National Storage Affiliates Trust Q4 FY2025 earnings call

• Portfolio performance inflected positively with same-store revenue growth improving sequentially each month of Q4. • Consolidated another brand to 6 remaining, formed preferred equity investments platform, exited 5 states selling 15 properties, acquired 10 properties. • Backdrop for self-storage improving with stable new supply projected to decline, momentum on home affordability, and increased stability in pricing practices. • Focus on driving internal growth with increased marketing spend, competitive rate and promotion, solid sales execution, and ECRI strategies during spring leasing season. • Continued portfolio improvement through capital recycling, reinvesting in properties, and growing through expansions and acquisitions. • Team's efforts in internalizing pro structure, disposing non-core assets, upgrading platforms, consolidating brands, and moving to one web domain paying off.

Same-store revenue growth was down 70 basis points in Q4 compared to down 260 basis points in Q3, with year-over-year occupancy finishing the year down 70 basis points. Core FFO per share came in at the top of guidance range. Full-year included consolidating another brand to 6 remaining, exiting 5 states selling 15 properties ($97M), acquiring 10 properties ($75M), and January 2026 occupancy up 20 basis points year over year. Same-store revenues for Q4 declined 70 basis points due to lower average occupancy partially offset by revenue per square foot growth. Full-year same-store revenues declined 2.3%. Expenses declined 80 basis points in Q4 but grew 3.1% full year. Insurance captive had favorable results due to lighter tropical storm season.

• Midpoints: Same store revenue growth 90 basis points, same store operating expense growth 3%, flat same store NOI growth, core FFO per share $2.19. • Acquisition and disposition ranges $50 to $150 million (NSA share). • Same store revenue growth expected to steadily improve through quarters. • Core FFO per share midpoint $2.19 due to growth in G&A (assumed target level cash incentive comp) and headwinds from debt refinancings and insurance captive tough comp. • Occupancy slightly positive year over year at end of January and continued into February, starting the year within negative 30 to positive 210 revenue range.

• Actual results may differ materially from forward-looking statements. • External factors like severe weather events or changes in regulatory environment could impact results. • Street rates may not cooperate as expected affecting revenue growth. • Markets with heavy supply may take longer to inflect positively, impacting overall performance. • Refinancing of debt maturities could have interest rate and execution risks.

Q: Samir Canal with Bank of America asked about revenue growth breakdown, expense growth components.

A: Dave and Brandon discussed how revenue growth improvement is due to improved platform, occupancy, contract rate growth, ECRI program, and how expense growth components include property taxes, personnel, marketing, and insurance.

Q: Michael Goldsmith with UBS asked about January occupancy drivers and pricing power.

A: Dave explained it's a combination of marketing spend, pricing, discounting, AI modeling, and that pricing power varies by market and unit size.

Q: Juan Sanabria with BMO Capital Markets asked about movement rate trends and ECRI cadence.

A: Dave and Brandon discussed movement rates narrowing year over year due to past comps, ECRI cadence unchanged but magnitude of rate increases increased, and rental square footage per rental has improved.

Q: Todd Thomas with KeyBank Capital Markets asked about revenue growth tale of two halves and leverage target.

A: Brandon said 2026 revenue growth expected to have easier comps first half and tougher later, and leverage target remains 5.5 to 6.5 times with capital deployment affecting it.

Q: Celia Mehta with Green Street Advisors asked about move-in rates in 1Q and balancing occupancy and rate growth.

A: Dave said move-in rates likely negative first four or five months then positive, and it's a balancing act of marketing spend and price/discount to drive conversion and occupancy.

Q: Michael Griffin with Evercore ISI asked about organic customer trends and external growth priorities.

A: Dave said inflection driven by capturing more of the pie, and external growth targets markets for densification, uses JVs, and is diligent with capital deployment.

Q: Ravi Vadia with Mizuho Securities asked about rent per occupied square foot trend and guide levers.

A: Dave and Brandon said rent per occupied square foot will have modest improvement through the year, and street rate improvement in spring leasing season is a key lever affecting guide.

Q: Ron Camden with Morgan Stanley asked about dividend payout ratio and market performance by supply.

A: Dave said dividend payout ratio expected to improve towards back half of 2026, and markets with heavy supply take longer to inflect positively.

Q: Eric Wolf with Citigroup asked about RevPath trend and revenue line item drag.

A: Dave said RevPath is improving, and the property-related income line item drag will continue but comp gets easier.

Q: Mateo Oxonaria with Deutsche Bank asked about housing market affordability initiatives and preferred equity platform deployment.

A: Dave said housing market impact not a catalyst in 2026 but would be positive if improved, and preferred equity platform has $50M+ properties under contract and is working to deploy capital quickly.

Q: Wes Galladay with Baird asked about portfolio optimization completion.

A: Dave said majority of heavy lifting done in 2026, with remaining work being materialize as things come up.

Q: Annabel Azure with Barclays asked about payroll strategy and website platform benefit.

A: Dave said payroll strategy balances cost savings with customer needs, and website platform has seen success with improved search rankings and conversion rates with more benefit to come.

Q: Michael Goldsmith with UBS asked about Oklahoma restrictions and refinancing.

A: Dave explained Oklahoma restrictions were due to wildfire danger and have been worked through, and Brandon discussed refinancing of $375M maturities and the impact on interest expense.