National Storage Affiliates Trust

National Storage Affiliates Trust is a self-storage real estate investment trust incorporated in Maryland and headquartered in Greenwood Village, Colorado. The company owns, operates, and acquires self-storage properties primarily located in the top 100 metropolitan statistical areas across the United States. As of September 30, 2025, NSA held ownership interests in and operated 1,069 self-storage properties spanning 37 states and Puerto Rico, representing approximately 69.8 million rentable square feet. The company ranks among the largest owners and operators of self-storage properties in the United States among both public and private companies.

NSA generates revenue primarily through rental income from its self-storage tenants. The company's portfolio concentrates on properties in densely populated metropolitan areas, which typically command higher occupancy rates and rental rates compared to rural markets. Properties are operated under both the National Storage Affiliates brand and through partnerships with local operators who maintain operational control while NSA retains ownership interests.

The company's geographic diversification across major metropolitan markets provides exposure to varied demographic and economic conditions throughout the United States. The self-storage sector provides NSA with a relatively stable revenue stream based on residential and commercial storage demand, with rental income typically occurring on monthly lease terms.