National Storage Affiliates Tr SEC Filings

National Storage Affiliates Trust vice chair Arlen Dale Nordhagen reported equity-related awards and conversions tied to the company’s operating partnership. He was granted 12,567 Class A OP Units issuable upon conversion of unvested LTIP Units under a 2026 LTIP Unit Award Agreement in the 2024 Equity Incentive Plan.

Of these underlying LTIP Units, 4,631 vest in three annual installments on January 1, 2027, 2028, and 2029, while up to 7,936 may vest on January 1, 2029 based on performance criteria. In addition, 6,289 LTIP Units were converted into 6,289 Class A OP Units. Following these transactions, he has beneficial ownership of 2,561,438 Class A OP Units, plus 919 vested and 28,424 unvested LTIP Units.

National Storage Affiliates Trust Executive Chairperson Tamara D. Fischer reported equity-related awards and conversions involving Class A OP Units and LTIP Units. She was granted 45,237 Class A OP Units issuable upon conversion of unvested LTIP Units under the 2024 Equity Incentive Plan, with portions vesting annually from January 1, 2027 through January 1, 2029 and a performance-based tranche contingent on meeting specified criteria. In addition, 21,827 LTIP Units were converted into 21,827 Class A OP Units on a one-for-one basis. Following these transactions, Fischer, as trustee of the Tamara Diane Fischer Trust, has beneficial ownership of 594,737 Class A OP Units and also holds 14,576 vested and 109,828 unvested LTIP Units, subject to plan and partnership agreement terms.

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%)