National Storage Affiliates Trust (NSA) Proxy Filing summary

Executive summary

• Celebrating the 10th anniversary of the IPO, with a focus on positioning for future growth amid sector challenges such as elevated supply and low home sales.

• Internalized the participating regional operator (PRO) structure, sold non-core assets, retired debt, and enhanced technology platforms in 2024.

• Board refreshment included the addition of a new independent trustee and a planned reduction in board size from 12 to 11 trustees in 2025.

• Acquired 25 self storage facilities for $212.7 million and sold 40 non-core properties for $273.1 million in 2024.

• Launched a new joint venture and share repurchase program, and partnered to develop over 100 megawatts of solar capacity.

Voting matters and shareholder proposals

• Shareholders will vote on the election of eleven trustees, ratification of KPMG LLP as independent auditor, and a non-binding advisory resolution on executive compensation.

• Board recommends voting FOR all proposals.

• Shareholder proposals for the 2026 annual meeting must be submitted by November 28, 2025.

Board of directors and corporate governance

• Board comprises 11 nominees with an average tenure of 5.8 years and diverse skills in real estate, finance, legal, and technology.

• Eight of eleven nominees are independent; board leadership is separated between chairperson and CEO.

• Three standing committees: Audit, CNCG (Compensation, Nominating and Corporate Governance), and Finance, all with independent members.

• Majority voting policy for uncontested trustee elections and active board refreshment practices.

• Shareholders have the right to amend bylaws and there is no poison pill or staggered board.