National Storage Affiliates Trust filings document the regulatory disclosures of a Maryland self-storage REIT and its operating partnership structure. Form 8-K reports include operating and financial results, earnings releases, supplemental schedules and material-event disclosures tied to the company’s self-storage portfolio and capital structure.
The company’s filings describe funds from operations and Core FFO, consolidated balance sheets, portfolio summaries, same-store performance by metropolitan market, debt and equity capitalization, and summarized information for unconsolidated real estate ventures. Other disclosures cover material definitive agreements, shareholder voting matters, governance items and common and preferred share classes.
National Storage Affiliates Trust ownership disclosure: Cohen & Steers and its affiliates report beneficial ownership of 4,603,853 shares of common stock, representing 5.97% of the class. The filing states Cohen & Steers has sole dispositive power over 4,603,853 shares and sole voting power over 2,988,929 shares.
The disclosure lists related entities and principal addresses and notes the shares are held for the benefit of account holders. Signatures are dated 05/15/2026.
Prudential Financial, Inc. filed Amendment No. 2 to Schedule 13G/A reporting beneficial ownership of 1,389,580 shares of Common stock of National Storage Affiliates Trust, representing 1.8% of the class.
The filing lists Prudential as a parent holding company and shows indirect holdings through subsidiaries, including Jennison Associates LLC with 1,274,412 shares (1.6%) and several smaller affiliates. The filing is signed by a Prudential officer on 05/08/2026.
National Storage Affiliates Trust reported first-quarter 2026 results and detailed its pending stock-for-stock merger with Public Storage. Total revenue was $185.4 million, slightly below the prior-year period, while net income rose to $27.7 million and EPS to $0.16 per common share.
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders was $66.0 million and Core FFO was $76.8 million, or $0.57 per share and unit, up from $0.54. Same-store NOI was broadly stable, supported by modest occupancy and rent gains, partly offset by lower tenant insurance-related revenue.
The company operated 799 consolidated self storage properties and held interests in 1,061 properties overall. It carried $3.42 billion of debt with staggered maturities and active interest rate hedging. Under the March 2026 Merger Agreement, each NSA common share is expected to convert into 0.1400 Public Storage common shares, with closing targeted for the third quarter of 2026, subject to equity holder approval and customary conditions.
National Storage Affiliates Trust reported stronger first quarter 2026 results while progressing toward its planned sale to Public Storage in an all-stock merger valued at approximately $10.5 billion in enterprise value. The merger is expected to close in the third quarter of 2026, subject to equity holder approval and other customary conditions.
For Q1 2026, net income rose to $27.7 million, up 41.8% year over year, and diluted earnings per share increased to $0.16 from $0.10. Core funds from operations were $76.8 million, or $0.57 per share and unit, a 5.6% per‑share increase, while FFO per share and unit declined to $0.49 mainly due to $10.0 million of merger related costs.
Same store net operating income grew 2.0% on a 0.2% revenue increase and a 3.9% decline in property operating expenses, with same store period‑end occupancy at 84.5%. NSA acquired one property for about $10.4 million and sold three for net proceeds of roughly $20.6 million, and ended the quarter with about $530.6 million of available capacity on its $950.0 million revolving credit facility.
National Storage Affiliates Trust reports that Vanguard Portfolio Management beneficially owned 6,012,296 shares of Common Stock, representing 7.79% of the class as of 03/31/2026. The filing states Vanguard has sole voting power for 8,509 shares and sole dispositive power for 6,012,296 shares.
The disclosure is filed on behalf of Vanguard Portfolio Management and affiliated Vanguard entities and is signed by Ashley Grim, Head of Global Fund Administration, dated 04/29/2026.
Public Storage discussed its proposed acquisition of National Storage Affiliates Trust (NSA), describing the deal as a portfolio combination that will place over 1,000 assets onto Public Storage’s platform with Public Storage wholly owning 46% of those assets and the remainder held in joint ventures. Management reiterated expected synergies of $110 million to $130 million over time, and unchanged near-term guidance while forecasting stabilization-driven per-share accretion of $0.35 to $0.50 by 2028–2029. Integration planning is underway with a target to move NSA assets onto the PS Next operating platform and to begin rebranding and integration in the third quarter; timing and completion remain subject to customary closing conditions and required approvals.
Public Storage reported first-quarter 2026 results and updated 2026 guidance. Net income per diluted share was $2.71 and Core FFO per share was $4.22 for the quarter. The company announced a pending all‑stock acquisition of National Storage Affiliates (enterprise value ~$10.5 billion) expected to add $0.35 to $0.50 to Core FFO per share at stabilization. Public Storage completed a $500 million senior note offering at 5.00% and reported $10.1 billion total indebtedness and approximately $1.9 billion liquidity as of March 31, 2026. Management reaffirmed 2026 Core FFO per share guidance of $16.35–$17.00.
National Storage Affiliates Trust filed an amendment to its annual report to add Part III details on board composition, governance and executive compensation, without updating prior financial statements.
The company has an 11‑member board with eight independent trustees, an average tenure of 6.8 years and a skills matrix emphasizing self storage, REIT, real estate, finance and digital marketing expertise. Leadership roles are split among an executive chairperson, a vice chairperson, a CEO/president and a lead independent trustee.
Independent trustees received base cash of $70,000 plus $120,000 in equity for 2025, with additional committee retainers and total independent trustee pay of about $1.65 million. Most chose to receive cash fees in LTIP units. Named executive officers’ 2025 compensation combined salary, annual incentive bonuses and LTIP unit awards, with the CEO receiving about $4.0 million and the executive chairperson about $1.6 million.
Roughly 84% of the CEO’s target pay and 75% of other NEOs’ pay were at risk, heavily tied to Company performance. Annual cash bonuses used metrics such as Same Store NOI growth, Core FFO per share growth, acquisitions and dispositions, strategic initiatives and individual goals, and were paid at 68% of target. Long‑term incentives were primarily performance‑based LTIP units linked to three‑year relative total shareholder return versus the MSCI US REIT Index and a self‑storage REIT peer group, plus time‑based LTIP units.
The filing also describes board committees, risk oversight (including cybersecurity governance), a majority voting and resignation policy for trustees, equity ownership guidelines (with senior leaders holding well above required levels), an insider trading and anti‑hedging policy, and a clawback policy for erroneously awarded incentive pay.
National Storage Affiliates Trust reports that The Vanguard Group holds 0% of Common Stock, amounting to 0 shares. The filing states that on January 12, 2026 Vanguard completed an internal realignment and began disaggregated reporting under SEC Release No. 34-39538. The amendment lists Vanguard's address and is signed by Ashley Grim, Head of Global Fund Administration, on 03/27/2026.
National Storage Affiliates Trust notified employees about the proposed merger with Public Storage and summarized how employee pay and benefits would be treated if the merger closes. Equity awards that are unvested immediately before closing will vest and be treated as common shares for merger consideration; 2026 performance-based Partnership LTIP Units will be cancelled without payment.
Eligible corporate employees may receive a prorated FY 2026 annual cash bonus based on target pay and days elapsed in the year, with payment tied to post‑closing employment or termination without cause and execution of a release. The communication explains a new Severance Plan that will treat the merger as a change in control, sets severance formulas for corporate and field participants (tiered weeks of pay and housing amounts), and states that severance is paid after a required release. The notice includes standard forward‑looking disclaimers and says a Form S-4/Proxy Statement/Prospectus will be filed with the SEC.