National Storage Affiliates Trust Financial Ratios — NSA

Profitability (USD)

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	10,323.65	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	- -	- -	1.29	1.2	0.14	0.56	0.14	1.47	2.32	1.78	2.61	1.98	1.41
Return on Capital (%)	- -	- -	- -	4.83	3.28	-0.49	0.84	-0.14	3.53	4.52	3.4	5.73	4.63	4.94
Return on Invested Capital (%)	- -	- -	- -	3.21	3.86	3.75	4.08	4.37	4.51	4.89	4.95	5.68	5.27	5.32
Gross Margin (%)	59.94	- -	63.74	66.09	67.45	68.5	68.61	71.55	71.43	73.49	73.67	73.31	72.5	71.11
EBITDA Margin (%)	53.49	- -	53.1	53.94	56.63	57.29	57.66	59.8	61.15	64.29	65.21	65.11	63.22	62.15
Operating Margin (%)	40.42	- -	22.19	23.59	28.97	29.28	30.72	32.7	34.04	37.26	36.12	39.24	38.57	37.01
Incremental Operating Margin (%)	- -	40.42	22.19	25.48	40.02	30.17	36.89	44.2	45.72	46.35	33.02	83.47	45.07	106.37
Pretax Margin (%)	-11.79	- -	-21.25	3.72	12.68	17.59	17.27	17.37	18.77	25.38	23.51	27.8	24.28	15.85
Profit Margin (%)	-11.79	- -	- -	9.29	9.03	1.1	4.26	1.03	11.25	17.97	12.94	18.26	14.48	9.8
Net Income to Common Margin (%)	-11.79	- -	- -	9.29	9.03	0.25	1.14	-2.17	8.22	15.73	11.27	16.04	11.82	7.08
Effective Tax Rate (%)	- -	- -	- -	3.75	1.46	2.46	1.43	2.01	2.06	1.14	2.49	0.67	2.01	2.6
Dvd Payout Ratio (%)	- -	- -	- -	-436.41	84.03	54.96	70.47	64.46	92.69	75.04	78.16	64	73.25	126.47
Sustainable Growth Rate (%)	- -	- -	- -	55,377.26	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	165	299	598	568	879	958	1,278	1,559	1,942	2,965	3,577	3,682	3,472	3,428
ST Debt	- -	- -	166	188	246	88	140	- -	174	490	496	381	443	401
LT Debt	165	299	431	380	632	870	1,139	1,559	1,768	2,475	3,081	3,301	3,029	3,027
Total Debt/EBITDA	10.53	- -	14.62	7.86	7.8	6.24	6.7	6.72	7.35	7.87	6.84	6.59	7.13	7.32
Net Debt/EBITDA	10.35	- -	14.4	7.77	7.69	6.15	6.63	6.52	7.18	7.74	6.73	6.43	6.98	7.23
Total Debt/EBIT	13.93	- -	34.99	17.97	15.24	12.21	12.57	12.29	13.2	13.59	12.35	10.94	11.68	12.3
Net Debt/EBIT	13.7	- -	34.46	17.76	15.03	12.03	12.44	11.93	12.9	13.36	12.14	10.67	11.44	12.14
EBITDA to Interest Expense	0.92	- -	1.77	3.48	4.68	4.51	4.47	4.11	4.22	5.23	4.73	3.36	3.16	2.88
EBITDA-CapEx/Interest Expense	0.87	- -	1.61	3.46	4.65	4.49	4.46	4.09	4.22	5.23	4.73	3.26	2.94	2.88
EBIT to Interest Expense	0.69	- -	0.74	1.52	2.39	2.3	2.38	2.25	2.35	3.03	2.62	2.03	1.93	1.72
Interest Expense	17	- -	23	21	24	34	43	56	63	72	111	166	154	162
Common Equity/Total Assets	-6.77	- -	- -	0.02	-0.44	-2.44	-4.16	-6.37	-7.14	-5.22	-6.52	-7.57	-9.9	-12.82
Long-Term Debt/Equity (%)	- -	541.24	201.53	73.6	64.6	68.39	81.2	107.34	123.58	99.7	128.96	155.3	171.76	197.34
Long-Term Debt/Capital (%)	107.95	84.41	53.15	44.82	49.7	57.75	62.47	73.77	74.57	68.74	74.29	77.18	76.28	81.69
Long-Term Debt/Total Assets (%)	91.9	81.12	51.81	34.56	33.43	38.36	41.72	50.54	50.31	44.49	50.76	55.66	56.56	59.58
Total Debt/Equity (%)	-1,357.18	541.24	279.16	110.03	89.77	75.35	91.14	107.34	135.74	119.43	149.72	173.22	196.9	223.48
Total Debt/Capital (%)	107.95	84.41	73.63	67	69.07	63.63	70.13	73.77	81.91	82.35	86.24	86.09	87.45	92.51
Total Debt/Total Assets (%)	91.9	81.12	71.77	51.66	46.45	42.27	46.83	50.54	55.26	53.3	58.93	62.08	64.84	67.47
Net Debt to Equity	-1,334.39	520.96	274.95	108.74	88.49	74.3	90.2	104.23	132.7	117.46	147.17	169.03	192.74	220.49
Net Debt/Capital (%)	108.1	83.9	73.33	66.74	68.76	63.3	69.91	72.34	80.71	81.56	85.5	85.3	86.7	91.85
EBITDA	16	- -	41	72	113	154	191	232	264	377	523	559	487	468
EBITDA-CapEx	15	- -	37	72	112	153	190	231	264	377	523	542	454	468
Operating Income (Loss)	12	- -	17	32	58	78	102	127	147	218	290	337	297	279

Liquidity (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.69	1.32	0.05	0.03	0.04	0.11	0.07	0.38	0.08	0.04	0.06	0.13	0.09	0.05
Current Ratio	1.54	1.77	0.08	0.06	0.12	0.21	0.16	0.74	0.17	0.09	0.15	1.35	0.16	0.13
Quick Ratio	0.79	1.39	0.07	0.04	0.06	0.14	0.12	0.58	0.13	0.07	0.1	0.17	0.14	0.08
CFO/Avg Current Liab	- -	- -	0.17	0.26	0.39	0.61	1.03	1.63	1.52	0.82	0.76	0.8	0.68	0.63
Common Equity/Total Assets	-6.77	- -	- -	0.02	-0.44	-2.44	-4.16	-6.37	-7.14	-5.22	-6.52	-7.57	-9.9	-12.82
Long-Term Debt/Equity (%)	- -	541.24	201.53	73.6	64.6	68.39	81.2	107.34	123.58	99.7	128.96	155.3	171.76	197.34
Long-Term Debt/Capital (%)	107.95	84.41	53.15	44.82	49.7	57.75	62.47	73.77	74.57	68.74	74.29	77.18	76.28	81.69
Long-Term Debt/Total Assets (%)	91.9	81.12	51.81	34.56	33.43	38.36	41.72	50.54	50.31	44.49	50.76	55.66	56.56	59.58
Total Debt/Equity (%)	-1,357.18	541.24	279.16	110.03	89.77	75.35	91.14	107.34	135.74	119.43	149.72	173.22	196.9	223.48
Total Debt/Capital (%)	107.95	84.41	73.63	67	69.07	63.63	70.13	73.77	81.91	82.35	86.24	86.09	87.45	92.51
Total Debt/Total Assets (%)	91.9	81.12	71.77	51.66	46.45	42.27	46.83	50.54	55.26	53.3	58.93	62.08	64.84	67.47
CFO/Total Liabilities	2.57	- -	2.65	8.63	10.37	12.49	12.19	12.05	10.59	10.76	12.06	11.6	10.11	9.55
CFO/CapEx	5.6	- -	4.27	120.42	179.59	211.37	401.48	228.13	606.19	- -	- -	26.09	11.09	- -
Altman's Z-Score	0.3	0.02	-0.09	0.28	0.48	0.88	0.75	0.89	0.79	1.14	0.64	0.83	0.57	0.41

Working Capital (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	- -	102.49	129.27	133.1	128.54	116.59	124.91	155.95	130.7	82.86	74.74	83.14	100.15
Days Sales Outstanding	- -	- -	3.56	2.82	2.74	2.84	3.13	2.92	2.34	2.79	4.41	4.88	4.39	3.64
Inventory Turnover	- -	- -	- -	- -	9.3	10.9	133.6	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	39.25	33.48	2.73	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	5.58	4.61	16.24	- -	- -	- -	5.25	2.92	7.12	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	65.46	79.19	22.47	- -	- -	- -	69.52	124.95	51.25	- -	- -	- -
Cash Conversion Cycle	- -	- -	-61.9	-76.37	19.53	36.32	5.86	2.92	-67.18	-122.16	-46.85	4.88	4.39	3.64
Inventory to Cash Days	- -	- -	3.56	2.82	-36.51	-30.64	0.4	2.92	2.34	2.79	4.41	4.88	4.39	3.64
Inventories	- -	- -	- -	- -	14	2	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	14	2	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	265	660	1,211	1,410	1,957	2,398	5,619	3,296	3,602	2,913	2,162
- Cash & Cash Equivalents	3	11	9	7	13	13	13	21	19	25	35	65	50	23
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	172	172	218	218	218	225	341	341	341
+ Minority/Non Controlling Interest	- -	55	214	279	402	430	485	532	462	707	741	704	687	588
+ Total Debt	165	299	598	568	879	958	1,278	1,559	1,942	2,965	3,577	3,682	3,472	3,428
Enterprise Value	162	343	803	1,105	1,928	2,759	3,333	4,246	5,001	9,484	7,803	8,263	7,363	6,495
Total Capital	153	354	812	847	1,273	1,506	1,823	2,113	2,371	3,600	4,147	4,278	3,970	3,705
Total Debt/Capital (%)	107.95	84.41	73.63	67	69.07	63.63	70.13	73.77	81.91	82.35	86.24	86.09	87.45	92.51
Total Debt / EV	1.02	0.87	0.74	0.51	0.46	0.35	0.38	0.37	0.39	0.31	0.46	0.45	0.47	0.53
EV/Sales	5.54	- -	10.43	8.25	9.69	10.29	10.07	10.95	11.57	16.19	9.74	9.63	9.56	8.63
EV/EBITDA	10.35	- -	19.64	15.3	17.1	17.96	17.47	18.3	18.92	25.19	14.93	14.79	15.12	13.88
EV/EBIT	13.7	- -	46.99	34.99	33.44	35.14	32.79	33.47	33.99	43.46	26.95	24.54	24.78	23.31
EV/Cash Flow to Firm	7.38	- -	20.35	15.72	16.28	17.51	16.35	16.85	17.73	23.56	14.14	13.62	14.32	13.08
EV/Free Cash Flow to Firm	7.09	- -	18.54	15.62	16.21	17.45	16.31	16.79	17.71	23.56	14.14	13.25	13.46	13.08
Diluted Market Cap	- -	- -	- -	778	1,738	1,211	1,410	1,957	2,400	9,310	3,296	6,056	2,913	2,162
Diluted Enterprise Value	162	343	803	1,618	3,006	2,759	3,333	4,246	5,003	13,176	7,803	10,717	7,363	6,495
EV per Share	8.11	- -	40.14	71.49	64.51	62.1	62.54	72.94	75.14	116.81	85.53	95.15	95.82	84.75
TTM Sales	29	- -	77	134	199	268	331	388	432	586	802	858	770	753
TTM EBITDA	16	- -	41	72	113	154	191	232	264	377	523	559	487	468
TTM Operating Income	12	- -	17	32	58	78	102	127	147	218	290	337	297	279
TTM Cash Flow to Firm	22	- -	39	70	118	158	204	252	282	403	552	607	514	497
TTM Free Cash Flow to Firm	23	- -	43	71	119	158	204	253	282	403	552	624	547	497

Multiples (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	15.33	18.26	9.7	8.69	9.91	10.86	28.1	7.42	13.21	7.36	6.39
EV/EBIT	13.7	- -	46.99	34.99	33.44	35.14	32.79	33.47	33.99	43.46	26.95	24.54	24.78	23.31
Enterprise Value	162	343	803	1,105	1,928	2,759	3,333	4,246	5,001	9,484	7,803	8,263	7,363	6,495
Low Price	- -	- -	- -	11.5	15.67	21.17	23.1	25.11	19.34	33.79	35.37	27.86	34.5	27.47
EV/Sales	5.54	- -	10.43	8.25	9.69	10.29	10.07	10.95	11.57	16.19	9.74	9.63	9.56	8.63
EV/EBITDA	10.35	- -	19.64	15.3	17.1	17.96	17.47	18.3	18.92	25.19	14.93	14.79	15.12	13.88
Price/Earnings	- -	- -	- -	21.29	36.72	1,832.03	375.14	- -	67.52	60.97	36.49	26.16	31.99	40.55
Price/Earnings Average	- -	- -	- -	17.28	33.28	1,607.04	382.59	-211.73	60.2	44.34	52.01	22.94	34.37	47.88
Price/Earnings High	- -	- -	- -	21.7	38.03	1,918.72	457.65	-247.59	71.62	61.71	70.47	28.26	41.72	58.38
Price/Earnings Low	- -	- -	- -	14.29	26.07	1,422.75	327.5	-173.86	36.24	29.77	35.73	17.58	29.11	39.48
Price/Book Value	- -	- -	- -	1,099.09	-79.59	-21.93	-12.42	-9.96	-9.55	-19.35	-8.33	-8.02	-5.5	-3.32
Price/Book Value Average	- -	- -	- -	892	-72.13	-19.23	-12.66	-9.06	-8.52	-14.07	-11.87	-7.03	-5.91	-3.92
Price/Book Value High	- -	- -	- -	1,120.27	-82.43	-22.97	-15.15	-10.59	-10.13	-19.59	-16.08	-8.66	-7.17	-4.78
Price/Book Value Low	- -	- -	- -	737.86	-56.51	-17.03	-10.84	-7.44	-5.13	-9.45	-8.15	-5.39	-5	-3.23
Price/Tangible Book Value	- -	- -	- -	0.52	0.69	1.13	1.17	1.63	2.06	2.57	1.56	2.09	2.3	2.07
Price/Tangible Book Value Average	- -	- -	- -	0.42	0.63	0.99	1.19	1.49	1.83	1.87	2.23	1.84	2.47	2.44
Price/Tangible Book Value High	- -	- -	- -	0.53	0.72	1.18	1.42	1.74	2.18	2.6	3.02	2.26	3	2.98
Price/Tangible Book Value Low	- -	- -	- -	0.35	0.49	0.88	1.02	1.22	1.1	1.25	1.53	1.41	2.09	2.01
Price/Sales	- -	- -	- -	1.98	3.31	4.52	4.26	5.05	5.55	9.59	4.11	4.2	3.78	2.87
Price/Sales Average	- -	- -	- -	1.61	3	3.96	4.35	4.59	4.95	6.98	5.86	3.68	4.06	3.39
Price/Sales High	- -	- -	- -	2.02	3.43	4.73	5.2	5.37	5.88	9.71	7.94	4.53	4.93	4.13
Price/Sales Low	- -	- -	- -	1.33	2.35	3.51	3.72	3.77	2.98	4.68	4.03	2.82	3.44	2.8
Price/Cash Flow	- -	- -	- -	5.26	6.97	9.74	8.72	9.95	10.87	16.96	7.42	8.16	8.02	6.39
Price/Cash Flow Average	- -	- -	- -	4.27	6.32	8.55	8.89	9.05	9.69	12.33	10.58	7.15	8.62	7.54
Price/Cash Flow High	- -	- -	- -	5.36	7.22	10.2	10.63	10.58	11.53	17.16	14.34	8.81	10.46	9.2
Price/Cash Flow Low	- -	- -	- -	3.53	4.95	7.57	7.61	7.43	5.83	8.28	7.27	5.48	7.3	6.22
Price/Free Cash Flow Average	- -	- -	- -	12.44	16.55	8.51	8.87	9.01	9.68	20.43	10.58	11.58	7.91	7.54
Price/Free Cash Flow High	- -	- -	- -	15.62	18.91	10.16	10.61	10.54	11.52	28.44	14.34	14.26	9.6	9.2
Price/Free Cash Flow Low	- -	- -	- -	10.29	12.97	7.53	7.59	7.4	5.83	13.72	7.27	8.87	6.7	6.22
EV/Sales Average	5.54	- -	10.43	7.88	9.38	9.73	10.16	10.49	10.97	13.58	11.48	9.11	9.84	9.15
EV/Sales High	5.54	- -	10.43	8.29	9.8	10.5	11.01	11.27	11.91	16.31	13.56	9.97	10.71	9.89
EV/Sales Low	5.54	- -	10.43	7.6	8.73	9.28	9.53	9.67	9	11.28	9.65	8.25	9.22	8.55
EV/EBITDA Average	10.35	- -	19.64	14.61	16.56	16.99	17.62	17.54	17.94	21.12	17.61	14	15.56	14.72
EV/EBITDA High	10.35	- -	19.64	15.37	17.31	18.33	19.09	18.84	19.47	25.37	20.8	15.31	16.94	15.91
EV/EBITDA Low	10.35	- -	19.64	14.1	15.41	16.2	16.53	16.17	14.72	17.55	14.8	12.67	14.58	13.76
EV/EBIT Average	13.7	- -	46.99	33.41	32.37	33.25	33.06	32.08	32.22	36.44	31.79	23.23	25.51	24.71
EV/EBIT High	13.7	- -	46.99	35.15	33.85	35.87	35.84	34.45	34.98	43.77	37.55	25.4	27.76	26.72
EV/EBIT Low	13.7	- -	46.99	32.24	30.12	31.7	31.03	29.57	26.44	30.28	26.71	21.03	23.9	23.11
Last Price	- -	- -	- -	17.13	22.07	27.26	26.46	33.62	36.03	69.2	36.12	41.47	37.91	28.21
High Price	- -	- -	- -	17.46	22.86	28.55	32.28	35.76	38.22	70.04	69.75	44.79	49.44	40.62
Enterprise Value Average	162	343	803	1,056	1,866	2,610	3,361	4,069	4,741	7,952	9,205	7,820	7,580	6,886
Enterprise Value High	162	343	803	1,111	1,952	2,816	3,643	4,370	5,146	9,552	10,872	8,552	8,249	7,446
Enterprise Value Low	162	343	803	1,018	1,737	2,488	3,154	3,750	3,890	6,609	7,735	7,081	7,101	6,439

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	40	40	40	23	43	50	57	60	71	91	90	82	76	77
Diluted Weighted Avg Shares	20	- -	20	45	79	44	53	58	67	135	91	146	77	77
Basic Weighted Avg Shares	20	- -	20	15	30	44	53	58	67	81	91	87	77	77
Revenue per Share	1.46	- -	3.85	8.66	6.66	6.04	6.21	6.66	6.49	7.21	8.79	9.88	10.02	9.82
EBITDA per Share	0.78	- -	2.04	4.67	3.77	3.46	3.58	3.99	3.97	4.64	5.73	6.43	6.34	6.11
Operating Income per Share	0.59	- -	0.85	2.04	1.93	1.77	1.91	2.18	2.21	2.69	3.17	3.88	3.87	3.64
Basic EPS, GAAP	-0.17	- -	- -	0.8	0.6	0.01	0.07	-0.14	0.53	1.13	0.99	1.58	1.19	0.7
Basic EPS from Cont Ops	-0.17	- -	-0.82	0.31	0.83	1.04	1.06	1.13	1.19	1.81	2.01	2.73	2.38	1.52
Diluted EPS, GAAP	-0.17	- -	- -	0.27	0.23	0.01	0.07	-0.14	0.53	0.68	0.99	0.94	1.19	0.7
Diluted EPS from Cont Ops	-0.17	- -	-0.82	0.11	0.32	1.04	1.06	1.13	1.19	1.09	2.01	1.62	2.38	1.52
Dividend per Share	- -	- -	- -	0.8	0.89	1.12	1.36	1.49	1.55	1.78	2.29	2.42	2.5	2.55
Cash Flow per Share	0.25	- -	0.82	3.26	3.17	2.8	3.04	3.38	3.32	4.08	4.86	5.08	4.72	4.42
Free Cash Flow per Basic Share	0.2	- -	0.63	3.23	3.15	2.78	3.03	3.36	3.31	4.08	4.86	4.89	4.3	4.42
Cash & Equivalents per Share	0.14	- -	0.45	0.43	0.42	0.3	0.25	0.35	0.28	0.31	0.39	0.75	0.66	0.3
Book Value per Share	-0.61	- -	- -	0.02	-0.28	-1.24	-2.13	-3.38	-3.77	-3.58	-4.34	-5.17	-6.9	-8.5
Tangible Book Value per Share	-0.61	- -	10.32	33.1	31.8	24.17	22.66	20.59	17.51	26.93	23.12	19.81	16.5	13.65

National Storage Affiliates Trust

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)