National Storage Affiliates Trust (NYSE: NSA) is a self storage real estate investment trust (REIT) that owns, operates, and acquires self storage properties across the United States. Revenue comes primarily from rental income on storage units, supplemented by sales of ancillary products and services such as tenant insurance and packing supplies. As of December 31, 2025, NSA held ownership interests in and operated 1,063 self storage properties across 37 states and Puerto Rico, comprising approximately 69.4 million rentable square feet configured in approximately 548,000 storage units. The company also owned 262 stores through unconsolidated real estate joint ventures with third parties. NSA was built on a foundation co-created by Arlen D. Nordhagen, who co-founded SecurCare Self Storage in 1988. The PRO structure that drove early growth was fully internalized on July 1, 2024, giving NSA a fully internal property management platform. The capital structure is debt-heavy, with $460.0 million in term loan facilities, $1.950 billion in senior unsecured notes, and $198.6 million in fixed rate mortgages outstanding as of December 31, 2025.

Revenue model

Rental income from self storage units is the primary revenue source, with ancillary revenue from tenant insurance and packing and moving supplies. Joint venture management fees and promoted returns from institutional joint venture structures provide additional income streams.

Products and services

Self storage unit rentals, tenant insurance, ancillary moving and packing supplies, and property management services for unconsolidated real estate joint ventures.

Customers and end markets

Individual consumers and small businesses renting self storage space. Demand drivers cited in FY2025 10-K include housing sales activity and general economic conditions across the 37 states and Puerto Rico where NSA operates.

Value-chain role

Owner-operator of self storage real estate. NSA acquires, manages, and leases storage properties directly and through institutional joint ventures, serving as both landlord and property manager.

Geographic exposure

United States only, spanning 37 states and Puerto Rico as of December 31, 2025. Active acquisition markets during FY2025 included New Mexico, Kansas, Texas, Florida, and California.

Source: SEC 10-K, filed 2026-02-26

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