It's like Marriott for storage units.

Think of it as Equity Residential, but for your belongings instead of people.

Essentially, it's Prologis, but focused on personal and small-business storage.

• Self-storage unit rental: Providing secure, rentable storage units to individuals and businesses for their personal or commercial belongings.

National Storage Affiliates Trust (NSA) primarily sells its services to individuals and small to medium-sized businesses rather than large public companies. As an owner and operator of self-storage properties, its major customers fall into the following categories:

1. Residential Customers: Individuals and families who require additional space for their household belongings. This includes people who are moving, downsizing, renovating their homes, decluttering, or simply need extra storage for personal items due to limited space in their residences.
2. Business Customers: Small to medium-sized businesses that utilize self-storage units for commercial purposes. This can include storing inventory, documents, equipment, tools, supplies, or seasonal merchandise. Examples might include e-commerce businesses, contractors, sales representatives, or businesses needing off-site archiving.
3. Life Event/Temporary Customers: Individuals facing specific life transitions or temporary situations. This category includes students needing storage during breaks, military personnel requiring storage during deployment or relocation, and individuals undergoing temporary housing changes or other significant life events that necessitate short-term or flexible storage solutions.

David Cramer

President and Chief Executive Officer

David Cramer was appointed President and Chief Executive Officer in April 2023. Prior to this, he served as President and Chief Operating Officer since July 2022 and Executive Vice President and Chief Operating Officer from April 2020 to July 2022. He has over 24 years of experience in the self-storage industry, starting in 1998 when he joined SecurCare Self Storage, which was the predecessor company to National Storage Affiliates Trust. At SecurCare, he held various positions including Director of Operations, Chief Operating Officer, and President and Chief Executive Officer. Before his time at SecurCare Self Storage, Mr. Cramer worked for Target (NYSE: TGT) for 12 years, where he held several operational and managerial roles. He also serves as a board member for the Storage Business Owners Alliance Tenant Insurance program (SBOATI).

Brandon Togashi

Executive Vice President, Chief Financial Officer, and Treasurer

Brandon Togashi has served as Executive Vice President, Chief Financial Officer, and Treasurer since January 1, 2020. Before assuming his current role, he was the Chief Accounting Officer from 2017 to 2019 and Controller from 2014 to 2019. Prior to joining National Storage Affiliates Trust, Mr. Togashi served as Vice President of Corporate Accounting at DCT Industrial Trust Inc. from 2013 through 2014. He also worked as a Senior Manager in the audit practice of KPMG LLP from 2010 to 2013. Mr. Togashi is a Certified Public Accountant.

Tamara Fischer

Executive Chairperson

Tamara Fischer currently serves as Executive Chairperson, a position she was elevated to in April 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 served as Executive Vice President and Chief Financial Officer of Vintage Wine Trust, Inc., a real estate investment trust. Additionally, from 1993 to 2003, Ms. Fischer was the Executive Vice President and Chief Financial Officer of Chateau Communities, Inc., a significant real estate investment trust in the manufactured home community sector. She also served on the Board of Directors of Duke Realty Corporation from February 2020 until its acquisition by Prologis, Inc. in October 2022.

Tiffany Kenyon

Executive Vice President and Chief Legal Officer

Tiffany Kenyon was appointed Executive Vice President and Chief Legal Officer in January 2023. Before her current role, 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. Prior to joining the Company, Ms. Kenyon spent ten years with MarkWest Energy Partners, L.P., where her most recent position was Vice President, Law, focusing on commercial transactions, finance, and corporate and securities matters.

John Esbenshade

Senior Vice President and Chief Accounting Officer

John Esbenshade was appointed Senior Vice President and Chief Accounting Officer in January 2025. He previously served as Senior Vice President, Controller since September 2022, and as Vice President, Controller from March 2019 to September 2022. Before joining National Storage Affiliates Trust, Mr. Esbenshade was Vice President of Technical Accounting and Strategic Capital at Prologis (PLD) from 2014 through 2019. Prior to that, he was employed in Deloitte's audit practice from 2003 to 2014, where he most recently served as a Senior Manager. Mr. Esbenshade is a certified public accountant.

The public company National Storage Affiliates Trust (symbol: NSA) faces several key risks, primarily centered around its recently announced merger with Public Storage (PSA).

1. Merger Completion and Integration Risks: The most significant immediate risks for National Storage Affiliates Trust relate to the definitive merger agreement with Public Storage, announced on March 16, 2026. These include the potential for the transaction not to be completed on the proposed terms or anticipated timeline, or at all, due to factors such as regulatory approvals, required shareholder and unitholder approvals, or other closing conditions not being satisfied. Should the merger face delays or termination, it could negatively impact NSA's share price and operations. Additionally, the value received by NSA shareholders is directly tied to the conversion ratio of NSA common shares into Public Storage common shares, meaning changes in Public Storage's share price will affect the ultimate value for NSA shareholders. During the merger period, NSA is also restricted from paying certain dividends or distributions without Public Storage's consent, which could influence investor sentiment.

2. Self-Storage Industry Headwinds: Even if the merger proceeds, or if it were to fail, the self-storage industry itself presents ongoing risks. The market is experiencing oversupply in some areas, particularly urban and high-growth sunbelt states, leading to pricing pressures and declining occupancy rates. Changes in customer preferences, such as the emergence of valet-style storage, shifts in consumer discretionary spending, and increased operating expenses (e.g., rising labor costs and property taxes), could adversely affect demand for traditional self-storage and impact NSA's ability to maintain or increase profitability.

3. Macroeconomic and Financial Market Volatility: National Storage Affiliates Trust is susceptible to broader macroeconomic factors. Adverse economic conditions like slowdowns, sustained high interest rates, or inflationary environments can reduce occupancy levels and limit the company's ability to adjust rental rates. Such conditions can negatively impact NSA's financial results and its capacity to manage its debt obligations, particularly in an environment where refinancing costs could be a concern.

The main product and service of National Storage Affiliates Trust (NSA) is self-storage properties. The addressable market for these services is the United States.

The United States self-storage market size is projected to grow from USD 45.34 billion in 2025 to USD 47.28 billion in 2026, with a forecast to reach USD 57.79 billion by 2031 at a 4.10% compound annual growth rate (CAGR) over 2026-2031. Total industry revenue is projected to exceed $45 billion by 2026. The U.S. self-storage industry also contains over 2.1 billion square feet of total self-storage space as of 2026.

Here are 3-5 expected drivers of future revenue growth for National Storage Affiliates Trust (NSA) over the next 2-3 years:

1. Improved Occupancy and Dynamic Pricing Strategies: National Storage Affiliates Trust is focused on driving internal growth by increasing occupancy and implementing competitive rate and promotion strategies. Management noted improving occupancy and sequential same-store revenue progress in the fourth quarter of 2025, with positive year-over-year occupancy trends continuing into early 2026. This focus on enhancing rental volumes and optimizing pricing will continue to be a key revenue driver.
2. Strategic Portfolio Management (Acquisitions and Dispositions): NSA actively optimizes its portfolio through strategic acquisitions and dispositions of self-storage properties. The company has provided guidance for 2026, outlining acquisition and disposition ranges of $50 million to $150 million each, which will contribute to the growth and quality of its asset base. This ongoing management of its property portfolio is expected to enhance revenue generation.
3. Synergistic Revenue Optimization Post-Acquisition by Public Storage: With the anticipated acquisition of National Storage Affiliates Trust by Public Storage, expected to close in the third quarter of 2026, significant revenue synergies are projected. Public Storage targets $110-$130 million of annual run-rate synergies by year three, primarily from revenue optimization by applying its operating model (PS Next™) and best practices across NSA's portfolio.
4. Enhanced Marketing and Technology Integration: NSA plans to continue investing in increased marketing spend to drive customer acquisition and internal growth. Furthermore, ongoing efforts in centralizing technology and consolidating brands are expected to drive efficiency gains and support earnings growth, indirectly bolstering revenue through improved customer experience and operational effectiveness.

Share Issuance

• In March 2026, National Storage Affiliates Trust agreed to be acquired by Public Storage in an all-stock transaction, where NSA common shareholders and operating partnership unitholders will receive 0.14 shares of Public Storage common stock or partnership units for each NSA share or unit they own.

Inbound Investments

• In March 2026, National Storage Affiliates Trust agreed to be acquired by Public Storage in an all-stock transaction valued at approximately $10.5 billion in enterprise value.
• National Storage Affiliates Trust pursues growth through multiple institutional joint ventures, with the company generally holding a 25% ownership stake in these ventures.

Outbound Investments

• During full year 2025, National Storage Affiliates Trust acquired four wholly-owned self-storage properties for approximately $24.9 million and three joint venture properties for approximately $50.0 million.
• In 2025, the company completed the sale of 15 wholly-owned self-storage properties for approximately $96.9 million.
• For 2026, NSA has set acquisition and disposition guidance ranges at $50 million to $150 million each for NSA's share.

Capital Expenditures

• National Storage Affiliates Trust's strategic priorities for 2026 include driving internal growth with increased marketing spend and competitive positioning.
• Marketing expenses for the company increased by 37% in the fourth quarter of 2025, reflecting investment in customer acquisition.
• The company's focus includes optimizing its portfolio and implementing disciplined cost management.