Here are 1-3 brief analogies for National Storage Affiliates Trust (NSA):

• Like a Public Storage, but a different national chain of self-storage facilities.
• The Prologis of personal and business storage, providing space for various items instead of large industrial goods.
• An apartment landlord, but instead of renting homes for people, they rent out storage units for belongings.

• Self-Storage Unit Rentals: NSA provides rental space for individuals and businesses to store their belongings in various unit sizes, on a short-term or long-term basis.

National Storage Affiliates Trust (NSA) is a real estate investment trust (REIT) focused on the self-storage industry. As such, it primarily sells its storage unit rentals and related services directly to individuals and small businesses, rather than to other large companies.

The company serves a diverse base of customers, which can be categorized as follows:

1. Residential/Personal Use: This category includes individuals and families who require storage space during life transitions such as moving, renovating their homes, downsizing, or decluttering. They also store seasonal items, personal belongings, or recreational equipment that doesn't fit in their homes.

2. Small Business/Commercial Use: Small businesses, independent contractors, e-commerce sellers, and professionals utilize self-storage for various commercial needs. This includes storing inventory, equipment, tools, documents, sales samples, or excess office furniture, often as a more flexible and cost-effective alternative to traditional warehouse space.

3. Student Use: Students often rent storage units to store their belongings during summer breaks, between academic years, while studying abroad, or when moving into smaller accommodations, providing a convenient solution for temporary storage needs.

Mr. Cramer was appointed President and Chief Executive Officer in April 2023. Before this role, he served as President and Chief Operating Officer from July 2022 and Executive Vice President and Chief Operating Officer from April 2020 to July 2022. Mr. Cramer has over 24 years of experience in the self-storage industry, beginning in 1998 when he joined SecurCare Self Storage, the predecessor company to National Storage Affiliates Trust. At SecurCare, he served as Director of Operations from 1998 to 2005, Chief Operating Officer from 2005 to 2013, and President and Chief Executive Officer from 2013 to 2020. Prior to SecurCare, he worked for Target (NYSE: TGT) for 12 years in various operational and managerial positions.

Mr. Togashi has served as Executive Vice President, Chief Financial Officer and Treasurer since January 1, 2020. His prior roles at National Storage Affiliates include Chief Accounting Officer from 2017 to 2024 and Controller from 2014 to 2019. Before joining NSA, he was Vice President of Corporate Accounting at DCT Industrial Trust Inc. from 2013 to 2014 and a Senior Manager in the audit practice of KPMG LLP from 2010 to 2013.

Ms. Fischer currently serves as Executive Chairperson, a position she assumed on April 1, 2023. She previously served as Chief Executive Officer from January 1, 2020, to March 31, 2023, and as President from July 1, 2018, through June 30, 2022. Prior to January 1, 2020, Ms. Fischer was the Chief Financial Officer of National Storage Affiliates Trust since its inception in 2013. From 2004 to 2008, she was the Executive Vice President and Chief Financial Officer of Vintage Wine Trust, Inc., a real estate investment trust, where she handled capital markets, investor relations, and financial reporting. She continued consulting for Vintage Wine Trust until its dissolution in 2010. From 1993 to 2003, Ms. Fischer was Executive Vice President and Chief Financial Officer of Chateau Communities, Inc., a significant REIT in the manufactured home community sector.

Mr. Nordhagen currently serves as Vice Chairperson, effective April 1, 2023. He is the founder of National Storage Affiliates Trust and served as its Chief Executive Officer from inception in 2013 until January 2020, when he was appointed Executive Chairman. He also served as Chairman from the company's IPO in April 2015 until March 2023. Mr. Nordhagen previously served as President and Chief Executive Officer of SecurCare Self Storage, Inc.

Ms. Kenyon was appointed Executive Vice President and Chief Legal Officer in January 2023. Prior to this, she served as Executive Vice President and General Counsel since January 2022 and Senior Vice President and Senior Legal Officer from May 2018 to January 2022. Before joining National Storage Affiliates Trust, Ms. Kenyon spent ten years with MarkWest Energy Partners, L.P., where she most recently held the position of Vice President, Law, focusing on commercial transactions, finance, and corporate and securities matters.

The key risks to National Storage Affiliates Trust (NSA) primarily revolve around market dynamics impacting financial performance, operational challenges in managing costs and acquisitions, and risks associated with its debt structure and interest rates.

1. Economic and Market Headwinds Leading to Margin Compression and Muted Growth: NSA faces significant challenges from recent market shifts, including weakening guidance, decreased net income, and a decline in core funds from operations (FFO). Elevated competition and the necessity of offering concessions to retain tenants are limiting rent growth and pricing power, which in turn compresses operating margins even as demand for storage remains steady. The company has experienced slowing expansion, negative earnings growth, and a notable slip in net profit margin from 18.2% to 6.4%. This is further evidenced by a decrease in same-store total revenues and net operating income (NOI), and a reduction in occupancy levels.
2. Operational Risks Related to Expense Management and Acquisition Strategy: The company's growth relies heavily on successful acquisitions and the effective integration of new properties, presenting challenges such as intense competition for properties, potential unknown liabilities, and difficulties in integrating new assets into existing operations. Moreover, rising operational costs, including property taxes, repairs and maintenance, and marketing expenses, are contributing to the compression of operating margins. Managing these expense pressures and fluctuations in occupancy remains a critical challenge for NSA's business model.
3. Interest Rate and Debt-Related Risks: National Storage Affiliates Trust's substantial indebtedness and reliance on external capital sources could restrict its financial flexibility and heighten its vulnerability to interest rate fluctuations. Increases in interest rates specifically raise debt service costs and impact cash flow, as the company is exposed to variable-rate debt. The sustainability of its dividend payments could also be at risk if the company's financial performance does not improve, especially given weaker financial positioning and a potentially higher dividend payout ratio straining its balance sheet.

The clear emerging threat for National Storage Affiliates Trust (NSA) is the rise of on-demand, full-service storage providers, often referred to as "valet storage" or "storage-as-a-service" companies.

These services, exemplified by companies like Clutter or MakeSpace, fundamentally alter the customer experience by picking up items from a customer's location, transporting them to a centralized warehouse, storing them, and delivering them back on demand. This model removes the need for customers to rent a truck, transport items to a physical self-storage facility, or manage their own unit. For a segment of customers, particularly those in urban areas or those seeking maximum convenience without frequent access to their stored items, this service offers a superior solution to traditional self-storage.

This threat is analogous to Netflix's disruption of Blockbuster, where a more convenient, full-service model displaced the traditional brick-and-mortar offering, even though the core need (watching movies/storing items) remained. While still a smaller part of the overall storage market, these companies are actively expanding, attracting investment, and capturing market share, presenting a growing alternative that could erode demand for traditional self-storage units over time, especially in high-density urban markets.

The main product or service offered by National Storage Affiliates Trust (NSA) is self-storage. The addressable market size for the self-storage industry in the U.S. is approximately USD 45.41 billion for 2025.

National Storage Affiliates Trust (NSA) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

1. Improving Same-Store Revenue Growth and Occupancy Stabilization: Management anticipates sequential improvements in year-over-year same-store revenue growth, indicating a belief that the lowest point has passed and positive momentum will continue into 2026. The company is actively focusing on increasing occupancy levels, which, alongside improving move-in rates and a narrowing year-over-year occupancy gap, is expected to directly contribute to revenue expansion.
2. Effective Revenue Management and Pricing Strategies: NSA is implementing refined strategies to optimize street rates and maximize revenue from existing customers through its ECRI (Existing Customer Rate Increase) program. Recent improvements in contract rates are indicative of the positive impact of these pricing efforts.
3. Decreased New Supply in the Self-Storage Market: A significant industry tailwind for NSA is the expected reduction in new self-storage facility supply over the next few years. This decline in new competition to levels well below historical averages is projected to create a more favorable supply-demand balance, thereby enhancing the company's pricing power and supporting occupancy growth.
4. Strategic Investments in Marketing and Technology: The company is increasing its investment in customer acquisition through enhanced marketing spend in key markets. Furthermore, NSA is leveraging technology, including the use of AI in its call centers and an evolving paid search model, to drive more opportunities and attract higher-value rentals. These operational improvements are aimed at boosting customer volume and revenue efficiency.
5. New Preferred Equity Investment Program: NSA has launched a preferred equity investment program designed to introduce new strategies and aid the company in returning to a growth trajectory. This program represents a focused effort to expand the company's growth drivers through strategic capital deployment.

Share Repurchases

• National Storage Affiliates Trust repurchased approximately 8.8 million shares for $310.2 million during the full year 2023.
• In the full year 2024, the company repurchased 7.4 million common shares for approximately $275.2 million, exhausting the previously authorized program.
• As of Q3 2025, NSA had an approximate $350.3 million share repurchase authorization remaining.

Share Issuance

• In Q4 2023, NSA issued $113.2 million of 6.000% Series B Cumulative Redeemable Preferred Shares and $67.3 million of OP equity as consideration for acquisitions.
• A new "At the Market" (ATM) program was authorized in Q4 2024 for the sale of up to $400.0 million of NSA's common shares. This ATM program had $400.0 million of remaining capacity as of Q3 2025.
• The internalization of NSA's Participating Regional Operator (PRO) structure, effective July 1, 2024, resulted in the conversion of 12.1 million outstanding subordinated performance units into approximately 18.2 million Operating Partnership (OP) units.

Inbound Investments

• In Q4 2023, NSA entered into a joint venture (the "2023 Joint Venture") with a state pension fund advised by Heitman Capital Management LLC, which provides for equity capital contributions of up to $400 million over a 24-month period, with the investor holding a 75% ownership interest.

Outbound Investments

• During the full year 2023, NSA acquired 20 wholly-owned self storage properties for approximately $229.5 million.
• In the full year 2024, the company acquired seven wholly-owned self storage properties for approximately $64.9 million and 18 properties through its unconsolidated real estate ventures for approximately $147.9 million. Additionally, NSA contributed 56 wholly-owned properties, valued at approximately $346.5 million, to the 2024 Joint Venture.
• NSA also engaged in significant property divestitures, agreeing to sell 71 wholly-owned self storage properties for approximately $540.0 million in Q4 2023, and completing sales of 40 wholly-owned properties for net proceeds of approximately $273.1 million in 2024.

Capital Expenditures

• Total capital expenditures were approximately $42.8 million in 2022, $34.2 million in 2023, and $18.7 million in 2024.
• Capital expenditures are broadly categorized into recurring, value enhancing, and acquisitions capital expenditures.
• These expenditures are generally funded from cash provided by operating activities.