National Storage Affiliates Trust Announces Tax Treatment of 2025 Distributions

Key Terms

cusip financial

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

cumulative redeemable preferred shares financial

Cumulative redeemable preferred shares are a type of stock that pays regular dividends which, if skipped, accumulate and must be paid later; think of it like an interest-bearing note where missed payments pile up. The redeemable feature means the issuer can (or sometimes must) buy the shares back at a preset price or date, so investors get a clearer path to getting their money back. These features matter because they provide steadier income than common stock and a higher claim on payouts, but they also carry the issuer’s repayment risk and limited upside.

form 1099-div financial

Form 1099-DIV is a U.S. tax document brokers, mutual funds and other financial institutions send to investors showing dividends and other distributions paid during the year. Investors use it like an annual receipt to report taxable income — including regular dividends, dividends that may qualify for lower tax rates, and capital gains distributions — so it directly affects tax liability and helps reconcile brokerage records with a tax return.

qualified reit dividends financial

Qualified REIT dividends are the portion of payments from a real estate investment trust that receives special tax treatment for individual U.S. taxpayers: they are reported separately so investors can claim a targeted deduction (commonly the 20% qualified business income deduction) rather than being taxed only as ordinary income. This matters to investors because it changes the after-tax income from a REIT—similar to getting a partial tax break on part of a paycheck—affecting the real yield and attractiveness of the investment.

internal revenue code section 199a regulatory

Internal Revenue Code Section 199A is a U.S. tax rule that allows owners of pass-through businesses (like partnerships, S corporations, and sole proprietorships) to deduct up to 20% of certain business income from their taxable income. For investors, this deduction can increase after-tax cash flow and make ownership stakes more valuable, similar to a temporary boost in take-home profit that improves returns and affects company valuations.

internal revenue code section 897 regulatory

Internal Revenue Code Section 897 is the U.S. tax rule that treats gains from selling U.S. real property interests by non-U.S. persons as taxable in the United States and often subject to automatic withholding. For investors, it matters because it changes who pays U.S. tax and can reduce the cash a foreign seller receives at closing; it also affects how ownership of real estate and certain securities is structured to manage tax cost and cash flow.

section 1250 gain financial

Section 1250 gain is the part of profit from selling depreciable real estate (like buildings) that reflects earlier tax deductions for wear-and-tear. Think of it as repaying the tax benefit you received when writing off the property’s aging; that portion is taxed differently than ordinary capital gains, with a special higher rate apply­ing to investors’ after‑tax proceeds. Investors care because it reduces the cash they keep from a sale and can change the effective return on a property investment.

GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)-- National Storage Affiliates Trust (“NSA” or the “Company”) (NYSE: NSA) today announced the tax treatment of its 2025 distributions on its Common Shares of Beneficial Interest (CUSIP Number 637870106), its 6.000% Series A Cumulative Redeemable Preferred Shares (CUSIP Number 637870205) (“Series A Preferred Shares”), and its 6.000% Series B Cumulative Redeemable Preferred Shares (CUSIP Number 637870304) (“Series B Preferred Shares”).

For the tax year ended December 31, 2025, distributions to NSA’s common shareholders are classified on Form 1099-DIV as follows:

Declaration Date	Record Date	Payment Date	Total Distribution Per Share	1099 Box 1a: Total Ordinary Dividends	1099 Box 2a: Total Capital Gain Distribution	1099 Box 2b: Unrecaptured Section 1250 Gain	1099 Box 3: Nondividend Distributions
2/13/2025	3/14/2025	3/31/2025	$0.570000	$0.344743	$0.020195	$0.008291	$0.205062
5/15/2025	6/13/2025	6/30/2025	$0.570000	$0.344743	$0.020195	$0.008291	$0.205062
8/14/2025	9/15/2025	9/30/2025	$0.570000	$0.344743	$0.020195	$0.008291	$0.205062
11/13/2025	12/15/2025	12/31/2025	$0.570000	$0.344743	$0.020195	$0.008291	$0.205062
Totals for 2025			$2.280000	$1.378972	$0.080780	$0.033164	$0.820248

For the tax year ended December 31, 2025, distributions to NSA’s preferred shareholders are classified on Form 1099-DIV as follows:

Series A Preferred Shares

Declaration Date	Record Date	Payment Date	Total Distribution Per Share	1099 Box 1a: Total Ordinary Dividends	1099 Box 2a: Total Capital Gain Distribution	1099 Box 2b: Unrecaptured Section 1250 Gain	1099 Box 3: Nondividend Distributions
2/13/2025	3/14/2025	3/31/2025	$0.375000	$0.354249	$0.020751	$0.008520	$0.000000
5/15/2025	6/13/2025	6/30/2025	$0.375000	$0.354249	$0.020751	$0.008520	$0.000000
8/14/2025	9/15/2025	9/30/2025	$0.375000	$0.354249	$0.020751	$0.008520	$0.000000
11/13/2025	12/15/2025	12/31/2025	$0.375000	$0.354249	$0.020751	$0.008520	$0.000000
Totals for 2025			$1.500000	$1.416996	$0.083004	$0.034080	$0.000000

Series B Preferred Shares

Declaration Date	Record Date	Payment Date	Total Distribution Per Share	1099 Box 1a: Total Ordinary Dividends	1099 Box 2a: Total Capital Gain Distribution	1099 Box 2b: Unrecaptured Section 1250 Gain	1099 Box 3: Nondividend Distributions
2/13/2025	3/14/2025	3/31/2025	$0.375000	$0.354249	$0.020751	$0.008520	$0.000000
5/15/2025	6/13/2025	6/30/2025	$0.375000	$0.354249	$0.020751	$0.008520	$0.000000
8/14/2025	9/15/2025	9/30/2025	$0.375000	$0.354249	$0.020751	$0.008520	$0.000000
11/13/2025	12/15/2025	12/31/2025	$0.375000	$0.354249	$0.020751	$0.008520	$0.000000
Totals for 2025			$1.500000	$1.416996	$0.083004	$0.034080	$0.000000

The ordinary dividends in the tables above are “qualified REIT dividends” for purposes of Internal Revenue Code section 199A, reported in Box 5 of Form 1099-DIV.

The capital gains in the tables above are Section 897 capital gains for purposes of Internal Revenue Code section 897, reported in Box 2f of Form 1099-DIV.

NSA recommends its shareholders consult their individual tax advisors should there be any related questions regarding the above tables.

Upcoming Industry Conferences

NSA management is scheduled to participate in Citi’s 2026 Global Property CEO Conference on March 2-4, 2026 in Hollywood, Florida.

About National Storage Affiliates Trust

National Storage Affiliates Trust is a real estate investment trust headquartered in Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. As of September 30, 2025, the Company held ownership interests in and operated 1,069 self storage properties, located in 37 states and Puerto Rico with approximately 69.8 million rentable square feet. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States. For more information, please visit the Company’s website at www.nsastorage.com. NSA is included in the MSCI US REIT Index (RMS/RMZ), the Russell 1000 Index of Companies and the S&P MidCap 400 Index.

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National Storage Affiliates Trust

Investor/Media Relations

George Hoglund, CFA

Vice President - Investor Relations

720.630.2160

ghoglund@nsareit.net

Source: National Storage Affiliates Trust