National Storage Affiliates Trust (NSA)

NSA Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	67.62	111.52	156.67	103.74	105.25	48.61
Depreciation & Amortization	190.77	189.86	221.99	233.16	158.31	117.17
Other Amortization	6.18	6.49	6.54	4.42	3.44	3.09
Gain (Loss) on Sale of Assets	-11	-63.84	-63.91	-5.47	-	-
Gain (Loss) on Sale of Investments	-	-	-	-	-	0.14
Stock-Based Compensation	11.54	8.31	6.68	6.26	5.46	4.28
Income (Loss) on Equity Investments	35.17	39.38	16.08	15.79	14.35	14.37
Change in Accounts Payable	1.04	5.32	12.23	16.52	8.4	7.45
Change in Other Net Operating Assets	7.65	2.14	1.23	-10.21	-3.16	-3.44
Other Operating Activities	37.53	71.47	80.73	80.32	40.97	29.79
Operating Cash Flow	345.83	363.07	441.58	443.85	331.35	220.65
Operating Cash Flow Growth	-8.25%	-17.78%	-0.51%	33.95%	50.17%	12.21%
Acquisition of Real Estate Assets	-93.87	-85.35	-84.27	-540.08	-1,995	-514.36
Sale of Real Estate Assets	72.06	616.81	262.3	10.96	-	-
Net Sale / Acq. of Real Estate Assets	-21.81	531.46	178.03	-529.12	-1,995	-514.36
Cash Acquisition	-	-32.74	-16.92	-	-2.87	-
Investment in Marketable & Equity Securities	-12.85	-74.22	-	-55.04	-	4.67
Other Investing Activities	-	0.91	-	-	-	-
Investing Cash Flow	-34.66	425.42	161.11	-584.17	-1,998	-509.68
Long-Term Debt Issued	-	1,270	1,319	1,572	2,349	929.5
Long-Term Debt Repaid	-	-1,480	-1,211	-960.37	-1,322	-546.15
Net Debt Issued (Repaid)	-25.38	-209.54	108.19	611.63	1,026	383.35
Issuance of Common Stock	-	-	-	-	900.98	82.92
Repurchase of Common Stock	-	-275.2	-310.15	-90.11	-	-
Common Dividends Paid	-174.5	-171.82	-190.91	-195.7	-131.71	-90.14
Preferred Dividends Paid	-20.46	-20.45	-19.02	-13.43	-13.1	-13.1
Total Dividends Paid	-194.96	-192.26	-209.93	-209.12	-144.81	-103.24
Other Financing Activities	-141.4	-148.43	-145.29	-157.75	-109.62	-76.58
Net Cash Flow	-50.56	-36.94	45.49	14.32	6.17	-2.58
Cash Interest Paid	155.58	145.41	143.62	99.43	66.92	59.35
Levered Free Cash Flow	256.85	838.05	-232.02	310.02	240.95	165.55
Unlevered Free Cash Flow	351.69	927.97	-134.71	374.72	282.55	201.58
Change in Working Capital	8.02	-0.11	16.8	5.63	3.56	3.2

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

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