National Storage Affiliates Trust
National Storage Affiliates Trust (NYSE: NSA) is a publicly traded self-storage REIT that owns and operates 1,061 self-storage facilities across 37 states and Puerto Rico, serving residential and small-business customers through approximately 69 million rentable square feet and 550,000 units. The company is subject to a pending $10.5 billion all-stock acquisition by Public Storage announced March 16, 2026.
- Company typePublic
- Founded2013
- HeadquartersGreenwood Village, United States
- Headcount1,001–5,000
- GTM typeB2C
- OfferingServices
What National Storage Affiliates Trust does
National Storage Affiliates Trust is a publicly traded real estate investment trust (NYSE: NSA) headquartered in Greenwood Village, Colorado, that owns and operates self-storage facilities across the United States. Founded in 2013 and taken public via IPO in 2015, NSA operates a portfolio of 1,061 self-storage properties spanning 37 states and Puerto Rico, comprising approximately 69 million rentable square feet and 550,000 units. The company serves two primary customer segments: individual consumers seeking storage during life transitions (moving, remodeling, downsizing) and small-to-mid-sized businesses needing inventory, equipment, or document storage.
NSA generates revenue through monthly recurring rental fees on individual storage units, supplemented by ancillary services such as climate-controlled options, tenant insurance, and online account management. Distribution occurs via physical property locations and a digital booking platform. The company has maintained an 11-year streak of consecutive dividend increases, with the current annualized rate at $2.28 per common share and a 6.98% dividend yield. Its 2026 guidance calls for 90 basis points of same-store revenue growth and $2.19 in Core FFO per share, with Q4 2025 revenue of $187.03 million and EPS of $0.23 (a 35% beat versus consensus).
The most material event shaping NSA's current position is the announced March 16, 2026 acquisition by Public Storage in an all-stock transaction valued at approximately $10.5 billion enterprise value, with NSA shareholders receiving 0.14 PSA shares per NSA share ($41.68, a ~35% premium). Expected to close in Q3 2026, the deal would create the largest U.S. self-storage platform with combined 327 million square feet across nearly 4,600 locations, $77 billion total enterprise value, and $110–130 million in targeted run-rate synergies over three to four years. A portion of NSA's properties (313 properties, ~$3.3 billion) will be placed into a joint venture (80% NSA OP unitholders / 20% PSA) under the deal structure.
National Storage Affiliates Trust firmographics
Firmographics- Name
- National Storage Affiliates Trust
- Legal name
- National Storage Affiliates Trust
- Website
- https://nationalstorageaffiliates.com
- Company type
- Public
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- National Storage Affiliates Trust (NYSE: NSA) is a publicly traded self-storage REIT that owns and operates 1,061 self-storage facilities across 37 states and Puerto Rico, serving residential and small-business customers through approximately 69 million rentable square feet and 550,000 units. The company is subject to a pending $10.5 billion all-stock acquisition by Public Storage announced March 16, 2026.
- Ownership category
- akta.pro rank
National Storage Affiliates Trust industry classification
Industry- Product category
- Self-Storage Real Estate
- NAICS
- Lessors of Miniwarehouses and Self-Storage Units (53113), General Warehousing and Storage (493110)
- SIC
- Public Warehousing & Storage (4220), Investors, Nec (6799)
- akta.pro primary industry
- Standard/Non-Climate Self-Storage (HSAKAGAB)
- akta.pro secondary industries
- Self-Storage Facility Management & Operations (Third-Party Managed) (HSAKAGAI), Business & Commercial Self-Storage (Inventory/Records) (HSAKAGAD), Self-Storage Property Management (BPAJAGAM)
Keywords
Where National Storage Affiliates Trust is headquartered
LocationHeadquarters
- HQ city
- Greenwood Village
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
National Storage Affiliates Trust business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Operations, Personnel, Infrastructure, Marketing or Sales, Supply Chain
Distribution channels2 records
Marketing channels4 records
National Storage Affiliates Trust product offering
Product offeringCore offering
National Storage Affiliates Trust owns and operates a national portfolio of self-storage properties across 37 states and Puerto Rico. The company rents storage units of various sizes, including climate-controlled options, to residential and commercial customers on flexible lease terms. It also issues Series A and Series B Cumulative Redeemable Preferred Shares as part of its capital structure.
Product overview
National Storage Affiliates Trust is a real estate investment trust (REIT) focused on owning and operating self-storage properties. The company operates a unified portfolio of self-storage properties under a single operational platform, offering storage units to residential and commercial customers across the United States. The company also offers Series A and Series B Cumulative Redeemable Preferred Shares as part of its capital structure.
Differentiator
Problem solved
Functional benefit
Products and services
- Self-Storage Property Operations National Storage Affiliates Trust owns and operates a unified national portfolio of 1,061 self-storage properties spanning 37 states and Puerto Rico, offering approximately 69 million rentable square feet across 550,000 units. Units are rented to residential and commercial customers on flexible lease terms with various size options, 24-hour access at many locations, and climate-controlled availability.
- Climate-Controlled Storage Units Climate-controlled self-storage units offered at NSA properties for customers needing to store temperature-sensitive personal belongings or business items such as documents, electronics, or inventory.
- Business Storage Solutions
Quantifiable outcome
- Q4 2025 EPS of $0.23 beat estimates by 35.29%
- +3 more outcomes
Companies that use National Storage Affiliates Trust
Customer profileSegments2 records
Ideal customer profiles2 records
National Storage Affiliates Trust technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
National Storage Affiliates Trust partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- JLL Capital MarketsminorJLL Capital Markets' National Self Storage team acted as financial advisor to the seller (StorageVault) in the acquisition of The Storage Vault facility at 73 Horseblock Rd. in Bellport, New York. JLL arranged the transaction but is not an ongoing operational partner.
Scale indicators16 records
Recent moves5 records
Expansion highlights3 records
National Storage Affiliates Trust competitors and assessment
Company assessmentDirect peers
- CubeSmart: Third-largest U.S. self-storage REIT with an overlapping geographic and customer footprint; competes head-to-head with NSA in many metros and pursues a similar consolidation strategy.
- Extra Space Storage: Second-largest U.S. self-storage REIT with a comparable national portfolio and similar customer mix of residential and business renters; a direct competitor on pricing, locations, and digital acquisition.
- Public Storage: The largest publicly traded self-storage REIT in the U.S. and NSA's announced acquirer. Directly comparable business model, customer base, and unit economics, and the combination will create the dominant U.S. self-storage platform.
- Compass Self Storage: Privately held self-storage operator competing for customers and acquisition targets in many of the same markets NSA serves; a relevant comparable on same-store operating metrics.
- Safeguard Self Storage: Privately held self-storage operator with a multi-state footprint that directly competes with NSA on customer acquisition, pricing, and digital marketing channels.
- SmartStop Self Storage REIT: Publicly registered non-listed self-storage REIT that competes with NSA for institutional capital, third-party management contracts, and portfolio acquisitions across the U.S.
- Global Self Storage: Small-cap publicly traded self-storage operator with a more geographically concentrated portfolio; a relevant comparable for unit-level economics and small-REIT capital structure dynamics.
Broad incumbents
- U-Haul Holding Company: Diversified transportation and moving-services company with a sizable self-storage footprint that overlaps with NSA's moving and consumer self-storage demand drivers; broader business mix but storage is a meaningful segment.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
National Storage Affiliates Trust social profiles
Digital presenceNational Storage Affiliates Trust financial estimates
Financial estimateRevenue estimate
Valuation estimate
National Storage Affiliates Trust leadership team
Management profileNumber of profiles
Profiles9 records
National Storage Affiliates Trust subsidiaries and ownership
Company hierarchySubsidiaries2 records
National Storage Affiliates Trust funding detail
Funding detailFunding overview
Funding rounds3 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
National Storage Affiliates Trust M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about National Storage Affiliates Trust
What does National Storage Affiliates Trust do?
National Storage Affiliates Trust owns and operates a national portfolio of self-storage properties across 37 states and Puerto Rico. The company rents storage units of various sizes, including climate-controlled options, to residential and commercial customers on flexible lease terms. It also issues Series A and Series B Cumulative Redeemable Preferred Shares as part of its capital structure.
Is National Storage Affiliates Trust a public or private company?
National Storage Affiliates Trust is a public company. It is classified as public and is currently operating.
When was National Storage Affiliates Trust founded?
National Storage Affiliates Trust was founded in 2013. It employs 1,001 to 5,000 people.
Where is National Storage Affiliates Trust based?
National Storage Affiliates Trust is headquartered in Greenwood Village, United States, in the North America region.
Who are National Storage Affiliates Trust's main competitors?
Direct peers on record are CubeSmart, Extra Space Storage, Public Storage, Compass Self Storage, Safeguard Self Storage, SmartStop Self Storage REIT and Global Self Storage. U-Haul Holding Company is listed as a broad incumbent.
Does National Storage Affiliates Trust have an API?
No public API is recorded for National Storage Affiliates Trust.
What industry is National Storage Affiliates Trust in?
National Storage Affiliates Trust's product category is Self-Storage Real Estate. Its primary akta.pro industry code is HSAKAGAB, Standard/Non-Climate Self-Storage, with a secondary code of HSAKAGAI, Self-Storage Facility Management & Operations (Third-Party Managed). Its NAICS code is 53113 and its SIC code is 4220.