NSR FINANCIAL STATEMENTS

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

NSRNational Storage REIT

🇦🇺 Australia · AU · Real Estate · REIT - Industrial

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q2 2025 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue374.7 M A$+9.5%

Gross Profit310.6 M A$-4.2%

Operating Income142.7 M A$-34.3%

EBITDA219.7 M A$-21.3%

Net Income221.9 M A$+2.1%

Peer Comparison· REIT - Industrial

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
NSR	1.3%	82.9%	58.6%	59.2%
DIR-UN	8.5%	73.2%	57.6%	35.9%
LXP	-3.8%	-17.1%	101.7%	27.0%
NSA	-1.6%	33.9%	63.2%	10.5%
IIPR	-13.6%	60.3%	82.2%	45.6%
GRT-UN	7.7%	82.2%	81.6%	61.9%
Industry median	4.0%	61.8%	82.2%	45.6%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q2 2025

Equity3.7 B A$60%
Current Liabilities357.9 M A$6%
Long-term Liabilities2.1 B A$34%

Key Figures

YoY change

Total Assets6.2 B A$+28.7%

Total Liabilities2.5 B A$+76.9%

Total Equity3.7 B A$+8.8%

Cash & ST Investments77.7 M A$+55.9%

Total Debt2.5 B A$+97.3%

Net Debt2.4 B A$+99.1%

Peer Comparison· REIT - Industrial

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
NSR	0.26	66.0%	10.81	59.9%
DIR-UN	0.23	60.3%	9.50	59.0%
LXP	1.98	63.2%	3.19	57.3%
NSA	0.10	376.8%	7.19	18.1%
IIPR	0.24	19.3%	1.28	79.1%
GRT-UN	0.59	55.2%	5.86	58.2%
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

Q2 2025 · TTM

Key Figures

YoY change

Operating Cash Flow143.5 M A$+4.0%

Capital Expenditures28.9 M A$+280.3%

Free Cash Flow114.6 M A$-12.1%

Dividends Paid103.8 M A$+5.9%

Peer Comparison· REIT - Industrial

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
NSR	38.3%	30.6%	7.7%	64.7%
DIR-UN	42.1%	20.3%	21.8%	117.3%
LXP	54.2%	46.9%	7.3%	200.6%
NSA	45.4%	39.6%	5.8%	433.1%
IIPR	76.0%	74.9%	26.8%	166.7%
GRT-UN	59.8%	59.8%	0.0%	96.7%
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 May 12, 26. This content is for informational purposes only and is not investment advice.