Company: NSA-PB
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001628280-25-015431
Chunk: 80

Company: National Storage Affiliates Trust
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 80
---
9TH FLOOR, GREENWOOD VILLAGE, CO 80111.

| By Order of the Board of Trustees,             |
| Tamara D. Fischer                              |
| Executive Chairperson                          |
| Arlen D. Nordhagen                             |
| Vice Chairperson                               |
| David G. Cramer                                |
| President, Chief Executive Officer and Trustee |

Greenwood Village, Colorado

March 28, 2025

| NATIONAL STORAGE AFFILIATES 2025 PROXY STATEMENT |     | 70 |

| APPENDIX A - RECONCILIATIONS OF 
 NON-GAAP FINANCIAL MEASURES     |

#### CORE FFO
Funds from operations, or FFO, is a widely used performance measure for real estate companies and is provided here as a supplemental measure of our operating performance. The December 2018 Nareit Funds From Operations White Paper - 2018 Restatement, which we refer to as the White Paper, defines FFO as net income (as determined under GAAP), excluding: real estate depreciation and amortization, gains and losses from the sale of certain real estate assets, gains and losses from change in control, mark-to-market changes in value recognized on equity securities, impairment write-downs of certain real estate assets and impairment of investments in entities when it is directly attributable to decreases in the value of depreciable real estate held by the entity and after items to record unconsolidated partnerships and joint ventures on the same basis. For purposes of calculating FFO attributable to common shareholders, OP unitholders, and LTIP unitholders, we exclude distributions declared on preferred shares and preferred units. We no longer have any subordinated performance units or DownREIT subordinated performance units, as all subordinated performance units were converted to OP Units and all DownREIT subordinated performance units were converted to DownREIT OP Units as of July 1, 2024. However, prior to such date, distributions declared on subordinated performance units and DownREIT subordinated performance units represented our allocation of FFO to noncontrolling interests held by subordinated performance unitholders and DownREIT subordinated performance unitholders. For purposes of calculating FFO attributable to common shareholders, OP unitholders, and LTIP unitholders, we excluded distributions declared on subordinated performance units and DownREIT subordinated performance units. We define Core FFO as FFO, as further adjusted to eliminate the impact of certain items that we do not consider indicative