National Storage Affiliates Trust
ir.nsastorage.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q1 FY2026 10-Q, filed May 5, 2026. Its latest SEC filing is a SCHEDULE 13G/A from Aug 13, 2026.
10-Q for Q1 FY2026, filed May 5, 2026
The sections below describe the company as of the FY2025 annual report.
What Did They Do?
Owns and operates self-storage properties, renting storage space to customers across the United States.
10-K for FY2025, filed Feb 26, 2026
How Did They Make Money?
Renters pay for storage space and related fees; the company also earns from tenant insurance and warranty programs and sells packing supplies and other merchandise. Joint ventures pay management and call-center fees tied to monthly property revenue, platform fees charged monthly, and acquisition fees.
10-K for FY2025, filed Feb 26, 2026The Company manages the business as one reportable segment consisting of owning and managing self storage properties located in the United…View ↗
Other property-related revenue primarily consists of ancillary revenues such as tenant insurance and/or tenant warranty protection-related…View ↗
The Company sells boxes, packing supplies, locks and other retail merchandise at its properties. During the years ended December 31, 2025…View ↗
Management fees and other revenue consist of property management fees, platform fees, call center fees, acquisition fees, amounts related…View ↗
With respect to the 2016 Joint Venture, the 2018 Joint Venture, the 2023 Joint Venture and the 2024 Joint Venture (each as defined in Note…View ↗
$752.9M
-
10-K for FY2025, filed Feb 27, 2026
$752.9M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Tenant insurance and tenant warranty protection plan
|
32%
FY2022: 40%
|
Tenant insurance and tenant warranty protection plan, FY2025
$22.7M Sources
|
|
|
Retail products and supplies
Sold outright
|
2.1%
FY2022: 5.2%
|
Retail products and supplies, FY2025
$1.5M Sources
|
Sold outright |
|
Property management fees, call center fees, and platform fees
Recurring
10-K for FY2025, filed Feb 26, 2026 |
26%
FY2022: 33%
|
Property management fees, call center fees, and platform fees, FY2025
$18.8M Sources
|
Recurring |
|
Acquisition fees
|
0.4%
FY2022: 2.4%
|
Acquisition fees, FY2025
$300K Sources
|
|
|
Tenant warranty protection or tenant insurance
|
39%
FY2022: 19%
|
Tenant warranty protection or tenant insurance, FY2025
$28M Sources
|
Who Were Their Customers?
Customers rent storage space at the company's properties and pay related fees.
10-K for FY2025, filed Feb 26, 2026The Company manages the business as one reportable segment consisting of owning and managing self storage properties located in the United…View ↗
Did Revenues Turn Into Profits?
Yes. It kept 10 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 27, 2026
10-K for FY2025, filed Feb 27, 2026
$73.8MView ↗
How Were They Changing?
10-Q for Q1 FY2026, filed May 5, 2026
Open tableView ↗
-
Jul 22, 2026
Public Storage completed its acquisition of NSA
NSA common shares converted into Public Storage shares, with cash in lieu of fractional shares.
Sources
8-K, filed Jul 22, 2026
Completion of Acquisition or Disposition of Assets.View ↗
Grew. Revenue grew 29% in 4 years, from $585.7M in FY2021 to $752.9M in FY2025, about 6% a year.
In-house management
The older report described participating regional operators as property managers for their portfolios; the latest report says the PRO structure was internalized and the company developed a full-service, internally staffed management platform.
10-K for FY2022, filed Feb 27, 2023 10-K for FY2025, filed Feb 26, 2026Our vice chairperson of the board of trustees and former chairperson of the board of trustees and chief executive officer, Arlen D.…View ↗
Who Did They Compete With?
Competes with Public Storage, CubeSmart, and Extra Space Storage
10-K for FY2025, filed Feb 26, 2026Our primary competitors in many of our markets for both tenants and acquisition opportunities include local, regional, and national…View ↗
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