Company: NSA-PB
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001628280-25-015431
Chunk: 30

Company: National Storage Affiliates Trust
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 30
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%), and the allocation percentage for the Storage Peer Component will be reduced by ten percent (10%).

(2) As of December 31, 2024, there were four public company self storage REIT peers, including us.

(3) Represents the percentage of the target dollar value of the portion of the total performance-based LTIP unit award relating to this metric.

| NATIONAL STORAGE AFFILIATES 2025 PROXY STATEMENT |     | 35 |

(4) The Peer Group 3-Year Weighted Average TSR is determined excluding the Company TSR and takes into account the following for each member of the peer group: common equity capitalization (on a fully diluted basis, assuming the conversion of all convertible securities and exchange on a one-for-one basis of all outstanding units in the peer group member's operating partnership for common shares or other securities), preferred equity capitalization, and debt capitalization.

The performance-based LTIP unit awards granted to our NEOs on January 1, 2024 represent the maximum amount of LTIP units that can vest contingent upon the achievement of the performance criteria discussed above during the period between January 1, 2024 and December 31, 2026 (the "performance period"). If the Company TSR is between threshold and target, or target and maximum, performance with respect to the MSCI Component or the Storage Peer Component, then the percentage of the MSCI Component or Storage Peer Component to vest will be determined by linear interpolation between the threshold and target, or target and maximum, amounts. If the Company's TSR during the performance period relative to the TSR of the companies in the MSCI US REIT Index equals or exceeds the 75th percentile, or if our TSR exceeds the Peer Group 3-Year Weighted Average TSR plus 750 basis points under the Storage Peer Component, each NEO will earn 200% of the target amount of the MSCI Component or Storage Peer Component, as applicable. If a criterion's threshold level of performance is not achieved, such that our TSR during the performance period relative to the TSR of the companies in the MSCI US REIT Index is less than the 35th percentile or that our TSR is less than the Peer Group 3-Year Weighted Average TSR minus 750 basis points, then none of the performance-based awards will vest with respect to that criterion.

| Majority Performance Based                                                 |     | Relative TSR Metrics                                                                                                                                             |     | Outpeformance Required                                                                                                                                                                                      |
| The majority of our LTIP award grants (60%) are predicated on