Company: NSA-PB
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001628280-25-015431
Chunk: 27

Company: National Storage Affiliates Trust
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 27
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 for Mr. Cowan; 25% for all other NEOs |     | Peer Average less 2%         |    |        |     | Peer Average |    |        |     | Peer Average plus 2% |    |        |     | Peer Average less 3.6% |      |        |
| Core FFO per Share Growth                                                                                                            |     | 30%                                       |     |                              | -8 |      % |     |              | -5 |      % |     |                      | -2 |      % |     |                        | -9.3 |      % |
| Acquisitions ($ millions)(2)                                                                                                         |     | 10%                                       |     |                              |    | $100.0 |     |              |    | $150.0 |     |                      |    | $200.0 |     |                        |      | $188.9 |
| Strategic initiatives (e.g., PRO retirements/new PROs, new ventures or partnerships, and other strategic investments or initiatives) |     | 30% for Mr. Cowan; 25% for all other NEOs |     |                              |    |      1 |     |              |    |      2 |     |                      |    |      4 |     |                        |      |     4+ |
| Individual Based Goals                                                                                                               |     | 10%                                       |     |                              |    |      1 |     |              |    |      3 |     |                      |    |      5 |     |                        |      |      3 |

(1) The metric for Same Store NOI growth is based on our Same Store NOI growth relative to the average same store NOI growth for our public company self storage REIT peers, excluding our Company ("Peer Average"). The threshold value represents the Peer Average less 2%, the target value represents the Peer Average, and the maximum value represents the Peer Average plus 2%.

(2) Includes capital deployed in joint venture acquisitions.

The individual based goals for our NEOs in 2024 included succession planning and management, portfolio optimization initiatives, investor relations initiatives, and implementation of operational efficiencies.

The operating metrics set forth above are used for the limited purpose described above and should not be understood to be statements of management’s expectations of our future results or other guidance. Investors should not apply these metrics in any other context.

The following table shows the threshold, target and maximum incentive cash bonus opportunities that were available to each of our