Welcome to our dedicated page for National Storage Affiliates Tr SEC filings (Ticker: NSA), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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 (NSA) is asking shareholders to approve a merger in which each NSA common share will convert into 0.1400 newly issued Public Storage common shares plus cash in lieu of fractional shares, subject to the terms of the merger agreement and required approvals.
The NSA board recommends shareholders vote FOR the Merger Proposal, the Compensation Proposal (advisory) and the Adjournment Proposal. A special meeting of NSA common shareholders will be held virtually on July 14, 2026. The exchange ratio is fixed; the implied merger consideration will vary with Public Storage’s share price.
Public Storage posted a June 2026 investor presentation outlining operating momentum and a proposed strategic combination with National Storage Affiliates (NSA). The presentation cites 92.2% average occupancy, #1 NOI margin in 1Q26, and ~ $11 billion of closed/under-contract acquisitions YTD 2026. It forecasts $110–130M of actionable synergies over 3+ years from the transaction, pro forma portfolio growth of +30% properties and +27% square feet, and targeted Core FFO per share accretion of $0.10–$0.20 in 2027 and $0.35–$0.50 in 2028–2029. The company reports 2.9x Net debt/EBITDA and 4.1x Net debt & preferred/EBITDA and states plans to fund external growth via retained cash flow, debt capacity, and other sources.
National Storage Affiliates Trust Executive Chairperson Tamara D. Fischer reported a non-market conversion of equity awards. She converted 14,576 LTIP Units into 14,576 Class A OP Units, and a corresponding 14,576 Class A OP Units into an equivalent number of common share-linked interests.
After these conversions, she has total beneficial ownership of 594,737 Class A OP Units and 109,828 unvested LTIP Units. The company notes this Form 4 is filed on a voluntary basis to provide notice of the LTIP-to-OP Unit conversion, which had previously been reported on an as-converted basis, and involves no open-market buying or selling.
National Storage Affiliates Trust director and Vice Chairperson Arlen Dale Nordhagen reported routine equity incentive conversions. He converted 919 LTIP Units into 919 Class A OP Units, with no cash changing hands, as part of the partnership’s long-term incentive structure.
Following these transactions, his total beneficial ownership is 2,561,438 Class A OP Units, including previously reported holdings. He now holds 0 vested LTIP Units and 28,424 unvested LTIP Units, reflecting a shift from incentive units into operating partnership units rather than an open-market trade.
National Storage Affiliates Trust Chief Strategy Officer William S. Cowan Jr. reported a non-cash conversion of equity-linked awards. On May 21, 2026, 17,606 LTIP Units were converted into 17,606 Class A OP Units under the partnership agreement, and those Class A OP Units are in turn convertible into common shares on a one-for-one basis, at the issuer’s option.
Following these transactions, Cowan directly holds 197,016 Class A OP Units and 151,394 unvested LTIP Units, with no vested LTIP Units remaining. The filing is described as voluntary and is intended to give notice of the LTIP-to-Class A OP Unit conversion rather than any open-market buying or selling.
National Storage Affiliates Trust’s Chief Legal Officer, Tiffany S. Kenyon, reported internal equity award changes rather than market trades. She converted 6,476 LTIP Units into 6,476 Class A OP Units, and the filing notes this as a voluntary disclosure of that conversion.
After these transactions, she is reported as beneficially owning 91,700 Class A OP Units and holding 51,024 unvested LTIP Units, with no vested LTIP Units remaining. The transactions involved no open-market buying or selling and reflect compensation-related equity structure changes.
National Storage Affiliates Trust’s Chief Financial Officer Brandon Togashi reported non-market equity movements involving partnership and incentive units. He converted 17,346 LTIP Units into 17,346 Class A OP Units, and also reported a corresponding derivative conversion entry reflecting the same amount. These Class A OP Units may be redeemable for cash equal to the market value of an equivalent number of common shares or, at the issuer’s option, common shares on a one-for-one basis, subject to adjustments.
After these transactions, Togashi’s total direct and indirect beneficial ownership is 227,132 Class A OP Units, and he holds 110,209 unvested LTIP Units with zero vested LTIP Units. The filing states it is made on a voluntary basis to provide notice of the conversion, and Togashi disclaims beneficial ownership beyond his pecuniary interest.
National Storage Affiliates Trust President and CEO David Cramer reported a non-cash conversion of equity-based awards. He converted 30,555 LTIP Units into 30,555 Class A OP Units and also reported a related conversion of 30,555 Class A OP Units into an equivalent number of common shares of beneficial interest.
Following these transactions, he directly and indirectly holds 587,104 Class A OP Units and has 258,001 unvested LTIP Units. The filing notes it is being made on a voluntary basis to provide notice of the LTIP Unit conversion and includes a standard disclaimer of beneficial ownership beyond Cramer’s pecuniary interest.
National Storage Affiliates Trust Chief Accounting Officer John Esbenshade converted 3,682 LTIP Units into 3,682 Class A OP Units. The conversion was reported at a price of $0.00 per unit and reflects a change in form of his partnership interests rather than an open-market trade.
After these transactions, he has total beneficial ownership of 25,901 Class A OP Units and holds 6,705 unvested LTIP Units, with no vested LTIP Units remaining. He also disclaims beneficial ownership beyond his actual economic interest in these securities.
National Storage Affiliates Trust director Chad LeRoy Meisinger, through the Meisinger Family Trust, reported equity acquisitions. The trust received 4,703 restricted common shares that vest based on time and corporate events, and 10,272 LTIP Units were converted into 10,272 Class A OP Units. Following these transactions, indirect holdings total 118,858 common shares and 56,880 Class A OP Units.