National Storage Affiliates Trust Announces Preferred Equity Investment in Newly Formed Joint Venture

GREENWOOD VILLAGE, Colo.–(BUSINESS WIRE)– National Storage Affiliates Trust
(“NSA” or the “Company”) (NYSE: NSA) today announced the Company has entered into a
new joint venture with an affiliate of Investment Real Estate Management, LLC (“IRE”), one
of NSA’s former participating regional operators (“PROs”), which manages self storage
properties under the “Moove In” brand.

The joint venture is anticipated to have total buying power of approximately $350 million,
through a combination of equity to be contributed by the partners and debt to be obtained by
the joint venture. NSA has committed to providing 75% of the equity capital (up to $105
million) in exchange for preferred equity, with a 10% preferred return per annum as well as
an opportunity for additional returns, which NSA expects to realize as the joint venture exits
its investments in future years. NSA expects the joint venture to deploy the capital over the
next 24 months, primarily targeting value-add self storage investments in attractive growth
markets. Properties acquired by the joint venture will be managed by IRE under the Moove
In brand.

David Cramer, President and Chief Executive Officer of NSA, commented, “I’m very pleased
to announce this partnership which I would characterize as another step in NSA 2.0.
Following the internalization of our PRO structure, we’ve discussed the potential for new
strategies to enhance earnings growth in this next phase of NSA’s lifecycle. This joint
venture represents another step in broadening our avenues for growth.”

IRE Chief Executive Officer John Gilliland said the new agreement with NSA will create
exciting opportunities for both companies. “NSA and IRE have already forged a tremendous
relationship in the self storage industry. Today’s announcement begins a new chapter that
will provide IRE with the growth capital necessary to continue our value-add expansion in
existing and new markets.”

Will Cowan, Executive Vice President and Chief Strategy Officer of NSA, commented, “For
NSA, this represents an additional arrow in our quiver for the deployment of investment
capital. We may seek to explore similar structures with additional partners as we look to
generate healthy investment returns while also building a pipeline of future acquisition
opportunities to further our long-term growth story.”

About National Storage Affiliates Trust
National Storage Affiliates Trust is a real estate investment trust headquartered in
Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self
storage properties predominantly located within the top 100 metropolitan statistical areas
throughout the United States. As of September 30, 2025, the Company held ownership
interests in and operated 1,069 self storage properties, located in 37 states and Puerto Rico
with approximately 69.8 million rentable square feet. NSA is one of the largest owners and
operators of self storage properties among public and private companies in the United
States. For more information, please visit the Company’s website at www.nsastorage.com.
NSA is included in the MSCI US REIT Index (RMS/RMZ), the Russell 1000 Index of
Companies and the S&P MidCap 400 Index.

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National Storage Affiliates Trust
Investor/Media Relations
George Hoglund, CFA
Vice President – Investor Relations
720.630.2160
ghoglund@nsareit.net
Source: National Storage Affiliates Trust