# National Storage Affiliates Trust (NSA) Informational only - not investment advice. CIK: 0001618563 SIC: 6798 Real Estate Investment Trusts SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/) Latest 10-K filed: 2026-02-26 SEC page: https://www.sec.gov/edgar/browse/?CIK=1618563 Filing source: https://www.sec.gov/Archives/edgar/data/1618563/000162828026012248/nsa-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001628280-26-012248 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001618563.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 752,929,000 USD | 2025 | verified | | Net income | 73,784,000 USD | 2025 | verified | | Assets | 5,080,115,000 USD | 2025 | verified | | Free cash flow | 299,814,000 USD | 2025 | computed | | Net margin | 9.80% | 2025 | computed | | Revenue YoY | -2.26% | 2025 | computed | | ROE | 7.80% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | NSA | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 9.8% | 16.8% | 41 | 149 | | Revenue growth | -2.3% | 3.7% | 26 | 149 | | FCF margin | 39.8% | 21.8% | 81 | 70 | | ROE | 7.8% | 5.7% | 64 | 151 | | ROA | 1.5% | 1.5% | 47 | 155 | | Liabilities / equity | 3.75 | 1.48 | 76 | 151 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 752929000 | USD | 2025 | 2026-02-26 | | Net income | 73784000 | USD | 2025 | 2026-02-26 | | Assets | 5080115000 | USD | 2025 | 2026-02-26 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001618563.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 199,046,000 | 268,130,000 | 330,896,000 | 387,896,000 | 432,222,000 | 585,671,000 | 801,569,000 | 858,063,000 | 770,335,000 | 752,929,000 | | Net income | 17,965,000 | 2,961,000 | 14,109,000 | 3,983,000 | 48,609,000 | 105,253,000 | 103,737,000 | 156,669,000 | 111,518,000 | 73,784,000 | | Diluted EPS | 0.31 | 0.01 | 0.07 | -0.15 | 0.53 | 0.98 | 0.99 | 1.48 | 1.18 | 0.69 | | Operating cash flow | 94,646,000 | 124,288,000 | 161,796,000 | 196,651,000 | 220,654,000 | 331,349,000 | 443,847,000 | 441,576,000 | 363,065,000 | 338,501,000 | | Capital expenditures | 11,418,000 | 14,656,000 | 19,014,000 | 20,594,000 | 16,395,000 | 27,577,000 | 42,798,000 | 34,230,000 | 18,651,000 | 38,687,000 | | Dividends paid | 26,695,000 | 47,671,000 | 62,152,000 | 74,546,000 | 90,141,000 | 131,708,000 | 195,699,000 | 190,907,000 | 171,818,000 | 174,909,000 | | Share buybacks | | | | | 0.00 | 0.00 | 90,109,000 | 310,152,000 | 275,195,000 | 0.00 | | Assets | 1,892,092,000 | 2,266,730,000 | 2,729,263,000 | 3,084,245,000 | 3,513,577,000 | 5,562,594,000 | 6,070,007,000 | 5,931,811,000 | 5,354,462,000 | 5,080,115,000 | | Liabilities | 913,024,000 | 995,243,000 | 1,326,964,000 | 1,632,144,000 | 2,083,102,000 | 3,080,139,000 | 3,680,993,000 | 3,805,970,000 | 3,591,115,000 | 3,546,332,000 | | Stockholders' equity | 577,102,000 | 841,023,000 | 916,839,000 | 919,630,000 | 968,957,000 | 1,775,229,000 | 1,648,201,000 | 1,422,188,000 | 1,075,980,000 | 946,038,000 | | Cash and cash equivalents | 12,570,000 | 13,366,000 | 13,181,000 | 20,558,000 | 18,723,000 | 25,013,000 | 35,312,000 | 64,980,000 | 50,408,000 | 23,328,000 | | Free cash flow | 83,228,000 | 109,632,000 | 142,782,000 | 176,057,000 | 204,259,000 | 303,772,000 | 401,049,000 | 407,346,000 | 344,414,000 | 299,814,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 9.03% | 1.10% | 4.26% | 1.03% | 11.25% | 17.97% | 12.94% | 18.26% | 14.48% | 9.80% | | Return on equity | 3.11% | 0.35% | 1.54% | 0.43% | 5.02% | 5.93% | 6.29% | 11.02% | 10.36% | 7.80% | | Return on assets | 0.95% | 0.13% | 0.52% | 0.13% | 1.38% | 1.89% | 1.71% | 2.64% | 2.08% | 1.45% | | Liabilities / equity | 1.58 | 1.18 | 1.45 | 1.77 | 2.15 | 1.74 | 2.23 | 2.68 | 3.34 | 3.75 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001618563.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-06-30 | | | 0.24 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 0.21 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.24 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 215,511,000 | 29,448,000 | 0.28 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 219,147,000 | 29,237,000 | 0.26 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 215,412,000 | 69,027,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 196,148,000 | 59,027,000 | 0.65 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 190,448,000 | 17,062,000 | 0.16 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 193,621,000 | 18,701,000 | 0.18 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 190,118,000 | 16,728,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 188,354,000 | 12,994,000 | 0.10 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 188,842,000 | 19,471,000 | 0.19 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 188,702,000 | 18,427,000 | 0.17 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 187,031,000 | 22,892,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 185,401,000 | 17,780,000 | 0.16 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from NSA's latest 10-K: [/company/NSA/business/](/company/NSA/business/). ## Risk Factors Verbatim Item 1A Risk Factors from NSA's latest 10-K: [/company/NSA/risk-factors/](/company/NSA/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1618563/000162828026030519/nsa-20260331.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-05-05 Report date: 2026-03-31 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements We make forward-looking statements in this report that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may," or similar expressions, we intend to identify forward-looking statements. The forward-looking statements contained in this report reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions, and changes in circumstances that may cause our actual results to differ significantly from those expressed in any forward-looking statement. Statements regarding the following subjects, among others, may be forward-looking: •market trends in our industry, interest rates, inflation, tariff policies, the debt and lending markets or the general economy; •our business and investment strategy; •the risks associated with our ability to consummate the Mergers with Public Storage and the timing and closing of the Mergers including, among other things, the ability of the Company to obtain equity holder approval required to consummate the Mergers, the satisfaction or waiver of other conditions to closing in the Merger Agreement, unanticipated difficulties or expenditures relating to the Mergers, potential difficulties in employee retention as a result of the Mergers, the occurrence of any event, change or other circumstances that could give rise to the termination of the Mergers and the outcome of legal proceedings that may be instituted related to the Mergers; •the acquisition or disposition of properties and other investments, including those under contract, and the ability of our investments to achieve underwritten return expectations and our ability to execute on our investment pipeline; •the timing of acquisitions or dispositions; •our operating performance and projected operating results, including our ability to achieve market rents and occupancy levels, reduce operating expenditures and increase the sale of ancillary products and services; •our ability to access additional off-market acquisitions; •actions and initiatives of the U.S. federal, state and local government and changes to U.S. federal, state and local government policies, regulations, tax laws and rates (and related accounting guidance), and the execution and impact of these actions, initiatives, policies, regulations and laws; •the state of the U.S. economy generally or in specific geographic regions, states, territories or municipalities; •the impact of a shutdown of the U.S. federal government; •economic trends and economic recoveries, including the level of housing sales that may impact demand; •our ability to obtain and maintain financing arrangements on favorable terms; •general volatility of the securities markets in which we participate; •impacts from major public health events, including unfavorable changes to economic conditions that could adversely affect occupancy levels, rental rates, expenses and the ability of our tenants to pay rent; •changes in the value of our assets; •projected capital expenditures; •the impact of technology and artificial intelligence on our products, operations, and business; 26 •the implementation of our technology programs and artificial intelligence initiatives (including our ability to effectively implement our integrated Internet marketing strategy or adopt advancements in information technology); •changes in interest rates, the degree to which our hedging strategies may or may not protect us from interest rate volatility and the impact of such changes on the economy and our industry; •our ability to continue to qualify and maintain our qualification as a real estate investment trust for U.S. federal income tax purposes ("REIT"); •availability of qualified personnel; •the risks of investing through joint ventures, including whether the anticipated benefits from a joint venture are realized or may take longer to realize than expected; •risks related to or a consequence of natural disasters or acts of violence, major public health events, active shooters, terrorism, insurrection or war that affect the markets in which we operate; •estimates relating to our ability to make distributions to our shareholders in the future; and •our understanding of our competition. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Forward-looking statements are not predictions of future events. These beliefs, assumptions, and expectations can change as a result of many possible events or factors, not all of which are known to us. Readers should carefully review our financial statements and the notes thereto, as well as the sections entitled "Business," "Risk Factors," "Properties," and "Management's Discussion and Analysis of Financial Condition and Results of Operations," described in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and the other documents we file from time to time with the SEC. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Overview National Storage Affiliates Trust is a fully integrated, self-administered and self-managed real estate investment trust organized in the state of Maryland on May 16, 2013. We have elected and we believe that we have qualified to be taxed as a REIT commencing with our taxable year ended December 31, 2015. We serve as the sole general partner of our operating partnership, a Delaware limited partnership formed on February 13, 2013 to conduct our business, which is focused on the ownership, operation, and acquisition of self storage properties located predominantly within the top 100 metropolitan statistical areas throughout the United States. 27 Our vice chairperson of the board of trustees and former chairperson of the board of trustees and chief executive officer, Arlen D. Nordhagen, co-founded SecurCare Self Storage, Inc. in 1988 to invest in and manage self storage properties. While growing SecurCare to over 150 self storage properties, Mr. Nordhagen recognized a market opportunity for a differentiated public self storage REIT that would leverage the benefits of national scale by integrating multiple experienced regional self storage operators with local operational focus and expertise, which we refer to as our former PRO structure. Although the PRO structure contributed significantly to our growth over the last decade, the internalization of the PRO structure, which occurred on July 1, 2024, was always a part of our long term vision. Over time, largely through our unconsolidated real estate ventures, retirement of PROs and the internalization of our PRO structure, we have developed a full service internally-staffed property management platform. Our Structure Through our property management platform, we direct, manage and control the day-to-day operations and affairs of our consolidated properties and our unconsolidated real estate ventures. As of March 31, 2026, our property management platform managed and controlled the majority of our 799 consolidated properties and all 262 of our unconsolidated real estate venture properties. The properties are primarily managed by us under the brands of iStorage, Move It, Northwest, RightSpace, SecurCare and Southern. We earn certain customary fees for managing and operating the properties in the unconsolidated real estate ventures and we facilitate tenant insurance and/or tenant warranty protection programs for tenants at these properties in exchange for half of all proceeds from such programs. Our Consolidated Properties We seek to own properties that are well located in high quality sub-markets with highly accessible street access and attractive supply and demand characteristics, providing our properties with strong and stable cash flows that we believe are less sensitive to the fluctuations of the general economy. Many of these markets have multiple barriers to entry against increased supply, including zoning restrictions against new construction and new construction costs that we believe are higher than our properties' fair market value. As of March 31, 2026, we owned a geographically diversified portfolio of 799 self storage properties located in 33 states and Puerto Rico, comprising approximately 51.1 million rentable square feet, configured in approximately 402,000 storage units. Our Unconsolidated Real Estate Ventures We seek to opportunistically partner with institutional funds and other institutional investors to acquire attractive portfolios utilizing a promoted return structure. We believe there is significant opportunity for continued external growth by partnering with institutional investors seeking to deploy capital in the self storage industry. In addition, we consider the 75% third-party interest in the Company's unconsolidated real estate ventures, which currently own 262 properties, to present a potential acquisition opportunity. This 75% third-party share of gross real estate assets is approximately $2.1 billion based on the historical book value of the joint ventures. Were we to pursue an acquisition of these interests, it could potentially drive our future growth. 2024 Joint Venture As of March 31, 2026, the 2024 Joint Venture, in which we have a 25% ownership interest, owned and operated 56 self storage properties containing approximately 3.2 million rentable square feet, configured in approximately 24,000 storage units and located across seven states. 2023 Joint Venture As of March 31, 2026, the 2023 Joint Venture, in which we have a 25% ownership interest, owned and operated 21 self storage properties containing approximately 1.4 million rentable square feet, configured in approximately 9,000 storage units and located across five states. 2018 Joint Venture As of March 31, 2026, the 2018 Joint Venture, in which we have a 25% ownership interest, owned and operated 104 self storage properties containing approximately 7.9 million rentable square feet, configured in approximately 65,000 storage units and located across 17 states. 28 2016 Joint Venture As of March 31, 2026, the 2016 Joint Venture, in which we have a 25% ownership interest, owned and operated 81 self storage properties containing approximately 5.7 million rentable square feet, configured in approximately 47,000 storage units and located across 13 states. Results of Operations When reviewing our results of operations it is important to consider the timing of acquisition and disposition activity. We acquired one self storage property and disposed of three self storage properties during the three months ended March 31, 2026. During the year ended December 31, 2025, we acquired four self storage properties and two annexes to existing properties and disposed of 15 self storage properties. As a result of these and oth [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1618563/000162828026012248/nsa-20251231.htm Complete FY 2025 MD&A: /company/NSA/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-26 Report date: 2025-12-31 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the financial statements and notes thereto included in Item 8. "Financial Statements and Supplementary Data" as well as Item 1. "Business," Item 1A. "Risk Factors," and Item 2. "Properties," respectively, in this Annual Report on Form 10-K. Overview National Storage Affiliates Trust is a fully integrated, self-administered and self-managed real estate investment trust organized in the state of Maryland on May 16, 2013. We have elected and we believe that we have qualified to be taxed as a REIT commencing with our taxable year ended December 31, 2015. We serve as the sole general partner of our operating partnership, a Delaware limited partnership formed on February 13, 2013 to conduct our business, which is focused on the ownership, operation, and acquisition of self storage properties located predominantly within the top 100 MSAs throughout the United States. Our vice chairperson of the board of trustees and former chairperson of the board of trustees and chief executive officer, Arlen D. Nordhagen, co-founded SecurCare Self Storage, Inc. in 1988 to invest in and manage self storage properties. While growing SecurCare to over 150 self storage properties, Mr. Nordhagen recognized a market opportunity for a differentiated public self storage REIT that would leverage the benefits of national scale by integrating multiple experienced regional self storage operators with local operational focus and expertise, which we refer to as our former PRO structure. Although the PRO structure contributed significantly to our growth over the last decade, the internalization of the PRO structure, which occurred on July 1, 2024, was always a part of our long term vision. Over time, largely through our unconsolidated real estate ventures, retirement of PROs and the internalization of our PRO structure, we have developed a full service internally-staffed property management platform. Our Structure Through our property management platform, we direct, manage and control the day-to-day operations and affairs of our consolidated properties and our unconsolidated real estate ventures. As of December 31, 2025, our property management platform managed and controlled substantially all of our 801 consolidated properties and 262 of our unconsolidated real estate venture properties. The properties are primarily managed by us under the brands of iStorage, Move It, Northwest, RightSpace, SecurCare and Southern. We earn certain customary fees for managing and operating the properties in the unconsolidated real estate ventures and we facilitate tenant insurance and/or tenant warranty protection programs for tenants at these properties in exchange for half of all proceeds from such programs. Our Consolidated Properties We seek to own properties that are well located in high quality sub-markets with highly accessible street access and attractive supply and demand characteristics, providing our properties with strong and stable cash flows that are less sensitive to the fluctuations of the general economy. Many of these markets have multiple barriers to entry against increased supply, including zoning restrictions against new construction and new construction costs that we believe are higher than our properties' fair market value. We maintain an active acquisition pipeline that we expect will continue to drive our future growth. As of December 31, 2025, we owned a geographically diversified portfolio of 801 self storage properties, located in 33 states and Puerto Rico, comprising approximately 51.1 million rentable square feet, configured in approximately 403,000 storage units. Our Unconsolidated Real Estate Ventures We seek to opportunistically partner with institutional funds and other institutional investors and other third parties to acquire attractive portfolios which may utilize a promoted return structure. We believe there is significant opportunity for continued external growth by partnering with institutional investors or other third parties seeking to deploy capital in the self storage industry. 33 Table of Contents 2024 Joint Venture As of December 31, 2025, our 2024 Joint Venture, in which we have a 25% ownership interest, owned and operated 56 self storage properties containing approximately 3.2 million rentable square feet, configured in approximately 24,000 storage units and located across seven states. 2023 Joint Venture As of December 31, 2025, our 2023 Joint Venture, in which we have a 25% ownership interest, owned and operated 21 self storage properties containing approximately 1.4 million rentable square feet, configured in approximately 9,000 storage units and located across five states. 2018 Joint Venture As of December 31, 2025, our 2018 Joint Venture, in which we have a 25% ownership interest, owned and operated 104 self storage properties containing approximately 7.9 million rentable square feet, configured in approximately 65,000 storage units and located across 17 states. 2016 Joint Venture As of December 31, 2025, our 2016 Joint Venture, in which we have a 25% ownership interest, owned and operated 81 properties containing approximately 5.7 million rentable square feet, configured in approximately 47,000 storage units and located across 13 states. IRE Investment As of December 31, 2025, we had entered into an agreement with an affiliate of Investment Real Estate Management, LLC (the "IRE Member") to form a new venture to acquire self storage properties (the "IRE Investment"), whereby we committed to provide 75% of the equity capital, up to a maximum of $105.0 million in cash in exchange for preferred equity, and the IRE Member committed to provide 25% of the equity capital, up to a maximum of $35.0 million in cash in exchange for common equity. An affiliate of the IRE Member will serve as the manager of the IRE Investment and will manage the day-to-day operations of the self storage properties. As of December 31, 2025 the IRE Investment did not own any self storage properties. Results of Operations When reviewing our results of operations it is important to consider the timing of acquisition and disposition activity. We acquired four self storage properties, two annexes to existing properties and disposed of 15 self storage properties to unaffiliated third parties during the year ended December 31, 2025. During the year ended December 31, 2024, we contributed 56 self storage properties to the 2024 Joint Venture, sold an additional 40 self storage properties and acquired seven self storage properties. As a result of these and other factors, we do not believe that our historical results of operations discussed and analyzed below are comparable or necessarily indicative of our future results of operations or cash flows. The following discussion and analysis of the results of our operations and financial condition for the year ended December 31, 2025 compared to the year ended December 31, 2024 should be read in conjunction with the accompanying consolidated financial statements included in Item 8. The discussion and analysis of the results of our operations and financial condition for the year ended December 31, 2024 compared to the year ended December 31, 2023, can be found in Part II, "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 27, 2025. Certain figures, such as interest rates and other percentages, included in this section have been rounded for ease of presentation. Percentage figures included in this section have not in all cases been calculated on the basis of such rounded figures but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this section may vary slightly from those obtained by performing the same calculations using the figures in our consolidated financial statements or in the associated text. Certain other amounts that appear in this section may similarly not sum due to rounding. 34 Table of Contents Year Ended December 31, 2025 compared to the Year Ended December 31, 2024 Overview The following table illustrates the changes in rental revenue, other property-related revenue, management fees and other revenue, property operating expenses, and other expenses for the year ended December 31, 2025 compared to the year ended December 31, 2024 (dollars in thousands): [[GREPCENT_TABLE]] [["","Year Ended December 31,"],["","2025","","2024","","Change"],["Rental revenue","$","678,489","","","$","700,247","","","$","(21,758)"],["Other property-related revenue","25,911","","","27,362","","","(1,451)"],["Management fees and other revenue","48,529","","","42,726","","","5,803"],["Total revenue","752,929","","","770,335","","","(17,406)"],["Property operating expenses","217,546","","","211,852","","","5,694"],["General and administrative expenses","51,130","","","57,606","","","(6,476)"],["Depreciation and amortization","189,320","","","189,855","","","(535)"],["Other","16,291","","","13,866","","","2,425"],["Total operating expenses","474,287","","","473,179","","","1,108"],["Other (expense) income"],["Interest expense","(162,445)","","","(154,260)","","","(8,185)"],["Loss on early extinguishment of debt","\u2014","","","(323)","","","323"],["Equity in (losses) earnings of unconsolidated real estate ventures","(7,327)","","","(16,075)","","","8,748"],["Acquisition and integration costs","(6,721)","","","(3,616)","","","(3,105)"],["Non-operating income (expense)","934","","","314","","","620"],["Gain on sale of self storage properties","16,293","","","63,841","","","(47,548)"],["Other expense, net","(159,266)","","","(110,119)","","","(49,147)"],["Income before taxes","119,376","","","187,037","","","(67,661)"],["Income tax expense","(3,102)","","","(3,767)","","","665"],["Net income","116,274","","","183,270","","","(66,996)"],["Net income attributable to noncontrolling interests","(42,490)","","","(71,752)","","","29,262"],["Net income attributable to National Storage Affiliates Trust","73,784","","","111,518","","","(37,734)"],["Distributions to preferred shareholders","(20,462)","","","(20,445)","","","(17)"],["Net income attributed to common shareholders","$","53,322","","","$","91,073","","","$","(37,751)"]] [[/GREPCENT_TABLE]] Total Revenue Our total revenue, including management fees and other revenue, decreased by $17.4 million, or 2.3%, for the year ended December 31, 2025, as compared to the year ended December 31, 2024. This decrease was primarily attributable to a decrease in total portfolio average occupancy from 85.6% for the year ended December 31, 2024 to 83.8% for the year ended December 31, 2025. The decrease in total revenue was also attributable to the sale of 55 self storage properties to unaffiliated third parties between January 1, 2024 and December 31, 2025, and the contribution of 56 self storage properties to the 2024 Joint Venture during the three months ended March 31, 2024. Average occupancy is calculated based on the average of the month-end occupancy immediately preceding the period presented and the month-end occupancies included in the respective period presented. 35 Table of Contents Rental Revenue Rental revenue decreased by $21.8 million, or 3.1%, for the year ended December 31, 2025, as compared to the year ended December 31, 2024. The decrease in rental revenue was primarily attributable to (i) a decrease in total portfolio average occupancy from 85.6% for the year ended December 31, 2024 to 83.8% for the year ended December 31, 2025, (ii) the sale of 55 self storage properties to unaffiliated third parties between January 1, 2024 and December 31, 2025, and (iii) the contribution of 56 self [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/NSA/mda/fy2025/ All MD&A years: /company/NSA/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/NSA/mda/fy2024/): filed 2025-02-27; accession 0001628280-25-008656 (https://www.sec.gov/Archives/edgar/data/1618563/000162828025008656/nsa-20241231.htm) - [FY 2023 MD&A](/company/NSA/mda/fy2023/): filed 2024-02-28; accession 0001628280-24-007624 (https://www.sec.gov/Archives/edgar/data/1618563/000162828024007624/nsa-20231231.htm) - [FY 2022 MD&A](/company/NSA/mda/fy2022/): filed 2023-02-27; accession 0001628280-23-005252 (https://www.sec.gov/Archives/edgar/data/1618563/000162828023005252/nsa-20221231.htm) - [FY 2021 MD&A](/company/NSA/mda/fy2021/): filed 2022-02-25; accession 0001628280-22-004019 (https://www.sec.gov/Archives/edgar/data/1618563/000162828022004019/nsa-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/NSA.md · JSON record: /company/NSA.json · verified financials: /company/NSA/financials.json / /company/NSA/financials.csv · machine TOC for the whole site: /llms.txt