National Storage Affiliates Trust

National Storage Affiliates Trust is a real estate investment trust that owns, operates, and acquires self-storage properties. The company was organized in Maryland on May 16, 2013, and has qualified to be taxed as a REIT for U.S. federal income tax purposes since its taxable year ended December 31, 2015. It conducts its business through its operating partnership subsidiary, NSA OP, LP, a Delaware limited partnership formed on February 13, 2013. The company's properties are predominantly located within the top 100 metropolitan statistical areas (MSAs) across the United States. As of December 31, 2025, National Storage Affiliates Trust owned and operated a geographically diversified portfolio of 1,063 self-storage properties. These properties are situated in 37 states and Puerto Rico, encompassing approximately 69.4 million rentable square feet and configured into approximately 548,000 storage units. This count excludes three properties classified as held for sale, which were sold to a third party in January 2026. National Storage Affiliates Trust completed its initial public offering in 2015, and its common shares of beneficial interest, $0.01 par value per share, are listed on the New York Stock Exchange under the symbol "NSA." The company's former PRO structure, which integrated multiple experienced regional self-storage operators, contributed to its growth, with the internalization of this structure occurring on July 1, 2024.