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.
The National Storage Affiliates Trust (NYSE: NSA) SEC filings page on Stock Titan provides access to the company’s regulatory disclosures as filed with the U.S. Securities and Exchange Commission. As a self storage-focused real estate investment trust headquartered in Greenwood Village, Colorado, NSA uses these filings to report its financial condition, operating results and material events to investors and regulators.
Through this page, users can review current reports on Form 8-K, which for NSA often include quarterly earnings releases and supplemental financial schedules. These documents present detailed consolidated statements of operations and balance sheets, as well as reconciliations of non-GAAP measures such as funds from operations (FFO), core funds from operations (Core FFO) and net operating income (NOI) to the most directly comparable GAAP measures.
Investors can also use the filings page to locate annual and quarterly reports (Forms 10-K and 10-Q when available), which typically contain information on NSA’s self storage portfolio, same store operating performance, acquisition and disposition activity, joint ventures, capital structure and risk factors. These filings help explain how the company’s ownership, operation and acquisition of self storage properties translate into rental revenue, property-related revenue and management fees.
Stock Titan enhances these documents with AI-powered summaries that highlight key points from lengthy filings, helping readers quickly identify important trends in net income, FFO, Core FFO, occupancy and property operating expenses. Real-time updates from the SEC’s EDGAR system ensure that new NSA filings, including any insider transaction reports on Form 4 or proxy statements on executive and trustee matters, appear promptly on this page.
For anyone analyzing NSA’s dividend capacity, leverage, joint venture commitments or same store performance, the SEC filings page offers a structured way to review the company’s official disclosures, with AI tools that make complex financial and operational information easier to interpret.
National Storage Affiliates Trust reported that Chief Accounting Officer John Esbenshade acquired additional partnership interests through equity awards and unit conversions. He received 2,599 Class A OP Units tied to 2,599 unvested LTIP Units under a 2026 award that vest in three annual installments on March 1, 2027, 2028, and 2029, subject to continued employment. He also converted 2,294 LTIP Units into 2,294 Class A OP Units. Following these transactions, he holds 25,901 Class A OP Units, along with 3,682 vested LTIP Units and 6,705 unvested LTIP Units, while disclaiming beneficial ownership beyond his pecuniary interest.
National Storage Affiliates Trust reported that Chief Legal Officer Tiffany S. Kenyon acquired additional partnership interests through equity awards and a conversion of incentive units. On February 27, 2026, she was granted 25,823 Class A OP Units issuable upon conversion of unvested LTIP Units under the 2024 Equity Incentive Plan. Of these, 9,516 vest in three annual installments beginning January 1, 2027, and up to 16,307 are performance-based units that vest only if specified performance criteria are met and may not be earned.
On the same date, 3,403 LTIP Units were converted into 3,403 Class A OP Units, reported on a voluntary basis to reflect this conversion. After these transactions, she has direct beneficial ownership of 91,700 Class A OP Units, plus 6,476 vested and 51,024 unvested LTIP Units. Under the partnership agreement, Class A OP Units can be redeemed for cash equal to the market value of an equivalent number of common shares or, at the issuer’s option, exchanged for common shares on a one-for-one basis, subject to adjustments.
National Storage Affiliates Trust is a self-storage REIT focused on owning, operating and acquiring properties across the U.S. and Puerto Rico. As of December 31, 2025, it held interests in 1,063 properties with about 69.4 million rentable square feet in roughly 548,000 units.
The company pursues growth through strategic acquisitions, internally managed operations, and multiple institutional joint ventures, each generally with a 25% ownership stake. It finances its business with a $1.355 billion unsecured credit facility, additional term loans, senior unsecured notes and mortgages, while maintaining REIT qualification to avoid corporate income tax if distribution rules are met.
Key risks include economic slowdowns in major states, intense competition, cyber and technology risks (including from artificial intelligence), regulatory and environmental compliance, climate-related impacts, leverage and refinancing risk, and potential loss of REIT status if tax rules are not satisfied.
National Storage Affiliates Trust reported mixed fourth quarter and full year 2025 results. Fourth quarter net income rose to $36.8 million, up 40.8% year over year, with diluted earnings per share increasing to $0.23 from $0.15. However, Core funds from operations (Core FFO) fell to $77.4 million, or $0.57 per share, a 5.0% per-share decline, and same store net operating income (NOI) slipped 0.7% as same store revenue declined 0.7% and occupancy ended the year at 84.0%.
For full year 2025, net income dropped to $116.3 million, down 36.6%, mainly because 2024 benefited from larger gains on property sales. Core FFO was $301.7 million, or $2.23 per share, an 8.6% per-share decline, as same store NOI fell 4.5% on 2.3% lower same store revenue and 3.1% higher same store operating expenses. The company recycled capital by acquiring four wholly owned properties for about $24.9 million and three joint venture properties for about $50.0 million, while selling 15 wholly owned properties for approximately $96.9 million during 2025, plus additional sales and one acquisition early in 2026.
Management issued 2026 guidance for Core FFO per share in a range of $2.13 to $2.25, bracketing the 2025 level of $2.23, and projected same store NOI growth between a 2.0% decline and 2.0% growth. Diluted earnings per share are expected between $0.93 and $1.03. As of December 31, 2025, the company had $542.1 million available on its $950.0 million revolving credit line and reported net debt at 6.6 times annualized current quarter Adjusted EBITDA, with a 2.6 times fixed charge coverage ratio. For 2025, the board declared cash dividends totaling $2.28 per common share, including a fourth quarter dividend of $0.57 paid on December 31, 2025.
National Storage Affiliates Trust (NSA): Long Pond Capital, LP, Long Pond Capital GP, LLC, and John Khoury filed a Schedule 13G reporting beneficial ownership of 3,846,289 common shares, representing 5.01% of the class as of 09/30/2025.
The filers report 0 shares with sole voting or dispositive power and 3,846,289 shares with shared voting and shared dispositive power. Certain funds managed by Long Pond have the right to receive dividends or sale proceeds from these securities. The certification states the holdings were acquired and are held in the ordinary course and not for the purpose of changing or influencing control.
Wasatch Advisors LP filed an amended Schedule 13G reporting its passive ownership in National Storage Affiliates Trust (NSA). The firm reported beneficial ownership of 1,845,950 shares, representing 2.4% of the class as of 09/30/2025.
Wasatch reported sole voting power over 1,232,967 shares and sole dispositive power over 1,845,950 shares, with no shared voting or dispositive power. The filer is classified as an investment adviser and certified the shares were acquired and are held in the ordinary course of business, not to change or influence control.
National Storage Affiliates Trust (NSA): Schedule 13G filing discloses that Prudential Financial, Inc. beneficially owns 4,157,891 shares of NSA common stock, representing 5.4% of the class as of 09/30/2025.
Prudential reports 0 shares with sole voting or dispositive power, 4,155,610 shares with shared voting power, and 4,157,891 shares with shared dispositive power. The filing is certified as securities acquired and held in the ordinary course and not for the purpose of changing or influencing control.
Subsidiaries reporting beneficial ownership include:
- The Prudential Insurance Company of America: 156,190 shares (0.2%)
- Jennison Associates LLC: 1,518,447 shares (2.0%)
- PGIM, Inc.: 2,263,623 shares (3.0%)
- PGIM Quantitative Solutions LLC: 219,631 shares (0.2%)
National Storage Affiliates Trust reported Q3 2025 results showing slightly softer top line and steady profitability. Total revenue was $188.7 million versus $193.6 million a year ago, as rental revenue eased to $169.9 million. Net income attributable to common shareholders was $13.3 million with EPS of $0.17 (vs. $0.18). For the first nine months, revenue reached $565.9 million and EPS was $0.46.
The balance sheet showed total assets of $5.14 billion and total debt of $3.40 billion; shareholders’ equity was $973.1 million, with total equity of $1.58 billion. Cash from operations for the nine months was $265.7 million. The company acquired four properties and two annexes for $24.9 million and sold 12 properties for $73.1 million, recording an $11.0 million gain. NSA corrected an immaterial prior-period classification error, increasing Total Shareholders’ Equity by $112.1 million with an offset to noncontrolling interests. The ATM program had $400.0 million of remaining capacity and share repurchase authorization stood at approximately $350.3 million. As of October 31, 2025, 76,960,767 common shares were outstanding.
National Storage Affiliates Trust furnished an 8-K stating it issued an earnings release and supplemental schedules for the quarter ended September 30, 2025, and will host its third quarter 2025 earnings conference call on November 4, 2025 at 1:00 p.m. Eastern Time. Access is available via webcast at www.nsastorage.com or by telephone at 877-407-9711 (or 412-902-1014 for international callers). The release is furnished as Exhibit 99.1, with the webcast replay available for 30 days on the company’s website.
This Schedule 13G/A (Amendment No. 2) discloses that Wasatch Advisors LP beneficially owns 4,698,546 shares of National Storage Affiliates Trust common stock, representing 6.1% of the class. Wasatch reports sole voting power over 3,633,246 shares and sole dispositive power over the full 4,698,546 shares, with no shared voting or dispositive power disclosed.
The filing includes a certification that the securities are held in the ordinary course of business and were not acquired to change or influence control of the issuer, indicating a passive intent under the Schedule 13G framework.