Company: NSA-PB
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001628280-25-015431
Chunk: 26

Company: National Storage Affiliates Trust
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 26
---
 Ms. Fischer, see the Summary Compensation Table in "–Summary Compensation and Other Tables" below.

The changes in 2024 base salaries were based on the 2022 NEO Benchmarking Analysis and the 2023 Nareit Compensation Survey, each conducted by FPC, to bring base salaries in line with the Company's peers, as discussed below at "–What Informs Our Pay Designs, Metrics and Decisions".

For 2025, based upon the 2024 Nareit Compensation Survey and the NEOs' roles and responsibilities following the internalization of our PRO structure, our CNCG Committee approved the following base salaries for our NEOs in line with our compensation objectives: $313,500 for Ms. Fischer, $760,000 for Mr. Cramer, $517,275 for Mr. Togashi, $560,146 for Mr. Cowan, and $357,913 for Ms. Kenyon.

| NATIONAL STORAGE AFFILIATES 2025 PROXY STATEMENT |     | 32 |

#### ANNUAL INCENTIVE CASH BONUS PAYMENTS
We have provided and expect to continue to provide incentive cash bonuses to encourage outstanding individual and Company performance by motivating our NEOs to achieve short-term Company performance objectives and individual goals. Our annual incentive cash bonus program for our NEOs is based primarily on objective factors aligned with our Company's performance, and to a lesser extent on subjective factors.

| 2024 Annual Incentive Cash Bonus Program Elements                                                                                                                                                                                          |     |                                                                                                                                                                                     |
| Objective Performance Criteria                                                                                                                                                                                                             |     | Same Store NOI growth relative to the average growth of our public company self storage REIT peers                                                                                  |
| –Rationale:  Key performance indicator to evaluate year-over-year operations                                                                                                                                                               |     |                                                                                                                                                                                     |
| Core FFO per share growth                                                                                                                                                                                                                  |     |                                                                                                                                                                                     |
| –Rationale:  Key performance indicator widely used by REITs and by the Company to evaluate the operations of our properties and excludes various items in net income (loss) that do not relate to or are not indicative of our performance |     |                                                                                                                                                                                     |
| Acquisitions                                                                                                                                                                                                                               |     |                                                                                                                                                                                     |
| –Rationale:  Key performance indicator reflecting the Company's growth, because acquisitions are a significant component of the Company's growth strategy                                                                                  |     |                                                                                                                                                                                     |
| Strategic initiatives, such as PRO retirements/new PROs, new ventures or partnerships, and other strategic investments or initiatives                                                                                                      |     |                                                                                                                                                                                     |
| –R