NSA FINANCIAL STATEMENTS

National Storage Affiliates Trust — balance sheet, income statement and cash flow trends

NSANational Storage Affiliates Trust

🇺🇸 USA · NYSE · Real Estate · REIT - Industrial

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue750 M $-1.6%

Gross Profit253.9 M $-53.9%

Operating Income282 M $-2.7%

EBITDA474.2 M $+3.3%

Net Income78.6 M $+20.0%

Peer Comparison· REIT - Industrial

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
NSA	-1.6%	33.9%	63.2%	10.5%
GRT-UN	7.7%	82.2%	81.6%	61.9%
DIR-UN	8.5%	73.2%	57.6%	35.9%
NSR	1.3%	82.9%	58.6%	59.2%
WDP	10.2%	84.7%	88.0%	72.8%
BWP	7.2%	87.5%	156.6%	160.1%
Industry median	4.0%	61.8%	82.2%	45.6%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
NSA	-1.6%	33.9%	63.2%	10.5%
LXP	-3.8%	-17.1%	101.7%	27.0%
COLD	-1.1%	3.6%	14.6%	-4.3%
IIPR	-13.6%	60.3%	82.2%	45.6%
TRNO	20.2%	63.9%	118.8%	86.5%
STAG	10.0%	61.8%	80.6%	28.3%
Industry median	4.0%	61.8%	82.2%	45.6%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity912.8 M $20%
Current Liabilities530.8 M $12%
Long-term Liabilities3 B $68%

Key Figures

YoY change

Total Assets5 B $-4.2%

Total Liabilities3.6 B $-0.1%

Total Equity912.8 M $-11.7%

Cash & ST Investments27.6 M $+43.5%

Total Debt3.4 B $-0.3%

Net Debt3.4 B $-0.5%

Peer Comparison· REIT - Industrial

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
NSA	0.10	376.8%	7.19	18.1%
GRT-UN	0.59	55.2%	5.86	58.2%
DIR-UN	0.23	60.3%	9.50	59.0%
NSR	0.26	66.0%	10.81	59.9%
WDP	0.27	70.5%	7.78	55.8%
BWP	0.46	32.4%	2.87	73.8%
Industry median	0.39	63.2%	4.63	58.2%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
NSA	0.10	376.8%	7.19	18.1%
LXP	1.98	63.2%	3.19	57.3%
COLD	0.35	161.5%	11.85	34.9%
IIPR	0.24	19.3%	1.28	79.1%
TRNO	1.76	24.6%	1.66	77.4%
STAG	0.79	90.1%	4.63	49.9%
Industry median	0.39	63.2%	4.63	58.2%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow340.3 M $-4.1%

Capital Expenditures43.5 M $-18.8%

Free Cash Flow296.8 M $-1.4%

Dividends Paid-195.8 M $-201.9%

Peer Comparison· REIT - Industrial

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
NSA	45.4%	39.6%	5.8%	433.1%
GRT-UN	59.8%	59.8%	0.0%	96.7%
DIR-UN	42.1%	20.3%	21.8%	117.3%
NSR	38.3%	30.6%	7.7%	64.7%
WDP	73.4%	68.4%	5.1%	100.9%
BWP	61.2%	61.2%	0.0%	38.2%
Industry median	55.3%	50.6%	7.0%	117.3%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
NSA	45.4%	39.6%	5.8%	433.1%
LXP	54.2%	46.9%	7.3%	200.6%
COLD	14.2%	-1.8%	19.4%	-330.6%
IIPR	76.0%	74.9%	26.8%	166.7%
TRNO	55.5%	41.4%	14.1%	64.2%
STAG	55.3%	49.9%	7.4%	195.5%
Industry median	55.3%	50.6%	7.0%	117.3%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 6, 26. This content is for informational purposes only and is not investment advice.