National Storage Affiliates Trust (NSA) Company presentation summary

Strategic focus and market positioning

• Portfolio spans 1,063 properties across 37 states and Puerto Rico, with 66% of stores in Sunbelt markets and a strong presence in secondary and suburban areas.

• Properties outside the top 25 MSAs have outperformed those in major MSAs over the past five years.

• Largest MSA exposure is Riverside-San Bernardino-Ontario, CA, accounting for 7.6% of same store revenue in Q4 2025.

Technology-driven internal growth and operational efficiency

• AI-powered MegaMind platform integrates pricing, customer acquisition, and operations for over 1,000 stores.

• Dynamic pricing, digital marketing, and centralized customer care drive revenue and occupancy gains.

• Over 65% of rentals are digital, with voice AI handling 20% of inbound calls and a self-service portal supporting customer experience.

Revenue management and financial performance

• AI/ML-powered revenue intelligence platform enables real-time pricing and promotional strategies.

• RevPAF increased by 130 basis points YoY and occupancy reached 84.2% at the end of February 2026.

• Same store revenue and NOI growth were both -0.7% YoY in Q4 2025, with Core FFO/share down 5.0% YoY.