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National Storage Affiliates Trust

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FY2024 Annual Report · National Storage Affiliates Trust
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2 0 2 4
A N N U A L  R E P O R T
LEVERAGING AI & TECHNOLOGY TO DELIVER 
EXCELLENCE AT EVERY TOUCHPOINT

Dear Fellow Shareholders,
This year marks the 10th anniversary of our IPO. We’ve grown tremendously as a company over the past decade, and in 2024 
we were focused on positioning NSA to thrive in 2025 and beyond. Our goal has been to best position NSA for accelerated 
growth when the fundamental backdrop improves - which we believe may start to materialize in the back half of 2025 and into 
2026. We are encouraged by the opportunities ahead.
Our most significant accomplishment during 2024 was the 
internalization of our PRO structure. While our PRO structure fueled NSA’s 
significant growth since IPO, the internalization was a prescient pivot to 
further enhance our growth profile and simplify our structure in the face 
of a changing market environment. The internalization provides many 
benefits including:
• G&A savings, 
• synergies from operational scalability,
• brand flexibility,
• consistent approach to data analysis and pricing on a  	
             	
• centralized platform, and 
• a further broadening of our portfolio optimization strategy.
The heavy lift of the internalization is now behind us, and we are focused on realizing the operational benefits and earnings 
accretion from the transaction. In that vein, we’ve also strengthened our customer acquisitions, pricing, data science, acquisitions 
and asset management teams in order to facilitate that growth. 
We have been focused on the enhancement of technology 
and customer platforms to improve operational efficiency and 
internal growth performance. During 2024, we completed the 
conversion of all of our stores to a new property management 
system, consolidated our web domains putting all of our stores 
onto NSAstorage.com, and continued the evolution of our 
internal and external customer support center.  
Further, we continued to optimize our portfolio by selling 
non-core properties while generating proceeds for acquisitions, 
share repurchases and debt retirement. We also contributed 
assets into a new joint venture to better fund revenue-
enhancing capital expenditure projects. Lastly, we began to 
deploy growth capital in a new joint venture, investing $148 
million in 2024. Combined, these transactions improve our 
overall portfolio quality while enhancing our growth potential.
Although our team achieved significant accomplishments during the year, our efforts could not overcome the headwinds from 
new supply and muted housing transition. Our same-store net operating income declined 5.5% for the year, while core funds from 
operations per share declined 9.3%, resulting in a negative total return for NSA’s shares of 3.5% for the year.
2024 PORTFOLIO ACTIVITY
$148 
MILLION
Joint Venture Acquisitions
$347 
MILLION
Joint Venture Contribution
$65
MILLION
Consolidated Acquisitions
$273 
MILLION
Dispositions
N A T I O N A L  S T O R A G E  A F F I L I A T E S

TAMARA D. FISCHER & DAVID G. CRAMER
TAMARA D. FISCHER 
Executive Chairperson
DAVID G. CRAMER 
President and Chief Executive Officer
• Realize the earnings accretion that was contemplated from the internalization of the PRO structure
• Utilize our enhanced technology and customer platforms to improve operational efficiency and internal  	
   growth performance
• Accretive capital deployment via existing JV relationships
• Continue our portfolio optimization plan through disposition of non-core assets and recycling that capital into
   assets with more attractive long-term growth prospects
KEY INITIATIVES THAT WE WILL FOCUS ON IN 2025 ARE: 
While current operating conditions remain challenging, the 
medium-term outlook for the self storage sector, and NSA in 
particular, is the best it has been in a few years, for the following 
reasons:
• We believe we are near a bottom in the housing market, and
   when the recovery comes, NSA expects to experience outsized
   benefits in that recovery:
	 	
• Housing turnover in the U.S. has fallen below the levels          	
          experienced during the Great Financial Crisis and is   	
          hovering around the lowest levels it has seen over the past 	
          40 years, creating pent-up demand that should contribute 	
          to an eventual recovery.(1)
	 	
• The markets in which we operate have a higher
 	        percentage of homeowners vs renters on average relative
          to the markets in which our self storage REIT peers operate.(2)  	
	         This means that our portfolio is more sensitive to changes in 	
          the overall level of housing turnover. 
• Supply is coming down.
	 	
• New completions across our markets are expected to decline
 	        substantially over the next few years, with Yardi forecasting
 	        net rentable square feet as a percentage of stock to decline
 	        from 3.5% in 2024 to 2.0% by 2027, which is well below the
 	        long-term national average of over 4%. 
• NSA’s same-store year-over-year comparisons become noticeably
   more favorable in the back half of 2025, which, when combined
   with anticipated improvements in supply and demand variables,
   should drive healthy momentum into 2026 and beyond. 
In closing, we want to acknowledge and thank our team for their hard work, dedication and focus; our Board of Trustees for its 
guidance and its effective oversight and stewardship; and you, our investors, for your continued support. We believe the sector is 
poised for an eventual recovery, and we are enthusiastic about how we are positioned.
A N N U A L  R E P O R T  2 0 2 4
(1) Source: Morgan Stanley, NAR, US Census Bureau
(2) Based on 5-mile trade area around each property. Source: Yardi, ESRI

Corporate Responsibility
SUSTAINABILITY
 In 2024, we partnered with a leading 
commercial and community solar 
developer to deploy 100 megawatts of new 
solar capacity across our portfolio through 
the innovative community solar model.
NSA provides effective, efficient and  
engaging learning solutions that help our 
employees train for today, learn for  
tomorrow and develop for the future.
Our Corporate Responsibility committee was 
formed in 2019 and reports to the Compensation, 
Nominating and Corporate Governance 
committee (“CNCG committee”) of the Board 
of Trustees. Our Corporate Responsibility 
committee assists our Board and the CNCG 
committee in setting NSA’s strategy with 
respect to sustainability, community, team and 
governance-related matters.
GOVERNANCE
GIVING
In 2024, NSA donated the equivalent of over 
1.5 million meals in partnership with Feeding 
America, a nationwide network of food 
banks that feeds more than 40 million people 
through food pantries and meal programs in 
communities across America and leads the 
nation in the fight against hunger.
EMPLOYEE 
DEVELOPMENT
N A T I O N A L  S T O R A G E  A F F I L I A T E S

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Corporate Information
TAMARA D. FISCHER
Executive Chairperson of the Board of Trustees
ARLEN D. NORDHAGEN
Vice Chairperson of the Board of Trustees
DAVID G. CRAMER
President and Chief Executive Officer and Trustee
PAUL W. HYLBERT, JR.
Lead Independent Trustee
BOARD OF TRUSTEES
WARREN W. ALLAN
LISA R. COHN
CHAD L. MEISINGER
STEVEN G. OSGOOD
DOMINIC M. PALAZZO 
MICHAEL J. SCHALL
REBECCA L. STEINFORT
CHARLES F. WU
WILLIAM S. COWAN, JR.
Executive Vice President and Chief Strategy Officer
TIFFANY S. KENYON
Executive Vice President and Chief Legal Officer
BRANDON S. TOGASHI
Executive Vice President and Chief Financial Officer
EXECUTIVE OFFICERS
NATIONAL STORAGE AFFILIATES TRUST
8400 East Prentice Avenue, 9th Floor
Greenwood Village, Colorado 80111
720.630.2600 | nsastorage.com
CORPORATE HEADQUARTERS
BROADRIDGE CORPORATE ISSUER SOLUTIONS, INC.
P.O. Box 1342 Brentwood, New York 11717
Toll-Free: 855.449.0975
International: 720.378.5970
Email: Shareholder@Broadridge.com
SHAREHOLDER/OP UNITHOLDER SERVICES
on Form 10-K for the year ended December 31, 2024 as filed with 
the U.S. Securities and Exchange Commission, may be obtained by 
writing to the Company’s corporate headquarters, Attention: Investor 
Relations Department. Electronic copies are also available on the 
Investor Relations section of the Company’s website at: 
NSASTORAGE.COM
ADDITIONAL COPIES OF THE 
NATIONAL STORAGE AFFILIATES TRUST 
(THE “COMPANY”) ANNUAL REPORT
will be held May 12, 2025 beginning at 11:00 a.m. Mountain Daylight 
Time (MDT). The meeting will be held via a virtual meeting live 
webcast at: 
VIRTUALSHAREHOLDERMEETING.COM/NSA2025
THE ANNUAL MEETING OF SHAREHOLDERS
is available on the Investor Relations section of its website at: 
nsastorage.com. A printed copy may be obtained by writing 
to the Company’s corporate headquarters, Attention: Investor 
Relations Department.
THE CODE OF BUSINESS CONDUCT 
AND ETHICS  OF NATIONAL STORAGE 
AFFILIATES TRUST
Certain statements contained in this 2024 Annual Report 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 
document, 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 
of properties, including those under contract, the Company’s ability 
to execute on its acquisition pipeline and the timing of acquisitions 
under contract; and the Company’s ability to realize the benefits 
from the internalization of the PRO structure. For a further list and 
description of such risks and uncertainties, see the Company’s 
Annual Report on Form 10-K filed with the Securities and Exchange 
Commission on February 27, 2025 and the other reports 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.
FORWARD LOOKING STATEMENTS 
KPMG LLP | DENVER, COLORADO
INDEPENDENT AUDITORS
NYSE: NSA
STOCK EXCHANGE LISTING

Recent Key Milestones and Historical Growth
RECENT KEY MILESTONES
2024
Completed the 
implementation of a new 
property management system 
across entire portfolio
Sold 40 non-core 
properties totaling 
~$273 million
2024 Joint Venture 
Formation: Contribution of 
~$347 million (56 properties) 
to 2024 Joint Venture  
Consolidation of 
web domains to 
NSAstorage.com
$148 million 
(18 properties) acquired 
in 2023 Joint Venture
Completed $275 
million common 
share repurchase
Completed the 
internalization of 
the PRO structure
DIVIDEND GROWTH(1)
$0.00
$0.75
$1.50
$2.25
$3.00
2019
$1.27
2020
$1.35
2021
$1.59
2022
$2.15
2023
$2.23
2024
$2.25
12/31/19
0
50
100
150
200
250
300
12/31/20
12/31/21
12/31/22
12/31/23
12/31/24
NSA
S&P 500
RUSSELL 2000
MSCI US REIT INDEX
PERIOD ENDING
INDEX VALUE
TOTAL RETURN PERFORMANCE(2)
(1) Represents dividends paid during the calendar year
(2) Source: Zacks Investment Research, Inc., Standard and Poor’s, Inc., Russell Investment
A N N U A L  R E P O R T  2 0 2 4

N S A S T O R A G E . C O M
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