Company: NSA-PB
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001628280-25-015431
Chunk: 22

Company: National Storage Affiliates Trust
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 22
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 and brands, and certain rights related to their tenant insurance programs. Consideration paid for the PROs' management contracts and intellectual property totaled approximately $34.6 million, consisting of 775,210 OP units and $3.4 million in cash, and the consideration paid for the rights associated with the tenant insurance-related programs was approximately $60.3 million, consisting of 773,656 OP units and $29.2 million in cash. In connection with the internalization, on July 1, 2024, all 11,906,167 subordinated performance units and DownREIT subordinated performance units were converted into 17,984,787 OP units and DownREIT OP units, and we no longer have any subordinated performance units or DownREIT subordinated performance units.

• Reported a decrease in same store total revenues for 2024 of 3.0% year over year and in same store NOI for 2024 of 5.5% year over year. As of December 31, 2024, our same store portfolio consisted of 776 self storage properties. Our same store portfolio is defined as those properties owned and operated since the first day of the earliest year presented, excluding any properties sold, expected to be sold or subject to significant changes such as expansions or casualty events which cause the portfolio's year-over-year operating results to no longer be comparable. Net Operating Income ("NOI") is defined and

| NATIONAL STORAGE AFFILIATES 2025 PROXY STATEMENT |     | 29 |

reconciled to its most directly comparable U.S. GAAP measure in Appendix A to this Proxy Statement.

• Repurchased 7,400,322 Common Shares for approximately $275.2 million during 2024.

• Approved a new share repurchase program in 2024, authorizing but not obligating, the repurchase of up to $350 million of Common Shares from time to time.

• Entered into a new joint venture in 2024 (the "2024 Joint Venture") in which we have a 25% ownership interest and a subsidiary of Heitman Capital Management, LLC holds a 75% ownership interest. We contributed 56 wholly-owned properties to the 2024 Joint Venture for approximately $346.5 million.

• Partnered with Solar Landscape to pursue development of more than 100 megawatts of solar capacity on rooftops at our stores to power nearby homes and businesses.

| NATIONAL STORAGE AFFILIATES 2025 PROXY STATEMENT |