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May 4 , 2021 NATIONAL STORAGE AFFILIATES National Storage Affiliates Trust Reports First Quarter 2021 Results GREENWOOD VILLAGE , Colo .-- ( BUSINESS WIRE ) -- National Storage Affiliates Trust ( " NSA " or the " Company " ) ( NYSE : NSA ) today reported the Company's first quarter 2021 results . First Quarter 2021 Highlights • Reported net income of $ 27.6 million for the first quarter of 2021 , an increase of 75.3 % compared to the first quarter of 2020. Reported diluted earnings per share of $ 0.19 for the first quarter of 2021 compared to $ 0.06 for the first quarter of 2020 . • Reported core funds from operations ( " Core FFO " ) of $ 51.2 million , or $ 0.49 per share for the first quarter of 2021 , an increase of 22.5 % per share compared to the first quarter of 2020 . • Reported an increase in same store net operating income ( " NOI " ) of 11.5 % for the first quarter of 2021 compared to the same period in 2020 , driven by an 8.1 % increase in same store total revenues partially offset by an increase of 0.6 % in same store property operating expenses . • Reported same store period - end occupancy of 93.8 % as of March 31 , 2021 , an increase of 690 basis points compared to March 31 , 2020 . • Settled the remaining portion of the previously announced underwritten public offering completed under forward sale agreements ( the " forward offering " ) by physically delivering 3,049,490 common shares of beneficial interest ( " common shares " ) to the forward purchasers on March 22 , 2021 for net proceeds of approximately $ 97.3 million . • Acquired 23 wholly - owned self storage properties for $ 166.0 million during the first quarter of 2021. Consideration for these acquisitions included the issuance of $ 22.9 million of OP equity . Highlights Subsequent to Quarter - End • NSA closed approximately $ 204.1 million of additional wholly - owned self storage property acquisitions . • Entered into an agreement to issue $ 180.0 million of senior unsecured notes with a weighted average rate of 2.87 % and a weighted average maturity of 9.6 years in a private placement to certain institutional investors . Tamara Fischer , President and Chief Executive Officer , commented , " We are off to an exceptional start in 2021 , with first quarter same store NOI growth of 11.5 % and over $ 370 million of acquisitions closed year to date . The self storage sector and our portfolio continue to benefit from a surge in customer demand , which is driving occupancies to all time highs and fueling our revenue management strategies . Further , the acquisition market remains