preferred return per annum as well as an opportunity for additional returns, which NSA expects to realize as the joint venture exits its investments in future years. An affiliate of the IRE Member will serve as the manager of the IRE Joint Venture.

David Cramer, President and Chief Executive Officer, commented, "During the third quarter, the majority of our markets showed sequential improvement in same store revenue growth, which supports our view that fundamentals have found a bottom and are beginning to trend upward."

Mr. Cramer further commented, "While the current operating environment remains competitive, the backdrop for self storage going forward is the best that we have seen in a number of years. Given the potential positive impacts on the housing market from expected interest rates cuts and a more favorable supply environment, we expect to see an improvement in self storage fundamentals supported by an improving supply/demand balance in 2026 and beyond. Our focus over the past several quarters has been to best position NSA to take advantage of this expected upturn through capital recycling and improved operational efficiency. We are ready to execute in this environment and excited about the opportunities ahead."

Financial Results

($ in thousands, except per share and unit data)	Three Months Ended September 30,						Nine Months Ended September 30,
	2025		2024		Change		2025		2024		Change
Net income	$	29,016	$	29,771	(2.5	)%	$	79,493	$	157,139	(49.4	)%

Funds From Operations ("FFO")⁽¹⁾	$	75,070	$	82,365	(8.9	)%	$	218,389	$	224,377	(2.7	)%
Add acquisition costs		302		287	5.2	%		1,162		1,274	(8.8	)%
Add integration and executive severance costs⁽²⁾		1,137		907	25.4	%		4,762		1,534	210.4	%
Add loss on early extinguishment of debt		—		323	—	%		—		323	—	%
Core FFO⁽¹⁾	$	76,509	$	83,882	(8.8	)%	$	224,313	$	227,508	(1.4	)%

Earnings per share - basic and diluted	$	0.17	$	0.18	(5.6	)%	$	0.46	$	1.03	(55.3	)%

FFO per share and unit⁽¹⁾	$	0.56	$	0.61	(8.2	)%	$	1.61	$	1.81	(11.0	)%
Core FFO per share and unit⁽¹⁾	$	0.57	$	0.62	(8.1	)%	$	1.66	$	1.84	(9.8	)%

(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.
(2)		Executive severance costs relate to the nine months ended September 30, 2024 and are recorded within the line items "General and administrative expenses" and "Non-operating income" in our consolidated statements of operations. Integration costs relate to expenses incurred as a part of the internalization of the PRO structure.

Net income decreased $0.8 million for the third quarter of 2025 and $77.6 million for the nine months ended September 30, 2025 ("year-to-date") as compared to the same periods in 2024. The year-to-date decrease in net income was primarily due to larger gains on the sale of self storage properties recognized during 2024. Additionally, the decrease in net income for both the third quarter of 2025 and year-to-date were a result of lower NOI, driven by property dispositions and negative same store NOI growth. These impacts for the third quarter of 2025 and year-to-date were partially offset by an increase in management fees and other revenue of $0.6 million and $6.4 million, respectively, and a decrease in general and administrative expenses of $1.7 million and $7.6 million, respectively, compared to the same periods in 2024.

The decrease in FFO and Core FFO per share and unit for the third quarter of 2025 and year-to-date was primarily driven by a decrease in same store NOI and an increase in interest expense. These impacts were partially offset by decreased management fees paid to former PROs, reflected within general and administrative expenses, following the internalization of the PRO structure.

Same Store Operating Results (771 Stores)

($ in thousands, except per square foot data)	Three Months Ended September 30,								Nine Months Ended September 30,
	2025			2024			Change		2025			2024			Change
Total revenues	$	170,250		$	174,848		(2.6	)%	$	507,882		$	522,819		(2.9	)%
Property operating expenses		52,830			50,362		4.9	%		157,795			151,172		4.4	%
Net Operating Income (NOI)	$	117,420		$	124,486		(5.7	)%	$	350,087		$	371,647		(5.8	)%
NOI Margin		69.0	%		71.2	%	(2.2	)%		68.9	%		71.1	%	(2.2	)%

Average Occupancy		85.0	%		86.5	%	(1.5	)%		84.4	%		86.2	%	(1.8	)%
Average Annualized Rental Revenue Per Occupied Square Foot	$	15.67		$	15.73		(0.4	)%	$	15.68		$	15.78		(0.6	)%

Year-over-year same store total revenue decreased 2.6% for the third quarter of 2025 and 2.9% year-to-date as compared to the same periods in 2024. The decrease for the third quarter was driven primarily by a 150 basis point decrease in average occupancy and a 0.4% decrease in average annualized rental revenue per occupied square foot. The year-to-date same store total revenue decrease was driven primarily by a 180 basis point decrease in average occupancy and a 0.6% decrease in average annualized rental revenue per occupied square foot. Markets which generated above portfolio average same store total revenue growth include: Portland, San Juan, PR and Houston. Markets which generated below portfolio average same store total revenue growth include: Riverside-San Bernardino, Atlanta and Phoenix.

Year-over-year same store property operating expenses increased 4.9% for the third quarter of 2025 and 4.4% year-to-date as compared to the same periods in 2024. The increase was primarily driven by increases in marketing, property tax expense and utilities, partially offset by decreases in insurance costs.

Investment and Disposition Activity

During the third quarter, a joint venture between a subsidiary of NSA and a state pension fund advised by Heitman Capital Management, LLC (the "2023 Joint Venture") acquired two self storage properties for approximately $32.0 million. The 2023 Joint Venture financed the acquisition with capital contributions from the venture members, of which NSA contributed approximately $8.0 million.

During the third quarter, NSA completed the sale of two wholly-owned self storage properties, consisting of approximately 83,000 rentable square feet configured in approximately 600 storage units for approximately $6.5 million.

Balance Sheet

As of September 30, 2025, NSA has approximately $543.6 million of available capacity on its $950.0 million revolving line of credit.

Common Share Dividends

On August 13, 2025, NSA's Board of Trustees declared a quarterly cash dividend of $0.57 per common share. The third quarter 2025 dividend was paid on September 30, 2025 to shareholders of record as of September 15, 2025.

2025 Guidance

NSA reaffirms its previously provided Core FFO guidance estimates and related assumptions for the year ended December 31, 2025.

	Current Ranges for Full Year 2025		Actual Results for Full Year 2024
	Low	High	Actual Results for Full Year 2024
Core FFO per share⁽¹⁾	$2.17	$2.23	$2.44

Same store operations⁽²⁾
Total revenue growth	(3.0)%	(2.0)%	(3.0)%
Property operating expenses growth	3.25%	4.25%	3.7%
NOI growth	(5.75)%	(4.25)%	(5.5)%

General and administrative expenses
General and administrative expenses (excluding equity-based compensation), in millions	$42.0	$44.0	$49.7
Equity-based compensation, in millions	$8.0	$8.5	$7.9

Management fees and other revenue, in millions	$49.0	$51.0	$42.7
Core FFO from unconsolidated real estate ventures, in millions	$20.5	$22.5	$24.2

Acquisitions - consolidated and joint venture (at share), in millions⁽³⁾	$50.0	$100.0	$101.8
Dispositions - consolidated and joint venture (at share), in millions⁽³⁾	$100.0	$300.0	$273.1


	Current Ranges for Full Year 2025
	Low	High
Earnings per share - diluted	$0.71	$0.74
Impact of the difference in weighted average number of shares and GAAP accounting for noncontrolling interests, two-class method and treasury stock method	(0.17)	(0.22)
Add real estate depreciation and amortization	1.43	1.46
Add (subtract) equity in losses (earnings) of unconsolidated real estate ventures	0.08	0.09
Add NSA's share of FFO of unconsolidated real estate ventures	0.15	0.17
Less gain on sale of self storage properties	(0.08)	(0.08)
Add acquisition costs and NSA's share of unconsolidated real estate venture acquisition costs	0.01	0.02
Add integration costs	0.04	0.05
Core FFO per share and unit	$2.17	$2.23

(1)		The table above provides a reconciliation of the range of estimated earnings per share - diluted to estimated Core FFO per share and unit.
(2)		2025 guidance reflects NSA's 2025 same store pool comprising 771 stores. 2024 actual results reflect NSA's 2024 same store pool comprising 776 stores.
(3)		NSA's actual results for full year 2024 exclude the contribution of wholly-owned self storage properties into the 2024 Joint Venture for approximately $346.5 million.

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 www.nsastorage.com and as exhibit 99.1 to the Company's Form 8-K furnished to the SEC on November 3, 2025.

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.

Quarterly Teleconference and Webcast

The Company will host a conference call at 1:00 pm Eastern Time on Tuesday, November 4, 2025 to discuss its third quarter 2025 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.nsastorage.com.

Conference Call and Webcast:

Date/Time: Tuesday, November 4, 2025, 1:00 pm ET

Webcast available at: www.nsastorage.com.

Domestic (Toll Free US & Canada): 877.407.9711

International: 412.902.1014

A replay of the webcast will be available for 30 days on NSA's website at www.nsastorage.com.

Upcoming Industry Conferences

NSA management is scheduled to participate in the upcoming Jefferies Real Estate Conference on November 17- 19, 2025 in Miami, Florida and the Nareit REITworld 2025 Annual Conference on December 8 - 11, 2025 in Dallas, Texas.

About National Storage Affiliates Trust

National Storage Affiliates Trust is a real estate investment trust headquartered in Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. As of September 30, 2025, the Company held ownership interests in and operated 1,069 self storage properties, located in 37 states and Puerto Rico with approximately 69.8 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.nsastorage.com. NSA is included in the MSCI US REIT Index (RMS/RMZ), the Russell 1000 Index of Companies and the S&P MidCap 400 Index.

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, inflation, the debt and lending markets or the general economy; the Company's business and investment strategy; the acquisition and disposition of properties, including those under contract and the Company's ability to execute on its acquisition pipeline; the timing of acquisitions or dispositions under contract; the Company's ability to realize the benefits from the internalization of the PRO structure and portfolio optimization strategy; and the Company's guidance estimates for the year ending December 31, 2025. 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.

National Storage Affiliates Trust Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
REVENUE
Rental revenue	$	169,907		$	174,467		$	509,220		$	529,218
Other property-related revenue		6,459			7,405			19,977			20,654
Management fees and other revenue		12,336			11,749			36,701			30,345
Total revenue		188,702			193,621			565,898			580,217
OPERATING EXPENSES
Property operating expenses		55,347			52,712			166,078			159,607
General and administrative expenses		11,460			13,114			37,409			44,977
Depreciation and amortization		46,885			47,661			142,613			141,702
Other		4,101			3,643			13,077			10,510
Total operating expenses		117,793			117,130			359,177			356,796
OTHER (EXPENSE) INCOME
Interest expense		(40,549	)		(39,575	)		(122,293	)		(114,920	)
Loss on early extinguishment of debt		—			(323	)		—			(323	)
Equity in earnings (losses) of unconsolidated real estate ventures		463			(4,712	)		(9,221	)		(10,791	)
Acquisition and integration costs		(1,439	)		(1,164	)		(5,924	)		(2,151	)
Non-operating income (expense)		503			(83	)		1,325			352
Gain on sale of self storage properties		—			—			10,996			63,841
Other expense, net		(41,022	)		(45,857	)		(125,117	)		(63,992	)
Income before income taxes		29,887			30,634			81,604			159,429
Income tax expense		(871	)		(863	)		(2,111	)		(2,290	)
Net income		29,016			29,771			79,493			157,139
Net income attributable to noncontrolling interests		(10,589	)		(11,070	)		(28,601	)		(62,349	)
Net income attributable to National Storage Affiliates Trust		18,427			18,701			50,892			94,790
Distributions to preferred shareholders		(5,117	)		(5,112	)		(15,345	)		(15,332	)
Net income attributable to common shareholders	$	13,310		$	13,589		$	35,547		$	79,458

Earnings per share - basic and diluted	$	0.17		$	0.18		$	0.46		$	1.03

Weighted average shares outstanding - basic and diluted		76,746			75,760			76,532			77,047

National Storage Affiliates Trust Consolidated Balance Sheets (dollars in thousands, except per share amounts) (unaudited)

	September 30,			December 31,
	2025			2024
ASSETS
Real estate
Self storage properties	$	5,841,786		$	5,864,134
Less accumulated depreciation		(1,175,690	)		(1,051,638	)
Self storage properties, net		4,666,096			4,812,496
Cash and cash equivalents		26,295			50,408
Restricted cash		1,571			345
Debt issuance costs, net		3,533			5,632
Investment in unconsolidated real estate ventures		235,385			246,193
Other assets, net		189,055			218,482
Operating lease right-of-use assets		20,367			20,906
Total assets	$	5,142,302		$	5,354,462
LIABILITIES AND EQUITY
Liabilities
Debt financing	$	3,403,399		$	3,449,087
Accounts payable and accrued liabilities		109,632			98,657
Interest rate swap liabilities		4,481			471
Operating lease liabilities		22,394			22,888
Deferred revenue		20,355			20,012
Total liabilities		3,560,261			3,591,115
Equity
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 14,704,845 and 14,695,458 issued (in series) and outstanding at September 30, 2025 and December 31, 2024, respectively, at liquidation preference		341,130			340,895
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 76,940,983 and 76,344,661 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively		769			763
Additional paid-in capital		1,252,488			1,249,426
Distributions in excess of earnings		(626,122	)		(530,652	)
Accumulated other comprehensive income		4,860			15,548
Total shareholders' equity		973,125			1,075,980
Noncontrolling interests		608,916			687,367
Total equity		1,582,041			1,763,347
Total liabilities and equity	$	5,142,302		$	5,354,462

Reconciliation of Net Income to FFO and Core FFO
(in thousands, except per share and unit amounts) (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net income	$	29,016		$	29,771		$	79,493		$	157,139
Add (subtract):
Real estate depreciation and amortization		46,458			47,286			141,256			140,588
Equity in (earnings) losses of unconsolidated real estate ventures		(463	)		4,712			9,221			10,791
Company's share of FFO in unconsolidated real estate ventures		5,627			6,164			16,119			18,026
Gain on sale of self storage properties		—			—			(10,996	)		(63,841	)
Distributions to preferred shareholders and unitholders		(5,568	)		(5,568	)		(16,704	)		(16,704	)
FFO attributable to subordinated performance units⁽¹⁾		—			—			—			(21,622	)
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders		75,070			82,365			218,389			224,377
Add (subtract):
Acquisition costs		302			287			1,162			1,274
Integration and executive severance costs⁽²⁾		1,137			907			4,762			1,534
Loss on early extinguishment of debt		—			323			—			323
Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders	$	76,509		$	83,882		$	224,313		$	227,508

Weighted average shares and units outstanding - FFO and Core FFO:⁽³⁾
Weighted average shares outstanding - basic		76,746			75,760			76,532			77,047
Weighted average restricted common shares outstanding		23			19			23			21
Weighted average OP units outstanding		51,833			52,740			52,030			42,709
Weighted average DownREIT OP unit equivalents outstanding		5,769			5,769			5,769			3,346
Weighted average LTIP units outstanding		851			663			887			676
Total weighted average shares and units outstanding - FFO and Core FFO		135,222			134,951			135,241			123,799

FFO per share and unit	$	0.56		$	0.61		$	1.61		$	1.81
Core FFO per share and unit	$	0.57		$	0.62		$	1.66		$	1.84

(1)		Amounts represent distributions declared for subordinated performance unitholders and DownREIT subordinated performance unitholders for the periods presented.
(2)		Executive severance costs relate to the nine months ended September 30, 2024 and are recorded within the line items "General and administrative expenses" and "Non-operating income" in our consolidated statements of operations. Integration costs relate to expenses incurred as a part of the internalization of the PRO structure.
(3)		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. 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). All subordinated performance units and DownREIT subordinated performance units were converted into OP units on July 1, 2024, in connection with the internalization of the PRO structure. See footnote⁽⁴⁾ 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.

Reconciliation of Earnings Per Share - Diluted to FFO and Core FFO Per Share and Unit
(in thousands, except per share and unit amounts) (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Earnings per share - diluted	$	0.17		$	0.18		$	0.46		$	1.03
Impact of the difference in weighted average number of shares⁽⁴⁾		(0.07	)		(0.08	)		(0.19	)		(0.39	)
Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method⁽⁵⁾		0.08			0.08			0.19			0.49
Add real estate depreciation and amortization		0.34			0.35			1.04			1.14
Add equity in losses of unconsolidated real estate ventures		—			0.03			0.07			0.08
Add Company's share of FFO in unconsolidated real estate ventures		0.04			0.05			0.12			0.15
Subtract gain on sale of self storage properties		—			—			(0.08	)		(0.52	)
FFO attributable to subordinated performance unitholders		—			—			—			(0.17	)
FFO per share and unit		0.56			0.61			1.61			1.81
Add acquisition costs		—			—			0.01			0.01
Add integration and executive severance costs		0.01			0.01			0.04			0.02
Add loss on early extinguishment of debt		—			—			—			—
Core FFO per share and unit	$	0.57		$	0.62		$	1.66		$	1.84

(4)		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 have only been convertible into OP units (i) after a lock-out period and (ii) upon certain events or conditions. All outstanding subordinated performance units and DownREIT subordinated performance units were converted into OP units on July 1, 2024, in connection with the internalization of the PRO structure. 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.
(5)		Represents the effect of adjusting the numerator to consolidated net income 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⁽⁴⁾.

Net Operating Income
(dollars in thousands) (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net income	$	29,016		$	29,771		$	79,493		$	157,139
(Subtract) add:
Management fees and other revenue		(12,336	)		(11,749	)		(36,701	)		(30,345	)
General and administrative expenses		11,460			13,114			37,409			44,977
Depreciation and amortization		46,885			47,661			142,613			141,702
Other		4,101			3,643			13,077			10,510
Interest expense		40,549			39,575			122,293			114,920
Loss on early extinguishment of debt		—			323			—			323
Equity in (earnings) losses of unconsolidated real estate ventures		(463	)		4,712			9,221			10,791
Acquisition and integration costs		1,439			1,164			5,924			2,151
Non-operating (income) expense		(503	)		83			(1,325	)		(352	)
Gain on sale of self storage properties		—			—			(10,996	)		(63,841	)
Income tax expense		871			863			2,111			2,290
Net Operating Income	$	121,019		$	129,160		$	363,119		$	390,265

EBITDA and Adjusted EBITDA
(dollars in thousands) (unaudited)

	Three Months Ended September 30,					Nine Months Ended September 30,
	2025			2024		2025			2024
Net income	$	29,016		$	29,771	$	79,493		$	157,139
Add:
Depreciation and amortization		46,885			47,661		142,613			141,702
Company's share of unconsolidated real estate venture depreciation and amortization		5,193			5,418		15,821			15,110
Interest expense		40,549			39,575		122,293			114,920
Income tax expense		871			863		2,111			2,290
Loss on early extinguishment of debt		—			323		—			323
EBITDA		122,514			123,611		362,331			431,484
Add (subtract):
Acquisition costs		302			287		1,162			1,274
Effect of hypothetical liquidation at book value (HLBV) accounting for unconsolidated 2024 Joint Venture⁽¹⁾		(30	)		5,458		9,518			13,707
Gain on sale of self storage properties		—			—		(10,996	)		(63,841	)
Integration and executive severance costs, excluding equity-based compensation⁽²⁾		—			877		1,388			1,100
Equity-based compensation expense⁽³⁾		3,112			1,911		9,329			6,097
Adjusted EBITDA	$	125,898		$	132,144	$	372,732		$	389,821

(1)		Reflects the non-cash impact of applying HLBV to the 2024 Joint Venture, which allocates GAAP income (loss) on a hypothetical liquidation of the underlying joint venture at book value as of the reporting date.
(2)		Executive severance costs relate to the nine months ended September 30, 2024 and are recorded within the line items "General and administrative expenses" and "Non-operating income" in our consolidated statements of operations. Integration costs relate to expenses incurred as a part of the internalization of the PRO structure.
(3)		Equity-based compensation expense is a non-cash item recorded within general and administrative expenses and acquisition and integration costs in our consolidated statements of operations. For the three and nine months ended September 30, 2025, $1.1 million and $3.4 million, respectively, relates to the internalization of the PRO structure and is included in acquisition and integration costs.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251103959589/en/

National Storage Affiliates Trust

Investor/Media Relations

George Hoglund, CFA

Vice President - Investor Relations

720.630.2160

[email protected]

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National Storage Affiliates Trust Reports Third Quarter 2025 Results

11/3/25 4:08:00 PM ET

$NSA

Real Estate Investment Trusts

Real Estate

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National Storage Affiliates Trust ("NSA" or the "Company") (NYSE:NSA) today reported the Company's third quarter 2025 results.

Third Quarter 2025 Highlights

Reported net income of $29.0 million for the third quarter of 2025, a decrease of 2.5% compared to the third quarter of 2024. Reported diluted earnings per share of $0.17 for the third quarter of 2025 compared to $0.18 for the third quarter of 2024.

Reported core funds from operations ("Core FFO") of $76.5 million, or $0.57 per share for the third quarter of 2025, a decrease of 8.1% per share compared to the third quarter of 2024.

Reported a decrease in same store net operating income ("NOI") of 5.7% for the third quarter of 2025 compared to the same period in 2024, driven by a 2.6% decrease in same store total revenues and a 4.9% increase in same store property operating expenses.

Reported same store period-end occupancy of 84.5% as of September 30, 2025, a decrease of 140 basis points compared to September 30, 2024.

Acquisition of two self storage properties for approximately $32.0 million by one of NSA's unconsolidated real estate ventures during the third quarter of 2025.

Completed the rebranding of all NSA-owned Moove In branded stores to iStorage, reducing the number of NSA operated brands to six.

Highlights Subsequent to Quarter-End

As previously announced, entered into an agreement to form a new joint venture (the "IRE Joint Venture") between a subsidiary of NSA (the "NSA Member") and an affiliate of Investment Real Estate Management, LLC (the "IRE Member"), with the NSA Member committing to provide 75% of the equity and the IRE Member committing to provide 25% of the equity. NSA's committed capital will be in the form of preferred equity, with a 10% preferred return per annum as well as an opportunity for additional returns, which NSA expects to realize as the joint venture exits its investments in future years. An affiliate of the IRE Member will serve as the manager of the IRE Joint Venture.

Financial Results

($ in thousands, except per share and unit data)	Three Months Ended September 30,						Nine Months Ended September 30,
	2025		2024		Change		2025		2024		Change
Net income	$	29,016	$	29,771	(2.5	)%	$	79,493	$	157,139	(49.4	)%

Funds From Operations ("FFO")⁽¹⁾	$	75,070	$	82,365	(8.9	)%	$	218,389	$	224,377	(2.7	)%
Add acquisition costs		302		287	5.2	%		1,162		1,274	(8.8	)%
Add integration and executive severance costs⁽²⁾		1,137		907	25.4	%		4,762		1,534	210.4	%
Add loss on early extinguishment of debt		—		323	—	%		—		323	—	%
Core FFO⁽¹⁾	$	76,509	$	83,882	(8.8	)%	$	224,313	$	227,508	(1.4	)%

Earnings per share - basic and diluted	$	0.17	$	0.18	(5.6	)%	$	0.46	$	1.03	(55.3	)%

FFO per share and unit⁽¹⁾	$	0.56	$	0.61	(8.2	)%	$	1.61	$	1.81	(11.0	)%
Core FFO per share and unit⁽¹⁾	$	0.57	$	0.62	(8.1	)%	$	1.66	$	1.84	(9.8	)%

(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.
(2)		Executive severance costs relate to the nine months ended September 30, 2024 and are recorded within the line items "General and administrative expenses" and "Non-operating income" in our consolidated statements of operations. Integration costs relate to expenses incurred as a part of the internalization of the PRO structure.

Same Store Operating Results (771 Stores)

($ in thousands, except per square foot data)	Three Months Ended September 30,								Nine Months Ended September 30,
	2025			2024			Change		2025			2024			Change
Total revenues	$	170,250		$	174,848		(2.6	)%	$	507,882		$	522,819		(2.9	)%
Property operating expenses		52,830			50,362		4.9	%		157,795			151,172		4.4	%
Net Operating Income (NOI)	$	117,420		$	124,486		(5.7	)%	$	350,087		$	371,647		(5.8	)%
NOI Margin		69.0	%		71.2	%	(2.2	)%		68.9	%		71.1	%	(2.2	)%

Average Occupancy		85.0	%		86.5	%	(1.5	)%		84.4	%		86.2	%	(1.8	)%
Average Annualized Rental Revenue Per Occupied Square Foot	$	15.67		$	15.73		(0.4	)%	$	15.68		$	15.78		(0.6	)%

Investment and Disposition Activity

Balance Sheet

As of September 30, 2025, NSA has approximately $543.6 million of available capacity on its $950.0 million revolving line of credit.

Common Share Dividends

2025 Guidance

NSA reaffirms its previously provided Core FFO guidance estimates and related assumptions for the year ended December 31, 2025.

	Current Ranges for Full Year 2025		Actual Results for Full Year 2024
	Low	High	Actual Results for Full Year 2024
Core FFO per share⁽¹⁾	$2.17	$2.23	$2.44

Same store operations⁽²⁾
Total revenue growth	(3.0)%	(2.0)%	(3.0)%
Property operating expenses growth	3.25%	4.25%	3.7%
NOI growth	(5.75)%	(4.25)%	(5.5)%

General and administrative expenses
General and administrative expenses (excluding equity-based compensation), in millions	$42.0	$44.0	$49.7
Equity-based compensation, in millions	$8.0	$8.5	$7.9

Management fees and other revenue, in millions	$49.0	$51.0	$42.7
Core FFO from unconsolidated real estate ventures, in millions	$20.5	$22.5	$24.2

Acquisitions - consolidated and joint venture (at share), in millions⁽³⁾	$50.0	$100.0	$101.8
Dispositions - consolidated and joint venture (at share), in millions⁽³⁾	$100.0	$300.0	$273.1


	Current Ranges for Full Year 2025
	Low	High
Earnings per share - diluted	$0.71	$0.74
Impact of the difference in weighted average number of shares and GAAP accounting for noncontrolling interests, two-class method and treasury stock method	(0.17)	(0.22)
Add real estate depreciation and amortization	1.43	1.46
Add (subtract) equity in losses (earnings) of unconsolidated real estate ventures	0.08	0.09
Add NSA's share of FFO of unconsolidated real estate ventures	0.15	0.17
Less gain on sale of self storage properties	(0.08)	(0.08)
Add acquisition costs and NSA's share of unconsolidated real estate venture acquisition costs	0.01	0.02
Add integration costs	0.04	0.05
Core FFO per share and unit	$2.17	$2.23

(1)		The table above provides a reconciliation of the range of estimated earnings per share - diluted to estimated Core FFO per share and unit.
(2)		2025 guidance reflects NSA's 2025 same store pool comprising 771 stores. 2024 actual results reflect NSA's 2024 same store pool comprising 776 stores.
(3)		NSA's actual results for full year 2024 exclude the contribution of wholly-owned self storage properties into the 2024 Joint Venture for approximately $346.5 million.

Supplemental Financial Information

Non-GAAP Financial Measures & Glossary

Quarterly Teleconference and Webcast

Conference Call and Webcast:

Date/Time: Tuesday, November 4, 2025, 1:00 pm ET

Webcast available at: www.nsastorage.com.

Domestic (Toll Free US & Canada): 877.407.9711

International: 412.902.1014

A replay of the webcast will be available for 30 days on NSA's website at www.nsastorage.com.

Upcoming Industry Conferences

About National Storage Affiliates Trust

NOTE REGARDING FORWARD LOOKING STATEMENTS

National Storage Affiliates Trust Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
REVENUE
Rental revenue	$	169,907		$	174,467		$	509,220		$	529,218
Other property-related revenue		6,459			7,405			19,977			20,654
Management fees and other revenue		12,336			11,749			36,701			30,345
Total revenue		188,702			193,621			565,898			580,217
OPERATING EXPENSES
Property operating expenses		55,347			52,712			166,078			159,607
General and administrative expenses		11,460			13,114			37,409			44,977
Depreciation and amortization		46,885			47,661			142,613			141,702
Other		4,101			3,643			13,077			10,510
Total operating expenses		117,793			117,130			359,177			356,796
OTHER (EXPENSE) INCOME
Interest expense		(40,549	)		(39,575	)		(122,293	)		(114,920	)
Loss on early extinguishment of debt		—			(323	)		—			(323	)
Equity in earnings (losses) of unconsolidated real estate ventures		463			(4,712	)		(9,221	)		(10,791	)
Acquisition and integration costs		(1,439	)		(1,164	)		(5,924	)		(2,151	)
Non-operating income (expense)		503			(83	)		1,325			352
Gain on sale of self storage properties		—			—			10,996			63,841
Other expense, net		(41,022	)		(45,857	)		(125,117	)		(63,992	)
Income before income taxes		29,887			30,634			81,604			159,429
Income tax expense		(871	)		(863	)		(2,111	)		(2,290	)
Net income		29,016			29,771			79,493			157,139
Net income attributable to noncontrolling interests		(10,589	)		(11,070	)		(28,601	)		(62,349	)
Net income attributable to National Storage Affiliates Trust		18,427			18,701			50,892			94,790
Distributions to preferred shareholders		(5,117	)		(5,112	)		(15,345	)		(15,332	)
Net income attributable to common shareholders	$	13,310		$	13,589		$	35,547		$	79,458

Earnings per share - basic and diluted	$	0.17		$	0.18		$	0.46		$	1.03

Weighted average shares outstanding - basic and diluted		76,746			75,760			76,532			77,047

National Storage Affiliates Trust Consolidated Balance Sheets (dollars in thousands, except per share amounts) (unaudited)

	September 30,			December 31,
	2025			2024
ASSETS
Real estate
Self storage properties	$	5,841,786		$	5,864,134
Less accumulated depreciation		(1,175,690	)		(1,051,638	)
Self storage properties, net		4,666,096			4,812,496
Cash and cash equivalents		26,295			50,408
Restricted cash		1,571			345
Debt issuance costs, net		3,533			5,632
Investment in unconsolidated real estate ventures		235,385			246,193
Other assets, net		189,055			218,482
Operating lease right-of-use assets		20,367			20,906
Total assets	$	5,142,302		$	5,354,462
LIABILITIES AND EQUITY
Liabilities
Debt financing	$	3,403,399		$	3,449,087
Accounts payable and accrued liabilities		109,632			98,657
Interest rate swap liabilities		4,481			471
Operating lease liabilities		22,394			22,888
Deferred revenue		20,355			20,012
Total liabilities		3,560,261			3,591,115
Equity
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 14,704,845 and 14,695,458 issued (in series) and outstanding at September 30, 2025 and December 31, 2024, respectively, at liquidation preference		341,130			340,895
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 76,940,983 and 76,344,661 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively		769			763
Additional paid-in capital		1,252,488			1,249,426
Distributions in excess of earnings		(626,122	)		(530,652	)
Accumulated other comprehensive income		4,860			15,548
Total shareholders' equity		973,125			1,075,980
Noncontrolling interests		608,916			687,367
Total equity		1,582,041			1,763,347
Total liabilities and equity	$	5,142,302		$	5,354,462

Reconciliation of Net Income to FFO and Core FFO
(in thousands, except per share and unit amounts) (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net income	$	29,016		$	29,771		$	79,493		$	157,139
Add (subtract):
Real estate depreciation and amortization		46,458			47,286			141,256			140,588
Equity in (earnings) losses of unconsolidated real estate ventures		(463	)		4,712			9,221			10,791
Company's share of FFO in unconsolidated real estate ventures		5,627			6,164			16,119			18,026
Gain on sale of self storage properties		—			—			(10,996	)		(63,841	)
Distributions to preferred shareholders and unitholders		(5,568	)		(5,568	)		(16,704	)		(16,704	)
FFO attributable to subordinated performance units⁽¹⁾		—			—			—			(21,622	)
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders		75,070			82,365			218,389			224,377
Add (subtract):
Acquisition costs		302			287			1,162			1,274
Integration and executive severance costs⁽²⁾		1,137			907			4,762			1,534
Loss on early extinguishment of debt		—			323			—			323
Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders	$	76,509		$	83,882		$	224,313		$	227,508

Weighted average shares and units outstanding - FFO and Core FFO:⁽³⁾
Weighted average shares outstanding - basic		76,746			75,760			76,532			77,047
Weighted average restricted common shares outstanding		23			19			23			21
Weighted average OP units outstanding		51,833			52,740			52,030			42,709
Weighted average DownREIT OP unit equivalents outstanding		5,769			5,769			5,769			3,346
Weighted average LTIP units outstanding		851			663			887			676
Total weighted average shares and units outstanding - FFO and Core FFO		135,222			134,951			135,241			123,799

FFO per share and unit	$	0.56		$	0.61		$	1.61		$	1.81
Core FFO per share and unit	$	0.57		$	0.62		$	1.66		$	1.84

(1)		Amounts represent distributions declared for subordinated performance unitholders and DownREIT subordinated performance unitholders for the periods presented.
(2)		Executive severance costs relate to the nine months ended September 30, 2024 and are recorded within the line items "General and administrative expenses" and "Non-operating income" in our consolidated statements of operations. Integration costs relate to expenses incurred as a part of the internalization of the PRO structure.
(3)		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. 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). All subordinated performance units and DownREIT subordinated performance units were converted into OP units on July 1, 2024, in connection with the internalization of the PRO structure. See footnote⁽⁴⁾ 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.

Reconciliation of Earnings Per Share - Diluted to FFO and Core FFO Per Share and Unit
(in thousands, except per share and unit amounts) (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Earnings per share - diluted	$	0.17		$	0.18		$	0.46		$	1.03
Impact of the difference in weighted average number of shares⁽⁴⁾		(0.07	)		(0.08	)		(0.19	)		(0.39	)
Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method⁽⁵⁾		0.08			0.08			0.19			0.49
Add real estate depreciation and amortization		0.34			0.35			1.04			1.14
Add equity in losses of unconsolidated real estate ventures		—			0.03			0.07			0.08
Add Company's share of FFO in unconsolidated real estate ventures		0.04			0.05			0.12			0.15
Subtract gain on sale of self storage properties		—			—			(0.08	)		(0.52	)
FFO attributable to subordinated performance unitholders		—			—			—			(0.17	)
FFO per share and unit		0.56			0.61			1.61			1.81
Add acquisition costs		—			—			0.01			0.01
Add integration and executive severance costs		0.01			0.01			0.04			0.02
Add loss on early extinguishment of debt		—			—			—			—
Core FFO per share and unit	$	0.57		$	0.62		$	1.66		$	1.84

(4)		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 have only been convertible into OP units (i) after a lock-out period and (ii) upon certain events or conditions. All outstanding subordinated performance units and DownREIT subordinated performance units were converted into OP units on July 1, 2024, in connection with the internalization of the PRO structure. 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.
(5)		Represents the effect of adjusting the numerator to consolidated net income 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⁽⁴⁾.

Net Operating Income
(dollars in thousands) (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net income	$	29,016		$	29,771		$	79,493		$	157,139
(Subtract) add:
Management fees and other revenue		(12,336	)		(11,749	)		(36,701	)		(30,345	)
General and administrative expenses		11,460			13,114			37,409			44,977
Depreciation and amortization		46,885			47,661			142,613			141,702
Other		4,101			3,643			13,077			10,510
Interest expense		40,549			39,575			122,293			114,920
Loss on early extinguishment of debt		—			323			—			323
Equity in (earnings) losses of unconsolidated real estate ventures		(463	)		4,712			9,221			10,791
Acquisition and integration costs		1,439			1,164			5,924			2,151
Non-operating (income) expense		(503	)		83			(1,325	)		(352	)
Gain on sale of self storage properties		—			—			(10,996	)		(63,841	)
Income tax expense		871			863			2,111			2,290
Net Operating Income	$	121,019		$	129,160		$	363,119		$	390,265

EBITDA and Adjusted EBITDA
(dollars in thousands) (unaudited)

	Three Months Ended September 30,					Nine Months Ended September 30,
	2025			2024		2025			2024
Net income	$	29,016		$	29,771	$	79,493		$	157,139
Add:
Depreciation and amortization		46,885			47,661		142,613			141,702
Company's share of unconsolidated real estate venture depreciation and amortization		5,193			5,418		15,821			15,110
Interest expense		40,549			39,575		122,293			114,920
Income tax expense		871			863		2,111			2,290
Loss on early extinguishment of debt		—			323		—			323
EBITDA		122,514			123,611		362,331			431,484
Add (subtract):
Acquisition costs		302			287		1,162			1,274
Effect of hypothetical liquidation at book value (HLBV) accounting for unconsolidated 2024 Joint Venture⁽¹⁾		(30	)		5,458		9,518			13,707
Gain on sale of self storage properties		—			—		(10,996	)		(63,841	)
Integration and executive severance costs, excluding equity-based compensation⁽²⁾		—			877		1,388			1,100
Equity-based compensation expense⁽³⁾		3,112			1,911		9,329			6,097
Adjusted EBITDA	$	125,898		$	132,144	$	372,732		$	389,821

(1)		Reflects the non-cash impact of applying HLBV to the 2024 Joint Venture, which allocates GAAP income (loss) on a hypothetical liquidation of the underlying joint venture at book value as of the reporting date.
(2)		Executive severance costs relate to the nine months ended September 30, 2024 and are recorded within the line items "General and administrative expenses" and "Non-operating income" in our consolidated statements of operations. Integration costs relate to expenses incurred as a part of the internalization of the PRO structure.
(3)		Equity-based compensation expense is a non-cash item recorded within general and administrative expenses and acquisition and integration costs in our consolidated statements of operations. For the three and nine months ended September 30, 2025, $1.1 million and $3.4 million, respectively, relates to the internalization of the PRO structure and is included in acquisition and integration costs.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251103959589/en/

National Storage Affiliates Trust

Investor/Media Relations

George Hoglund, CFA

Vice President - Investor Relations

720.630.2160

[email protected]

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Recent Analyst Ratings for

$NSA

Date	Price Target	Rating	Analyst
6/24/2025	$33.00	Underperform	BNP Paribas Exane
5/27/2025	$30.00	Equal-Weight → Underweight	Morgan Stanley
1/10/2025	$40.00 → $38.00	Sell → Hold	Deutsche Bank
9/9/2024		Overweight → Sector Weight	KeyBanc Capital Markets
3/27/2024	$39.00	Equal Weight	Barclays
1/30/2024	$33.00	Sell	Deutsche Bank
1/5/2024	$45.00	Sector Weight → Overweight	KeyBanc Capital Markets
12/11/2023	$32.00 → $35.00	In-line → Underperform	Evercore ISI

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Recent Analyst Ratings for
$NSA

National Storage Affiliates Trust Reports Third Quarter 2025 Results

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Recent Analyst Ratings for
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$NSA
Analyst Ratings

BNP Paribas Exane initiated coverage on National Storage Affiliates with a new price target

National Storage Affiliates downgraded by Morgan Stanley with a new price target

National Storage Affiliates upgraded by Deutsche Bank with a new price target

$NSA
Insider Purchases

Director Schall Michael J bought $154,160 worth of Common shares of beneficial interest (4,000 units at $38.54), increasing direct ownership by 200% to 6,000 units (SEC Form 4)

Director Meisinger Chad Leroy bought $694,605 worth of Common shares of beneficial interest (18,405 units at $37.74), increasing direct ownership by 19% to 114,155 units (SEC Form 4)

Nordhagen Arlen Dale bought $237,250 worth of Common shares of beneficial interest (6,500 units at $36.50) and gifted 8,100 units of Common shares of beneficial interest, decreasing direct ownership by 0.04% to 4,019,626 units (SEC Form 4)

$NSA
Press Releases